The URL can be used to link to this page

Home My WebLink About1987-04-03-R 4 ,r RESOLUTION NO. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BATESVILLE, ARKANSAS, AS FOLLOWS: i Section 1: The City Council of the City of Batesville, Arkansas, hereby re- leases its claim evidenced by a second mortgage on the property described as thus: A tract of land being a part of the Southwest Quarter of the Southeast Quarter of Section Four in Township Thirteen North and Range Six West of the Fifth Principal Meridian in the City of Batesville, Independence County, Arkansas, and more particularly described as follows: Commencingat the southwest corner of the southeast Quarter of said Section Four; thence N 01034'49" E a distance of 681. 18 feet; thence N 89°43'27" E a distance of 491.88 feet to the point of beginning; thence N 00013' 56" E a distance of 412.46 feet to the South Right of Way of Industrial Drive; thence N 89°43'27" E along said South Right of Way a distance of 141.54 feet; thence along a curve to the right (said curve having a radius of 1879.89 feet from the South Right of Way, a tangent distance of 49.08 feet and a curve length of 98. 13 feet) ; thence continuing along said South Right of Way S 87°19' 54" E a distance of 187.06 feet; thence S 00°13' 56" W a distance of 400.35 feet; thence S 89043'27" W a distance of 426.55 feet to the Point of Beginning, containing 4.00 acres, more or less. Section 2: The Mayor and City Clerk are hereby authorized to execute all documents required to bring about this release. PASSED this .< day of April , 1987. g. I- "s SHI RELL, MAYOR ATTEST: j(W i LARRY WILLIAMS, CITY CLERK I of,SNC SNrf a r� e �y a Arkansas Industrial Development Commission April 28, 1987 The Honorable Jim Shirrell Mayor, City of Batesville Batesville, AR 72501 Dear Mayor Shirrell: Please consider this document as a Letter of Agreement between the AIDC and the City of Batesville with reference to the Omega Container Batesville, Inc. Economic Development Set-Aside. The AIDC does agree upon liquidation of all equipment on which Citizens Bank of Batesville has a lien and was subordinated to them by AIDC, and upon sale of equipment purchased through bond proceeds, and upon sale of the facility, i.e. , building and land in Batesville which would go towards paying off principal, interest, and legal fees incurred by AIDC in this liquidation, we do agree that any excess over and above this amount will be (W remitted to the City of Batesville in partial repayment of the Economic Development Set-Aside loan. In return, we request execution of the attached Deed of Release, the UCC Termination Statement, and the Consent to Execution and Reaffirmation of Indebtedness. Best ;atrick s, Larr Direc or of Industrial Finance Signed: Arkans I trial Development Commission By: ' �I Larr Patrick, Direct r of Industrial Finance City of Batesville By: I - 149 /,/,, , /'/r One State Capitol Mall • Little Rock, Arkansas 72201 • (501) 371-1121 DEED OF RELEASE (W KNOW ALL MEN BY THESE PRESENTS: That the City of Batesville, Arkansas, a Municipal Corpor- ation organized under the laws of the State of Arkansas in consideration of Omega Container Batesville, Inc. conveying the real property described herein to Mercantile Bank, Jonesboro, Arkansas, Trustee, hereby releases and discharges of record real estate mortgage, dated the 21st day of August, 1984, and executed by Omega Container Batesville, Inc. to the said City of Batesville, Arkansas, for the principal sum of two hundred twenty-five thousand dollars ($225,000) upon the following described lands, situated in the City of Batesville, County of Independence, State of Arkansas, to-wit; (W A tract of land being a part of the Southwest Quarter of the Southeast Quarter of Section Four in Township Thirteen North and Range Six West of the Fifth Principal Meridian in the City of Batesville, Independence County, Arkansas, and more particularly described as follows: Commencing at the southwest corner of the southeast Quarter of said Section Four; thence N 01*34' 49" E a distance of 681. 18 feet; thence N 89043'27" E a distance of 491.88• feet to the point of beginning; thence N 00013 ' 56" E a distance of 412 .46 feet to the South Right of Way of Industrial Drive; thence N 89'*43'27" E along said South Right of Way a distance of 141 .54 feet; thence along a curve to the right ( said curve having a radius of 1879. 89 feet from the South Right of Way, a tangent distance of 49 .08 feet and a curve length of 98. 13 feet) ; thence continuing along said South Right of Way S87*19' 54" E a distance of 187 . 06 feet; thence S 00*13 ' 56" W a distance of 400. 35 feet; thence S 89043 ' 27" W a distance of 426. 55 feet to the Point of Beginning. (W Containing 4.00 acres, more or less. which said mortgage is recorded in the office of the Clerk of the Circuit Court of said County, in Deed of Trust Book 2-12 at page 669-674 . IN TESTIMONY WHEREOF, Said City of Batesville, Arkansas , has caused these present to be signed by its CIty Clerk and Mayor. CITY OF BATES LLE, ARKANSAS ATTEST: y BY )L Mayor C 4 City Clerk i 647W Am UNIFORM COMMERCIAL CODE STATEMENTS OF dWINUATION, PARTIAL RELEASE, ASSIGNMENT, .—FORM UCC-3 INSTRUCTIONS 1. PLEASE TYPE this form. 2. Remove Secured Party and Debtor copies and send other 2 copies with interleaved carbon paper to the Filing Officer. 3. ENCLOSE FILING FEE. 4. If the space provided for any item(s)on the form is inadequate the item(s)should be continued on additional sheets,preferably 81/2"x 11". Only one copy of such additional sheets need be presented to the Filing Officer with a set of 2 copies of Form UCC-3. Long schedules of collateral,etc., may be on any size paper that is convenient for the secured party. At the time of filing,Filing Officer will return second copy as an acknowledgment. This FINANCING STATEMENT is presented to a Filing Officer for filing _ Dote;^ 3. Maturity dote(if any): pursuant to the Uniform Commercial Code 1. Debtor(s)Name(Last Name First)and Addresses 2, Secured Party(ies)and Addresses This space for use of Filing Officer. (Date,time and Filing Officer,) Omega Container Batesville City of Batesville, Inc. Arkansas P. 0. Box 2897 Office of Mayor Batesville, Arkansas 72503 Batesville, Arkansas This statement refers to original Financing Statement No. 451817 Dated September 12 ' 19 84 A. Continuation................( ) 8. Partial Release............( ) C. Assignment:............,.( } A. Termination Statement.....} E. Other.....................( } The original financing statement From the collateral described in The Secured Party certifies that the This statement of termination of between the foregoing Debtor and the financing statement bearing the Secured Party has assigned to the financing is presented to a Filing Secured Party. bearing the file file number shown above, the Assignee whose name and address Officer for filing pursuant to the number shown above, is still Secured Party releases the following: is shown below, Secured Party's Unfiorm Commercial Code. The effective. rights under the financing statement Secured Party certifies that the bearing the file number shown Secured Party no longer claims o above in the following property: security interest under the financing statement bearing the file number shown above. (W L This Instrument Prepared By TY OF P4TESVILLE, ARKANSAS Doted: ig 87 By: Mayor (Signature of Secured Party or Assignee of Record). FILING OFFICER COPY Not Valid uniew signed. This form of financing statement is approved by the Secretary of State and the Arkansas Commission on Uniform State Laws. STANDARD FORM—UNIFORM COMMERCIAL CODE—FORM UCC-3. Forms may be purchased from Democrat Printing&Litho Co.,114 East Second Street,Little Rock,Arkansas. L (W CITY' S CONSENT TO EXECUTION OF WARRANTY DEED AND BILL OF SALE; AND CONFIRMATION AND REAFFIRMATION OF BONDS AND TRUST INDENTURE The execution and delivery by Omega Container Batesville, Inc. ( "Omega" ) of the attached Warranty Deed and Bill of Sale (the "Conveyance Documents" ) is hereby consented to and approved by the City of Batesville, Arkansas (the "City" ) as the issuer of City of Batesville, Arkansas Industrial Develop- ment Revenue Bonds - Omega Project, Series 1984, dated September 24, 1984 (the "Bonds" ) , which Bonds are secured by a Trust Indenture, dated as of September 1, 1984, executed and delivered by the City to Mercantile Bank, Jonesboro, Arkansas, as Trustee (the "Indenture" ) . The City hereby confirms and reaffirms its obligations under the Indenture and the Bonds and such obligations shall continue in full force and effect notwithstanding the execution and delivery of the Conveyance Documents and the release of (1) Omega from its obligations under the Loan Agreement, dated as of September 1, 1984, by and between the City and Omega and (2) of Omega Containers, Inc. , Terry Parks and Richard Parks from their obligations as guarantors of the Bonds under guaranty agreements, in (W consideration forthe execution of the Conveyance Documents./ / Dated: �f - 2 '� , 1987 CITY OF BATESVILLE, ARKANSAS ATTEST: / By Mayor- City ayorCi y Clerk (SEAL)