Eugene D. Lanier, Inc. - Page 5

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          favor of Harvey for an additional 10 years.  The payments called            
          for under the lease were $15,000 per month for the 10-year term             
          commencing September 28, 1987, and $10,000 per month during the             
          option term if the lease were renewed.  Such payments in part               
          reflected the sale of the dealership's assets to Harvey.                    
               As of the sale date, the Property was a rectangular corner             
          parcel with frontage on 3 streets, namely Johnston Street (U.S.             
          Highway 167), Gerald Drive (formerly Whittington Terrace                    
          Boulevard) and Empire Drive.  The Property was legally described            
          as follows:                                                                 
               that certain tract of land, together with all                          
               improvements thereon, situated in Section 64, Township                 
               10 South, Range 4 East, Ward 8, Lafayette Parish,                      
               Louisiana, having a front on U.S. Highway 167, Johnston                
               Street, of 283.9 feet with a rear line of 286 feet, a                  
               depth on the Northeast line of 316.8 feet and a depth                  
               on the Southwest line of 310.6 feet.  This parcel                      
               contains approximately 2.05 acres, or 89,389 square                    
               feet.  * * *                                                           
               The Property included a large metal-framed sales and service           
          building consisting of approximately 13,495 square feet for the             
          building area and 3,499 square feet for the attached canopies.              
          This main building contained the sales and accounting offices,              
          parts department, storage and service bay areas, and restrooms.             
          The Property also included a smaller woodframed, galvanized                 
          metal-clad building (housing the paint and body shop) consisting            
          of approximately 2,510 square feet, as well as a 68,699 square-             
          foot asphalt-paved lot for new and used car display, storage, and           
          customer parking.  In addition, the Property contained two                  

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Last modified: May 25, 2011