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A RESOLUTION DIRECTING THE CiTY ATTORNEY TO DRAFT APPROPRIATE DOCUMENTS TO REMOVE A DEED RESTR~CTiON FROM A DEED OF THE CiTY OF PORTSMOUTH TO iRVIN CAPLAN AND FLORENCE CAPL~N NOW RECORDED IN DEED BOOK 560, AT PAGE 17i, IN THE CLERK'S OFFICE OF TEE COURT OF HUSTINGS FOR THE CITY OF PORTSMOUTH. W~EREAS, by deed dated February 25, 1970t and record- ed in the Clerk's Office of the Court of Hustings for tke City of Portsmouth, in Deed Book 560, at page 171, a copy of which is attached hereto, the City of Portsmouth did convey to irvin Caplan and Florence Caplan, certain property then owned by the City of Portsmouth; and Wi~{EREAS, such deed was made pursuant to a resolution of the Co~cil of the City of Portsmouth adopted on January 27, 1970, and contained therein the following restrictive clause. Conveyance is made subject ~o the following restrict- ion and covenant: ~. The grantees shall erect upon the land hereby conveyed improvements with a fair market value of at least Fifteen Thousand ($15,O00.O0) Dollars within eighteen months of the date hereof. WHEREAS, the Council has been advised by the City Attorney that the restrictive covenant was a part of the con- sideration for said conveyance; and WHEREAS, the Council has been advised that such res- trictive covenant has prevented the sale and development of said lands; and WHEREAS, it has been recuested by Irvin Caplan and Florence Captan that said restric{ive covenant be removed from said deed in return for an appropriate bond guaranteeing the future development of said lands. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the City Attorney be, and he hereby is, directed to draft the appropriate documents to remove said clause and consideration from the aforementioned deed and to require ~n return therefor an appropriate bond guaranteeing the future development of said lands.