This agreement was signed by Blair McGowan for Anban, Inc. and Atanas Ilitch for Moose Building LLC.
The two paragraphs at the bottom of the first page read as follows:
"The date of execution of the Restrictive Covenant and Development Agreement was February 6, 2007 and its provisions run as a binding servitude with the Land for a period of at least five (5) years and possibly longer pursuant to the terms thereof."
"The Restrictive Covenant and Development Agreement, among other things, provides for the preservation and rehabilitation of the premises, without relocation, in a manner that preserves and recognizes certain historical, cultural and esthetic value and significance of the property and the building contained thereon."
It would appear that demolition or relocation of the building are not possibilities under these terms. However, the memorandum does not detail remedies applicable if the convenants are broken.
You may also want to review these posts:
--The Verifiable Truth:
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- Has Illitch acquired the historic Moose Lodge in downtown Detroit, and what are his intentions?
- Demolition Crew working on site at Detroit's United Artists Theater Building
- Spin about Moose Lodge isn't truthful; reporter was mislead
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