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Jacobs and the Players on December 29, 1986.16 The property
donated by Jacobs to the Players consisted of the following:
Parcel of real property situated in the City of Redwood
City, County of San Mateo, State of California, located
at 2215 Broadway consisting of approximately 26,500
square feet of land; together with all improvements,
and furniture, fixtures and equipment constructed
thereon or affixed thereto which are owned by Jacobs,
including (without limitation) the Fox Theater
consisting of approximately 24,000 square feet, and
related office, retail and storage space consisting of
an additional 13,000 square feet and all easements and
other rights appurtenant thereto.
The Agreement contained the following use restrictions,
termed "covenants running with the land":
Article 2
Restrictions
2.1 Designation Of The Theater As An Historical
Landmark. Jacobs intends to cause the Theater to be
designated as an historical site by the appropriate
authorities of the State of California and the United
States Government, and to be registered on the State of
16 Jacobs and the Players also executed an "Assignment and
Assumption of Existing Leases" on Dec. 29, 1986, whereby Jacobs
assigned to the Players the following three leases recited in the
assignment:
(1) A lease entered into on September 24, 1985,
between * * * [Jacobs] and Big Brothers/Big Sisters of
the Peninsula, Inc. granting non-exclusive rights to
use a portion of the Building for semi-weekly bingo
games, which lease has no definite term;
(2) An oral lease entered into as of April 1,
1984, between * * * [Jacobs] and Bayshore Auction
granting non-exclusive rights to use a portion of the
Building for periodic auctions, with a percentage of
revenue derived therefrom paid as rent, which lease has
no definite term; and
(3) A lease between * * * [Jacobs] and Sonitrol
of a portion of the Building dated March 1, 1979.
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