HomeMy WebLinkAbout993ORDINANCE NO.
AN ORDINANCE AUTHORIZING A SECOND AMENDMENT
OF AND SUPPLEMENT TO LEASE BY AND BETWEEN THE
CITY OF BATESVILLE, ARKANSAS, AS ASSIGNEE OF
INDEPENDENCE COUNTY, ARKANSAS INDUSTRIAL
DEVELOPMENT CORPORATION, AS LESSOR, AND
EMERSON ELECTRIC CO., AS ASSIGNEE OF WHITE-
RODGERS COMPANY, AS LESSEE, DATED JANUARY 1,
1961, AS AMENDED AND SUPPLEMENTED;
AUTHORIZING A WARRANTY DEED AND BILL OF SALE
FROM THE CITY OF BATESVILLE, ARKANSAS TO
EMERSON ELECTRIC CO.; PRESCRIBING OTHER
MATTERS RELATING THERETO; AND DECLARING AN
EMERGENCY.
WHEREAS, under date of January 27, 1961, Independence
County, Arkansas Industrial Development Corporation, an Arkansas
corporation (the "Corporation"), as lessor, entered into a lease
with White -Rodgers Company, a Delaware corporation ("White -
Rodgers"), as lessee, which lease is recorded in Lease and
Contract Book 15, pages 316 to 365, of the records of the Circuit
Clerk and Ex -Officio Recorder of Independence County, Arkansas
(the "Lease"); and
WHEREAS, the City of Batesville, Arkansas (the "City"),
pursuant to the authority granted under the provisions of Act No.
9 of the First Extraordinary Session of the Sixty -Second General
Assembly of the State of Arkansas, approved January 21, 1960, as
amended ( the "Act") , did take from the Corporation a conveyance of
the properties demised by the Lease and an assignment of the
Corporation's rights, duties and obligations under the Lease,
both dated March 1, 1961; and
WHEREAS, pursuant to the authority granted under the
provisions of the Act, the City issued its Industrial Development
Revenue Bonds, dated February 1, 1961, in the aggregate principal
amount of $1,500,000 (the "Bonds") to provide permanent financing
of the costs of acquiring, constructing and equipping a
manufacturing plant for use by White -Rodgers, as lessee under the
Lease; and
WHEREAS, White -Rodgers assigned all of its right, title
and interest in and to the Lease to Emerson Electric Co., a
Missouri corporation ("Emerson"), pursuant to an Amendment of and
Supplement to Lease and Assignment Thereof, by and among the City,
Emerson and White -Rodgers; and
WHEREAS, the principal of, premium, if any, and
interest on the Bonds has been paid in full by the City or
provision made therefor from rentals paid by Emerson under the
Lease; and
WHEREAS, The First National Bank in Little Rock, Little
Rock, Arkansas (the "Trustee"), has released the lien of the Trust
Indenture, dated as of February 1, 1961, by and between the City
and the Trustee, securing the bonds; and
WHEREAS, Emerson has the option under the Lease to
purchase all of the Leased Premises for the sum of $1.00 when all
Bonds are paid; and
WHEREAS, Emerson desires to purchase that portion of
the premises demised by the Lease consisting of unimproved real
property and all personal property (including machinery,
equipment and fixtures) (the "assets"); and
WHEREAS, the Citv is now prepared to convey the assets
to Emerson for the sum of $10.00 in accordance with the provisions
of the Lease pursuant to a Warranty Deed and Bill of Sale from the
City to Emerson ( the "Warranty Deed and Bill of Sale") , a copy of
which has been presented to and is before this meeting, and
prepared to enter into a Second Amendment of and Supplement to
Lease which amends and supplements the Lease (the "Second
Amendment of and Supplement to Lease") and a copy of which has been
presented to and is before this meeting;
NOW, THEREFORE, BE IT ORDAINED by the City Council of
the City of Batesville, Arkansas (the "City"):
Section 1. That the Mayor and City Clerk be, and they
are hereby, authorized and directed for and on behalf of the City
to execute, acknowledge and deliver the Second Amendment of and
Supplement to Lease and the Warranty Deed and Bill of Sale, both to
be dated as of the date of execution and delivery thereof by the
City, in substantially the form and with substantially the
contents submitted to and before this meeting, with such changes
as shall be approved by such persons executing the document, their
execution to constitute conclusive evidence of such approval.
Section 2. That the Mayor and City Clerk be, and they
are hereby, authorized and directed for and on behalf of the City
to do all things, take all action and execute all documents
necessary to carry out the authority, enforce the rights and
discharge the obligations of the City set forth in this Ordinance,
the Warranty Deed and Bill of Sale and the Second Amendment of and
Supplement to Lease authorized hereby.
Section 3. That the provisions of this Ordinance are
hereby declared to be separable, and if any section, phrase or
cm
provision shall for any reason
declaration shall not affect the
sections, phrases or provisions.
14W
e declared to be invalid, such
validity of the remainder of the
Section 4. That all ordinances, resolutions and parts
thereof in conflict herewith are hereby repealed to the extent of
such conflict.
Section S. That the City Clerk is hereby authorized and
directed to file in the office of the City Clerk, as part of the
minutes of the meeting of which this Ordinance is adopted, for
inspection by any interested person, a copy of the Second
Amendment of and Supplement to Lease and the Warranty Deed and
Bill of Sale, and such documents shall be subject to inspection by
any interested person.
Section 6. It is hereby found that the action
authorized by this Ordinance is immediately necessary to the
securing and developing of industry which adds employment and
payrolls essential to the public health and welfare. It is,
therefore, declared that an emergency exists and this Ordinance
shall be in force and take effect immediately upon and after its
passage.
PASSED: T- 10 , 1982.
APPROVED:'
ATTEST:
Mayor
City Clerk
(SEAL)
CERTIFICATE
The undersigned, City Clerk of Batesville, Arkansas,
hereby certifies that the foregoing pages are a true and perfect
copy of Ordinance No. 993 passed at a ru session of
the City Council held at its regular meeting place at 'T,c
o'clock P.m. , on the jr,- day of 1982, and that the
Ordinance is of record in Ordinance Re ord Book � Page
61 , now in my possession.
GIVEN under my hand and seal this day of
1982.
City Clerk
(SEAL)
4r„W 1400,
SECOND AMENDMENT OF AND
SUPPLEMENT TO LEASE
T is SECOND AMENDM NT OF AND SUPPLEMENT TO LEASE made as
of the day of 1982, by and between the City of
Batesville, Arkansas, a city of the first class duly existing
under the laws of the State of Arkansas (the "City" or the
"Lessor"), and Emerson Electric Co., a Missouri corporation (the
"Lessee"):
WITNESSETH:
WHEREAS, under date of January 27, 1961, Independence
County, Arkansas Industrial Development Corporation, an Arkansas
corporation (the "Corporation"), as lessor, entered into a lease
with White -Rodgers Company, a Delaware corporation ("White -
Rodgers"), as lessee, which lease is recorded in Lease and
Contract Book 15, pages 316 to 365, of the records of the Circuit
Clerk and Ex -Officio Recorder of Independence County, Arkansas
(the "Lease"); and
WHEREAS, the City pursuant to the authority granted
under the provisions of Act No. 9 of the First Extraordinary
Session of the Sixty -Second General Assembly of the State of
Arkansas, approved January 21, 1960, as amended (the "Act"), did
take from the Corporation a conveyance of the properties demised
by the Lease and an assignment of the Corporation's rights, duties
and obligations under the Lease, both dated March 1, 1961; and
WHEREAS, pursuant to the authority granted under the
provisions of the Act, the City issued its Industrial Development
Revenue Bonds, dated February 1, 1961, in the aggregate principal
amount of $1,500,000 (the "Bonds") to provide permanent financing
of the costs of acquiring, constructing and equipping a
manufacturing plant for use by White -Rodgers, as lessee under the
Lease; and
WHEREAS, White -Rodgers assigned all of its right, title
and interest in and to the Lease to the Lessee, pursuant to an
Amendment of and Supplement to Lease and Assignment Thereof, by
and among the City, the Lessee and White -Rodgers (the "Amendment
of and Supplement to Lease and Assignment Thereof"); and
WHEREAS, the principal of, premium, if any, and
interest on the Bonds has been paid in full by the City or
provision made therefor from rentals paid by the Lessee under the
Lease; and
WHEREAS, The First National Bank in Little Rock, Little
Rock, Arkansas (the "Trustee"), has released the lien of the Trust
'*MW Mew
Indenture, dated as of February 1, 1961, by and between the City
and the Trustee, securing the Bonds;
WHEREAS, it is necessary to make certain changes in the
Lease, as amended and supplemented by the Amendment of and
Supplement to Lease and Assignment Thereof (collectively, the
"Original Lease") due to the Lessee's purchase from Lessor of a
portion of the Leased Premises and due to the payment in full of
the Bonds.
NOW, THEREFORE, FOR VALUABLE CONSIDERATION, RECEIPT OF
WHICH IS HEREBY ACKNOWLEDGED BY ALL PARTIES HERETO, and in
consideration of the mutual benefits and covenants of the parties
under the original Lease Agreement and under this Second Amendment
of and Supplement to Lease, Lessor and Lessee agree as follows:
0
ARTICLE I
AMENDMENTS AND SUPPLEMENTS TO ORIGINAL LEASE
Section 101. That Section 201 of the original Lease is
hereby amended to read as follows:
"Section 201. Lessor, for and in consideration of the
rents, covenants and agreements herein reserved, mentioned and
contained on the part of Lessee to be paid, kept and performed,
agrees to and does hereby lease and demise to Lessee, and Lessee
agrees to, and does hereby lease and hire from Lessor, subject to
the terms and conditions of this Lease, the following:
(a) The land in Independence County,
Arkansas, described in Exhibit A attached to
and made a part hereof by re eierice;
(b) The multi-purpose factory; office
and warehouse building to be erected by
Lessor pursuant to the Agreement referred to
in Article I, and any other facilities,
improvements and structures, at any time
erected thereon;
(c) All improvements, easements,
accretions and appurtenances belonging or
apperating to said lands.
The said land, with said multi-purpose factory,
warehouse and office building, and other facilities, improvements
and structures, are hereinafter sometimes collectively referred
to as the "Premises" .
TO HAVE AND TO HOLD the Premises unto the Lessee, its
successors and assigns, for the initial term of this Lease, and
each renewal term as to which Lessee shall exercise its right of
renewal."
Section 102. That Section 202 of the original Lease is
hereby amended to read as follows:
"Section 202. The initial term of this Lease shall
commence on the date hereof and shall end at midnight August 14,
1981, subject to prior termination as herein provided. The first
renewal term shall commence at midnight August 14, 1981 and end on
August 14, 1991, subject to prior termination as herein
provided."
144
Section 103. That Section 301 of the original Lease is
hereby amended to read as follows:
"Section 301. Lessee shall pay directly to the Lessor
at the office of the Treasurer of the City of Batesville,
Arkansas, without notice or demand, as basic rent the annual sum
of Five Thousand Dollars ($5,000) payable in equal monthly
installments in advance."
Section 104. That Sections 302, 303, 305, 306, 307 and
308 of the original Lease are hereby deleted.
Section 105. That Section 304 of the original Lease is
hereby amended to read as follows:
"Section 304. Lessee shall pay as additional rent
without notice or demand all Impositions (as defined in Section
401), costs, expenses, liabilities, obligations and other
payments of whatever nature which Lessee has agreed to pay or
assume under the provisions of this Lease. If at any time any
amounts paid by Lessee to Lessor as additional rent are or become
in excess of the amounts required for the purpose for which they
were paid, such excess amounts shall be refunded to Lessee. "
Section 106. That Article XII of the original Lease is
hereby deleted.
Section 107. That Section 1601 of the original Lease is
hereby amended to read as follows:
"Section 1601. In case of damage to or destruction of
the Premises, or any part thereof, exceeding $5,000 by fire or
other casualty Lessee shall immediately notify Lessor thereof."
Section 108. That Section 1602 of the original Lease is
hereby amended to read as follows:
"Section 1602. All insurance money paid on account of
such damage or destruction shall be received by and be deemed the
property of Lessee and used by Lessee for any of its purposes. "
Section 109. That Sections 1604 and 1605 of the
original Lease are hereby deleted.
Section 110. That Section 1701 of the original Lease is
hereby amended to read as follows:
"Section 1701. If during the term of this Lease title
to the whole or substantially all the Premises shall be taken as a
result of the exercise of the power of eminent domain (hereinafter
referred to as the "proceeding"), all right, title and interest of
Lessee hereunder shall cease and come to an end on the date of
vesting of title pursuant to such proceeding, rent hereunder shall
be paid and adjusted to that date, and the Lessee shall be entitled
to the net amount awarded as damages or paid as a result of such
taking (after deducting all attorney's fees and other expenses and
costs in the proceeding). For the purposes of this Articie XVII
"substantially all the Premises" shall be deemed to have been
taken if a taking under any such proceeding shall involve such an
area that Lessee cannot reasonably operate in or with the
remainder, or if the Premises shall be deprived of adequate access
to and from the streets and highways, or either of them, abutting
the Premises."
Section 111. That Section 1702 of the original Lease is
hereby amended to read as follows:
"Section 1702. If during the term of this Lease title
to less than the whole or substantially all of the Premises shall
be taken in any such proceeding, Lessee shall be entitled to and
shall receive the total award made in such proceeding, and the
terms of this Lease (including rental obligations of Lessee) shall
not be reduced or affected in any way. "
Section 112. That Sections 1704, 1705, 1706 and 1801 of
the original Lease are hereby deleted.
Section 113. That Section 1901 of the original Lease is
hereby amended to read as follows:
"Section 1901. This Lease is made on condition also
that if any one or more of the following events (herein referred to
as an "event of default") shall happen:
(a) Lessee shall default in the due and
punctual payment of the basic rent or any
additional rent payable hereunder, and such
default shall continue for fifteen ( 15 ) days
after receipt of written notice from Lessor
of such non-payment; or
(b) Lessee shall neglect or fail to
perform or observe any of the covenants
herein contained on Lessee's part to be
performed or observed other than those
referred to in subsection (a) of this Section
1901) and Lessee shall fail to remedy the
same within sixty (60) days after Lessor
shall have given to Lessee written notice
specifying such neglect or failure (or within
such additional period, if any, as may be
reasonably required to cure such default if
it is of such nature that it cannot be cured
within said sixty ( 60 ) day period because of
governmental restriction or any other cause
beyond the control of the Lessee) ; or
(c) This Lease or the premises or any
part thereof shall be taken upon execution or
by other process of law directed against the
Lessee, or shall be taken upon or subject to
any attachment at the instance of any
creditor of or claimant against the Lessee,
and said attachment shall not be discharged
or disposed of within ninety (90) days after
the levy thereof; or
(d) Lessee shall be involved in
financial difficulties as evidenced (i) by
its admitting in writing its inability to pay
its debts generally as they become due, or
(ii) by its filing a petition in bankruptcy
or for reorganization or for the adoption of
an arrangement under the Federal Bankruptcy
Act (as now existing or in the future
amended) or an answer or other pleading
admitting the material allegations of such a
petition or seeking, consenting to or
acquiescing in the relief provided for under
such Act, or (iii) by its making an
assignment of all or a substantial part of
its property for the benefit of its
creditors, or (iv) by its seeking or
consenting to or acquiescing in the
appointment of a receiver or trustee for all
or a substantial part of its property or of
the Premises or of its interest in this
Lease, or (v) by its being adjudicated a
bankrupt or insolvent, or (vi) by the entry
of a court order without its consent which
order shall not be vacated, set aside or
stayed within ninety ( 90 ) days from the date
of entry ( 1) appointing a receiver or trustee
for all or a substantial part of its property
or (2) approving a petition filed against it
for the effecting of an arrangement in
bankruptcy or for a reorganization pursuant
to said Federal Bankruptcy Act or for any
other judicial modification or alteration of
the rights of creditors; then:
005
In any such event, Lessor shall have the
right at its election, then or at any time
thereafter while such event of default shall
continue, to give Lessee written notice of
intention to terminate this Lease on the date
of such notice (which date shall not be
earlier than fifteen ( 15 ) days after receipt
of such notice by Lessee) or on any later date
specified therein, and on the date specified
in such notice Lessee's right to possession
of the premises shall cease and this Lease
shall thereupon be terminated."
Section 114. That Sections 1902, 1903, 1904 and 1905 of
the original Lease are hereby deleted.
Section 115. That Section. 2303 of the original Lease is
hereby amended to read as follows:
"Section 2303. At any time on and after February 1,
1976, and at any time during any renewal term, Lessee shall have
the unconditional right and option to purchase the Premises or any
portion thereof."
Section 116. That Section 2305 of the original Lease is
hereby amended to read as follows:
"Section 2305. Lessee's option to purchase under
Section 2302 or 2303 may be exercised by giving written notice to
Lessor of the exercise thereof, specifying the time and place of
closing, which shall neither be earlier than ten (10) days nor
later than fifteen (15) days after the notice is given. At such
closing Lessor shall, upon receipt of the purchase price
determined as set forth in Section 2304, deliver to Lessee a
general warranty deed transferring and conveying to Lessee good
and merchantable title to the real estate then constituting a part
of the Premises and a bill of sale transferring good and
merchantable title to Lessor's machinery and equipment then
constituting a part of the Premises, in each case free and clear of
all liens and encumbrances, except such liens as may exist by
reason of Lessee's failure to perform any of its obligations under
this Lease and except, in the case of the real estate, easements
existing at the date of this Lease and such as may have been
granted by Lessor pursuant to Section 2102; provided, however,
that if such closing shall be prior to the redemption of the Bonds,
such purchase price shall be paid to the Trustee with instructions
to apply said proceeds to the redemption of such Bonds at the
earliest possible time, in which event such Bonds and the Trust
Indenture may continue to be a lien on the Premises until
redemption; and provided further, that if such option is exercised
'VOW 14dw
under the provisions of subparagraph (iii) of Section 2302, the
transfer of title to the Premises may be subject to the rights,
titles and interests of any party having taken or who is
attempting to take title to, or use of, all or any part of the
Premises by eminent domain."
Section 117. That Section 2801 of the original Lease is
hereby amended to read as follows:
"Section 2801. All notices, demands, requests and
approvals which may or are required to be given by either party to
the other shall be in writing and shall be deemed to have been
properly given when served personally on an executive officer of
the party to whom such notice is to be given, or when sent postage
prepaid by registered or certified mail (with or without
requesting return receipt) by deposit thereof in a duly
constituted United States post office or branch thereof located in
one of the present States of the United States of America,
exclusive of Alaska and Hawaii, in a sealed evelope addressed as
follows:
if intended for Lessee:
White -Rodgers Division of Emerson Electric Co.
9797 Reavis Road
St. Louis, Missouri 63123
Attention: Treasurer
or, if intended for Lessor:
City of Batesville, Arkansas
170 South 4th Street
Batesville, Arkansas 72501
Attention: Mayor
Either party may change the address and name of addressee to which
subsequent notices are to be sent to it by notice to the others
given as aforesaid, but any such notice of change, if sent by mail,
shall not be effective until the fifth day after it is mailed."
Section 118. That Exhibit A of the original Lease is
hereby amended to read as follows:
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ARTICLE II
MISCELLANEOUS
03
Section 201. The provisions of the original Lease, as
amended and supplemented hereby, shall continue in full force and
effect.
05
IN WITNESS WHEREOF the parties hereto have caused this
First Supplemental Lease and Agreement to be signed in several
counterparts, each of which may be considered an original without
the presentation of the others by their duly authorized officials
and officers as of the day and year first above written.
ATTEST:
(i J-LjL-4'-J'�
City clerk
(SEAL)
ATTEST:
(title)
(SEAL) `c
CITY OF BATESVILLE, tiRKANSAS
LESSOR
By
Mayor
EMERSON ELECTRIC CO.
LESSEE
By
rT (ti le) �J
cm
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF INDEPENDENCE )
On this i day of 1982, before me, a Notary
Public, duly commissioned, qual fied and acting, within and for
the State and County aforesaid, appeared in person the within
named
\`h\ s��\��� LL and ����(' \ ( \'j I �1 ? A""5
Mayor and City Clerk, respectively, of the City of Batesville,
Arkansas, a municipality of the State of Arkansas, to me
personally known, who stated that they were duly authorized in
their respective capacities to execute the foregoing instrument
for and in the name of the municipality, and further stated and
acknowledged that they had so signed, executed and delivered the
foregoing instrument for the consideration, uses and purposes
therein mentioned and set forth.
IN TESTIMONY WHEREOF, I have hereunto set my hand and
official seal this [Li�—day of 1982.
Notary Publ'i
My commission expires:
( SEA.'J )
cm
STATE OF
ACKNOWLEDGMENT
rm
COUNTY OF )
On this A{ day of �1L•� �U 1982, before me, a Notary
Public duly commissioned, qualifjed and acting, within and for the
County and State aforesaid, appeared in person the within named
and
and
respectively, of Emerson Electric Co., a Missouri corporation, to
me personally known, who stated that they were duly authorized in
their respective capacities to execute the foregoing instrument
for and in the name and behalf of the corporation, and further
stated and acknowledged that they had so signed, executed and
delivered the foregoing instrument for the consideration, uses
and purposes therein mentioned and set forth.
,f.. IN TESTIMONY WHEREO I havp hereunto set my hand and
official seal this /C '`day of A982.
Nb-tary Public
My commission expires:
(SEAL)
EXHIBIT "A"
The following described real estate and premises situated in Independence
County, Arkansas, to -wit:
A tract of land being part of the Southwest Quarter of the Northeast Quarter,
part of the Northwest Quarter of the Southeast Quarter, part of the Southwest
Quarter of the Southeast Quarter, and part of the Northeast Quarter of the
Southwest Quarter of Section Fifteen in Township Thirteen North Range Six
West of the Fifth Principal Meridian (pt. SW4NE 4, pt. NWISE 4, pt. SW'4SE 4, &
pt. NE4SW4, Sec. 15. T13N R6W, 5th PM) in the City of Batesville, Indepen-
dence County, Arkansas being more particularly described as follows:
Commencing at a Concrete Monument found at the Southwest corner of the SEI of
said Sec. 15; thence run N00°52'48" W along the line between the E2 and the
W2 of said Sec. 15, a distance of 1,987.63 feet to the Point of Beginning on
the Northeast Right -Of -Way Line of Arkansas Highway 69; thence run N 24°02'
55"W along said Northeast Right -Of -Way Line, a distance of 150.00 feet;
thence run N 42°39146" E, a distance of 85.67 feet to a point on the line
between the E2 and the W2 of said Sec. 15; thence run N00°52'48"W along
said line, a distance of 538.85 feet; thence run N 88°47'45" E, a distance
of 1,315.48 feet to a point on the West Right -Of -Way Line of 30th Street;
thence run S00°31'01" W along said West Right -Of -Way Line, a distance of
1,642.24 feet to the Intersection of said West Right -Of -Way Line with the
Northeast Right -Of -Way Line of Arkansas Highway 69; thence run along said
Northeast Right -Of -Way Line on a Curve to the Right having a 1,233.24 foot
radius, a curve distance of 370.10 feet; thence run N 63°3856" W along said
Northeast Right -Of -Way Line, a distance of 585.51 feet; thence run along
said Northeast Right -Of -Way Line on a Curve to the Fight having a 750.29 foot
radius, a curve distance of 518.68 feet; thence run N 24°02'55" W along said
Northeast Right -Of -Way Line, a distance of 149.76 feet to the Point of Begin-
ning. Containing 40.13 Acres, more or less.
LESS AND EXCEPT the following described property:
The following described real estate and premises situated in Independence
County, State of Arkansas, with all buildings, additions and improvements
now or hereafter located thereon, together with the tenements, hereditaments,
appurtenances, rights, privileges and immunities thereunto belonging or
appertaining, and warrants the title to the same, to -wit:
Tract #1
A part of the NW4 of the SE -4 of Section 15, Township 13
North, Range 6 West and described by mete and bounds as
follows: Beginning at a point 311.0 feet North and 522.4
feet West of the SE Corner of the same NW4 SE4 thence
run N 27 degrees 23 minutes E 242.0 feet, thence S 62 degrees
37 minutes E 121.0 feet, thence S 27 degrees 23 minutes W
242.0 feet, thence N 62 degrees 37 minutes W 121.0 feet to
the point of beginning.
14w I+`
Tract #2
A part of the NW -4 of the SEI -4 of Section 15, Township 13
North Range 6 West and described by metes and bounds as
follows: Beginning at a point 311.0 feet North and 522.4 feet
West of the SE Corner of the said NW` -4 SEI -4 thence run N
62 degrees 37 minutes W 57.0 feet to the point of beginning
of this conveyance:
From the point of beginning run S 27 degrees 23 minutes W
29.0 feet, thence N 62 degrees 37 minutes W 65.0 feet, thence N
27 degrees 23 minutes E 29.0 feet, thence S 62 degrees 37 min-
utes E 65.0 feet to the point of beginning.
Tract #3
A part of the NW14 of the SE -4 of Section 15, Township 13
North, Range 6 West and described by metes and bounds as
follows: Starting at a point 311.0 feet North and 522.4 feet
West of the SE Corner of the said NW -4 SE -4 thence run
N 62 degrees 37 minutes W 184.0 feet, thence S 27 degrees
23 minutes W 76.2 feet to the point of beginning of this
conveyance:
From the point of beginning run N 62 degrees 37 minutes W 45.5
feet, thence N 27 degrees 23 minutes E 39.5 feet, thence S 62
degrees 37 minutes E 45.5 feet, thence S 27 degrees 23 minutes
W 39.5 feet to the point of beginning.
EXHIBIT A
The following described real estate and premises
situated in Independence County, Arkansas, zo wit:
A tract of land being part of the Southwest Quarter of the Northeast Quarter,
part of the Northwest Quarter of the Southeast Quarter, part of the Southwest
Quarter of the Southeast Quarter, and part of the Northeast Quarter of the
Southwest Quarter of Section Fifteen in Township Thirteen North Range Six
West of the Fifth Principal Meridian (pt. SW4NE,, pt. NWkSE4, pt. M SE4,, &
pt. NE4SW4, Sec. 15, T13N R6W, 5th PM) in the City of Batesville, Indepen-
dence County, Arkansas being more particularly described as follows:
Commencing at a Concrete Monument found at the Southwest corner of the SE4 of
said Sec. 15; thence run N 00°52'48" W along the line between the E2 and the
W2 of said Sec. 15, a distance of 1,987.63 feet to the Point of Beginning on
the Northeast Right -Of -Way Line of Arkansas Highway 69; thence run N 24°02'
55" W along said Northeast Right -Of -Way Line, a distance of 156.00 feet;
thence run N 42°39'46" E, a distance of 85.67 feet to a point on the liar_
between the EZ and the W2 of said Sec. 15; thence run N 00°52'48" W along
said line, a distance of 538.85 feet; thence r�_n N 88°47'45" E, a distance
of 1,315.48 feet to a point on the West Right -Of -Way Line of 30TH Street;
thence run S 00°31'01" W along said West Right -Of -Way Line, a distance of
1,642.24 feet to the Intersection of said West Right -Of -Way Line with the
Northeast Right -Of -Way Line of Arkansas Highway 69; thence run along said
Northeast Right -Of -Way Line on a Curve to the Right having a 1,233.24 foot
radius, a curve distance of 370.10 feet; thence run N 63°38'56" W along said
Northeast Right -Of -Way Line, a distance of 585.51 feet; thence run along
said Northeast Right -Of -Way Line on a Curve to the Right having a 750.29 foot
radius, a curve distance of 518.68 feet; thence run N 24°02'55" W along said
Northeast Right -Of -Way Line, a distance of 149.76 feet to the Point of Begin-
ning. Containing 40.13 Acres, more or less.
CtG�...,, ,
Edward W. Cain, Ark. RLS #832
Less and except the following described property:
Page i of 2
The following described real estate and premises situated in Inde-
pendence County, State of Arkansas, with all buildings, additions
and improvements now or hereafter located thereon, together with
the tenements, hereditaments, appurtenances, rights, privileges
and immunities thereunto belonging or appertaining, and warrants
the title to the same, to wit:
Tract #1
A part of the NW1/4 of the SE1/4 of Section 15, Township 13
North, Range 6 West and described by mete and bounds as
follows: Beginning at a point 311.0 feet North and 522.4
feet West of the SE/corner of the said NW1/4 SE1/4 thence
run N 27 degrees 23 minutes E 242.0 feet, thence S 62 degrees
37 minutes E 121.0 feet, thence S 27 degrees 23 minute:_ W
242.0 feet, thence lei 62 degrees 37 minutes W 121.0 feet to
the point of beginning.
Tract #2
A part of the NW1/4 of the SE1/4 of
Section 15,
Township 13
`OW North, Range 6 West and
described by
metes and
bounds as
follows: Beginning at a
point 311.0
feet North
and 522.4 feet
West of the SE/corner of
the said NW1/4
SE1/4 thence
run N
62 degrees 37 minutes W
57.0 feet to
the point
of beginning
of this conveyance:
From the point of beginning run S 27 degrees 23 minutes W
29.0 feet, thence N 62 degrees 37 minutes W65.0 feet, thence N
27 degrees 23 minutes E 29.0 feet, thence S 62 degrees 37 min-
utes E 65.0 feet to the point of beginning.
Tract #3
A part of the NW1/4 of the SE1/4 of Section 15, Township 13
North, Range 6 West and described by metes and bounds as
follows: Starting at a point 311.0 feet North and 522.4 feet
West of the SE/corner of the said NW1/4 SE1/4 thence run
N 62 degrees 37 minutes W 184.0 feet, thence S 27 degrees
23 minutes W 76.2 feet to the point of beginning of this
conveyance:
From the point of beginning run N 62 degrees 37 minutes W 45.5
feet, thence N 27 degrees 23 minutes E 39.5 feet, thence S 62
degrees 37 minutes E 45.5 feet, thence S 27 degrees 23 minutes
W 39.5 feet to the point of beginning.
Page 2 of 2
LAND PLANNING
PLAN- CAIN & A ssocIATES, INC. PUBLICCIMPROVEMENTS
CONSTRUCTION SERVICES
"ft" ENGINEERS - PLANNERS - SURVEYORS RESIDENTIAL DEVELOPMENT
EDWARD W. CAIN, JR., PE, RLS
LEGAL DESCRIPTION _ _ _ _
WHITE RODGERS COMPANY >'` tlll_ k 5c AE; LLC I ,c I L
TRACT ONE (NORTH TRACT)
AUGUST 10, 1982
A tract of land being part of the Southwest Quarter of the Northeast Quarter
of Section Fifteen in Township Thirteen North Range Six West of the Fifth Prin-
cipal Meridian (pt. SW -,-NE--,, Sec. 15, T13N R6W, 5th PM) in the City of Batesville,
Independence County, Arkansas being more particularly described as follows:
Commencing at a Concrete Monument found at the Southwest corner of the SE4 of
said Sec. 15; thence run N 00°52'48" W along the line between the EZ and the
W2 of said Sec. 15, a distance of 2,726.48 feet to the Point of Beginning;
thence run N 00°52'48" W along said line, a distance of 660.00 feet to a point
on the South Right -Of -Way Line of Neeley Street as now located; thence run
N 88°56'45" E along said South Right -Of -Way Line, a distance of 1,331.48 feet
to the Intersection of said South Right -Of -Way Line with the West Right -Of -Way
Line of 30TH Street; thence run S 00°31'01" W along said West Right -Of -Way
Line, a distance of 656.80 feet; thence run S 88°47'45" W, a distance of 1,315.48
feet to the Point of Beginning. Containing 20.00 Acres, more or less.
Edward W. Cain, Ark. RLS #832
545 Cook St. 501-793-7576 2504 W. Main St. 501-968-5005
Batesville, Arkansas 72501 Russellville, Arkansas 72801
cm
Im
ACKNOWLEDGMENT
STATE OF ARK.-IL-'VSAS,
ss.
County of Pulaski.
0
On this day before me, a Notary Public, duly Commissioned, qualified and acting, within and for
the said County and State, appeared in person the within narned J. H. Rice, Jr and
Ronnie cKpn7ip to me personally well kno«vn, who stated that they were the Sr. Vice Pres.
and Asst Cd hi r , respectively, of The First -National Bank in Little Rock, a national
banking association, and were duly authorized in their respective capacities to execute the foregoing in-
strument for and in the name and behalf of said banking association, and further stated and acknowl-
edged that they had so signed, executed and delivered said foregoing instrument for the considerations,
uses and purposes therein mentioned and set forth.
IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this, the-3-Lit—day
of_ March .19 81
My cornt-nission expires:
O
a
r
z
L L �' 4 �. A "I
Notary Public.
CERTIFICATE OF RECORD
STATE OF ARKANSAS,
County of Independence } ss.
I� W. M. Harkey Circuit Clerk and Ex -Officio Recorder in and for the County
of Independencglo hereby certify that the foregoing instrument of writing was filed for record in my
office on the 6th day. of April A. D. 1981 $t 10: 15 o'clock A•
M., and the
same is now duly recorded, with the acknowledgment and certificate thereon, its. Record Book-Y=11—on
page 227-228,
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of my office this
6th day of April 19 81
i
gy ��d L C� c 'Z'
Y_ i.2—D. C.
ccb 1/37
W. M. Harkey
Cie -'i and Ex -Officio Recorder.
SECTION 4: That if any part or parts of the Ordinance are
determined to be unconstitutional, illegal or otherwise unlaw-
ful then that portion determined by a Court of competent
jurisdiction to be unconstitutional, illegal or unlawful shall
be severed from the Ordinance and all remaining valid portions
shall continue in effect as if the unconstitutional, illegal or
unlawful portions were never a part hereof.
SECTION 5: EMERGENCY CLAUSE: That the administration of the
City of Batesville, Arkansas Flood Hazard Code is essential to
the well being of the citizens of the City of Batesville,
Arkansas and prevention of danger and damage to property within
the City; that said code can not be administered without an
Ap? als Board and this Ordinance is therefore necessary to
protect the public's health, welfare and safety; therefore, an
emergency is declared to exist and this Ordinance shall be in
full force and effect from and after the date of its passage.
ADOPTED this l day of 1982.
A PVOVED : /
/
JT S/ :RELL', MAYOR
ATTEST:
LARRY WILLIAMS, CITY CLERK
(SEAL)
M
RELEASE
KNOly ALL NEN BY THESE PRESENTS:
M
That The First National Bank in Little Rock, a national banking association, by H. R1C P, Jr"
itsSr- Vico Proc , and Ronnip MrKpn7jp , its Asst being
duly authorized herein, for and in consideration of a valuable consideration, the receipt of which is here-
by acknowledged, does hereby satisfy in full and release the following properties situated in the County
of Independence , State of Arkansas, to -wit:
All property owned by the mortgagor described in the deed of trust more
fully described below, but only from the lien of that specific instrument
and from none other.
from the lien of a deed of trust -mortgage executed and delivered to the releasor by City o f Ba pc v i 1 1 p
.,ckaflSaS on the-2Aih_day of FPhrtlary 19_il
Said instrument was filed for record on the 27th day of January „ 19 6� and is
now of record in Record Book A=6 _at page�__thereof, of the_ IndeD nd n County,
A rkpnsns, records, 617
IN TESTIMONY WHEREOF, the name of the releasor is hereto affixed by its Sr. Vi r P Pres
and the seal affixed by its Acct Cashier this, the- 31st day of Marrh 19 Ri
Attest: THE FIRST NATIONAL, BANK
IN LITTLE ROCK
By
Assistant Cashier. Senior Vice President.
V'
WHITE-RODGERS
August 10, 1982
Mr. Jim Shirrell, Mayor
Batesville City Hall
Batesville, Arkansas 72501
Dear Jim:
Attached is a check for $5,000 representing White -Rodgers' lease
payment for the period August 14, 1982 through August 13, 1983. This
is in accordance with the lease option in our 1961 Bond Issue
Agreement.
If you have any questions, please let us know.
Sincerely,
John C. Atterbury
Regional Operations Manager
White -Rodgers Division
Emerson Electric Company
JCA/csk
Attachment
cc: Mr. J. Slattery
I m
C22
1_MIERSON
WHITE-RODGERS DIVISION
EMERSON ELECTRIC CO.
9797 REAVIS ROAD
ST. LOUIS. MISSOURI 63123
TEL (314) 577-1300
CHARLES W.OROENNERT
VICE PRESIDENT AND TREASURER
City of Batesville
Batesville
Arkansas
Re: Lease dated January
Arkansas Industrial
Company
Gentlemen:
EMERSON ELECTRIC CO.
8000 W. FLORISSANT
P. O. BOX 4100
ST. LOUIS, MO. 63136
July 30, 1981
27, 1961 between Independence County,
Development Corporation and White -Rodgers
The terms of the Lease dated January 27, 1961 between Independence
County, Arkansas Industrial Development Corporation and White -Rodgers
Company provide that upon expiration of the initial lease term on
August 14, 1981 the Lessee has the option of renewing the Lease for
five successive terms of 10 years each.
Please accept this letter as formal notice of our intention to exercise
the option to renew the Lease for 10 years through August 14, 1991 as
provided in Section 2301 of the Lease. Since there are no longer any
bonds outstanding and the Trust Indenture has therefore terminated,
,;futurej'. rental payments will be sent directly to the City of Batesville.
Rental payments of $5,000 per year, payable in monthly installments of
$416.67, will begin on August 14, 1981. Additional "rentals will be
paid as provided in Section 2301 of the Lease.
Please acknowledge receipt of this letter exercising our renewal option
by signing the enclosed copy and returning it to me at your earliest
convenience.
Very truly yours,
EMERSON ELEC RIC CO.
EMERSON
Charles W. Groennert
Vice President and Treasurer
CWG/ds
Encl.
Received by
Date