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COUNCIL CHATIBER
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WHEREAS,have been (^) volunteeredthe^ deed^ restrictionsin conjunction^ in thewith^ attached a request^ instrurnents for an MF-3 (A)C o u n c i l Multifanilyo n O c t o b e r (^) 2 4 ,District 1 - 9 9 0 , o n which Z o n i n g was C a s e^ approved by^ the^ City property on both sides of Kelly Boulevard, # 2 8 9 O - 2 L 5 / 8 O 3 4 - Nsouth of Frankford^ o n Road; and WHEREAS,Now, Therefore, said deed restrictions have been approved as to form;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALI,AS: Sectioninstrurnents L. Thatbe andthe deedare herebyrestrictions accepted set byforth the inCity the Council attached of
thedevelopment city of of Dallas,property Texas,zoned an MF-3JA) Multifamily to be used in conjunction Oistrictwith theas
described in ordinance SectionDeed Records 2. Thatof Denton said County,deed (^) Texas.restrictions shall be filed in the
Section 3. That this resolution shall take effect from and after Dallas,its^ passage and it inis^ accordanceaccordingly^ withso resolved.the^ Charter^ of^ the^ City^ of c c : B u i l d i n gPlanning I n s p e c t i o nand Development -^2 - (^2)
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DIRECTOROF FINANCE^ APPROVED CITY MANAGER 3UP-@
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REA!PRoPERTYREC0RD_q DBED RESTRTCTIONS STATE OF TE)(A.S COI]NTT OF DENTON
5,e3* KNOWAT,L ITEN BY THESE PRESENTS:
r. TheAIIan undersigned,Zidell, GeneralSUSMANAND ZIDELL Partner, is PARTNERSHIP ("thethe owner of the^ Ownerrr), following by describedland out (^) ofproperty the J. ( l,t.ttthe Cants^ Propertyrr ) , being in particular^ a tract of A/8752, City of^ Dallas^ (trcitytr)Survey,^ Abstract^ No.^ 885,^ City^ Block that same tract of land conveyed ,^ toDenton SUSIIIANAND ZIDELL^ County,^ Texas,^ PARTNERSHIPand^ being byrecorded cSK INVESTIT{ENTin Volume COII{PANYL586, PageN.V., 50,by indeed the dated Deed^ MarchRecords^ 4, ofl-985, Denton^ and County, Texas, and being more particularly^ described^ as^ follows: Beinghereto a (^) andtract made a of landpart describedhereof forin allExhibit purposes.^ rrArr attached rr. Thef o l l o w i n g Cwner d e e ddoes r e s t r i c t i o n shereby^ impress( t r r e s t r i c t i o n s r r ) ,^ aiI^ cf^ the t oProperty w i t :^ with^ the (1) Noconstructed more thanor maintained46L dwelling on the unitsProperty.^ shall^ be (2) Not h a n building t h r e e ( 3 )on s t o r i e s .the Property shall^ consist^ of^ more I I I. Theseperiod restrictionsof twenty (^) (20)shall years continue (^) from thein datefull^ offorce execution,^ and^ effect and^ forshall^ a automatically be extended for additional periods^ of^ ten^ (10)^ years unlessdocument. amended or^ terrninated^ in^ the^ manner^ specified^ in^ this rv. Thesehearing restrictionsbefore the may beCity Plan^ amended or Comnrission^ terminated and a publiconly hearingafter^ a^ publicbefore andhearings approval must by bethe given^ City asCouncil would^ ofbe^ thereguired^ City.^ byNotice law^ offor^ thea^ publiczoning changemust be onapproved the^ Property. as to^ formThe byamending the city^ or^ attorney.tenninating If instrumentthe city Council approves^ an^ amendment or^ termination^ of^ these^ restrictions, DEED RESTRICIIONS -^ Page 1 ltrcr (^) L ?rfib- zl5/ Bo34-N
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x. Thegoverned Owner byunderstands the laws and (^) agrees that these restrictions shall (^) be of the State of Texas. x I. The invalidation shall in no way (^) affectof any provisionany other provision,in this docunentwhich shall by anyremain court in tofuII be forceseverable.^ and^ effect,^ and^ to^ this^ end^ the^ provisions^ are^ declared
STATE OF TEXAS
C O I T N T YO F (^) i t r , ' ^ ' .,' .,rT'',,...... ^-..,^ This^ instrument^ was, 1"990,^ acknowledged bY ALLAN^ before ZTDELL,^ me on General^ tne^ ,i:Partner^ day tnershipr oD behalf of^ said^ partnership.
My Cornrnission Expires^ :
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A l l a nGeneral Z
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ANALESLIEMUNCY, City Attornay
A$lstant City Attorney
DEED RESTRICIIONS -^ Page 3
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. 9 Ut l r e f e e tl t c s t t o^ I i n ea^ p o i n to t '^ | i c l l yf o r^ c o r l r s rS ; r r i r r g l ' i u l r l^ t ) c i n t l a l 5 t ' o o t u l l e Y ; ' f tt l. : N C l. : : S 8 9 ' 5 3 ' 2 ( l" l t '. u l o n g t l r e N o r t h l i n e o f s a i < t l 5 f o o t u l l e y u d i s t x n c ec u r v e t o o ft l r e^ t i t 9. 4 5r i g h t h a v i n gf e e t^ t o u uc e n t r a l^ p o i n t^ b e i n go n g l e^ t h eo f 9 U -l l e - g i n r r i n g o f 2 f i ( 1 " a n c i^ a r r r g d i u s o l ' 4 U. 0 0^ f e e t ; 1 l l U l. i c h : :. { l o n gc u r v e ,^ s u i c tb e i n g^ c u r v e i r r t h ea^ d i s t i t n c eE a s t l i r e^ o t ' 6 3. 1 2o f a l 3^ f e e tf o o t^ t oa l l e y ;^ t h e^ e n c l o l ' s t r i d ' t ' l l l i N c l : : (^) N ( l t l " (^) i U i l I " U , u l o n g t l t e U a s t l i n e o 1 ' s a i c l l 5 t ' o o t u l l e y^ u r l i s t u n c e o l ' 3 2 {. 6 8 t ' e e t^ t o^ a^ p o i n t^ l o r^ u n g l e ; l l l t. l i c E : Nd i s r a n c e^ 0? '^ 3 3 '^ o f4 9 " l t t 9. 3 2^ \ r ' ,^ a l o n g f e! t^ t h et o^ E a s te (^) P o i l r t^ I i n e f o ro f c o r n e r ,s a i d^ 1 i b e i n gf o o t^ a I l e yi n t h e^ a S o u t l r I i n e o f b ' r a n k f o r d^ l ( o u c l ;
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u l o n gf e e i t ot h e u. S o r r t l t l i n ep o i n t b e i n g^ o f^ t h et ' r s n k l ' o r d (^) - l ) e g i n r r i n g^ l t o u c l u o l ' a l e e t ;h e v i n g^ a^ c e n t r a l^ a n g l e^ o f^ : i "^ 2 3 '! 7 "^ u n d^ a u l o r r g t l r e S o t r t l r I i n e^ o f^ l ' r a n k f o r d^ R o a c t'^ a l s o^ t r u^ i t r g " u r u e a^ d i s t a n c e^ o f^ i 2 5. ' 1 6^ l e e t^ t o^ x^ p o i n t^ f o r 5 3 " E , s^ d i s t u n c e^ o f^ I 3 4. 5 2^ f e e t^ t o^ u^ l r o i n t^ f o r
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- O n F e b n r a r y 1 3 , 1 9 9 0 , e a c h^ o f^ t h e^ a b o v e^ r e f e r e n c e d^ d e b t o r s w a s a d j u d i c a t e d a s^ a^ C h a p t e r^ l " L^ d e b t o r - i n - p o s s e s s i o n.^ A n^ O r d e r^ f o r J o l n t A d r n i n l s t r a t i o n o f^ C a s e s^ w a E^ s i g n e d^ o n^ A p r i l^ S I l 9 9 o^ a n d^ e n t e r e d o n A P r i I 6 t^ 1 9 9 0.
- T h e^ D e b t o r ,^ Z i d e L }^ S u s n a n c o t r p a n y^ ( r r Z S C f ') n a a^ o r g a n i z e d^ a s^ a T e x a s G e n e r a l^ P a r t n e r s h i p ,^ o f^ w h i c h^ Z i d e L l^ a n d^ S u e m a n^ w e r e^ t h e^ o n l y G e n e r a l P a r t n e r s.^ S u s m a n^ h a s^ a l l e g e d^ a n d^ Z i d e l l^ h a s^ d e n i e d^ t h a t Z l d , e l l r s l n t e r e s t^ l - n^ Z S C h a e^ b e e n^ f o r f e i t e d.
- O n H a r c h 1 5 ,^ 1 9 9 0 ,^ c o u n s e l^ f o r^ Z i d e l l^ a n d^ S u s : n a n a g r e e d^ i n o p e n c o u r t^ t h a t^ Z l d e I I^ w a s^ t o^ p e r f o r n^ o n^ b e h a l f^ o f^ Z g C t h e^ f i t i n g^ o f a l l s t a t e m e n t s^ a n d ,^ s c h e d. u l e s ,^ a t t e n d^ t h e^ f i r s t^ n e e t i n g^ o f^ c r e d i t o r s , file nonthly^ operatinE^ statements^ and,^ to^ rnanage^ the^ Centerpolnt Apartments and^ Northview^ Apartments^ owned.^ by^ ZSC.^ A^ llotion^ for' A , p p r o v a l o f S t i p u L a t i o n^ r e g a r d. i n g^ Z i d e l l r g^ m a n a q e m e n t^ o f^ t h e^ D e b t o r s l propertles is (^) Present1Y Pending. S , T h e^ D e b t o r^ Z S C i s^ t h e^ o n n e r^ o f^ t h e^ C e n t e r p o l n t^ A p a r t m e n t s^ a n d N o r t h v i e w A p a r t r n e n t s^ l o c a t e d^ i n^ D e n t o n^ C o u n t y ,^ T e x a s.^ O n A p r i l^ 1 3 , I g 9 O , Z i d e L l e x e c u t e d^ t w o^ c o n t r a c t s^ o f^ s a l - e^ ( t h e^ ' r C o n t r a c t s t ' )^ n i t h M e r k i n C o r p o r a t i o n ( r t M e r k i u t t ) ,^ t h e^ f i r s t^ c o n t r a c t^ f o r^ Z S C t o^ s e l L^ a n d Merkin to purchase^ the^ Centerpoint^ Apartnents^ (the^ f!Centerpoint A p a r t n e n t s P r o p e r t y t t ) f o r^ t h e^ g r o s s^ p u r c h a s e^ p r i c e^ o f^ $ I 2 , 5 2 5 , 0 0 0 -^ T h e second. contract^ ca1ls^ for^ ZSc^ to^ sell^ the^ Northview^ Apartments^ (the rNorthvlen (^) Apartments Property") to Merlcim for a purchase price of 9 5 , 2 5 0 , O O O.^ T h e^ C o n t r a e t s^ s p e c i f i c a l l y^ c a I I^ f o r^ a p p r o v a l^ b y^ t h e Bankruptcy Court' 6 , F o l l o v l n g t h e^ f i l i n g^ o f^ t h e^ l { o t i o n^ f o r^ A u t h o r l z a t l o n^ t o Approve Contract to^ Sell^ Free^ and^ Clear^ of^ Llens^ the^ Centerpoint
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iOL?B8ir 90 343 I P$ij5fi
and Northview^ Apartnents,^ ZidelI^ filed^ a^ nequest^ for^ an^ Emergency H e a r l n g , r e g u e s t i n g^ t h a t^ a^ h e a r i n g^ o n^ t h e^ m o t i o n^ b e^ s e t^ o n^ a n^ e x p e d i t e d basls ln^ that^ the^ Contract6^ Day^ be^ terminated^ lf^ not^ approved^ by^ May 1 5 , 1 9 9 0 ; S u s m a n f l l e d^ t h e^ o n l y^ o b j e c t i o n^ t o^ t h e^ M o t l o n ' A t t h e h e a r i n g o n^ M a y^ g ,^ 1 9 9 0 ,^ a I I^ c r e d j. t o r s^ o f^ t h e^ D e b t o r p r e s e n t e i t h e r i n^ p e r s o n^ o r^ t h r o u g h^ c o u n s e l ' T h e t e s t i m o n y^ f r o m^ b o t h^ Z i d e l l^ a n d^ s u s m a n w a s^ t h a t^ n e l t h e r^ o f to contLrrue^ in^ partnershlp^ with^ the^ other.^ The^ Partnership d,oes not^ deflne^ the^ terms^ and.^ condltlone^ uPon^ whl-ch^ one must EeII^ and^ the^ other^ partner^ must^ buy^ a^ particular
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Z S C w e r e o t h e n w i s h Agreemene partner FArtnESghLn*ip[eEHEfsn:.H.ifitEre€f,-EE'€nE'6rffH?:
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I o. Z i d e l I t e s t i f i e d.^ t h a t^ t h e^ d e b t^ d i r e c t l y^ a q r a l n s t^ t h e Centerpolnt Apartments^ Property^ and^ the^ Northvlew^ Apartments^ ProPertry i s i n^ e x c e s s^ o f^ $ 1 6 , 4 0 0 , 0 0 0^ a n d^ c o n t i n u e s^ t o^ a c c r u e^ i n t e r e s t^ a t^ t h e r a t e o f a p p r o x l n a t e l y^ o f^ $ 5 , O O O P e r^ d a y.^ N C N B^ T e x a s^ N a t l o n a 1^ B a n ) < ( r N C N B , , 1 a s s e r t s c e r t a i n^ c 5 o s g - C o l l a t e r a ] i z e d^ d e b t^ a g a i n s t^ t h e^ e s t a t e s ' a s s e t E r a D^ i s s u e^ n o t^ l i t l g a t e d.^ o r^ r e a c h e d^ a t^ t ' h l s^ t i m e ' 1 1. T h e r e^ d o e s^ n o t^ a p p e a r^ t o^ b e^ a n y^ r e a s o n a b l e^ l i k e l i h o o d^ f o r r e o r g a n i z a t l - o n o f^ t h e^ D e b t o r^ z s c^ i n a s m u c h^ a s^ n e i t h e r^ p a r t n e r^ o f^ t h e Debtor zsc^ wisheg^ to^ continue^ the^ businegs^ vrith^ the^ other^ partner 1 2. T h e c O U r t^ f i n d s^ t h a t^ t h e^ s a l e s^ p r l c e s^ o f^ $ 1 2 r 5 2 5 , O 0 0^ a n d 5 5 , 2 5 0 , 0 0 0 a r e^ f a i r^ a n C^ r e a s o n a b l e^ p r l c e s^ f o r^ t h e^ C e n t e r p o i n b^ a n d Northviev Apartnents^ Properties^ respectively^ and^ that^ a^ sale^ of
ORDER. ZID
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' : , 1 1 = ' = ' I 1 l : - 1
'iolZBSL 90 343 9 psil6BZ
- T o t h e^ e x t e n t^ t h a t^ a n y C o n c l u s l o n o f^ L a w^ s h o u l d^ b e^ e n t i t l e d^ a Flndlng of^ Fact^ it^ sha1l^ be^ deemed^ a^ Finding^ of^ Fact^ to^ the^ extent^ that a n y F l n d i n g o f^ F a c t h e r e i n^ s h o u l d b e^ l a b e l e d^ a s^ a^ C o n c l u s i o n^ o f^ L a w ,^ i t s h a l l , b e d e e m e d a^ C o n c l u s l o n^ o f L a w. I n a c c o r d a n c e w i t h^ t h e^ a b o v e r l n d i n g s^ o f^ F a c t^ a n d^ C o n c l u s i o n s^ o f L a w , i t i s^ h e r e b Y oRDERED, AD'UDGED AllD DECREEDthat^ the^ Motj.on^ for^ Authorizailon^ to A p p r o v e C o n t r a c t^ t o^ S e I I^ F r e e^ a n d^ C l e a r^ o f^ L i e n s^ t h e^ c e n t e r p o i n t^ a n d NorthvLew Apartnenta^ pursuant^ to^ the^ contrasis^ of^ sal-e^ attached^ to^ the Hotion aE^ ExhlbitE^ rtAtr and^ ilBrf to^ that^ Motion^ be,^ and^ hereby^ ls^ GFcANTEn and it ie^ further ORDERED, AnTUDGED^ AlrD^ DECREED^ that^ the^ contract^ of^ sale^ for^ and the sale of^ the^ Centerpoint^ Apartments^ Property^ pursuant^ thereto^ i.e APPROVED, and^ lt is further oRDERED, ALTUDGEDAND DECREED that^ the^ contract^ of^ sale^ for^ and the sale^ of the^ Northview^ Apartaents^ Property^ pursuant^ thereto^ is APPROVED, and lt is further ORDERED,ALTUDGEDAND^ DECREEDthat^ the^ sale^ of^ tbe^ centerpoint Apartrnents Property and^ the^ Northview^ Apartnents^ Property^ ls^ free^ of a I I l i e n e , c l a i u s a n d e. n c u m b r a n c e s o f a n y^ n a t u r e , l n c l u d i n g^ c l a i n s agrainEt the Debtor ZSC ln any way relating^ to^ the^ ownership^ and operation of either^ the Centerpoint^ Apartments^ Property^ or^ the Northview Apartments Property,^ other^ than^ as^ speclfied^ in^ the a p p l j - c a b l e c o n t r a c t o f s a L e w i t h^ a l l s u c h^ l i e n s^ a n d^ c ). a l m s^ a t t a c h l n g^ t o t h e p r o c e e d s^ o f^ s a l e w h i c h^ s h a. I l^ b e d. i s b u r s e d^ t o^ N C N B t o^ s a t i s f y^ l t s d l r e c t i n d e b t e d. n e s s a g a i n s t t h e p r o p e r t i e s^ s p e c i f i e d^ h e r e i n w i t h^ t h e renainder to be^ escrowed,^ at^ NCNB^ Texas Natlonal^ Bank,^ oE^ aE^ otherwise
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