William J. Cutts - Page 6

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          privacy fence, and a 1,400-square-foot carriage house (the                  
          carriage house) in back of the main house.                                  
               On January 2, 1994, Mr. Cutts and ATV entered into a 5-year            
          written lease (the lease) under which ATV leased 95 percent of              
          the building space, land, and surrounding parking areas of                  
          Landmark Hall at a rental of $6,500 per month for use as an                 
          office building by ATV.                                                     
               Under the lease terms, Mr. Cutts was not required to repair            
          the pool or furnish any utilities, and ATV was required to insure           
          all buildings, improvements, and equipment for not less than 80             
          percent of the full fair insurable restoration value, with the              
          insurance to be held in Mr. Cutts’s name.                                   
               When Mr. Cutts purchased Landmark Hall, the carriage house             
          was not usable because it had been damaged by Hurricane                     
          Frederick.  ATV spent at least $60,000 to renovate Landmark Hall,           
          including painting the main house, installing central heating and           
          air conditioning, and rebuilding the carriage house.   In 1995,             
          ATV began to use the carriage house as an accounting office.  The           
          renovation restored the main house to its status as a beautiful             
          mid-19th century mansion, which has impressed ATV’s customers.              
          Although the record does not disclose whether Landmark Hall is on           
          the National Register of Historic Places, an easement in favor of           
          a local land commission prohibits changes to the facade of the              
          main house.                                                                 






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Last modified: May 25, 2011