EXHIBIT 10.52
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MORTGAGE
(WITH ASSIGNMENT OF LEASES AND RENTS)
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KNOW ALL MEN BY THESE PRESENTS:
1. That Capitol Development of Arkansas, Inc., an Arkansas corporation
(hereinafter sometimes referred to as the "Mortgagor"), for valuable
consideration, and in order to induce Boca First Capital LLP, a Florida limited
liability limited partnership (the "Mortgagee"), to release certain collateral
and to continue to extend credit to Capitol Communities Corporation, a Nevada
corporation and the sole shareholder of the Mortgagor ("CCC"), in the principal
sum of Four Million Dollars ($4,000,000.00), does hereby grant, bargain, sell,
convey, assign, grant a security interest in and deliver unto the Mortgagee, and
unto its successors and assigns, the following described lands lying in Pulaski
County, Arkansas:
Those lands described on SCHEDULE "A" (consisting of four (4) pages),
affixed hereto and by this reference made a part hereof, LESS AND
EXCEPT the lands described on SCHEDULE "B" (consisting of one (1)
page), affixed hereto and by this reference made a part hereof;
Together with all easements, rights-of-way and rights used in
connection therewith, or as a means of access thereto, and all
tenements, hereditaments and appurtenances thereunto belonging, or
appertaining thereto, all improvements and fixtures located thereon or
attached thereto, and all water rights and shares of stock evidencing
the same;
Together with, all right, title and interest of Mortgagor, now owned or
hereafter acquired, in or to any land lying within the right-of-way of
any street, open or proposed, adjoining the Property, and any and all
sidewalks, alleys and strips and gores of land adjacent to or used in
connection with the Property;
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Together with, all right, title and interest of Mortgagor in and to all
tangible and intangible personal property (hereinafter referred to as
"Personal Property") owned by Mortgagor and now or at any time
hereafter located on or at the Property or used in connection
therewith, including, but not limited to: all drawings, permits,
engineering and other studies and contracts rights regarding the
development of the Property;
Together with, all of the estate, interest, right, title, other claim
or demand, including claims or demands with respect to the proceeds of
insurance and effect with respect thereto, which Mortgagor now has or
may hereafter acquire in the Property, and any and all awards made for
the taking by eminent domain, or by any proceeding or purchase in lieu
thereof of the whole or any part of the Property, including without
limitation any awards resulting from a change in grade of streets and
awards for severance damages.
(collectively referred to as the "Property").
2. To have and to hold the same unto the above-named Mortgagee and unto
its successors and assigns forever.
This Mortgage is to secure indebtedness from CCC to Mortgagee in the
principal amount of Four Million Dollars ($4,000,000.00), together with interest
thereon until maturity at the rate of ten percent (10%) per annum (see paragraph
4 below).
3. Mortgagor covenants with the Mortgagee, its successors and assigns,
that Mortgagor will forever warrant and defend the title to all of the Property
against all lawful claims whatever, except easements, restrictions and
stipulations of record, applicable zoning rules and regulations and taxes not
yet due and payable.
4. Provided, however, the foregoing conveyance is given as a Mortgage
for the purpose of securing the following:
(a) A Promissory Note dated April 26, 2002, executed and
delivered by CCC, and amended on May 15, 2002, to and in favor of
Mortgagee (the "Note"), and all successive extensions and renewals of
the indebtedness represented thereby, evidencing a principal
indebtedness of Four Million Dollars ($4,000,000.00), executed by CCC
and payable to the order of Mortgagee, said Note bearing interest from
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date until paid at the rate(s) recited in said Note and payable as
stated in said Note, but in any event payable in full on November 1,
2004, the terms of which are hereby incorporated by reference. The
indebtedness arising pursuant to the Note, and all extensions and
renewals thereof, are referred to herein as the "Primary Indebtedness".
(b) The repayment to the Mortgagee of all of its reimbursable
expenses, at any time accruing to the Mortgagee under the provisions of
this Mortgage and the performance of every other obligation of
Mortgagor in this Mortgage.
Upon payment of all such sums, this Mortgage shall become void and will
be released by release deed to be recorded at the expense of the Mortgagor.
5. The Mortgagor agrees:
(a) Violation of Law. Mortgagor agrees not to commit, suffer or permit
any act to be done in or upon the Property in violation of any law, ordinance or
regulation relating to Property.
(b) No Construction. Mortgagor agrees not to erect a new addition upon
the Property without the prior written consent of Mortgagee.
(c) Insurance. Mortgagor agrees to maintain insurance as follows:
(1) Coverage Required.
(i) Comprehensive public liability insurance on an "occurrence
basis" against claims for "personal injury" including, without
limitation, bodily injury, death or property damage occurring on, in or
about the Property and the adjoining streets, sidewalks and
passageways.
(ii) Property insurance insuring the Property and all
improvements thereon against loss by fire and other hazards included
within the term "extended coverage" and any other hazards for which
Mortgagee requires insurance.
All such policies of insurance required by the Mortgagee shall be in
the form, with such companies and in amounts satisfactory to the Mortgagee. All
policies of insurance required by the Mortgagee shall contain an endorsement or
agreement by the insurer that any loss shall be payable in accordance with the
terms of such policy notwithstanding any act or negligence of the Mortgagor
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which might otherwise result in forfeiture of said insurance and the further
agreement of the insurer waiving all rights of setoff, counterclaim or deduction
against Mortgagor.
(2) Delivery of Policies, Payments of Premiums. That all policies of
insurance shall be issued by companies in an amount in each company satisfactory
to Mortgagee. All policies of insurance shall have attached thereto a lender's
loss payable endorsement for the benefit of Mortgagee in a form satisfactory to
Mortgagee. Mortgagor shall furnish Mortgagee with an original policy of all
policies of required insurance. If Mortgagee consents to Mortgagor providing any
of the required insurance through blanket policies carried by Mortgagor and
covering more than one location, then Mortgagor shall furnish Mortgagee with a
certificate of insurance of each such policy setting forth the coverage, the
limits of liability, the name of carrier, the policy number, and the expiration
date. At least thirty (30) days prior to the expiration of each such policy,
Mortgagor shall furnish Mortgagee with evidence satisfactory to Mortgagee of the
payment of premium and the reissuance of a policy continuing insurance in force
as required by this Mortgage. All such policies shall contain a provision that
such policies will not be canceled or materially amended, which term shall
include any reduction in the scope or limits of coverage, without at least
fifteen (15) days prior written notice to Mortgagee. In the event Mortgagor
fails to provide, maintain, keep in force or deliver and furnish to Mortgagee
the policies of insurance required by this Mortgage, Mortgagee may procure such
insurance or single- interest insurance for such risk covering Mortgagee's
interest and Mortgagor will pay all premiums thereon promptly upon demand by
Mortgagee, and until such payment is made by Mortgagor, the amount of all such
premiums, together with interest thereon at the rate recited in the Note shall
be secured by this Mortgage.
(d) Taxes and Impositions. To pay, prior to delinquency, all taxes,
special improvement assessments and other governmental charges against the
Property at any time levied or becoming due.
(e) Priority of Lien. To prevent the Property from becoming encumbered
by any lien or charge having priority over, or on a parity with, the lien of
this Mortgage, except the special assessments of any improvement districts which
have been or may be formed to construct improvements to or for the benefit of
the Property and except for the Senior Mortgage.
6. Events of Default. The occurrence of any of the following shall be
deemed an "Event of Default":
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(a) Upon the filing of a voluntary or involuntary petition to
subject Mortgagor (or any party obligated as maker, endorser, surety or
guarantor for the payment of the secured indebtedness) to any
bankruptcy, debt-adjustment, receivership or other insolvency
proceeding.
(b) Upon the occurrence of any event, which, under the terms
of the instrument(s) at any time evidencing the indebtedness secured
hereby, warrants an acceleration (at the option of the payee) of the
maturity of said indebtedness.
(c) If default shall be made in the payment of any part of the
Primary Indebtedness secured hereby, or any interest accruing on such
Primary Indebtedness, as the same becomes due and payable according to
the terms or the original note, or of any extension or renewal thereof
at any time evidencing such indebtedness.
(d) If Mortgagor shall fail to comply with any of the
agreements contained in paragraph 5 of this Mortgage.
(e) If there are material changes in the officers, directors,
or controlling ownership of Mortgagor without prior written approval of
the Mortgagee.
It is understood that the foregoing acceleration provisions will be
applicable not only to the maturities recited in the Note, but also to any
substituted maturities created by extension or renewal and also to any other
indebtedness secured by this Mortgage. The failure of the Mortgagee to declare
any acceleration of maturities when a ground therefor exists, even though such
forbearance may be repeated from time to time, or the default be a continuing
one, will not constitute a waiver of the right of the Mortgagee to accelerate
maturities upon a recurrence of the same ground therefor; nor will the act of
the Mortgagee in remedying any condition resulting from Mortgagor's default bar
the Mortgagee from declaring an acceleration of maturities by reason of such
default.
7. Remedies Upon Default. Upon the occurrence of an Event of Default,
the Mortgagee shall be entitled to the following remedies:
(a) At the option of the Mortgagee, declare the entire
unmatured portion of all indebtedness secured hereby, together with all
interest accrued on the entire secured debt, to be immediately due and
payable, (which acceleration of maturity may be accomplished without
notice to anyone).
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(b) Foreclosure this Mortgage by appropriate proceeding in any
court of competent jurisdiction, appoint a receiver, or specifically
enforce any of the covenants hereof.
(c) Make any expenditures for the protection of the Property
or of the lien of this Mortgage (the Mortgagee shall have the
uncontrolled discretion as to the necessity of making any such
expenditure), the repayment of such sum on demand with interest at the
rate recited in the Note shall be the personal obligation of the
Mortgagor and such obligation to repay will constitute a part of the
indebtedness secured hereby.
(d) In the event the Mortgagee at any time holds additional
security for any of its obligations secured hereby, it may enforce the
sale thereof or otherwise realize upon the same, at its option, either
before or concurrently herewith or after a sale is made hereunder
pursuant to a foreclosure proceeding.
(e) The Mortgagee may enforce the lien of this Mortgage in
respect to all real and personal property encumbered hereby by
proceedings that are prosecuted simultaneously or are prosecuted
separately in such order as the Mortgagee may select.
(f) In the event the Mortgagee takes possession of the
Property, it shall have no obligation to continue to operate any
business conducted on the Property.
(g) Mortgagee may exercise any right or remedy available
either under this Mortgage, or the laws of Arkansas, either
concurrently or independently, and in such other as it may determine.
8. Miscellaneous Provisions.
(a) Waiver of Statutory Rights. The Mortgagor agrees that it will not
apply for or avail itself of any appraisement, valuation, stay, extension or
exemption laws or so-called "moratorium laws", now existing or hereinafter
enacted, in order to prevent or hinder the enforcement or foreclosure of this
Mortgage, and hereby expressly waives the benefit of such laws, and the
Mortgagor specifically waives all rights of redemption from any sale made by
decree of Court on foreclosure of this instrument, including specifically all
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rights of redemption conferred by the Act passed by the General Assembly of
Arkansas on May 8, 1899, and acts amendatory thereof.
(b) Inspections. The Mortgagee, or its agents, representatives or
workmen, are authorized to enter at any reasonable time upon or in any part of
the Property for the purpose of inspecting the same and for the purpose of
performing any acts it is authorized to perform under the terms of this
Mortgage.
(c) Notices. Any notice which either party hereby may desire or be
required to give to the other party shall be in writing and shall be effective
only if the same is delivered by personal service or mailed by certified mail,
postage prepaid, return receipt requested, addressed to the address set forth at
the conclusion of this Mortgage. Any party may at any time change its address
for such notices by delivering or mailing to the other parties hereto, as
aforesaid, a notice of such change.
(d) Construction of this Instrument. Notwithstanding the use of the
feminine, masculine or neuter gender with reference to any party in this
Agreement, the same shall, in each instance, be construed to refer to the
individual party. The captions and headings of various paragraphs of this
Mortgage are for convenience only and are not to be construed as defining or
limiting in any way, the scope or intent of the provisions hereof. This Mortgage
and all provisions hereof shall extend to and be binding upon the Mortgagor and
all parties claiming by, through or under the Mortgagor and the word "Mortgagor"
when used herein shall include all persons liable for the payment of the
indebtedness secured hereby or any part thereof, whether or not such persons
shall have executed the Note or this Mortgage. The word "Mortgagee" when used
herein shall include the successors and assigns of the Mortgagee named herein,
and the holder or holders, from time to time, of the notes secured hereby.
(e) Indemnifications; Subrogations and Waiver of Setoff.
(i) If Mortgagee is made a party defendant to any litigation concerning
this Mortgage or the Property or any part hereof or any interest therein, or the
occupancy thereof by Mortgagor, then the Mortgagor shall indemnify, defend and
hold Mortgagee harmless from all liability by reason of such litigation,
including reasonable attorneys' fees and expenses incurred by litigation if
prosecuted to judgment. If Mortgagee commences an action against Mortgagor to
enforce any of the terms hereof or because of the breach by Mortgagor of any of
the terms hereof, or for the recovery of any sums secured hereby, Mortgagor
shall pay to Mortgagee reasonable attorneys' fees and expenses and the right to
attorneys' fees and expenses shall be deemed to have been accrued on the
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commencement of such action and shall be enforceable whether or not such action
is prosecuted to judgment. If Mortgagor breaches any term of this Mortgage,
Mortgagee may employ an attorney or attorneys to protect its rights hereunder,
and in the event of such employment following any breach by Mortgagor, Mortgagor
shall pay Mortgagee reasonable attorneys' fees and expenses incurred by
Mortgagee, not to exceed Ten Percent (10%) of the principal and interest
indebtedness secured hereby, whether or not an action is actually commenced
against Mortgagor by reason of breach.
(ii) Mortgagor waives any and all right to claim or recover against
Mortgagee, its officers, employees, agents and representatives, for loss or
damage to Mortgagor, the Property, Mortgagor's property or the property of
others under Mortgagor's control from any cause insured against or required to
be insured against by provisions of this Mortgage.
(iii) All sums payable by Mortgagor hereunder shall be paid without
notice, demand, counterclaim, setoff, deduction or defense and without
abatement, suspension, deferment, diminution or reduction, in the obligations
and liabilities of Mortgagor hereunder shall in no way be released, discharged
or otherwise affected (except as expressly provided herein) by reason of: (1)
any damage to or destruction of or any condemnation or similar taking of the
Property or any part thereof; (2) any restriction or prevention of or
interference with any use of the Property or any part thereof; (3) any title
defect or encumbrance or any eviction from the Property or the improvements
thereon or any part thereof by title paramount or otherwise; (4) any bankruptcy,
insolvency, reorganization, composition, adjudgment, dissolution, liquidation,
or other like proceeding relating to Mortgagee, or any action taken with respect
to this Mortgage by any trustee or receiver of Mortgagee or by any Court, in any
such proceeding; (5) any claim which Mortgagor has or might have against
Mortgagee; (6) any default or failure on part of Mortgagee to perform or comply
with any of the terms hereof or of any other agreement with Mortgagor; or (7)
any other occurrence whatsoever, whether similar or dissimilar to the foregoing,
whether or not Mortgagor shall have notice or knowledge of any of the foregoing.
Except as expressly provided herein, Mortgagor waives all rights now or
hereafter conferred by statute or otherwise to any abatement, suspension,
deferment, diminution or reduction of any such secured hereby and payable by
Mortgagor.
(f) Severability. If any part of this instrument is invalid or
unenforceable, all other provisions shall nevertheless remain in full force and
effect.
(g) Environmental Matters. To the best of its knowledge, information
and belief, after due inquiry, Mortgagor has duly complied with, and its
businesses, operations, assets, equipment, property, leaseholds, or other
facilities are in compliance with the provisions of all federal, state and local
environmental, health, and safety laws, codes and ordinances, and all rules and
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regulations promulgated thereunder. Mortgagor has been issued (or has applied
for) and will maintain all required federal, state and local permits, licenses,
certificate and approvals relating to (1) air emissions; (2) discharges to
surface water or ground water; (3) noise emissions; (4) solid or liquid waste
disposal; (5) the use, generation, storage, transportation, or disposal of toxic
or hazardous substances or wastes (intended hereby and hereafter to include any
and all such materials listed in any federal, state or local law, code or
ordinance and all rules and regulations promulgated thereunder as hazardous or
potentially hazardous); or (6) other environmental, health, or safety matters.
Mortgagor has not received notice of, nor knows of, or suspects facts which
might constitute an violations of any federal, state or local environmental,
health, or safety laws, codes or ordinances, and any rules or regulations
promulgated thereunder with respect to its businesses, operations, assets,
equipment, property, leaseholds, or other facilities. Except in accordance with
a valid governmental permit, license, certificate, or approval, there has been
no emission, spill, release or discharge into or upon (1) the air; (2) soils or
any improvements located thereon; (3) surface water or ground water; or (4) the
sewer, septic system or waste treatment, storage or disposal system servicing
the premises of any toxic or hazardous substances or wastes at or from the
premises; and accordingly the premises of Mortgagor and the Land are free of all
such toxic or hazardous substances or wastes. There has been no complaint,
order, directive, claim, citation or notice by any governmental authority or any
person or entity with respect to (1) air emissions; (2) spills, releases or
discharges to soils or improvements located thereon, surface water, ground water
or the sewer, septic system or waste treatment, storage for disposal systems
servicing the premises; (3) noise emissions; (4) solid or liquid waste disposal;
(5) the use, generation, storage, transportation or disposal of toxic or
hazardous substances or waste; or (6) other environmental, health or safety
matters affecting Mortgagor or its business, operations, assets equipment,
property, leaseholds, or other facilities. Mortgagor does not have any
indebtedness, obligation or liability, absolute or contingent, matured or not
matured, with respect to the storage, treatment, cleanup, or disposal of any
solid wastes, hazardous wastes or other toxic or hazardous substances
(including, without limitation, any such indebtedness, obligation or liability
with respect to any current regulation, law or statute regarding such storage,
treatment, cleanup or disposal). Mortgagor hereby covenants and agrees to comply
with the provisions of all federal, state and local environmental, health, and
safety laws, codes and ordinances, and all rules and regulations issued
thereunder; notify Mortgagee immediately of any notice of a hazardous discharge
or environmental complaint received from any governmental agency or any other
party; notify Mortgagee immediately of any hazardous discharge from or affecting
its premises; immediately contain and remove the same, in compliance with all
applicable laws; promptly pay any fine or penalty assessed in connection
therewith; permit Mortgagee to inspect the premises, to conduct tests thereon,
and to inspect all books, correspondence and records pertaining thereto; and at
Mortgagee's request, and at Mortgagor's expense, provide a report of a qualified
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environmental engineer, satisfactory in scope, form and content to Mortgagee,
and such other and further assurances reasonably satisfactory to Mortgagee that
the condition has been corrected.
(h) Assignment of Leases and Rents. Mortgagor hereby assigns to
Mortgagee all of Mortgagor's interest as Lessor in any and all leases now or
hereafter existing with respect to any part of the Property, and all rentals,
issues and profits due or which may become due to Mortgagor under the terms of
such leases.
(j) Release Provisions. The Mortgagee and its assignees and subsequent
holders of the Note, shall deliver to Mortgagor partial releases of this
Mortgage for portions of Property secured by this Mortgage upon payment of a
release price equal to Fourteen Thousand Dollars ($14,000.00) per acre for each
acre of area within each parcel which Mortgagee seeks a release for a release
payment, provided (i) Mortgagor will not be entitled to a partial release if
there is any default remaining uncured pursuant to the Note or Mortgage; (ii)
Mortgagor shall first have submitted a survey designating the parcel to be
released and its total square footage, and also showing the remainder of the
Property or a copy of the recorded plat for any platted lot being released;
(iii) such release shall not cause any of the remaining Property to become
landlocked; (iv) the dimensions and layout of the parcel being released shall be
reasonably acceptable to the Mortgagee with respect to there not being a
disproportionate amount of road frontage included, and the release shall not
render the size or configuration of the remainder of the Property to be
commercially unacceptable or otherwise adversely impacted; (v) any easements
necessary to extend utility lines or facilities under or across the parcel to be
released to serve the remainder of the Property shall be created and granted
concurrently with the release; and (vi) the principal payment shall be applied
against the Note in the reverse order of maturity. Each such payment of a
release price shall be applied as an advance payment of principal of the Note.
EXECUTED effective the 27 day of September, 2002.
MORTGAGOR:
CAPITOL DEVELOPMENT OF ARKANSAS, INC.,
an Arkansas corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
Title: President
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STATE OF FLORIDA
COUNTY OF PALM BEACH
ACKNOWLEDGMENT
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On this 27 day of September, 2002, before me, a Notary Public, duly
commissioned, qualified and acting, within and for said County and State,
appeared in person the within named ▇▇▇▇ ▇▇▇▇, being the person authorized by
Capitol Development of Arkansas, Inc. to execute such instrument, to me
personally well known, who stated that he was the President of Capitol
Development of Arkansas, Inc., executed and delivered said 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 27th day of September, 2002.
▇▇▇▇ ▇▇▇▇▇▇▇
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NOTARY PUBLIC
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SCHEDULE A
Parcel 11
Lands lying in a fractional part of Section 29 and a part of the East
1/2 section of 30, and a part of Section 32 and a part of the East 1/2
Section of 31, and a part of the Southwest 1/4 of Section 31, all in
Township 3 North, Range 13 West, Pulaski County, Arkansas and more
particularly described as follows:
Commencing at the Northwest corner of said Section 29 and the Northeast
corner of said ▇▇▇▇▇▇▇ ▇▇, (▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ of North
196.663.3542 East 1,872,319,4376) being the point of beginning; thence
along the West line of Section 29, South 00 degrees 29 minutes 07
seconds West 130.00 feet; thence leaving the said West Section line
South 67 degrees 08 minutes 52 seconds East 227.52 feet; thence South
87 degrees 58 minutes 13 seconds East 1.044.66 feet; thence North 75
degrees 55 minutes 37 seconds East 378.36 feet; thence South 89 degrees
11 minutes 35 seconds East 355.04 feet; thence South 67 degrees 37
minutes 12 seconds East, 147.08 feet; thence South 50 degrees 41
minutes 28 seconds East, 206.79 feet; thence South 34 degrees 34
minutes 27 seconds East, 257.35 feet to a point of the North right of
way line of ▇▇▇▇ Boulevard; thence along the said North right of way
line along a 05 degrees 2 minutes 11 seconds curve to the right and s
distance of 221.86 feet to a point to which there is a chord bearing
the distance of South 65 degrees 02 minutes 41 seconds West 221.51
feet; thence continuing along the said North right ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇
degrees 37 minutes 41 seconds West 914.55 feet; thence leaving the said
North right of way line section 19 degrees 22 minutes 19 seconds East
120.00 feet to a point on the South right of way line of ▇▇▇▇
Boulevard., thence; along the said South right of way line North 70
degrees 37 minutes 41 seconds East 914.55 feet; thence continuing along
the said South right of way line along a 04 degree 33 minutes 21
seconds curve to the left of a distance of 353.13 feet to a point to
which there is a chord bearing the distance of North 62 degrees 35
minutes 03 seconds East 351.97 feet to a point on the West right of way
line on ▇▇▇▇▇▇ Drive; thence leaving the said South right of way line
and continuing along the said West right of way line along the
following bearings and distance: South 82 degrees 31 minutes 09 seconds
East 57.69 feet; thence along a 05 degrees 40 minutes 21 second curve
to the right a distance of 361.43 feet to a point to which there is a
chord bearing the distance of South 27 degrees 29 minutes 52 seconds
East 359.50 feet; thence South 17 degrees 14 minutes 48 seconds East
251.54 feet; thence along a 06 degrees 02 minutes 33 seconds curve to
the left a distance of 504.12 to a point to which there is chord
bearing the distance of South 32 degrees 28 minutes 40 seconds East
498.20 feet; thence South 47 degrees 42 minutes 31 seconds East 642.29
feet; thence along a 05 degrees 48 minutes 55 seconds curve to the
right a distance of 383.27 feet to a point to which there is a chord
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bearing the distance South 36 degrees 33 minutes 51 seconds East 380.60
feet; thence South 17 degrees 26 minutes 39 seconds West 36.65 feet to
a point on the West right of way line of Hillwood Circle; thence
leaving the said West right of way line of ▇▇▇▇▇▇ Drive and continuing
along
the said West right of way line of Hillwood circle along the following
bearings and distances: along a 05 degrees 42 minutes 37 seconds curve
to the left a distance of 1,492.75 feet to a point to which there is a
chord bearing and distance South 16 degrees 58 minutes 23 seconds West
1,358.84 feet; thence South 25 degrees 38 minutes 53 seconds East
441.69 feet; thence along a 04 degrees 10 minutes 57 seconds curve to
the right a distance of 385.93 feet to a point to which there is a
chord bearing and distance of South 17 degrees 25 minutes 08 seconds
East 384.55 feet to a point on North boundary line of phase II
Edgewater Addition to the City of Maumelle; thence leaving the said
West right of way line and along the said North boundary line along the
following bearings and distances: South 84 degrees 19 minutes 03
seconds West 170.31 feet: thence North 73 degrees 03 minutes 03 seconds
West 1,097.68 feet; thence South 33 degrees 18 minutes 58 seconds West
254.89 feet; thence South 45 degrees 41 minutes 45 seconds West 349.34
feet; thence South 58 degrees 48 minutes 54 seconds West 399.77 feet;
thence North 77 degrees 28 minutes 15 seconds West 156.73 feet to a
point on the East right of way line of ▇▇▇▇ Boulevard; thence leaving
the said North boundary line and and along the said East right of way
line South 11 degrees 59 minutes 41 seconds West 271.19 feet; thence
leaving the said East right of way line North 78 degrees 00 minutes 19
seconds West 120.00 feet to a point on the West right of way line of
▇▇▇▇ Boulevard; thence along the said West right ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇
degrees 59 minutes 41 seconds West 411.42 feet; thence leaving said
right of way North 60 degrees 20 minutes 33 seconds West 412.97 feet;
thence South 26 degrees 57 minutes 31 seconds West 559.97 feet; thence
South 80 degrees 35 minutes West 1359.32 feet; thence North 01 degrees
31 minutes 10 seconds East, 2,665.85 feet; thence North 00 degrees 29
minutes 24 seconds East 2515.59 feet; thence South 88 degrees 39
minutes 35 seconds East 952.34 feet; thence North 35 degrees 38 minutes
35 seconds East, 462.49 feet; thence South 88 degrees 39 minutes 40
seconds East 1324.988 feet to the point of beginning.
END OF SCHEDULE A
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