-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CZmM0s85yEDI8GAlkOmVO2zIJ4C6BqKCdaUIhQKLphjq/eeK3Li40trEMjdoRLrj m/cAogp+T9YP1cXoIA8GsA== 0000945323-96-000014.txt : 19961202 0000945323-96-000014.hdr.sgml : 19961202 ACCESSION NUMBER: 0000945323-96-000014 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19961127 SROS: NYSE SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN INDUSTRIAL PROPERTIES REIT INC CENTRAL INDEX KEY: 0000778437 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 756335572 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-43183 FILM NUMBER: 96673436 BUSINESS ADDRESS: STREET 1: 6220 N BELTLINE RD STREET 2: STE 205 CITY: IRVING STATE: TX ZIP: 75063 BUSINESS PHONE: 2145506053 MAIL ADDRESS: STREET 1: 6220 N BELTLINE ROAD STREET 2: SUITE 205 CITY: IRVING STATE: TX ZIP: 75063 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN INDUSTRIAL PROPERTIES REIT DATE OF NAME CHANGE: 19931203 FORMER COMPANY: FORMER CONFORMED NAME: TRAMMELL CROW REAL ESTATE INVESTORS DATE OF NAME CHANGE: 19931203 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BLACK BEAR REALTY LTD CENTRAL INDEX KEY: 0000945323 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 7001 CENTER STREET CITY: MENTOR STATE: OH ZIP: 44060 BUSINESS PHONE: 216-951-1111 MAIL ADDRESS: STREET 1: 7001 CENTER STREET CITY: MENTOR STATE: OH ZIP: 44060 SC 13D/A 1 BLACK BEAR REALTY SC 13D/A 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities and Exchange Act of 1934 (Amendment No. 10)* American Industrial Properties REIT - ------------------------------------------------------------------------------- (Name of Issuer) Shares of Beneficial Interest - ------------------------------------------------------------------------------- (Title of Class of Securities) 026791-10-3 - ------------------------------------------------------------------------------- (CUSIP Number) Mark C. Krantz, Kohrman Jackson & Krantz P.L.L., 1375 East 9th Street, Cleveland, Ohio 44114, 216-736-7204 - ------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) November 25, 1996 - ------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ]. Check the following box if a fee is being paid with the statement [ ]. (A fee is not required only if the reporting person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7.) Note: Six copies of this statement, including all exhibits, should be filed with the Commission. See Rule 13d-1(a) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). 2 SCHEDULE 13D CUSIP NO. 026791-10-3 - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Black Bear Realty, Ltd. - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Ohio - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES -0- ------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ------------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- ------------------------------------------------------ PERSON 10 SHARED DISPOSITIVE POWER WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -0- - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------
3 SCHEDULE 13D CUSIP NO. 026791-10-3 - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Christopher L. Jarratt - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Tennessee - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES -0- ------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ------------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- ------------------------------------------------------ PERSON 10 SHARED DISPOSITIVE POWER WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -0- - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------
4 SCHEDULE 13D CUSIP NO. 026791-10-3 - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Turkey Vulture Fund XIII, Ltd. - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Ohio - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES -0- ------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ------------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- ------------------------------------------------------ PERSON 10 SHARED DISPOSITIVE POWER WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -0- - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------
5 SCHEDULE 13D CUSIP NO. 026791-10-3 - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Richard M. Osborne Trust - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Ohio - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES -0- ------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ------------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- ------------------------------------------------------ PERSON 10 SHARED DISPOSITIVE POWER WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -0- - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------
6 SCHEDULE 13D CUSIP NO. 026791-10-3 - ------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Jarratt Associates, Inc. - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x] (b) [ ] - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* - ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] - ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Tennessee - ------------------------------------------------------------------------------- NUMBER OF 7 SOLE VOTING POWER SHARES -0- ------------------------------------------------------ BENEFICIALLY 8 SHARED VOTING POWER OWNED BY ------------------------------------------------------ EACH 9 SOLE DISPOSITIVE POWER REPORTING -0- ------------------------------------------------------ PERSON 10 SHARED DISPOSITIVE POWER WITH - ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON -0- - ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*[ ] - ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% - ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* OO - -------------------------------------------------------------------------------
7 CUSIP No. 026791-10-3 Pursuant to Rule 13d-1(f)(1), this Amendment No. 10 to Schedule 13D Statement is filed jointly on behalf of Black Bear Realty, Ltd., an Ohio limited liability company ("Black Bear"), Christopher L. Jarratt of Nashville, Tennessee ("Jarratt"), the Richard M. Osborne Trust (the "Trust"), Turkey Vulture Fund XIII, Ltd., an Ohio limited liability company (together with Black Bear, Jarratt and the Trust, the "Selling Parties") and Jarratt Associates, Inc., a Tennessee corporation ("Associates"), for the purpose of reporting the disposition by each reporting person of shares of beneficial interest (the "Shares"), $0.10 par value per share, of American Industrial Properties REIT, a Texas equity real estate investment trust ("American Industrial"). Item 2. Identity and Background. Item 2 is amended and supplemented as follows: (a) This Amendment No. 10 to Schedule 13D Statement is filed jointly on behalf of Black Bear, Jarratt, Associates, the Trust and Turkey Vulture Fund XIII, Ltd., an Ohio limited liability company (the "Fund"). Richard M. Osborne is the sole manager of the Fund. (b) The business address of the Fund and Mr. Osborne is 7001 Center Street, Mentor, Ohio 44060. (c) The principal business of the Fund is to acquire, hold, sell or otherwise invest in all types of securities and other instruments. Mr. Osborne is President and Chairman of the Board of OsAir, Inc., a property developer and manufacturer of industrial gases for pipeline delivery. OsAir, Inc. is located at 7001 Center Street, Mentor, Ohio 44060. (d) Negative with respect to the Fund and Mr. Osborne. (e) Negative with respect to the Fund and Mr. Osborne. (f) The Fund is an Ohio limited liability company. Mr. Osborne is a citizen of the United States of America. Item 5. Interest in Securities of the Issuer. Item 5 is amended and supplemented as follows: (a) None of the reporting persons beneficially own any Shares. (b) Not applicable. (c) On November 25, 1996, (i) Black Bear sold 860,800 Shares, (ii) Jarratt sold 25,000 Shares, (iii) the Fund sold 87,300 Shares and (iv) the 8 CUSIP No. 026791-10-3 Trust sold 25,000 Shares to American Industrial Properties REIT, Inc., a Maryland corporation, which the Selling Parties understand is a subsidiary of American Industrial, in a private transaction for $2.75 per Share, plus the sum of $25,000. (d) Not applicable. (e) On November 25, 1996, each reporting person, and the reporting persons as group under Section 13(d)(3) of the Securities Exchange Act of 1934, ceased to be the beneficial owner of more than five percent of the outstanding Shares. Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. Item 6 is amended and supplemented as follows: On November 25, 1996, each Selling Party entered into a Standstill Agreement, a copy of which is attached as Exhibit 7.17 hereto, under which it agreed, among other matters, that for a period of five (5) years neither it nor any affiliate or any entity owned or controlled by any Selling Party or under common ownership or control with any Selling Party, will acquire or offer to acquire, directly or indirectly, Shares; will solicit, directly or indirectly, proxies with respect to American Industrial or; will otherwise seek, alone or in connection with others, to control or influence the management, trust managers or policies of American Industrial. Item 7. Material to be Filed as Exhibits. Item 7 is amended and supplemented as follows: Exhibit 7.16 -- Joint Filing Agreement Exhibit 7.17 -- Standstill Agreement 9 CUSIP No. 026791-10-3 After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: November 26, 1996 BLACK BEAR REALTY, LTD. /s/ Richard M. Osborne ----------------------- Richard M. Osborne Manager RICHARD M. OSBORNE TRUST /s/ Richard M. Osborne ------------------------ Richard M. Osborne Trustee TURKEY VULTURE FUND XIII, LTD. /s/ Richard M. Osborne ------------------------ Richard M. Osborne Manager 10 CUSIP No. 026791-10-3 After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: November 26, 1996 /s/ Christopher L. Jarratt -------------------------- Christopher L. Jarratt JARRATT ASSOCIATES, INC. /s/ Christopher L. Jarratt -------------------------- Christopher L. Jarratt President 11 CUSIP No. 026791-10-3 Exhibit Index Exhibit 7.16 -- Joint Filing Agreement Exhibit 7.17 -- Standstill Agreement EX-7.16 2 BLACK BEAR REALTY, LTD. EX-7.16 EXHIBIT 7.16 AGREEMENT OF JOINT FILING Pursuant to Rule 13d-1(f) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned persons hereby agree to file with the Securities and Exchange Commission, the Statement on Schedule 13D (the "Statement") to which this Agreement is attached as an exhibit, and agree that such Statement, as so filed, is filed on behalf of each of them. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original, and all of which together shall be deemed to constitute one and the same instrument. IN WITNESS WHEREOF, the undersigned have executed this Agreement. Dated: November 26, 1996 BLACK BEAR REALTY, LTD. By:/s/ Richard M. Osborne ---------------------- Richard M. Osborne Manager JARRATT ASSOCIATES, INC. RICHARD M. OSBORNE TRUST By:/s/ Christopher L. Jarratt By:/s/ Richard M. Osborne -------------------------- ---------------------- Christopher L. Jarratt Richard M. Osborne President Trustee TURKEY VULTURE FUND XIII, LTD. /s/ Christopher L. Jarratt By:/s/ Richard M. Osborne - ----------------------------- ----------------------- Christopher L. Jarratt Richard M. Osborne Manager EX-7.17 3 BLACK BEAR REALTY LTD. EX-7.17 EXHIBIT 7.17 STANDSTILL AGREEMENT This Standstill Agreement (this "Agreement") dated November 25, 1996, is entered into by and among American Industrial Properties REIT, Inc., a Maryland corporation ("Purchaser") and the undersigned (collectively, the "Sellers"). Recitals A. The Sellers have agreed to sell to Purchaser all of the shares of American Industrial Properties REIT (the "Trust") owned by each of them for $2.75 per share (the "Purchase Price). The number of shares owned by each of the Sellers is identified on Exhibit A hereto. B. In addition to the Purchase Price, as additional consideration for the Sellers agreeing to enter into this Agreement, the Purchaser has agreed to pay the Sellers the sum of $25,000. Agreement 1. In consideration of the foregoing and subject to receipt of the Purchase Price on the date hereof, the undersigned agree that for a period of five (5) years from the date hereof, none of them nor any affiliate nor any entity owned or controlled by any of them or under common ownership or control with any of them will: (a) acquire, offer to acquire, or agree to acquire, directly or indirectly, by purchase or otherwise, any securities or direct or indirect rights or options to acquire (through purchase, exchange, conversion or otherwise) any securities of the Trust, (b) make, or in any way participate, directly or indirectly, in any "solicitation" of "proxies" (as such terms are used in the proxy rules of the Securities and Exchange Commission) to vote (including by the execution of actions by written consent) or seek to advise, encourage or influence any person or entity with respect to the voting of any securities of the Trust, (c) form, join or in any way participate in any "group" (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934) with respect to any securities of the Trust, (d) otherwise act, alone or in concert with others, to seek to control or influence the management, board of directors (or trust managers) or policies of the Trust, (e) initiate, propose or otherwise solicit shareholders for the approval of one or more shareholder proposals (as described in the Securities Exchange Act of 1934) seeking to acquire or affect control of the Trust, (f) knowingly acquire any interest in any claims, mortgages, notes or any other legal or financial obligations of the Trust, or (g) participate in any way or interfere with the settlement of any litigation involving the Trust excluding testimony given pursuant to a subpoena. 2 2. The undersigned hereby agree that the Trust and USAA Real Estate Company ("USAA") are intended to be, and hereby are deemed to be, third party beneficiaries of this Agreement. 3. The undersigned represent and warrant that the shares being sold to Purchaser are all of the shares of the Trust owned by each of them. 4. The undersigned acknowledge that the Purchaser, the Trust and USAA would not have an adequate remedy at law for money damages in the event that this Agreement were not performed in accordance with its terms and therefore agree that the Trust, Purchaser and USAA shall be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof, in addition to any other remedy or relief available at law or in equity. A person or entity who at any time may be an affiliate of the undersigned shall be deemed to be an affiliate of such person for purposes of this Agreement regardless of whether such person was such an affiliate on the date hereof. 5. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. The undersigned hereto hereby irrevocably waive, to the fullest extent permitted by law, any objection which any of them may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in the United States District Court for the Northern District of Texas, Dallas Division, and hereby further irrevocably waive any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. The undersigned hereto hereby irrevocably agree that any proceeding against any of the undersigned, arising out of or in connection with this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the Northern District of Texas, Dallas Division. 6. This Agreement embodies the entire agreement among the parties hereto and supersedes all prior proposals, negotiations, agreements and understandings relating to the subject matter hereof. There are no oral agreements, understandings or representations upon which any party hereto is relying in executing this Agreement. 7. Each party to this Agreement hereby represents and warrants to each other party hereto that this Agreement has been duly authorized, executed and delivered by such party, and constitutes the legal, valid and binding obligation of such party enforceable against such party in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium, liquidation and such other similar laws now or hereafter in effect and by general principles of equity. 3 8. This Agreement shall bind and inure to the benefit of the parties hereto and their respective heirs, beneficiaries, administrators, executors, personal representatives, trustees, receivers, conservators, successors and assigns. Each reference in this Agreement to one or more parties shall be deemed to include such parties and their respective heirs, beneficiaries, administrators, executors, personal representatives, trustees, receivers, conservators, successors and assigns. 9. This Agreement may be executed in several identical counterparts, and by the parties hereto on separate counterparts and each counterpart when so executed and delivered, shall constitute an original instrument, and all such separate counterparts shall constitute but one and the same instrument. /s/ Richard M. Osborne ----------------------------------- Richard M. Osborne, Individually /s/ Christopher L. Jarratt ------------------------------------ Christopher L. Jarratt Individually BLACK BEAR REALTY, LTD. By:/s/ Richard M. Osborne ----------------------- Its: Managing Member ---------------------- TURKEY VULTURE FUND XIII LTD. By: /s/ Richard M. Osborne ------------------------ Its: Managing Member ----------------------- AMERICAN INDUSTRIAL PROPERTIES REIT, INC. /s/ Charles W. Wolcott --------------------------- Charles W. Wolcott, President -----END PRIVACY-ENHANCED MESSAGE-----