M.I.C. Limited - Page 5

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          is collectively referred to as the Property).  A one story brick            
          building and a three story brick building were situated at 620              
          University Avenue, and a 9,760 square foot theater-structure was            
          situated at 626 University Avenue.  There was no parking lot on             
          the Property.  Vehicles had to be parked on the street or across            
          the street in a parking lot that accommodated approximately 500             
          vehicles.                                                                   
               The theater section of the structure at 626 University                 
          Avenue was one-story, and it had high ceilings, angled flooring,            
          and a seating capacity of 394.  The structure's section fronting            
          University Avenue had two floors.  The first floor contained a              
          lobby and shopping space that was used by a barber shop.  The               
          second story was used as an apartment and for storage.                      
               The building at 620 University Avenue had 21,269 square                
          feet.  The building's exterior was attractive, and it had unique            
          features including ceramic tiles, cathedral-type window gables,             
          and ceramic brick facade.  The building had undergone substantial           
          remodeling and leasehold improvements, including individual                 
          booths, dance area, stages, lit staircases, an arcade, and total            
          renovation of the store and arcade area.  A major remodeling in             
          the 1980's included an updating of electrical, heating/air                  
          conditioning, and security systems, as well as remodeling the               
          interior which included a new theater and screens, carpeting, and           
          decorative lighting throughout.  The building was well adorned,             
          very clean, attractive, well maintained, and in good condition.             




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Last modified: May 25, 2011