Loading...
HomeMy WebLinkAbout141-94 RESOLUTION• • RESOLUTION NO. 141-94 A RESOLUTION ACKNOWLEDGING RECEIPT OF NOTICE FROM BALDWIN PIANO & ORGAN COMPANY OF EXERCISE OF OPTION TO PURCHASE PROJECT; APPROVING SUCH PURCHASE; ACKNOWLEDGING RECEIPT OF PURCHASE PRICE; AUTHORIZING EXECUTION OF CANCELLATION OF RECORD OF LEASE, CANCELLATION OF RECORD OF TRUST INDENTURE, DEED AND BILL OF SALE; AND RELATED MATTERS. • WHEREAS, the City of Fayetteville, Arkansas (the "City"), has provided permanent financing, through the issuance of $2,150,000 in principal amount of its Industrial Development Revenue Bonds, Series 1984 (Baldwin Piano & Organ Company Project) (the "Bonds"), of the costs of the acquisition and installation of equipment (the "Project"), that the City leases to Baldwin Piano & Organ Company, a Delaware corporation (the "Company"), as part of an industrial plant operated by the Company (the "Facilities") within the boundaries of the City; and WHEREAS, the Project and the Facilities are leased by the City to the Company pursuant to a Lease Agreement dated Decemher 1, 1984 (the "Lease"); and WHEREAS, the Bonds have been sold to Deposit Guaranty National Bank, Jackson, Mississippi; and the Bonds are subject to a Trust Indenture dated as of Decemher 1, 1984 (the "Indenture") between the City and Deposit Guaranty National Bank, as trustee ("Trustee"); and WHEREAS, the Company has paid rent pursuant to the Lease sufficient for payment in full of the Bonds, and the Bonds matured and were paid in full on Decemher 1, 1994, and are no longer outstanding under the Indenture; and WHEREAS, the Lease and the Indenture are now in full force and effect, and no Default or Event of Default (as defined therein) has occurred under either of them; and WHEREAS, pursuant to Section 11.3 of the Lease, the Company has an unconditional right and option to purchase the Project at any time during the term of the Lease and any renewal term thereof and for ninety days thereafter for the purchase price specified in Section 11.4 of the Lease; and WHEREAS, Section 11.4 of the Lease provides that if the Bonds have been paid in full or provision for the payment thereof has been made, then the purchase price of the Project shall be $100.00; and WHEREAS, the Company has indicated that it intends to exercise its option to purchase the Project pursuant to the provisions of the Lease, and in connection with such purchase, the City has determined that it should terminate the Lease and the Indenture and cause the same to he cancelled of record; and Page 2 Resolution No. 141-94 WHEREAS, the City hereby acknowledges receipt of the check from the Lessee in the amount of $100.00 and a notice from the Lessee of the exercise of its option to purchase the Project in compliance with the requirements of Section 11.5 of the Lease, which notice is set forth as Exhihit "A" attached hereto and made a part hereof; and WHEREAS, the City desires to accept payment from the Lessee of the purchase price specified in Section 11.4 of the Lease and to do all things necessary to effect the sale of the Project to the Lessee; and WHEREAS, the City should terminate the Lease and the Indenture and cancel them of record pursuant to a Cancellation of Record of Lease (the "Lease Cancellation") and a Cancellation of Record of Trust Indenture (the "Indenture Cancellation"), respectively; and WHEREAS, the City should convey the site (as defined in the Lease) and any other real property which is part of the Project to the Lessee and the leased equipment (as defined in the Lease) by Deed and Bill of Sale (the "Deed"). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. The City Council hereby approves the purchase of the Project by the Company and approves the conveyance of the Project to the Company by Deed and Bill of Sale, subject to payment of the purchase price set forth in Section 11.4 of the Lease. Section 2. Lease Cancellation. The Lease Cancellation he and the same is here approved, and the Mayor and City Clerk are hereby authorized to execute and deliver the Lease Cancellation in substantially the following form attached hereto and made a part hereof as Exhihit Section 3. Indenture Cancellation. The Indenture Cancellation he and the same is hereby approved, and the Mayor and City Clerk are hereby authorized to execute and deliver the Indenture Cancellation, in substantially the following form attached hereto and made a part hereof as Exhihit "B". Section 4. Deed and Bill of Sale. the Deed and Bill of Sale is hereby approved, and the Mayor and City Clerk are hereby authorized to execute and deliver the Deed and Bill of Sale in substantially the following form attached hereto and made a part hereof as Exhihit "C". Section 5. Waiver of Default. Any default or event of default, or condition which with the passage of time or the giving of notice would constitute an event of default, under the Lease or the Indenture which has occurred or which is created by the transaction described herein is hereby waived. Page 3 Resolution No. 141-94 Section 6. Authority of the Mayor and City Clerk. The Mayor and City Clerk are authorized to do all acts and things and to execute such instruments which are required of them or contemplated by this Resolution, to effect the purposes of or to enable the City to perform its obligations hereunder, including any instruments to cancel any UCC financing statements or other documents of public record. Section 7. Provisions of Conflict Repealed. All prior orders, resolutions or proceedings in conflict with the provisions of this Resolution shall he, and the same are hereby repealed, rescinded and set aside, but only to the extent of such conflict. PASSED AND APPROVED this 20th day of December , 1994. ATTEST: By: /!. /`tiILIXJ Traci Paul, City Clerk APPROVED: By: red Hanna, Mayor CANCELLATION OF RECORD OF TRUST INDENTURE PURSUANT TO Article IX of the Trust Indenture dated as of December 1, 1984, (the "Indenture") between the City of Fayetteville, Arkansas, a political subdivision of the State of Arkansas (the "Issuer"), and Deposit Guaranty National Bank (the "Trustee"), a national banking corporation having power and authority to accept and execute trusts and having its principal corporate trust office in the City of Jackson, Mississippi, which Indenture is filed for record on December 20, 1984 in the office of the Washington County, Arkansas land records at Book 1127 at Page 311, the Trustee hereby states that the Indenture has been satisfied and that the Indenture be cancelled of record authorizes and requests the. The legal description of the real property subject to the Indenture is described on attached Exhibit A. The Trustee hereby reconveys to the Issuer all of the Trustee's right, title and interest in and to any property subject to the lien of the Indenture with the exception of (i) any amounts in the Bond Fund required to be paid to the Lessee under Section 5.10 of the Indenture, and (ii) any cash held by the Trustee for the payment of interest, premium, if any, and principal of the Bonds referenced in the Indenture. The Issuer joins herein for the purpose of exercising the option granted to it in Article IX of the Indenture to have the lien thereof discharged. IN WITNESS WHEREOF, the parties hereto have caused this Cancellation to be executed in their respective corporate names and their respective corporate seals to be hereunto affixed and attested by their duly authorized officers, and have caused this Cancellation to be dated as of the 1st day of December, 1994, although actually executed on the dates specified in their respective acknowledgement hereto. CITY OF YECTEVJLLE, ARKANSAS By: / Its: ATT T: 1472nt. / 7Z/.(1 J (SEAL) FS16\HOME\RCt -J\93713. kR • • DEPOSIT GUARANTY NATIONAL BANK, as Trustee By: ( Its: U ; c 1} 1 mew\ `r�51 (SEAL) FS18\HCTIE\ROHJ\93714.HP 2 • ACKNOWLEDGEMENT OF ISSUER STATE OF FIC'`: tg 1.) COUNTY OF LAin` • 'A 7,ti PERSONALLY appeared before me, the undersigned authority in and for the jurisdiction aforesaid, on this 2---->1 c day of 1 i-(1is, mj;Li2. , 1994, the within named i I -L. : -`-•Nrvj) and i E�-lam-=,.1 ,_ , who acknowledged to me that they are the N1,1 ii IL_ and C-, i`-) C' L L k.K , respectively, of the City of Fayetteville, Arkansas (the "Issuer"), and that for and on behalf of the Issuer and as its act and deed, they executed and sealed the above and foregoing instrument on the day and in the year therein mentioned, they being first duly authorized so to do by the Issuer. (SEAL) STATE OF MISSISSIPPI COUNTY OF HINDS \V\. I' ck.ary Public My Commission Expires: ,' I1% 1 L L ( :. . ACKNOWLEDGEMENT OF TRUSTEE PERSONALLY appeared before me, thendersigned authority in and for the jurisdiction aforesaid, on this qt. day of & _ , 1994, the within who acknpwledged to _ named , . c. ,! and ,A � _ .. , n me that t �y th ; _ - .�.. �n_ and '(I��-l4ta12_l;, Y 4 (9i respectively of Deposit Guaranty National Bank ( e "Trustee'1, and that for and on beh tlf of the Trustee and as its act and deed, they executed the foregoing instrument on the day and in the year therein mentioned, they being first duly authorized so to do by the Trustee. `rn C_- Ni -os LI - Notary Public (SEAL) My Commission Expires: FS10\NOME\ROHJ\93714.WP 3 EXHIBIT A TRACT I P art of the Southeast Cuarter of the Northwest Quarter and that part of the Northeast Quarter of the Northwest Quarter presently known as Block 8 of the rep'_at of Westwood Addition to the City of Fayetteville, in the State of Arkansas, as recorded in the Office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas, on the 16th day of May, 1958 in Book 508, at page 349 formerly described as Lots 7 through 12, inclusive, Block 13; Lot 7 and the South ; of Lot 8, Block 7; Lots 1 through 12 inclusive, Block 14; Lots 6 and 7 and the Scuth i of Lot 5 and 8, Block 8; Lots 1 through 12, inclusive, Block 15; ar.d Lots 6 and 7 and the South 1/2 of Lots 5 and 8, Block 9, of Westwood Addition to the City of Fayetteville, all in Section 20, Township 16 North, Range 30 West, being more particularly described as follows: From a stone at the Northwest corner of the above mentioned Southeast Quarter of the Northwest Quarter, running South 88 degrees 53 minutes E ast 200.0 feet to the point of beginning; thence S outh 88 degrees 53 minutes East 156.0 feet to an iron pin; thence North 00 degrees 51 minute East 450.0 feet to an iron pin, said point be' -ng more particularly described as the Northwest corner of Block 8 of Westwood Addition to the City of Fayetteville; thence S outh 88 degrees 53 minutes East 939.3 feet along the North line of said Brock 8 to an iron pin in the West right-of-way line of Beechwood Avenge_, which point is er 'coated as being 25.0 feet West of the North-South centerlineof said Section 20; thence S outh 00 degrees 19 minutes West 450.0 feet along said right -of -Nay line to an iron pin; thence South 88 degrees 53 minutes East 25 feet to an iron pin at the Northeast corner of said Southeast Quarter of the Northwest Quarter; thence South 00 degrees 29 minutes West 1298.0 feet along the North-South centerline of said Section 20 to a point which is the Southeast corner of aforementioned Northwest Quarter; thence North 89 degrees 33 minutes West 446.42 feet along the South line of said Northwest Quarter to a concrete monument; thence North 208.7 feet to a concrete monument; thence North 89 degrees 33 minutes West 520.7 feet to a concrete monument; thence South 208.7 feet to a concrete monument in the South line of aforementioned Northwest Quarter; thence North 89 degrees 33 minutes West 146.46 feet to a point, said point being further described as being South 89 degrees 33 minutes East 200.0 feet from an iron pin at the Southwest corner of the Southeast Quarter of the Northwest Quarter of said Section 20; thence North 1310.6 feet to the point of beginning. TRACT II Part of the Southeast Quarter (SE 4) of the Northwest Quarter (NW 4) and part of the Southwest Quarter (SW 4) of the Northwest Quarter (NW 4_ of Section 20, Township 16 North, Range 30 West, Fayetteville, Washington County, Arkansas, being more particularly described as beginning at a stone at the Northwest corner of aforementioned SE 4 of the NW 4 and running thence South 88 degrees 53 minutes East 200.0 feet; thence South 1310.6 feet to a point in the South line o f said Southeast Quarter, said point being North 89 degrees 33 minutes West 458.46 feet from a stone in the South line of said Southeast Quarter; thence North 89 degrees 33 minutes West, 200.0 feet to the S outhwest corner of said Southeast Quarter; thence North 89 degrees 47 minutes 17 seconds West 542.7 feet along the said South line of said Northwest Quarter to a point in the East right-of-way line of Highway 71; thence North 19 degrees 37 minutes West 77.0 feet along said right-of-way line; thence North 25 degrees O 7 minutes West 405.7 feet along said right-of-way line; thence North 20 degrees 48 minutes West 301.0 feet along said right-of-way line; thence North 06 degrees 26 minutes East 235.8 feet along said ✓ ight-of-way line; thence North 24 degrees 08 minutes West 200.1 feet along said right-of-way line; thence North 17 degrees 53 minutes West 214.39 feet to a point in the North line of the SW 4 of the NW ' of said Section 20; thence South 88 degrees 10 minutes 46 seconds East 969.1 feet along said North line to the point of beginning, TRACTS 1 AND 2 BEING THE SAME P ROPERTY DESCRIBED AS FOLLOWS: P art of the SE 4 of the NW ' and part of the NE 4 of the NW 4 and part of the SW ' of the NW 4 all in Section 20, Township 16 North, Range 30 West, Fayetteville, Washington County, Arkansas, being more particularly described as beginning at a stone at the NW corner of the aforementioned SE ; of the NW 4 and running thence South 88 degrees 53 minutes East 356.0 feet to an iron pin; thence North 00 degrees 51 minutes East 450.0 feet to an iron pin, which point is further described as the NW corner of Block 8 of Westwood Addition to the City of Fayetteville; thence South 88 degrees 53 minutes East 939.3 feet along the North line of said Block 8 to an iron pin in the West Right -of -Way line of Beechwood Avenue, which point is further located as 25 feet West of the North-South centerline of said Section 20; thence South 00 degrees 19 minutes West 450.0 feet along the West Right -of -Way line of Beechwood Avenue to an iron pin; thence South 88 degrees 53 minutes East 25 feet to an iron pin that is the Northeast corner of aforementioned SE ; of the NW 1; thence South 00 degrees 29 minutes West 1298.0 feet along the North-South centerline of said Section 20 to a point that is the Southeast corner of the NW 4 of said Section 20; thence North 89 degrees 33 minutes West 446.42 feet along the South line of said NW ' to a concrete monument; thence North 208.7 feet to a concrete monument; thence North 89 degrees 33 minutes West 520.7 feet to a concrete monument; thence South 208.7 feet to a concrete monument in the South line of aforementioned NW ;; which point is further described as being South 89 degrees 33 minutes East 346.46 feet from an iron pin in the South line of said NW ;; thence North 89 degrees 33 minutes West 346.46 feet along the South line of said NW ; to an iron pin at the Southwest corner of the aforementioned SE 4 of the NW 4; thence North 89 degrees 47 minutes 17 seconds West 542.7 feet along the South line of said NW ' to a pint in the East Right -of -Way line of Highway 71; thence North 19 degrees 37 minutes West 77.0 feet along said Right -of -Way line; thence North 25 degrees 07 minutes West 405.7 feet along said Right -of -Way line; thence North 20 degrees 48 minutes West 301.0 feet along said Right -of -Way line; thence North C6 degrees 26 minutes East 235.8 feet along said Right -of -Way line; thence North 24 degrees 08 minutes West 200.1 feet along said Right -of -Way line; thence North 17 degrees 53 minutes West 214.39 feet along said Right -of -Way line to a point on the North line of the aforementioned SW 1 of the NW , thence South 88 degrees 10 minutes 46 seconds East 969.1 feet along the North line of said SW 4 of the NW 1 to the point of beginning, BEING THE SAME property as shown on survey of McClelland Engineers dated March 15, 1984, as revised May 15, 1984; BEING THE SAME AS PROPERTY conveyed by Baldwin Piano and Organ Company to The Baldwin Company by deed filed December 29, 1975 and recorded in record book 898 at page 611; and by Baldwin Piano and Organ Company to the City of Fayetteville, Arkansas by deed filed December 11, 1974 and recorded in record book 880 at page 455; LESS AND • EXCEPT property conveyed by The Baldwin Company to Arkansas State Highway Commission by deed filed August 12, 1983 and recorded in record book 1088 at page 518. CANCELLATION OF RECORD OF LEASE TO THE RECORDER OF WASHINGTON COUNTY, ARKANSAS• You are hereby authorized and requested to enter satisfaction of and cancel of record that certain Lease Agreement executed by the City of Fayetteville, Arkansas (the "Issuer"), as lessor, to Baldwin Piano & Organ Company, a Delaware corporation (the "Lessee"), as lessee, dated as of December 1, 1984 (the "Lease"), which Lease is filed of record in your office on December 20, 1984 in Book 1127 at Page 244. Deposit Guaranty National Bank, as trustee (the "Trustee") under that certain Trust Indenture (the "Indenture") between the Issuer and the Trustee dated as of December 1, 1984, hereby terminates and discharges any security interest which it may have in the Lease and the Project (as defined in the Lease) created pursuant to the Indenture. The legal description of the real property subject to the Lease is attached as Exhibit A. Dated as of the 1st day of December, 1994, although actually executed on the dates specified in the acknowledgements attached hereto. BALDWIN PIANO & ORGAN COMPANY By: Its: ATTEST: Title: Its M4I to R, ATTEST. &Lev_ gib Title: FS19\HOME\ROHJ\93712.WP DEPOSIT GUARANTY NATIONAL BANK, as Trustee By: ( > I< Its: Ul�e Title: (SEAL) FS18\HOME\ROHJJ\93712.14P 2 TA (J I(QL ACKNOWLEDGEMENT OF ISSUER STATE OF ArK4Nsa� COUNTY OF' 'NJ Cf`; PERSONALLY appeared before me, the undersigned authority in and for the jurisdiction aforesaid, on this �1� , 11 day of >>L: ,_ Iv\(\_X'- , 1994, the within named i IIL h _i i)r`;NO, and i 41.4c , 1)/1 i!� who acknowledged to me that they are the h14yi r: and ,j l I 1 (L L'L , respectively, of the City of Fayetteville, Arkansas (the "Issuer"), and that for and on behalf of the Issuer and as its act and deed, they executed, sealed and delivered the above and foregoing instrument on the day and in the year therein mentioned, they being first duly authorized so to do by the Issuer. 1 Xi ‘-"k- \A‘ Notary Public SEAL) SEAL) My Commission Expires: STATE OF COUNTY OF ACKNOWLEDGEMENT OF LESSEE PERSONALLY appeared before me, the undersigned authority in and for the jurisdiction aforesaid, on this day of 1994, and , who acknowledged that they are and , respectively, of Baldwin Piano & Organ Company, a Delaware corporation (the "Lessee"), and that for and on behalf of the Lessee and as its act and deed, they executed the foregoing instrument on the day and in the year therein mentioned, they being first duly authorized so to do by the Lessee. Notary Public (SEAL) My Commission Expires: FS18\HOME\ROHJ\93712. WP 3 ACKNOWLEDGEMENT OF TRUSTEE STATE OF COUNTY OF YJ ' J J PERSONALLY appeared before me, the undersi isdiction aforesaid, on this — _ day of ,mac r . and ,6v , are 1_l.u� ..4 ' t.(iiapd Guaranty National Bank, as : tee (the "Trustee"), and th Trustee and as its act and deed, they executed the foregoing the year therein mentioned, they being first duly authorized gad�authority in and for the p� i, _fu�J 1994, who, acknowledged that they ( espectively, of Deposit (SEAL) St for and on behalf of the 'nstrument on the day and in so to do by the Trustee. E Notary alic My Commission Expires: FS18\NOME\ROHJ\93712. WP 4 EXHIBIT A TRACT I P art of the Southeast Quarter of the Northwest Quarter and that part of the Northeast Quarter of the Northwest Quarter presently known as Block 8 of the repiat of Westwood Addition to the City of Fayetteville, in the State of Arkansas, as recorded in the Office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas, on the 16th day of May, 1958 in Book 508, at page 349 formerly described as Lots 7 through 12, inclusive, Block 13; Lot 7 and the South i of Lot 8, Block 7; Lots 1 through 12 inclusive, Block 14; Lots 6 and 7 and the S outh i of Lot 5 and 8, Block 8; Lots 1 through 12, inclusive, Block 15; and Lots 6 and 7 and the South 1/2 of Lots 5 and 8, Block 9, of Westwood Addition to the City of Fayetteville, all in Section 20, Township 16 North, Range 30 West, being more particularly described as follows: From a stone at the Northwest corner of the above mentioned Southeast Quarter of the Northwest Quartet, running South 88 degrees 53 minutes E ast 200.0 feet to the point of beginning; thence South 88 degrees 53 minutes East 156.0 feet to an iron pin; thence North 00 degrees 51 minute East 450.0 feet to an iron pin, said point being more particularly described as the Northwest corner of Block 8 of Westwood Addition to the City of Fayetteville; thence South 88 degrees 53 minutes East 939.3 feet along the North Line of said .,lock 8 to an iron pi.. in the West right-of-way line of Eeec:^wocd Avenue, which point is further located as h= -: -c 25.0 fr. eet gest of te North-South centerlineof said Section 20; thence South 00 degrees 19 minutes West 450.0 feet along said right-of-way line to an iron pin; thence South 88 degrees 53 minutes East 25 feet to an iron pin at the Northeast corner of said Southeast Quarter of the Northwest Quarter; thence South 00 degrees 29 minutes West 1298.0 feet along the North-South centerline of said Section 20 to a point which is the Southeast corner of aforementioned Northwest Quarter; thence North 89 degrees 33 minutes West 446.42 feet along the South Line of said Northwest Quarter to a concrete monument; thence North 208.7 feet to a concrete monument; thence North 89 degrees 33 minutes West 520.7 feet to a concrete monument; thence South 208.7 feet to a concrete monument in the South line of aforementioned Northwest Quarter; thence North 89 degrees 33 minutes West 146.46 feet to a point, said • point being further described as being South 89 degrees 33 minutes East 200.0 feet from an iron pin at the Southwest corner of the Southeast Quarter of the Northwest Quarter of said Section 20; thence North 1310.6 feet to the point of beginn_ng. TRACT II Part of the Southeast Quarter (SE =) of the Northwest Quarter (NW 4) and part of the Southwest Quarter (SW ;) of the Northwest Quarter (NW 4_ of Section 20, Township 16 North, Range 30 West, Fayetteville, Washington County, Arkansas, being more particularly described as beginning at a stone at the Northwest corner of aforementioned SE 4 of the NW 4 and running thence South 88 degrees 53 minutes East 200.0 feet; thence South 1310.6 feet to a point in the South line of said Southeast Quarter, said point being North 89 degrees 33 minutes West 458.46 feet from a stone in the South line of said Southeast Cuarter; thence North 89 degrees 33 minutes West, 200.0 feet to the Southwest corner of said Southeast Quarter; thence North 89 degrees 47 minutes 17 seconds West 542.7 feet along the said South line of said Northwest Quarter to a point in the East right-of-way line of Highway 71; thence North 19 degrees 37 minutes West 77.0 feet along said richt-of-way line; thence North 25 degrees 07 minutes West 405.7 feet along said right-of-way line; thence North 20 degrees 43 minutes West 301.0 feet along said right-of-way line; thence North 06 degrees 26 minutes East 235.3 feet along said right-of-way line; thence North 24 degrees 08 minutes West 200.1 feet along said right-of-way line; thence North 17 degrees 53 minutes West 214.39 feet to a point in the North line of the SW 4 of the NW ' of said Section 20; thence South 88 degrees 10 minutes 46 seconds East 969.1 feet along said North line to the point of beginning, TRACTS 1 AND 2 BEING THE SAME PROPERTY DESCRIBED AS FOLLOWS: Part of the SE ' of the NW 4 and part of the NE ; of the NW 4 and part of the SW ; of the NW 4 all in Section 20, Township 16 North, Range 30 West, Fayetteville, Washington County, Arkansas, being more particularly described as beginning at a stone at the NW corner of the aforementioned SE ; of the NW ; and running thence South 88 degrees 53 minutes East 356.0 feet to an iron pin; thence North 00 degrees 51 minutes East 450.0 feet to an iron pin, which point is further described as the NW corner of Block 8 of • Westwood Addition to the City of Fayetteville; thence South 88 degrees 53 minutes East 939.3 feet along the North line of said Block 8 to an iron pin in the West Right -of -Way line of Beechwood Avenue, which point is further located as 25 feet West of the North-South centerline of said Section 20; thence South 00 degrees 19 minutes West 450.0 feet along the West Right -of -Way line of Beechwood Avenue to an iron pin; thence South 88 degrees 53 minutes East 25 feet to an iron pin that is the Northeast corner of aforementioned SE 4 of the NW '; thence South 00 degrees 29 minutes West 1298.0 feet along the North-South centerline of said Section 20 to a point that is the Southeast corner of the NW 4 of said Section 20; thence North 89 degrees 33 minutes West 446.42 feet along the South line of said NW ; to a concrete monument; thence North 208.7 feet to a concrete monument; thence North 59 degrees 33 minutes West 520.7 feet to a concrete monument; thence South 208.7 feet to a concrete monument in the South line of aforementioned NW ;; which point is further described as being South 89 degrees 33 minutes East 346.46 feet from an iron pin in the South line of said NW 4; thence North 89 degrees 33 minutes West 346.46 feet along the South line of said NW ' to an iron pin at the Southwest corner of the aforementioned SE 4 of the NW thence North 89 degrees 47 minutes 17 seconds West 542.7 feet along the South line of said NW ; to a pint in the East Right -of -Way line of Highway 71; thence North 19 degrees 37 minutes West 77.0 feet along said Right -of -Way line; thence North 25 degrees C7 minutes West 405.7 feet along said Right -of -Way l'he;'hence North 20 degrees 48 minutes West 301.0 -t along said R4;. -ht -of -Way line; thence North 06 degrees 26 minutes East 235.8 feet along said Right -of -Way line; thence North 24 degrees 08 minutes West 200.1 feet along said Right -of -Way line; thence North 17 degrees 53 minutes West 214.39 feet along said Right -of -Way line to a point on the North line of the aforementioned SW ' of the NW 4 thence South 88 degrees 10 minutes 46 seconds East 969.1 feet along the North line of said SW 4 of the NW ; to the point of beginning, BEING THE SAME property as shown on survey of McClelland Engineers dated March 15, 1984, as revised May 15, 1984; BEING THE SAME AS PROPERTY conveyed by Baldwin Piano and Organ Company to The Baldwin Company by deed filed December 29, 1975 and recorded in record book 898 at page 611; and by Baldwin Piano and Organ Company to the City of Fayetteville, Arkansas by deed filed December 11, 1974 and recorded in record book 880 at page 455; LESS AND • • EXCEPT property con✓eyed by The Baldwin Company to Arkansas State Highway Commission by deed filed August 12, 1933 and recorded in record book 1088 at page 518.