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HomeMy WebLinkAbout21005 Palmers Auto Brownfields NBP for PC 20180724 21005-17-060/Palmer’s Automotive Property (20180724 for PC) 1 Property Owner: TAG Ventures, LLC and South Tryon Ventures, LLC Recorded in Book ____, Page ____ Associated plat recorded in Plat Book ____, Page ____ NOTICE OF BROWNFIELDS PROPERTY Site Name: Palmer’s Automotive Property Brownfields Project Number: 21005-17-060 This documentary component of a Notice of Brownfields Property (“Notice”), as well as the plat component, have been filed this _____ day of __________________, 201__ by TAG Ventures, LLC and South Tryon Ventures, LLC (“Prospective Developer”). This Notice concerns contaminated property. A copy of this Notice certified by the North Carolina Department of Environmental Quality (“DEQ”) is required to be filed in the Register of Deeds’ Office in the county or counties in which the land is located, pursuant to North Carolina General Statutes (“NCGS”), § 130A-310.35(b). This Notice is required by NCGS § 130A-310.35(a), in order to reduce or eliminate the danger to public health or the environment posed by environmental contamination at a property (“Brownfields Property”) being addressed under the Brownfields Property Reuse Act of 1997, NCGS § 130A, Article 9, Part 5 (“Act”). Pursuant to NCGS § 130A-310.35(b), the Prospective Developer must file a certified copy of this Notice within 15 days of Prospective Developer’s receipt of DEQ’s approval of the Notice or Prospective Developer’s entry into the Brownfields Agreement required by the Act, whichever is later. The copy of the Notice certified by DEQ must be recorded in the grantor index under the names of the owners of the land and, if Prospective Developer is not the owner, also under the Prospective Developer’s name. The Brownfields Property is located at 1900 and 1916 South Tryon Street and 401 West Worthington Avenue in Charlotte, Mecklenburg County. TAG Ventures, LLC and South Tryon Ventures, LLC intend to redevelop the Brownfields Property for high-density residential, retail, office, hotel, warehousing, recreation, open space, parking, restaurant, brewery or food production facility and entertainment uses, and subject to DEQ’s prior written approval, other commercial uses. Environmental contamination exists on the 21005-17-060/Palmer’s Automotive Property (Draft) 2 Brownfields Property in soil, groundwater, and soil vapor. The Brownfields Property is approximately 0.754 acres in size and it contains two vacant buildings. A portion of the Brownfields Property, containing Parcel numbers 11907623 and 11907624, was undeveloped from 1905 until 1954. In 1954, these parcels were developed with the present day structure which was utilized as a gasoline filling station from at least 1954 until 1965. From 1965 through 1966, this portion of the Brownfields Property was developed with a restaurant. In 1970, automobile repair operations began at the Brownfields Property at a facility known as Palmers Auto Service. Palmers Auto Service operated at the Brownfields Property until June 2017. Another portion of the Brownfields Property, containing Parcel number 11907622, was vacant from at least 1905 until approximately 1957, when it was developed with a single-story approximate 4,256-square foot building. Occupants of the building included The Price L B Mercantile Co. and Pilgrim Church of South Tryon Street. The building has been vacant since late 2017. The Brownfields Agreement between Prospective Developer and DEQ is attached hereto as Exhibit A. It sets forth the use that may be made of the Brownfields Property and the measures to be taken to protect public health and the environment, and is required by NCGS § 130A-310.32. The Brownfields Agreement’s Exhibit 2 consists of one or more data tables reflecting the concentrations of and other information regarding the Property’s regulated substances and contaminants. Attached as Exhibit B to this Notice is a reduction, to 8 1/2" x 11", of the survey plat component of this Notice. This plat shows areas designated by DEQ, has been prepared and certified by a professional land surveyor, meets the requirements of NCGS § 47-30, and complies with NCGS § 130A-310.35(a)’s requirement that the Notice identify: (1) The location and dimensions of the areas of potential environmental concern with respect to permanently surveyed benchmarks. (2) The type, location and quantity of regulated substances and contaminants known to exist on the Brownfields Property. Attached hereto as Exhibit C is a legal description of the Brownfields Property that would be sufficient as a description of the property in an instrument of conveyance. LAND USE RESTRICTIONS NCGS § 130A-310.35(a) also requires that the Notice identify any restrictions on the current and future use of the Brownfields Property that are necessary or useful to maintain the level of protection appropriate for the designated current or future use of the Brownfields Property and that are designated in the Brownfields Agreement. The restrictions shall remain in force in perpetuity unless canceled by the Secretary of DEQ (or its successor in function), or his/her designee, after the hazards have been eliminated, pursuant to NCGS § 130A-310.35(e). All references to DEQ shall be understood to include any successor in function. The restrictions are hereby imposed on the Brownfields Property, and are as follows: 1. No use may be made of the Brownfields Property other than for high-density residential, multi- family residential, retail, office, hotel, warehousing, recreation, open space, parking, restaurant, brewery or food production facility and entertainment, and subject to DEQ’s prior written approval, other commercial uses. For purposes of this restriction, the following definitions apply: 21005-17-060/Palmer’s Automotive Property (Draft) 3 a. “High Density Residential” is defined as permanent dwellings where residential units are attached to each other with common walls, such as condominia, apartments, group homes, dormitories or boarding houses, and any property outside the dwelling structures is usable by all residents and not privately owned as part of a particular unit, and shall include related amenities, such as pools, clubhouses, courtyards, common areas, recreation areas and parking garages. Ground floor units, single family homes, townhomes, duplexes, or other units with yards are prohibited unless approved in writing and in advance by DEQ. b. “Retail” is defined as the sale of goods or services, products, or merchandise directly to the consumer or businesses and includes showrooms, personal service, and the sales of food and beverage products. For the purposes of this Agreement, retail excludes use as a dry cleaner using chlorinated solvents. c. “Office” is defined as the provision of business or professional services. d. “Hotel” is defined as the provision of overnight lodging to paying customers, and to associated food services, gym, reservation, cleaning, utilities, parking, and on-site hospitality, management and reception services. e. “Warehousing” is defined as the use of a commercial building for storage of goods by manufacturers, importers, exporters, wholesalers, transport businesses among others, and also refers to the storage of goods and materials for a specific commercial establishment or group of establishments in a particular type of industry or commercial activity. f. “Recreation” is defined as indoor and outdoor exercise-related, physically focused, or leisure-related activities, whether active or passive, and the facilities for same, including, but not limited to, studios, swimming pools, sports-related courts and fields, open space, greenways, parks, playgrounds, walking paths, and picnic and public gathering areas. g. “Open Space” is defined as land maintained in a natural or landscaped state and used for natural resource protection, buffers, greenways, or detention facilities for stormwater. h. “Parking” is defined as the temporary accommodation of motor vehicles in an area designed for same; i. “Restaurant” is defined as a commercial business establishment that prepares and serves food and beverages to patrons. j. “Brewery or Food Production Facility” is defined as an establishment for the manufacture, sale and distribution of beverages or food products, including without limitation, beer and ale, together with associated public roadways and related infrastructure. k. “Entertainment” is defined as private, public, and community activities (such as, for example, festivals, theatre, musical events or shows), which may include food and beverage service. 21005-17-060/Palmer’s Automotive Property (Draft) 4 l. “Commercial” is defined as an enterprise carried on for profit or nonprofit by the owner, lessee or licensee. 2. The Brownfields Property may not be used for child care centers, adult care centers or schools without the prior written approval of DEQ. 3. Physical redevelopment of the Brownfields Property may not occur other than in accord, as determined by DEQ, with an Environmental Management Plan (EMP) approved in writing by DEQ in advance (and revised to DEQ’s written satisfaction prior to each subsequent redevelopment phase) that is consistent with all the other land use restrictions and describes redevelopment activities at the Brownfields Property, the timing of redevelopment phases, and addresses health, safety and environmental issues that may arise from use of the Brownfields Property during construction or redevelopment in any other form, including without limitation: a. soil and water management issues, including without limitation those resulting from contamination identified in the Environmental Reports; b. issues related to potential sources of contamination referenced in Exhibit 2 of the attached Exhibit A; c. contingency plans for addressing, including without limitation the testing of soil and groundwater, newly discovered potential sources of environmental contamination (e.g., USTs, tanks, drums, septic drain fields, oil-water separators, soil contamination); and d. plans for the proper characterization of, and, as necessary, disposal of contaminated soils excavated during redevelopment. 4. By January 31 of each one-year anniversary of the effective date of the attached Exhibit A and for as long as physical redevelopment of the Brownfields Property continues (except that the final deadline shall fall 90 days after the conclusion of physical redevelopment), the then-owner of the Brownfields Property shall provide DEQ a report subject to written DEQ approval on environment-related activities since the last report, with a summary and drawings, that describes: a. actions taken on the Brownfields Property in accordance with the plan required by Land Use Restriction No. 3 above; b. soil grading and cut and fill actions; c. methodology(ies) employed for field screening, sampling and laboratory analysis of environmental media; d. stockpiling, containerizing, decontaminating, treating, handling, laboratory analysis and ultimate disposition of any soil, groundwater or other materials suspected or confirmed to be contaminated with regulated substances; and e. removal of any contaminated soil, water or other contaminated materials (for example, 21005-17-060/Palmer’s Automotive Property (Draft) 5 concrete, demolition debris) from the Brownfields Property (copies of all legally required manifests shall be included). 5. Unless compliance with this Land Use Restriction is waived in writing by DEQ in advance in regard to particular activity, no activities that encounter, expose, remove or use groundwater (for example, installation of water supply wells, ponds, lakes or swimming pools, or construction or excavation activities that encounter or expose groundwater) may occur on the Brownfields Property unless and until DEQ states in writing, in advance of the proposed activity, that said activity may occur if carried out along with any measures DEQ deems necessary to ensure the Brownfields Property will be suitable for the uses specified in Land Use Restriction No. 1 while fully protecting public health and the environment. Prior sampling and analysis of groundwater to the written satisfaction of DEQ in any areas proposed for such activities, and submittal of the analytical results to DEQ is required. If such results reflect contaminant concentrations that exceed the standards and screening levels applicable to the uses authorized for the Brownfields Property, the groundwater-related activities proposed may only occur in compliance with any written conditions DEQ imposes. Activities may occur if carried out along with any measures DEQ deems necessary to ensure the Brownfields Property will be suitable for the uses specified in Land Use Restriction No. 1 above while fully protecting public health and the environment. 6. Soil may not be removed from, or brought onto, the Brownfields Property without prior sampling and analysis to DEQ’s satisfaction and the written approval of DEQ, unless conducted in accordance with an approved EMP as outlined in Land Use Restriction No. 3 above. 7. No enclosed building may be constructed on the Brownfields Property and no existing building, defined as those depicted on the plat component of this Notice, may be occupied, until DEQ determines in writing that: a. the building is or would be protective of the building’s users, public health and the environment from risk of vapor intrusion based on site assessment data or a site-specific risk assessment approved in writing by DEQ; or b. the building is or would be sufficiently distant from the Brownfields Property’s groundwater and/or soil contamination based on assessment data approved in writing by DEQ that the building’s users, public health and the environment will be protected from risk from vapor intrusion related to said contamination; or c. vapor intrusion mitigation measures are installed and/or implemented to the satisfaction of a professional engineer licensed in North Carolina, as evidenced by said engineer’s professional seal on a report that includes photographs and a description of the installation and performance of said measures. Any design specification for vapor intrusion mitigation measures shall be approved in writing by DEQ in advance of installation and/or implementation of said measures. The design specifications shall include methodology(ies) for demonstrating performance of said measures. 8. None of the contaminants known to be present in the environmental media at the Brownfields Property, as described in Exhibit 2 of the attached Exhibit A and as modified by DEQ in writing if additional contaminants in excess of applicable standards are discovered at the Brownfields Property, may be used or stored at the Brownfields Property without the prior written approval of DEQ, except: 21005-17-060/Palmer’s Automotive Property (Draft) 6 a. in de minimis quantities for cleaning and other routine housekeeping and maintenance activities; b. as fuel or other fluids customarily used in vehicles, landscaping equipment, and emergency generators; and c. as constituents of products and materials customarily used and stored in high-density residential, multi-family residential, retail, office, hotel, warehousing, recreation, open space, parking, restaurant, brewery or food production facility and entertainment, or commercial environments, provided such products and materials are stored in original retail packaging and used and disposed of in accordance with applicable laws. 9. The owner of any portion of the Brownfields Property where any existing, or subsequently installed, DEQ-approved monitoring well is damaged by the owner, its contractors, or its tenants shall be responsible for repair of any such wells to DEQ’s written satisfaction and within a time period acceptable to DEQ, unless compliance with this Land Use Restriction is waived in writing by DEQ in advance. 10. Neither DEQ, nor any party conducting environmental assessment or remediation at the Brownfields Property at the direction of, or pursuant to a permit, order or agreement issued or entered into by DEQ, may be denied access to the Brownfields Property for purposes of conducting such assessment or remediation, which is to be conducted using reasonable efforts to minimize interference with authorized uses of the Brownfields Property. 11. No use of the Brownfields Property may occur until the then owner of the Brownfields Property conducts representative final grade soil sampling pursuant to a plan approved in writing by DEQ of any area of the Brownfields Property that will not be covered by building foundations, sidewalks, or asphaltic or concrete parking areas and driveways unless otherwise approved in writing by DEQ in advance. 12. Any deed or other instrument conveying an interest in the Brownfields Property shall contain the following notice: “This property is subject to the Brownfields Agreement attached as Exhibit A to the Notice of Brownfields Property recorded in the Mecklenburg County land records, Book ____, Page ____.” A copy of any such instrument shall be sent to the persons listed in Section XV of the attached Exhibit A (Notices and Submissions), though financial figures and other confidential information related to the conveyance may be redacted to the extent said redactions comply with the confidentiality and trade secret provisions of the North Carolina Public Records Law. The owner conveying an interest may use the following mechanisms to comply with the obligations of this Land Use Restriction: (i) If every lease and rider is identical in form, the owner conveying an interest may provide DEQ with copies of a form lease or rider evidencing compliance with this Land Use Restriction, in lieu of sending copies of actual, executed leases, to the persons listed in Section XV (Notice and Submissions); or (ii) The owner conveying an interest may provide abstracts of leases, rather than full copies of said leases, to the persons listed in said Section XV. 13. During January of each year after the year in which this Notice is recorded, the owner of any part of the Brownfields Property as of January 1st of that year shall submit a notarized Land Use Restrictions Update (“LURU”) to DEQ, and to the chief public health and environmental officials of 21005-17-060/Palmer’s Automotive Property (Draft) 7 Mecklenburg County, certifying that, as of said January 1st, this Notice containing these land use restrictions remains recorded at the Mecklenburg County Register of Deeds office and that the land use restrictions are being complied with. The submitted LURU shall state the following: a. the name, mailing address, telephone and facsimile numbers, and contact person’s e-mail address of the owner submitting the LURU if said owner acquired any part of the Brownfields Property during the previous calendar year; b. the transferee’s name, mailing address, telephone and facsimile numbers, and contact person’s e-mail address, if said owner transferred any part of the Brownfields Property during the previous calendar year; c. whether any vapor barrier and/or mitigation systems installed pursuant to Land Use Restriction No. 7 above are performing as designed, and whether the uses of the ground floors of any buildings containing such vapor barrier and/or mitigation systems have changed, and, if so, how. d. A joint LURU may be submitted for multiple owners by a duly constituted board or association and shall include the name, mailing address, telephone and facsimile numbers, and contact person’s e-mail address of the entity submitting the joint LURU as well as for each of the owners on whose behalf the joint LURU is submitted. For purposes of the land use restrictions set forth above, the DEQ point of contact shall be the DEQ official referenced in subparagraph 35.a. of the attached Exhibit A, at the address stated therein. ENFORCEMENT The above land use restrictions shall be enforceable without regard to lack of privity of estate or contract, lack of benefit to particular land, or lack of any property interest in particular land. The land use restrictions shall be enforced by any owner of the Brownfields Property. The land use restrictions may also be enforced by DEQ through the remedies provided in NCGS § 130A, Article 1, Part 2 or by means of a civil action; by any unit of local government having jurisdiction over any part of the Brownfields Property; and by any person eligible for liability protection under the Brownfields Property Reuse Act who will lose liability protection if the restrictions are violated. Any attempt to cancel any or all of this Notice without the approval of the Secretary of DEQ (or its successor in function), or his/her delegate, shall be subject to enforcement by DEQ to the full extent of the law. Failure by any party required or authorized to enforce any of the above restrictions shall in no event be deemed a waiver of the right to do so thereafter as to the same violation or as to one occurring prior or subsequent thereto. FUTURE SALES, LEASES, CONVEYANCES AND TRANSFERS When any portion of the Brownfields Property is sold, leased, conveyed or transferred, pursuant to NCGS § 130A-310.35(d) the deed or other instrument of transfer shall contain in the description section, in no smaller type than that used in the body of the deed or instrument, a statement that the Brownfields Property has been classified and, if appropriate, cleaned up as a brownfields property under the Brownfields Property Reuse Act. IN WITNESS WHEREOF, Prospective Developer has caused this instrument to be duly executed this _____ day of _______________, 201__. 21005-17-060/Palmer’s Automotive Property (Draft) 8 TAG Ventures, LLC By: __________________________________________ Name typed or printed: Title typed or printed: NORTH CAROLINA _______________ COUNTY I certify that the following person(s) personally appeared before me this day, each acknowledging to me that he or she voluntarily signed the foregoing document for the purpose stated therein and in the capacity indicated: ________________________________. Date: ___________________ ___________________________________ Official Signature of Notary ___________________________________ Notary’s printed or typed name, Notary Public (Official Seal) My commission expires: _____________________ 21005-17-060/Palmer’s Automotive Property (Draft) 9 IN WITNESS WHEREOF, Prospective Developer has caused this instrument to be duly executed this _____ day of _______________, 201__. South Tryon Ventures, LLC By: __________________________________________ Name typed or printed: Title typed or printed: NORTH CAROLINA _______________ COUNTY I certify that the following person(s) personally appeared before me this day, each acknowledging to me that he or she voluntarily signed the foregoing document for the purpose stated therein and in the capacity indicated: ________________________________. Date: ___________________ ___________________________________ Official Signature of Notary ___________________________________ Notary’s printed or typed name, Notary Public (Official Seal) My commission expires: _____________________ 21005-17-060/Palmer’s Automotive Property (Draft) 10 ************************************ ACKNOWLEDGMENT OF PROPERTY OWNER As the current owner, or representative of said owner, of at least part of the Brownfields Property, I hereby acknowledge recordation of this Notice of Brownfields Property and the Land Use Restrictions contained herein. [Name of Owner] By: ______________________________ _______________ ________________________ Name typed or printed: ___________________________ Date NORTH CAROLINA _______________ COUNTY I certify that the following person(s) personally appeared before me this day, each acknowledging to me that he or she voluntarily signed the foregoing document for the purpose stated therein and in the capacity indicated: ________________________________. Date: ___________________ ___________________________________ Official Signature of Notary ___________________________________ Notary’s printed or typed name, Notary Public (Official Seal) My commission expires: _____________________ 21005-17-060/Palmer’s Automotive Property (Draft) 11 ************************************ APPROVAL AND CERTIFICATION OF NORTH CAROLINA DEPARTMENT OF ENVIRONMENTAL QUALITY The foregoing Notice of Brownfields Property is hereby approved and certified. North Carolina Department of Environmental Quality By: _________________________________________ ________________________ Michael E. Scott Date Director, Division of Waste Management 1 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) EXHIBIT A NORTH CAROLINA DEPARTMENT OF ENVIRONMENTAL QUALITY IN THE MATTER OF: TAG Ventures, LLC and South Tryon Ventures, LLC UNDER THE AUTHORITY OF THE ) BROWNFIELDS AGREEMENT re: BROWNFIELDS PROPERTY REUSE ACT ) Palmer’s Automotive Property OF 1997, NCGS § 130A-310.30, et seq. ) 1900, 1916 South Tryon Street and Brownfields Project # 21005-17-60 ) 401 West Worthington Avenue, Charlotte, North Carolina 28209 I. INTRODUCTION This Brownfields Agreement (“Agreement”) is entered into by the North Carolina Department of Environmental Quality (“DEQ”) and TAG Ventures, LLC & South Tryon Ventures, LLC (collectively the "Parties") pursuant to the Brownfields Property Reuse Act of 1997, NCGS § 130A-310.30, et seq. (the “Act”) for the property located at 1900, 1916 South Tryon Street and 401 West Worthington Avenue in Charlotte, North Carolina, 28203 (the “Brownfields Property”). A map showing the location of the Brownfields Property that is the subject of this Agreement is attached hereto as Exhibit 1. The prospective developer is TAG Ventures, LLC and South Tryon Ventures, LLC, both member-managed North Carolina Limited Liability Companies that were formed on January 13, 1995 and June 29, 2017, respectively. The manager of both entities is W. Henry Atkins with the mailing address of 421 Penman Street, Suite 110, Charlotte, North Carolina 28203. The proposed use of the Brownfields Property is for high-density residential, retail, office, hotel, warehousing, recreation, open space, parking, restaurant, brewery or food production facility and entertainment, and subject to DEQ’s prior written approval, other commercial uses. The Parties agree to undertake all actions required by the terms and conditions of this Agreement. The purpose of this Agreement is to settle and resolve, subject to reservations and 2 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) limitations contained in Section VIII (Certification), Section IX (DEQ’s Covenant Not to Sue and Reservation of Rights) and Section X (Prospective Developer’s Covenant Not to Sue), the potential liability of TAG Ventures, LLC and South Tryon Ventures, LLC for contaminants at the Brownfields Property. The Parties agree that TAG Ventures, LLC’s and South Tryon Ventures, LLC’s entry into this Agreement, and the actions undertaken by TAG Ventures, LLC and South Tryon Ventures, LLC in accordance with the Agreement, do not constitute an admission of any liability by TAG Ventures, LLC and South Tryon Ventures, LLC for contaminants at the Brownfields Property. The resolution of this potential liability, in exchange for the benefit TAG Ventures, LLC and South Tryon Ventures, LLC shall provide to DEQ, is in the public interest. TAG Ventures, LLC and South Tryon Ventures, LLC hereby acknowledge that they will be joint and severally responsible for any liabilities, requirements, and land use restrictions set forth under this agreement, and jointly and severally entitled to all benefits and protections afforded to a Prospective Developer as defined in paragraph 2 below, pursuant to this Agreement. II. DEFINITIONS Unless otherwise expressly provided herein, terms used in this Agreement which are defined in the Act or elsewhere in NCGS § 130A, Article 9 shall have the meaning assigned to them in those statutory provisions, including any amendments thereto. 1. “Brownfields Property” shall mean the property which is the subject of this Agreement, and which is depicted in Exhibit 1 to the Agreement. 2. "Prospective Developer" shall mean TAG Ventures, LLC and South Tryon Ventures, LLC. 3 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) III. STATEMENT OF FACTS 3. The Brownfields Property comprises three parcels totaling approximately 0.754 acres. Brownfields Property parcel numbers and corresponding addresses are shown below: Parcel Number Street Address 11907622 1916 S. Tryon 11907623 1900 S. Tryon 11907624 401 W. Worthington Ave. Prospective Developer has committed itself to redevelopment of the Brownfields Property for no uses other than high-density residential, multi-family residential, retail, office, hotel, warehousing, recreation, open space, parking, restaurant, brewery or food production facility and entertainment, and subject to DEQ’s prior written approval, other commercial uses. 4. The Brownfields Property is bordered to the northwest by a residential condominium project known as Wilmore Walk Condominium, to the northeast by West Worthington Avenue with single family residential and industrial warehouse beyond, to the southeast by South Tryon Street with a commercial office condominium project known as CSV Commercial Lofts Condominium beyond, to the southwest by Woodcrest Avenue with retail beyond, and to the west by multifamily residential duplexes. 5. Prospective Developer obtained or commissioned the following reports, referred to hereinafter as the “Environmental Reports,” regarding the Brownfields Property: Title Prepared by Date of Report Phase I Environmental Site Assessment, Palmers Auto Service, 1900 S. Tryon Street and 401 W. Worthington Avenue ECS Carolinas, LLP May 18, 2016 Soil and Groundwater Assessment Report, 1900 S. Tryon Street & 401 W. Worthington ECS Carolinas, LLP May 27, 2016 4 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) Title Prepared by Date of Report Avenue Phase I Environmental Site Assessment, South Tryon Street Site, 1916 South Tryon Street ECS Carolinas, LLP December 12, 2016 Soil, Groundwater, and Soil Gas Assessment Report, 1900 S. Tryon Street & 401 W. Worthington Avenue ECS Carolinas, LLP September 14, 2017 Soil, Groundwater, and Soil Gas Assessment Report, 1900 S. Tryon Street & 401 W. Worthington Avenue ECS Carolinas, LLP January 22, 2018 6. For purposes of this Agreement, DEQ relies on the following representations by Prospective Developer as to use and ownership of the Brownfields Property: a. A portion of the Brownfields Property identified as parcel numbers 11907623 and 11907624 was undeveloped from 1905 until 1954. In 1954, these parcels were developed with the present day structure which was utilized as a gasoline filling station from at least 1954 until 1965. From 1965 through 1966, this portion of the Brownfields Property was developed with a chicken take-out restaurant. In 1970, automobile repair operations began at the Brownfields Property at a facility known as Palmers Auto Service. Palmers Auto Service operated at the Brownfields Property until June 2017. b. A portion of the Brownfields Property identified as Parcel number 11907622 was vacant from at least 1905 until approximately 1957, when it was developed with a single- story approximate 4,256-square foot building. Occupants of the building included The Price L B Mercantile Co. and Pilgrim Church of South Tryon Street. The building has been vacant since late 2017. c. South Tryon Ventures, LLC acquired the portion of the Brownfields Property identified as Parcel numbers 11907623 and 11907624 on June 30, 2017. TAG Ventures, LLC acquired the portion of the Brownfields Property identified as Parcel number 11907622 on June 5 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) 14, 2017. 7. Pertinent environmental information regarding the Brownfields Property and surrounding area includes the following: In May 2016, July 2017, and December 2017, soil, groundwater, and soil gas assessment activities were conducted at the Brownfields Property to evaluate the potential for impacts resulting from historic automotive repair operations, the presence of a gasoline underground storage tank (UST) system and underground hydraulic lifts, and an off-site adjacent historical electro-plating facility. a. There are no known records indicating that USTs have been abandoned per regulatory requirements or removed from the Brownfields Property. b. Contaminants detected in soil, soil gas and groundwater indicate probable historical releases of petroleum hydrocarbons at the Brownfields Property, prior to ownership by the Prospective Developer. c. Laboratory analytical results of samples collected indicate that NCDEQ standards and/or screening levels were exceeded for soil, groundwater and soil gas. The environmental reports from nearby properties and environmental data from the Brownfields Property indicate that groundwater impacts from chlorinated compounds, including tetrachloroethylene and trichloroethylene, most likely originated from offsite sources. The analytical results that exceed their respective standard and/or screening levels are summarized in Exhibit 2 to this Agreement. 8. The most recent environmental sampling at the Brownfields Property reported in the Environmental Reports occurred on December 15, 2017. The tables set forth in Exhibit 2 to this Agreement present contaminants present at the Brownfields Property above applicable standards or screening levels for each media sampled. 9. For purposes of this Agreement DEQ relies on Prospective Developer’s 6 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) representations that Prospective Developer's involvement with the Brownfields Property has been limited to obtaining or commissioning the Environmental Reports, preparing and submitting to DEQ a Brownfields Property Application (“BPA”) dated February 3, 2017 and the following: a. Purchasing the Brownfields Property on June 14, 2017 and June 30, 2017; and b. Conducting environmental assessment activities in May 2016, July 2017, and December 2017. 10. Prospective Developer has provided DEQ with information, or sworn certifications regarding that information on which DEQ relies for purposes of this Agreement, sufficient to demonstrate that: a. Prospective Developer and any parent, subsidiary, or other affiliate has substantially complied with federal and state laws, regulations and rules for protection of the environment, and with the other agreements and requirements cited at NCGS § 130A- 310.32(a)(1); b. As a result of the implementation of this Agreement, the Brownfields Property will be suitable for the uses specified in the Agreement while fully protecting public health and the environment; c. Prospective Developer's reuse of the Brownfields Property will produce a public benefit commensurate with the liability protection provided Prospective Developer hereunder; d. Prospective Developer has or can obtain the financial, managerial and technical means to fully implement this Agreement and assure the safe use of the Brownfields Property; and e. Prospective Developer has complied with all applicable procedural 7 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) requirements. 11. The parties agree that a $30,000 “Redevelopment Now” fee Prospective Developer has paid suffices as the $2,000 fee to seek a brownfields agreement required by NCGS § 130A- 310.39(a)(1), and, within the meaning of NCGS § 130A-310.39(a)(2), the full cost to DEQ and the North Carolina Department of Justice of all activities related to this Agreement, unless a change is sought to a Brownfields document after it is in effect, in which case there shall be an additional fee of at least $1,000. IV. BENEFIT TO COMMUNITY 12. The redevelopment of the Brownfields Property proposed herein would provide the following public benefits: a. an increase in the Brownfields Property’s productivity; b. a spur to additional community investment and redevelopment, through improved neighborhood appearance and otherwise; c. the creation of jobs; and d. an increase in tax revenue for affected jurisdictions. e. “smart growth” through use of land in an already developed area, which avoids development of land beyond the urban fringe (“greenfields”). V. WORK TO BE PERFORMED 13. In redeveloping the Brownfields Property, Prospective Developer shall make reasonable efforts to evaluate applying sustainability principles at the Brownfields Property, which may include the nine (9) areas incorporated into the U.S. Green Building Council Leadership in Energy and Environmental Design certification program (Sustainable Sites, Water Efficiency, Energy & Atmosphere, Materials & Resources, Indoor Environmental Quality, Locations & Linkages, Awareness & Education, Innovation in Design and Regional Priority), or 8 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) a similar program. 14. Based on the information in the Environmental Reports, and subject to imposition of and compliance with the land use restrictions set forth below, and subject to Section IX of this Agreement (DEQ’s Covenant Not to Sue and Reservation of Rights), DEQ is not requiring Prospective Developer to perform any active remediation at the Brownfields Property other than remediation that may be required pursuant to a DEQ-approved Environmental Management Plan (“EMP”) required by this Section. 15. By way of the Notice of Brownfields Property referenced below in paragraph 20, Prospective Developer shall impose the following land use restrictions under the Act, running with the land, to make the Brownfields Property suitable for the uses specified in this Agreement while fully protecting public health and the environment instead of remediation to unrestricted use standards. All references to DEQ shall be understood to include any successor in function. a. No use may be made of the Brownfields Property other than for high-density residential, multi-family residential, retail, office, hotel, warehousing, recreation, open space, parking, restaurant, brewery or food production facility and entertainment, and subject to DEQ’s prior written approval, other commercial uses. For purposes of this restriction, the following definitions apply: i. “High Density Residential” is defined as permanent dwellings where residential units are attached to each other with common walls, such as condominia, apartments, group homes, dormitories or boarding houses, and any property outside the dwelling structures is usable by all residents and not privately owned as part of a particular unit, and shall include related amenities, such as pools, clubhouses, courtyards, common areas, recreation areas and parking garages. Ground floor units, single family homes, townhomes, duplexes, or other units with yards are prohibited unless approved in writing and in advance by DEQ. 9 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) ii. “Retail” is defined as the sale of goods or services, products, or merchandise directly to the consumer or businesses and includes showrooms, personal service, and the sales of food and beverage products. For the purposes of this Agreement, retail excludes use as a dry cleaner using chlorinated solvents. iii. “Office” is defined as the provision of business or professional services. vi. “Hotel” is defined as the provision of overnight lodging to paying customers, and to associated food services, gym, reservation, cleaning, utilities, parking, and on- site hospitality, management and reception services. v. “Warehousing” is defined as the use of a commercial building for storage of goods by manufacturers, importers, exporters, wholesalers, transport businesses among others, and also refers to the storage of goods and materials for a specific commercial establishment or group of establishments in a particular type of industry or commercial activity. vi. “Recreation” is defined as indoor and outdoor exercise-related, physically focused, or leisure-related activities, whether active or passive, and the facilities for same, including, but not limited to, studios, swimming pools, sports-related courts and fields, open space, greenways, parks, playgrounds, walking paths, and picnic and public gathering areas. vii. “Open Space” is defined as land maintained in a natural or landscaped state and used for natural resource protection, buffers, greenways, or detention facilities for stormwater. viii. “Parking” is defined as the temporary accommodation of motor vehicles in an area designed for same; 10 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) ix. “Restaurant” is defined as a commercial business establishment that prepares and serves food and beverages to patrons. x. “Brewery or Food Production Facility” is defined as an establishment for the manufacture, sale and distribution of beverages or food products, including without limitation, beer and ale, together with associated public roadways and related infrastructure. xi. “Entertainment” is defined as private, public, and community activities (such as, for example, festivals, theatre, musical events or shows), which may include food and beverage service. xii. “Commercial” is defined as an enterprise carried on for profit or nonprofit by the owner, lessee or licensee. b. The Brownfields Property may not be used for child care centers, adult care centers or schools without the prior written approval of DEQ. c. Physical redevelopment of the Brownfields Property may not occur other than in accord, as determined by DEQ, with an EMP approved in writing by DEQ in advance (and revised to DEQ’s written satisfaction prior to each subsequent redevelopment phase) that is consistent with all the other land use restrictions and describes redevelopment activities at the Brownfields Property, the timing of redevelopment phases, and addresses health, safety and environmental issues that may arise from use of the Brownfields Property during construction or redevelopment in any other form, including without limitation: i. soil and water management issues, including without limitation those resulting from contamination identified in the Environmental Reports; ii. issues related to potential sources of contamination referenced in Exhibit 2 to this Agreement; iii. contingency plans for addressing, including without limitation the 11 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) testing of soil and groundwater, newly discovered potential sources of environmental contamination (e.g., USTs, tanks, drums, septic drain fields, oil-water separators, soil contamination); and iv. plans for the proper characterization of, and, as necessary, disposal of contaminated soils excavated during redevelopment. d. By January 31 of each one-year anniversary of the effective date of this Agreement and for as long as physical redevelopment of the Brownfields Property continues (except that the final deadline shall fall 90 days after the conclusion of physical redevelopment), the then owner of the Brownfields Property shall provide DEQ a report subject to written DEQ approval on environment-related activities since the last report, with a summary and drawings, that describes: i. actions taken on the Brownfields Property in accordance with the plan required by subparagraph 15.c above; ii. soil grading and cut and fill actions; iii. methodology(ies) employed for field screening, sampling and laboratory analysis of environmental media; iv. stockpiling, containerizing, decontaminating, treating, handling, laboratory analysis and ultimate disposition of any soil, groundwater or other materials suspected or confirmed to be contaminated with regulated substances; and v. removal of any contaminated soil, water or other contaminated materials (for example, concrete, demolition debris) from the Brownfields Property (copies of all legally required manifests shall be included). e.  Unless compliance with this Land Use Restriction is waived in writing by DEQ in advance in regard to particular activity, no activities that encounter, expose, remove or 12 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) use groundwater (for example, installation of water supply wells, ponds, lakes or swimming pools, or construction or excavation activities that encounter or expose groundwater) may occur on the Brownfields Property unless and until DEQ states in writing, in advance of the proposed activity, that said activity may occur if carried out along with any measures DEQ deems necessary to ensure the Brownfields Property will be suitable for the uses specified in subparagraph 15.a above while fully protecting public health and the environment. Prior sampling and analysis of groundwater to the written satisfaction of DEQ in any areas proposed for such activities, and submittal of the analytical results to DEQ is required. If such results reflect contaminant concentrations that exceed the standards and screening levels applicable to the uses authorized for the Brownfields Property, the groundwater-related activities proposed may only occur in compliance with any written conditions DEQ imposes. Activities may occur if carried out along with any measures DEQ deems necessary to ensure the Brownfields Property will be suitable for the uses specified in subparagraph 15.a above while fully protecting public health and the environment. f. Soil may not be removed from, or brought onto, the Brownfields Property without prior sampling and analysis to DEQ’s satisfaction and the written approval of DEQ, unless conducted in accordance with an approved EMP as outlined in subparagraph 15.c above. g. No enclosed building may be constructed on the Brownfields Property and no existing building, defined as those depicted on the plat component of the Notice of Brownfields Property referenced in paragraph 20 below, may be occupied, until DEQ determines in writing that: i. the building is or would be protective of the building’s users, public health and the environment from risk of vapor intrusion based on site assessment data or a site- specific risk assessment approved in writing by DEQ; or 13 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) ii. the building is or would be sufficiently distant from the Brownfields Property’s groundwater and/or soil contamination based on assessment data approved in writing by DEQ that the building’s users, public health and the environment will be protected from risk from vapor intrusion related to said contamination; or iii. vapor intrusion mitigation measures are installed and/or implemented to the satisfaction of a professional engineer licensed in North Carolina, as evidenced by said engineer’s professional seal on a report that includes photographs and a description of the installation and performance of said measures. Any design specification for vapor intrusion mitigation measures shall be approved in writing by DEQ in advance of installation and/or implementation of said measures. The design specifications shall include methodology(ies) for demonstrating performance of said measures. h. None of the contaminants known to be present in the environmental media at the Brownfields Property, as described in Exhibit 2 of this Agreement and as modified by DEQ in writing if additional contaminants in excess of applicable standards are discovered at the Brownfields Property, may be used or stored at the Brownfields Property without the prior written approval of DEQ, except: i. in de minimis quantities for cleaning and other routine housekeeping and maintenance activities; ii. as fuel or other fluids customarily used in vehicles, landscaping equipment, and emergency generators; and iii. as constituents of products and materials customarily used and stored in high-density residential, multi-family residential, retail, office, hotel, warehousing, recreation, open space, parking, restaurant, brewery or food production facility and entertainment, or commercial environments, provided such products and materials are stored in original retail 14 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) packaging and used and disposed of in accordance with applicable laws i. The owner of any portion of the Brownfields Property where any existing, or subsequently installed, DEQ-approved monitoring well is damaged by the owner, its contractors, or its tenants shall be responsible for repair of any such wells to DEQ’s written satisfaction and within a time period acceptable to DEQ, unless compliance with this Land Use Restriction is waived in writing by DEQ in advance. j. Neither DEQ, nor any party conducting environmental assessment or remediation at the Brownfields Property at the direction of, or pursuant to a permit, order or agreement issued or entered into by DEQ, may be denied access to the Brownfields Property for purposes of conducting such assessment or remediation, which is to be conducted using reasonable efforts to minimize interference with authorized uses of the Brownfields Property. k. No use of the Brownfields Property may occur until the then owner of the Brownfields Property conducts representative final grade soil sampling pursuant to a plan approved in writing by DEQ of any area of the Brownfields Property that will not be covered by building foundations, sidewalks, or asphaltic or concrete parking areas and driveways unless otherwise approved in writing by DEQ in advance. l. Any deed or other instrument conveying an interest in the Brownfields Property shall contain the following notice: “This property is subject to the Brownfields Agreement attached as Exhibit A to the Notice of Brownfields Property recorded in the Mecklenburg County land records, Book ____, Page ____.” A copy of any such instrument shall be sent to the persons listed in Section XV (Notices and Submissions), though financial figures and other confidential information related to the conveyance may be redacted to the extent said redactions comply with the confidentiality and trade secret provisions of the North Carolina Public Records Law. The owner conveying an interest may use the following mechanisms to comply with the 15 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) obligations of this subparagraph: (i) If every lease and rider is identical in form, the owner conveying an interest may provide DEQ with copies of a form lease or rider evidencing compliance with this subparagraph, in lieu of sending copies of actual, executed leases, to the persons listed in Section XV (Notice and Submissions); or (ii) The owner conveying an interest may provide abstracts of leases, rather than full copies of said leases, to the persons listed in Section XV. m. During January of each year after the year in which the Notice referenced below in paragraph 20 is recorded, the owner of any part of the Brownfields Property as of January 1st of that year shall submit a notarized Land Use Restrictions Update (“LURU”) to DEQ, and to the chief public health and environmental officials of Mecklenburg County, certifying that, as of said January 1st, the Notice of Brownfields Property containing these land use restrictions remains recorded at the Mecklenburg County Register of Deeds office and that the land use restrictions are being complied with. The submitted LURU shall state the following: i. the name, mailing address, telephone and facsimile numbers, and contact person’s e-mail address of the owner submitting the LURU if said owner acquired any part of the Brownfields Property during the previous calendar year; ii. the transferee’s name, mailing address, telephone and facsimile numbers, and contact person’s e-mail address, if said owner transferred any part of the Brownfields Property during the previous calendar year; iii. whether any vapor barrier and/or mitigation systems installed pursuant to subparagraph 15.g. above are performing as designed, and whether the uses of the ground floors of any buildings containing such vapor barrier and/or mitigation systems have changed, and, if so, how. 16 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) iv. A joint LURU may be submitted for multiple owners by a duly constituted board or association and shall include the name, mailing address, telephone and facsimile numbers, and contact person’s e-mail address of the entity submitting the joint LURU as well as for each of the owners on whose behalf the joint LURU is submitted. 16. The desired result of the above-referenced land use restrictions is to make the Brownfields Property suitable for the uses specified in the Agreement while fully protecting public health and the environment. 17. The guidelines, including parameters, principles and policies within which the desired results are to be accomplished are, as to field procedures and laboratory testing, the Guidelines of the Inactive Hazardous Sites Branch of DEQ’s Superfund Section and the Division of Waste Management Vapor Intrusion Guidance, as embodied in their most current version. 18. The consequence of achieving the desired results will be that the Brownfields Property will be suitable for the uses specified in the Agreement while fully protecting public health and the environment. The consequence of not achieving the desired results will be that modifications to land use restrictions and/or remediation in some form may be necessary to fully protect public health and/or the environment. VI. ACCESS/NOTICE TO SUCCESSORS IN INTEREST 19. In addition to providing access to the Brownfields Property pursuant to subparagraph 15.j. above, Prospective Developer shall provide DEQ, its authorized officers, employees, representatives, and all other persons performing response actions under DEQ oversight, access at all reasonable times to other property controlled by Prospective Developer in connection with the performance or oversight of any response actions at the Brownfields Property under applicable law. Such access is to occur after prior notice and using reasonable efforts to minimize interference with authorized uses of such other property except in response to 17 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) emergencies and/or imminent threats to public health and the environment. While Prospective Developer owns the Brownfields Property, DEQ shall provide reasonable notice to Prospective Developer of the timing of any response actions to be undertaken by or under the oversight of DEQ at the Brownfields Property. Except as may be set forth in the Agreement, DEQ retains all of its authorities and rights, including enforcement authorities related thereto, under the Act and any other applicable statute or regulation, including any amendments thereto. 20. DEQ has approved, pursuant to NCGS § 130A-310.35, a Notice of Brownfields Property for the Brownfields Property containing, inter alia, the land use restrictions set forth in Section V (Work to Be Performed) of this Agreement and a survey plat of the Brownfields Property. Pursuant to NCGS § 130A-310.35(b), within 15 days of the effective date of this Agreement, Prospective Developer shall file the Notice of Brownfields Property in the Mecklenburg County, North Carolina, Register of Deeds’ Office. Within three (3) days thereafter, Prospective Developer shall furnish DEQ a copy of the documentary component of the Notice containing a certification by the register of deeds as to the Book and Page numbers where both the documentary and plat components of the Notice are recorded, and a copy of the plat with notations indicating its recordation. 21. This Agreement shall be attached as Exhibit A to the Notice of Brownfields Property. Subsequent to recordation of said Notice, any deed or other instrument conveying an interest in the Brownfields Property shall contain the following notice: “This property is subject to the Brownfields Agreement attached as Exhibit A to the Notice of Brownfields Property recorded in the Mecklenburg County land records, Book ____, Page ____.” A copy of any such instrument shall be sent to the persons listed in Section XV (Notices and Submissions), though financial figures and other confidential information related to the conveyance may be redacted to the extent said redactions comply with the confidentiality and trade secret provisions of the 18 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) North Carolina Public Records Law. Prospective Developer may use the following mechanisms to comply with the obligations of this paragraph: (i) If every lease and rider is identical in form, Prospective Developer may provide DEQ with copies of a form lease or rider evidencing compliance with this paragraph, in lieu of sending copies of actual, executed leases, to the persons listed in Section XV (Notices and Submissions); or (ii) Prospective Developer may provide abstracts of leases, rather than full copies of said leases, to the persons listed in Section XV. 22. The Prospective Developer shall ensure that a copy of this Agreement is provided to any current lessee or sublessee on the Brownfields Property within seven days of the effective date of this Agreement. VII. DUE CARE/COOPERATION 23. The Prospective Developer shall exercise due care at the Brownfields Property with respect to the manner in which regulated substances are handled at the Brownfields Property and shall comply with all applicable local, State, and federal laws and regulations. The Prospective Developer agrees to cooperate fully with any assessment or remediation of the Brownfields Property by DEQ and further agrees not to interfere with any such assessment or remediation. In the event the Prospective Developer becomes aware of any action or occurrence which causes or threatens a release of contaminants at or from the Brownfields Property, the Prospective Developer shall immediately take all appropriate action to prevent, abate, or minimize such release or threat of release, shall comply with any applicable notification requirements under NCGS § 130A-310.1 and 143-215.85, Section 103 of CERCLA, 42 U.S.C. § 9603, and/or any other law, and shall immediately notify the DEQ Official referenced in subparagraph 35.a. below of any such required notification. 19 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) VIII. CERTIFICATION 24. By entering into this Agreement, the Prospective Developer certifies that, without DEQ approval, it will make no use of the Brownfields Property other than that committed to in the BPA dated February 3, 2017 by which it applied for this Agreement. That use is high- density residential, multi-family residential, retail, office, hotel, warehousing, recreation, open space, parking, restaurant, brewery or food production facility and entertainment units, and subject to DEQ’s prior written approval, other commercial uses. Prospective Developer also certifies that to the best of its knowledge and belief it has fully and accurately disclosed to DEQ all information known to Prospective Developer and all information in the possession or control of its officers, directors, employees, contractors and agents which relates in any way to any past use of regulated substances or known contaminants at the Brownfields Property and to its qualification for this Agreement, including the requirement that it not have caused or contributed to the contamination at the Brownfields Property. IX. DEQ’S COVENANT NOT TO SUE AND RESERVATION OF RIGHTS 25. Unless any of the following apply, Prospective Developer shall not be liable to DEQ, and DEQ covenants not to sue Prospective Developer, for remediation of the Brownfields Property except as specified in this Agreement: a. The Prospective Developer fails to comply with this Agreement. b. The activities conducted on the Brownfields Property by or under the control or direction of the Prospective Developer increase the risk of harm to public health or the environment, in which case Prospective Developer shall be liable for remediation of the areas of the Brownfields Property, remediation of which is required by this Agreement, to the extent necessary to eliminate such risk of harm to public health or the environment. c. A land use restriction set out in the Notice of Brownfields Property required 20 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) under NCGS § 130A-310.35 is violated while the Prospective Developer owns the Brownfields Property, in which case the Prospective Developer shall be responsible for remediation of the Brownfields Property to unrestricted use standards. d. The Prospective Developer knowingly or recklessly provided false information that formed a basis for this Agreement or knowingly or recklessly offers false information to demonstrate compliance with this Agreement or fails to disclose relevant information about contamination at the Brownfields Property. e. New information indicates the existence of previously unreported contaminants or an area of previously unreported contamination on or associated with the Brownfields Property that has not been remediated to unrestricted use standards, unless this Agreement is amended to include any previously unreported contaminants and any additional areas of contamination. If this Agreement sets maximum concentrations for contaminants, and new information indicates the existence of previously unreported areas of these contaminants, further remediation shall be required only if the areas of previously unreported contaminants raise the risk of the contamination to public health or the environment to a level less protective of public health and the environment than that required by this Agreement. f. The level of risk to public health or the environment from contaminants is unacceptable at or in the vicinity of the Brownfields Property due to changes in exposure conditions, including (i) a change in land use that increases the probability of exposure to contaminants at or in the vicinity of the Brownfields Property or (ii) the failure of remediation to mitigate risks to the extent required to make the Brownfields Property fully protective of public health and the environment as planned in this Agreement. g. DEQ obtains new information about a contaminant associated with the Brownfields Property or exposures at or around the Brownfields Property that raises the risk to 21 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) public health or the environment associated with the Brownfields Property beyond an acceptable range and in a manner or to a degree not anticipated in this Agreement. h. The Prospective Developer fails to file a timely and proper Notice of Brownfields Property under NCGS § 130A-310.35. 26. Except as may be provided herein, DEQ reserves its rights against Prospective Developer as to liabilities beyond the scope of the Act. 27. This Agreement does not waive any applicable requirement to obtain a permit, license or certification, or to comply with any and all other applicable law, including the North Carolina Environmental Policy Act, NCGS § 113A-1, et seq. 28. Consistent with NCGS § 130A-310.33, the liability protections provided herein, and any statutory limitations in paragraphs 25 through 27 above, apply to all of the persons listed in NCGS § 130A-310.33, including future owners of the Brownfields Property, to the same extent as Prospective Developer, so long as these persons are not otherwise potentially responsible parties or parents, subsidiaries, or affiliates of potentially responsible parties. X. PROSPECTIVE DEVELOPER'S COVENANT NOT TO SUE 29. In consideration of DEQ’s Covenant Not To Sue in Section IX of this Agreement and in recognition of the absolute State immunity provided in NCGS § 130A-310.37(b), the Prospective Developer hereby covenants not to sue and not to assert any claims or causes of action against DEQ, its authorized officers, employees, or representatives with respect to any action implementing the Act, including negotiating, entering, monitoring or enforcing this Agreement or the above-referenced Notice of Brownfields Property. XI. PARTIES BOUND 30. This Agreement shall apply to and be binding upon DEQ, and on the Prospective Developer, its officers, directors, employees, and agents. Each Party’s signatory to this 22 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) Agreement represents that she or he is fully authorized to enter into the terms and conditions of this Agreement and to legally bind the Party for whom she or he signs. XII. DISCLAIMER 31. Prospective Developer and DEQ agree that this Agreement meets the requirements of the Act, including but not limited to the requirements set forth in NCGS § 130A-310.32(a)(2). However, this Agreement in no way constitutes a finding by DEQ as to the risks to public health and the environment which may be posed by regulated substances at the Brownfields Property, a representation by DEQ that the Brownfields Property is fit for any particular purpose, nor a waiver of Prospective Developer’s duty to seek applicable permits or of the provisions of NCGS § 130A-310.37. 32. Except for the land use restrictions set forth in paragraph 15 above and NCGS § 130A-310.33(a)(1)-(5)'s provision of the Act's liability protection to certain persons to the same extent as to a prospective developer, no rights, benefits or obligations conferred or imposed upon Prospective Developer under this Agreement are conferred or imposed upon any other person. XIII. DOCUMENT RETENTION 33. The Prospective Developer agrees to retain and make available to DEQ all business and operating records, contracts, site studies and investigations, remediation reports, and documents generated by and/or in the control of the Prospective Developer, its affiliates or subsidiaries relating to storage, generation, use, disposal and management of regulated substances at the Brownfields Property, including without limitation all Material Safety Data Sheets or Safety Data Sheets, for six (6) years following the effective date of this Agreement, unless otherwise agreed to in writing by the Parties. Said records may be retained electronically such that they can be retrieved and submitted to DEQ upon request. At the end of six (6) years, the Prospective Developer shall notify DEQ of the location of such documents and shall provide 23 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) DEQ with an opportunity to copy any documents at the expense of DEQ. By entering into this Agreement, Prospective Developer waives no rights of confidentiality or privilege provided by the North Carolina Public Records Act or otherwise and, at the time DEQ requests to copy or inspect said documents, Prospective Developer shall provide DEQ with a log of documents withheld from DEQ, including a specific description of the document(s) and the alleged legal basis upon which they are being withheld. To the extent DEQ retains any copies of such documents, Prospective Developer retains all rights it then may have to seek protection from disclosure of such documents as confidential business information. XIV. PAYMENT OF ENFORCEMENT COSTS 34. If the Prospective Developer fails to comply with the terms of this Agreement, including, but not limited to, the provisions of Section V (Work to be Performed), it shall be liable for all litigation and other enforcement costs incurred by DEQ to enforce this Agreement or otherwise obtain compliance. XV. NOTICES AND SUBMISSIONS 35. Unless otherwise required by DEQ or a Party notifies the other Party in writing of a change in contact information, all notices and submissions pursuant to this Agreement shall be sent by prepaid first class U.S. mail, as follows: a. for DEQ: William L. Schmithorst (or successor in function) N.C. Division of Waste Management Brownfields Program Mail Service Center 1646 Raleigh, NC 27699-1646 b. for Prospective Developer: W. Henry Atkins and David Atkins 421 Penman Street, Suite 110 Charlotte, NC 28203 24 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) Notices and submissions sent by prepaid first class U.S. mail shall be effective on the third day following postmarking. Notices and submissions sent by hand or by other means affording written evidence of date of receipt shall be effective on such date. XVI. EFFECTIVE DATE 36. This Agreement shall become effective on the date the Prospective Developer signs it, after receiving the signed, conditionally approved Agreement from DEQ. DEQ’s approval of this Agreement is conditioned upon the complete and timely execution and filing of this Agreement in the manner set forth herein. Prospective Developer shall expeditiously sign the Agreement in order to effect the recordation of the full Notice of Brownfields Property within the statutory deadline set forth in N.C.G.S. § 130A-310.35(b). If the Agreement is not signed by Prospective Developer within 45 days after such receipt, DEQ has the right to revoke its approval and certification of this Agreement, and invalidate its signature on this Agreement. XVII. TERMINATION OF CERTAIN PROVISIONS 37. If any Party believes that any or all of the obligations under Section VI (Access/Notice to Successors in Interest) are no longer necessary to ensure compliance with the requirements of the Agreement, that Party may request in writing that the other Party agree to terminate the provision(s) establishing such obligations; provided, however, that the provision(s) in question shall continue in force unless and until the Party requesting such termination receives written agreement from the other Party to terminate such provision(s). XVIII. CONTRIBUTION PROTECTION 38. With regard to claims for contribution against Prospective Developer in relation to the subject matter of this Agreement, Prospective Developer is entitled to protection from such claims to the extent provided by NCGS § 130A-310.37(a)(5)-(6). The subject matter of this 25 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) Agreement is all remediation taken or to be taken and response costs incurred or to be incurred by DEQ or any other person in relation to the Brownfields Property. 39. The Prospective Developer agrees that, with respect to any suit or claim for contribution brought by it in relation to the subject matter of this Agreement, it will notify DEQ in writing no later than 60 days prior to the initiation of such suit or claim. 40. The Prospective Developer also agrees that, with respect to any suit or claim for contribution brought against it in relation to the subject matter of this Agreement, it will notify DEQ in writing within 10 days of receiving said suit or claim. XIX. PUBLIC COMMENT 41. This Agreement shall be subject to a public comment period of at least 30 days starting the day after the last of the following public notice tasks occurs: publication of the approved summary of the Notice of Intent to Redevelop a Brownfields Property required by NCGS § 130A-310.34 in a newspaper of general circulation serving the area in which the Brownfields Property is located; conspicuous posting of a copy of said summary at the Brownfields Property; and mailing or delivery of a copy of the summary to each owner of property contiguous to the Brownfields Property. After expiration of that period, or following a public meeting if DEQ holds one pursuant to NCGS § 130A-310.34(c), DEQ may modify or withdraw its consent to this Agreement if comments received disclose facts or considerations which indicate that this Agreement is inappropriate, improper or inadequate. IT IS SO AGREED: NORTH CAROLINA DEPARTMENT OF ENVIRONMENTAL QUALITY By: ____________________________________________________________________________ Michael E. Scott Date Director, Division of Waste Management IT IS SO AGREED: 26 BP# 21005-17-60/ Palmer’s Automotive Property (DRAFT 20180724) TAG Ventures, LLC By: ________________________________________________________________________ _________ Date ____________ South Tryon Ventures, LLC By: ____________________________________________________________________________ _____________ Date _____________ EXHIBIT 1 SITE LOCATION MAP 1900 SOUTH TRYON STREET AND 401 WEST WORTHINGTON STREET CHARLOTTE, MECKLENBURG COUNTY, NORTH CAROLINA ECS PROJECT NO. 49-2037-C SOURCE: USGS TOPOGRAPHIC MAP: CHARLOTTE WEST AND CHARLOTTE EAST, DATED 2013 NORTH CAROLINA QUADRANGLE SCALE: 1” = 2,000’ SITE AF 21005-16-060/Palmer’s Automotive (20180724 for PC)     1 Exhibit 2 The most recent environmental sampling at the Property reported in the Environmental Reports occurred on December 15, 2017.The following tables set forth, for contaminants present at the Property above unrestricted use standards or screening levels, the concentration found at each sample location, and the applicable standard or screening level. Screening levels and groundwater, soil and soil vapor standards are shown for reference only and are not set forth as cleanup levels for purposes of this Agreement. GROUNDWATER Groundwater contaminants in micrograms per liter (the equivalent of parts per billion), the standards for which are contained in Title 15A of the North Carolina Administrative Code, Subchapter 2L (2L), Rule .0202, (April 1, 2013 version): Groundwater Contaminant Sample Location Date of Sampling Concentration Exceeding Standard (g/L) Standard (g/L) Benzene TW-1 5/12/16 7.4 1 TW-2 5/12/16 1.7 1-Methylnaphthalene TW-1 5/12/16 4.6 J 1 Naphthalene TW-1 5/12/16 94 6 Tetrachloroethylene TW-1 5/12/16 55 0.7 TW-2 5/12/16 23 TW-3 5/12/16 1.3 Trichloroethylene TW-1 5/12/16 260 3 TW-2 5/12/16 210 TW-3 5/12/16 33 GROUNDWATER VAPOR INTRUSION RISK Groundwater contaminants with potential for vapor intrusion (VI) in micrograms per liter (the equivalent of parts per billion), the vapor intrusion screening levels for which are derived from the Residential Vapor Intrusion Screening Levels of the Division of Waste Management February 2018 version): Groundwater Contaminant with Potential for Vapor Intrusion Sample Location Date of Sampling Concentration Exceeding Screening Level (g/L) Residential VI Screening Level1 (g/L) Naphthalene TW-1 5/12/16 94 35 21005-16-060/Palmer’s Automotive (20180724 for PC)     2 Tetrachloroethylene TW-1 5/12/16 55 12 TW-2 5/12/16 23 Trichloroethylene TW-1 5/12/16 260 1 TW-2 5/12/16 210 TW-3 5/12/16 33 1 Screening levels displayed for non-carcinogens are for a hazard quotient equal to 0.2. Screening levels displayed for carcinogens are for a 1.0E-5 lifetime incremental cancer risk. 2 NS – Screening level or regulatory not established. SOIL Soil contaminants in milligrams per kilogram (the equivalent of parts per million), the screening levels for which are derived from the Preliminary Residential Health- Based Soil Remediation Goals of the Inactive Hazardous Sites Branch of DEQ’s Superfund Section (February 2018 version): Soil Contaminant Sample Locatio n Depth (ft) Date of Sampling Concentration Exceeding Screening Level (mg/kg) Residential Screening Level1,2 (mg/kg) Acenaphthalene SB-7 0-2 5/12/16 1 NS Arsenic S-1 8-10 7/18/17 2.7 0.68 S-2 8-10 7/18/17 2.6 Chromium S-1 8-10 7/18/17 54 5.4 S-2 8-10 7/18/17 51 Benzo(a)anthracene SB-7 0-2 5/12/16 13 1.1 Benzo(a)pyrene SB-1 4-6 5/12/16 0.13 0.11 SB-7 0-2 5/12/16 9.2 Benzo(b)fluoranthene SB-7 0-2 5/12/16 10 1.1 Benzo(g,h,i)perylene SB-7 0-2 5/12/16 4.6 NS Dibenzo(a,h)anthrace ne SB-7 0.2 5/12/16 1 NS Dibenzofuran SB-7 0-2 5/12/16 3.2 NS Indeno(1,2,3- cd)pyrene SB-7 0-2 5/12/16 5.9 1.1 4-Isopropyltoluene SB-1 4-6 5/12/16 0.62 NS SB-2 6-8 5/12/16 0.41 SB-3 6-8 5/12/16 1.4 1-Methylnaphthalene SB-1 4-6 5/12/16 0.85 NS 2-Methylnaphthalene SB-1 4-6 5/12/16 1.5 NS Naphthalene SB-1 4-6 5/12/16 4.6 4.1 SB-2 6-8 5/12/16 11 21005-16-060/Palmer’s Automotive (20180724 for PC)     3 Soil Contaminant Sample Locatio n Depth (ft) Date of Sampling Concentration Exceeding Screening Level (mg/kg) Residential Screening Level1,2 (mg/kg) SB-3 6-8 5/12/16 18 Phenanthrene SB-7 0-2 5/12/16 33 NS 1Screening levels displayed for non-carcinogens are for a hazard quotient equal to 0.2. Screening levels displayed for carcinogens are for a 1.0E-6 lifetime incremental cancer risk. NE – No established screening level 2The IHSB’s tabulated generic residential use preliminary remediation goal (“remedial goal”) for arsenic is 0.68 mg/kg. However, the IHSB generic preliminary remediation goal conservatively assumes the presence of additional soil contaminants that have the same health effects, a factor not present at this site. The IHSB guidelines also allow for the development of site-specific remediation goals when appropriate. The North Carolina Brownfields Program is statutorily required to apply standards at each brownfields site that are only as stringent as necessary to make the site suitable for the uses specified in the Agreement while fully protecting public health and the environment. This Agreement’s arsenic remedial goal (“screening level”) was developed using site-specific factors through a Human Health Risk Assessment conducted pursuant to U.S. EPA risk assessment guidance. The site-specific residential remedial goal for arsenic is 22 mg/kg. SOIL GAS Soil gas contaminants in micrograms per cubic meter, the screening levels for which are derived from Residential Vapor Intrusion Screening Levels of the Division of Waste Management (February 2018 version): Soil Gas Contaminant Sample Location Date of Sampling Concentration Exceeding Screening Level (g/m3) Residential Screening Limit1 (g/m3) 1,1,1,2- Tetrachloroethane SG-1 7/18/17 4000 130 SG-2 7/18/17 4000 SG-3 7/18/17 200 SG-4 7/31/17 1900 Dup 7/31/17 2100 1,1,2,2- Tetrachloroethane SG-1 7/18/17 4000 16 SG-2 7/18/17 4000 SG-3 7/18/17 200 SG-4 7/31/17 1900 1,1,2-Trichloroethane SG-1 7/18/17 4000 1 SG-2 7/18/17 4000 SG-3 7/18/17 200 SG-4 7/31/17 1900 1,1-Dichloroethane SG-1 7/18/17 4000 580 SG-2 7/18/17 4000 21005-16-060/Palmer’s Automotive (20180724 for PC)     4 SG-4 7/31/17 1900 1,1-Dichloroethene SG-1 7/18/17 4000 1400 SG-2 7/18/17 4000 SG-4 7/31/17 1900 1,2,4-Trichlorobenzene SG-1 7/18/17 4000 14 SG-2 7/18/17 4000 SG-3 7/18/17 200 SG-4 7/31/17 1900 1,2,4- Trimethylbenzene SG-1 7/18/17 4000 420 SG-2 7/18/17 4000 SG-4 7/31/17 1900 1,2-Dibromoethane (EDB) SG-1 7/18/17 4000 2 SG-2 7/18/17 4000 SG-3 7/18/17 200 SG-4 7/31/17 1900 1,2-Dichlorobenzene SG-1 7/18/17 4000 1400 SG-2 7/18/17 4000 SG-4 7/31/17 1900 1,2-Dichloroethane (EDC) SG-1 7/18/17 1000 36 SG-2 7/18/17 1000 SG-3 7/18/17 50 SG-4 7/31/17 470 1,2-Dichloropropane SG-1 7/18/17 4000 25 SG-2 7/18/17 4000 SG-3 7/18/17 200 SG-4 7/31/17 1900 1,3,5- Trimethylbenzene SG-1 7/18/17 4000 420 SG-2 7/18/17 4000 SG-4 7/31/17 1900 1,4-Dichlorobenzene SG-1 7/18/17 4000 85 SG-2 7/18/17 4000 SG-3 7/18/17 200 SG-4 7/31/17 1900 2-Butanone (MEK) SG-1 7/18/17 40000 35000 SG-2 7/18/17 40000 2-Hexanone (MBK) SG-1 7/18/17 40000 210 SG-2 7/18/17 40000 SG-3 7/18/17 2000 SG-4 7/31/17 19000 4-Methyl-2-pentanone (MIBK) SG-1 7/18/17 40000 21000 SG-2 7/18/17 40000 Benzene SG-1 7/18/17 2800 120 SG-2 7/18/17 2300 SG-4 7/31/17 1100 Bromodichloromethane SG-1 7/18/17 4000 25 21005-16-060/Palmer’s Automotive (20180724 for PC)     5 SG-2 7/18/17 4000 SG-3 7/18/17 200 SG-4 7/31/17 1900 Bromoform SG-1 7/18/17 4000 850 SG-2 7/18/17 4000 SG-4 7/31/17 1900 Bromomethane SG-1 7/18/17 4000 35 SG-2 7/18/17 4000 SG-3 7/18/17 200 SG-4 7/31/17 1900 Carbon tetrachloride SG-1 7/18/17 1000 160 SG-2 7/18/17 1000 SG-4 7/31/17 470 Chlorobenzene SG-1 7/18/17 1000 350 SG-2 7/18/17 1000 SG-4 7/31/17 470 Chloroform SG-1 7/18/17 1000 41 SG-2 7/18/17 1000 SG-3 7/18/17 50 SG-4 7/31/17 470 Chloromethane SG-1 7/18/17 4000 630 SG-2 7/18/17 4000 SG-4 7/31/17 1900 Dichlorodifluorometha ne (F12) SG-1 7/18/17 4000 700 SG-2 7/18/17 4000 SG-4 7/31/17 1900 Ethylbenzene SG-1 7/18/17 11000 370 SG-2 7/18/17 4000 SG-3 7/18/17 2300 SG-4 7/31/17 1900 Hexachlorobutadiene SG-1 7/18/17 4000 43 SG-2 7/18/17 4000 SG-3 7/18/17 200 SG-4 7/31/17 1900 Styrene SG-4 7/31/17 1900 7000 Tetrachloroethene SG-1 7/18/17 1600 280 SG-2 7/18/17 1600 SG-4 7/31/17 750 Trichloroethene SG-1 7/18/17 1200 14 SG-2 7/18/17 1200 SG-3 7/18/17 60 SG-4 7/31/17 560 SG-5 12/15/17 28 Vinyl chloride SG-1 7/18/17 1000 56 SG-2 7/18/17 1000 21005-16-060/Palmer’s Automotive (20180724 for PC)     6 SG-4 7/31/17 470 m,p-Xylene SG-1 7/18/17 4000 100 SG-2 7/18/17 4000 SG-3 7/18/17 10000 SG-4 7/31/17 1900 o-Xylene SG-1 7/18/17 4000 700 SG-2 7/18/17 4000 SG-3 7/18/17 4100 SG-4 7/31/17 1900 1Screening levels displayed for non-carcinogens are for a hazard quotient equal to 0.2. Screening levels displayed for carcinogens are for a 1.0E-5 lifetime incremental cancer risk XXXXXXXXXXXXX X X XXX X XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX· · · · · · · · X “” “” “” “” “” “” “” “” “” “” “” “” “” “ ” “” . Exhibit 2 The most recent environmental sampling at the Property reported in the Environmental Reports occurred on December 15, 2017.The following tables set forth, for contaminants present at the Property above unrestricted use standards or screening levels, the concentration found at each sample location, and the applicable standard or screening level. Screening levels and groundwater, soil and soil vapor standards are shown for reference only and are not set forth as cleanup levels for purposes of this Agreement. GROUNDWATER Groundwater contaminants in micrograms per liter (the equivalent of parts per billion), the standards for which are contained in Title 15A of the North Carolina Administrative Code, Subchapter 2L (2L), Rule .0202, (April 1, 2013 version): 1) Screening levels displayed for non-carcinogens are for a hazard quotient equal to 0.2. Screening levels displayed for carcinogens are for a 1.0E-5 lifetime incremental cancer risk. 2)NS - Screening level or regulatory not established. SOIL Soil contaminants in milligrams per kilogram (the equivalent of parts per million), the screening levels for which are derived from the Preliminary Residential Health- Based Soil Remediation Goals of the Inactive Hazardous Sites Branch of DEQ's Superfund Section (February 2018 version): SOIL GAS Soil gas contaminants in micrograms per cubic meter, the screening levels for which are derived from Residential Vapor Intrusion Screening Levels of the Division of Waste Management (February 2018 version): GROUNDWATER VAPOR INTRUSION RISK Groundwater contaminants with potential for vapor intrusion (VI) in micrograms per liter (the equivalent of parts per billion), the vapor intrusion screening levels for which are derived from the Residential Vapor Intrusion Screening Levels of the Division of Waste Management February 2018 version): 1) Screening levels displayed for non-carcinogens are for a hazard quotient equal to 0.2. Screening levels displayed for carcinogens are for a 1.0E-6 lifetime incremental cancer risk. NS - No established screening level 1) Soil gas contaminant concentrations also include data where laboratory method detection limits exceed NC Residential Vapor Intrusion Screening Levels. 2)Screening levels displayed for non-carcinogens are for a hazard quotient equal to 0.2. Screening levels displayed for carcinogens are for a 1.0E-5 lifetime incremental cancer risk Exhibit C  METES AND BOUNDS DESCRIPTION FOR BROWNFIELD AREA:  BEGINNING AT AN #4 REBAR IN THE SOUTHERNLY RIGHT OF WAY OF WEST WORTHINGTON AVENUE (A  60’ PUBLIC R/W), A COMMON CORNER WITH WILMORE WALK CONDOMINIUMS DECLERATION OF  COVANANTS (DEED BK‐19068 PG‐661). SAID POINT ALSO BEING S63°31'03"W 72.01’ FROM AN IRON  PIPE FOUND NEAR THE WESTERLY RIGHT OF WAY OF WICKFORD PLACE; THENCE WITH THE SAID WEST  WORTHINGTON AVENUE THE FOLLOWING TWO (2) COURSES:  1.S61°14'12"E 114.29’ TO A #4 REBAR. A COMMON CORNER OF SOUTH TRYON VENTURES, LLC. PROPERTY (DEED BK‐31929 PG‐86 TRACT 1). 2.S61°14'12"E 177.07’ TO AN FOUND “X” SCRIBED ON THE CONCRETE WALK BEING IN THE INTERSECTION WITH THE WESTERLY RIGHT OF WAY OF SOUTH TRYON STREET A.K.A. N.C. HIGHWAY 49 (A VARIABLE PUBLIC R/W). THENCE TURNING AND RUNNING WITH SAID SOUTH TRYON STREET THE FOLLOWING FOUR (4)  COURSES:  1)S64°44'34"W 118.50’ TO AN IRON PIPE FOUND. 2)WITH THE ARC OF CURVE TO THE RIGHT HAVING A RADIUS OF 435.54’ AND AN ARC DISTANCE OF 46.96’ WITH A CHORD BEARING S67°49'54"W WITH A CHORD DISTANCE OF 46.94’ TO AN IRON PIPE FOUND, BEING A COMMON CORNER OF TAG VENTURES, LLC. PROPERTY (DEED BK‐ 31789 PG‐765). 3)WITH THE ARC OF CURVE TO THE RIGHT HAVING A RADIUS OF 435.54’ AND AN ARC DISTANCE OF 49.90’ WITH A CHORD BEARING S74°12'10"W WITH A CHORD DISTANCE OF 49.88’ TO AN IRON PIPE FOUND. 4)WITH THE ARC OF CURVE TO THE RIGHT HAVING A RADIUS OF 435.54’ AND AN ARC DISTANCE OF 50.00’ WITH A CHORD BEARING S80°46'27"W WITH A CHORD DISTANCE OF 49.98’ TO AN NEW #4 REBAR SET BEING THE COMMON CORNER OF RAPPAPORT & WEISS PROPERTY (DEED BK‐20951 PG‐432). THENCE TURNING AND RUNNING WITH SAID RAPPAPORT & WEISS PROPERTY N05°56'13"W PASSING  THROUGH A #4 REBAR AT 126.85’ FOR A TOTAL DISTANCE OF 132.07’TO A NEW #4 REBAR IN THE  CENTER OF A 10’ ALLEY (MAP BK‐3 PG‐267), A NEW LINE; THENCE TURNING AND RUNNING WITH THE  NEW LINE THE FOLLOWING TWO (2) COURSES:  1.S79°09'03"E 35.32’ TO AN NEW #4 REBAR SET. 2.N00°38'28"E 4.69’ TO AN NEW #4 REBAR SET IN THE SOUTHERLY LINE OF SOUTH TRYON VENTURES, LLC PROPERTY (DEED BK‐31929 PG‐86 TRACT 2). THENCE TURNING AND RUNNING WITH SAID SOUTH TRYON PROPERTY TRACT 2 N79°18'11"W 6.64’ TO  A #4 REBAR, A COMMON CORNER WITH SAID WILMORE WALK CONDOMINIUMS PROPERTY; THENCE  TURNING AND RUNNING WITH SAID WILMORE WALK PROPERTY N28°48'39"E 98.30’ TO THE POINT AND  PLACE OF BEGINNING.  CONTAINING 34,131 SQ. FT. OR 0.784 ACRES, MORE OR LESS.