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HomeMy WebLinkAbout108-07 RESOLUTIONRESOLUTION NO. 108-07 A RESOLUTION TO APPROVE THE PURCHASE OF ABOUT 13.75 ACRES FOR A CITY PARK TO BE NAMED THE BROOKS-HUMMEL NATURE PRESERVE IN THE AMOUNT OF $495,000.00 AND TO SELL THE FAYETTEVILLE NATURAL HERITAGE ASSOCIATION A CONSERVATION EASEMENT ON THIS PROPERTY FOR $179,500.00; AND APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $495,000.00. WHEREAS, the Fayetteville City Council passed Resolution No. 52-07 on March 20, 2007, authorizing the Mayor to negotiate for the purchase of about 13.75 acres from the Forrest F. Brooks Revocable Trust for up to $495,000.00 if the neighbors and the Fayetteville Natural Heritage Association would purchase a conservation easement from the city for this land for $179,500.00; and WHEREAS, the Fayetteville Natural Heritage Association and adjoining neighbors have already raised $167,000.00 which can be used as the down payment for this property; and WHEREAS, Amendment 78 of the Arkansas Constitution allows a city to finance short term (five years or less) debt and the seller has agreed to carry the note and mortgage at 6% per annum for five years, compounded annually (with five equal annual payments); and WHEREAS, the seller has agreed to further convey a twelve (12) foot wide access easement from Hillcrest Avenue to this property along the north side of the Brooks' residential lot at 1602 Hillcrest Avenue. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the Real Estate Contract attached as Exhibit "A" to this Resolution and agrees to purchase the Forrest F. Brooks Revocable Trust's approximately 13.75 acres for $495,000.00 as set forth in that contract. The City Council further explicitly agrees to sell a conservation easement to the Fayetteville Natural Heritage Association on this property for $179,500.00 and to name the property the "Brooks -Hummel Nature Preserve". Page 2 Res. 108-07 Section 2: That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Coody to sign all documents: contracts, deeds, mortgages, notes, etc. necessary to fulfill the terms of the Real Estate Contract. Section 3: That the City Council of the City of Fayetteville, Arkansas hereby approves the attached budget adjustment in the amount of $495,000.00. �```RtitITR"'''�,, SAC>G,1Yo,' r,ii4s�` :-.6":• •\ 14Et i w 4• .•[[...1 R S 00 PASSED and APPROVED this 5th day of June, 2007. APPROVED: By: ATTEST: D N COODY, Mayor By: SONDRA E. SMITH, City Clerk/Treasurer City of Fayetteville, Arkansas Budget Adjustment Form Budget Year 2007 Department: Sales Tax Capital Improvements Division: Program: Date Requested 6/5/2007 C. 6 Brooks -Hummel Nature Preserve C10 Adjustment Number Project or Item Added/Increased: $495,000 is being requested in the Land Acquistion account for the Brooks -Hummel Land Purchase. Project or Item Deleted/Reduced: To recognize $167,000 from a donation from the Fayetteville Natural Heritage Association. To recognize $328,000 in Installment Sale Proceeds related to the five annual installments of the purchase. Justification of -this Increase: The $495,000 is for the purchase of 13.75 acres from the Forrest F. Brooks Recocable Trust Justification of this Decrease: Increase Expense Budget (Decrek\ ti Account Name Account NumbA 60 - Project Number Land acquisition 4470 9470. 580. d" $��'. �. 07027 1 Account Name Decrease Expense Budget (Increase Revenue Budget) Account Number Amount installment Sale Proceeds Donations Project Number 4470 0947. 6884 04 328,000 07027 1 4470 0947 4809 00 167,000 07027. 1 , Approval Signatures 4bui Department Director Date Date Finance & Internal Services Director Mayor Date Date Budget Office Use Only Type: A B C E Posted to General Ledger Posted to Project Accounting Entered in Category Log • Initial Date Initial Date Initial Date REAL ESTATE SALES CONTRACT 1. The City of Fayetteville, Arkansas, offers to buy, and the undersigned Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, hereinafter also referred to as "Seller," offers to sell, subject to the terms and conditions set forth in this contract, approximately 13.75 acres, more particularly described in Exhibit "A" attached hereto and made a part hereof, hereinafter also referred to as the "Property." SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION 2. Purchase Price: The full purchase price for the Property is Four Hundred Ninety -Five Thousand Dollars ($495,000.00). Subject to the following conditions and the approval of the Fayetteville City Council, the City of Fayetteville shall pay for the Property at closing the total cash payment of One Hundred Sixty -Seven Thousand Dollars ($167,000.00) and execute a promissory note, in the form set forth on Exhibit "B" attached hereto, to pay the remaining Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) with interest at Six Percent (6.00%) per annum, in five equal payments payable annually on the first day of July, with the first installment due and payable on July 1, 2008, and the last installment becoming due and payable on July 1, 2012. 3. Conveyance will be made to the City of Fayetteville by Trustee's Warranty Deed, reflecting on its face a vendor's lien, in the form set forth on Exhibit "C" attached hereto, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the Property. Such conveyance shall include mineral rights owned by Seller. 4. Seller shall furnish a policy of title insurance in the amount of the purchase price from a title insurance company selected by the City of Fayetteville, the cost of which shall be divided equally between Seller and the City of Fayetteville. 5. Seller will provide any survey it currently has to the City of Fayetteville. However, Seller shall not be required to have a survey performed for the City of Fayetteville. Seller agrees to allow the City of Fayetteville, if the City of Fayetteville so desires, at the City's expense, to survey the Property. Seller may cure any title problems which result from any differences between the recorded legal descriptions of the Property and the survey description. Said title problems, if any, must be resolved prior to closing to the satisfaction of the City of Fayetteville; provided, however, Seller may unilaterally rescind this contract if, in Seller's sole discretion, the title problems are too expensive to resolve. 6. Taxes and special assessments due on or before closing shall be paid by Seller. General taxes, ad valorem taxes, and special assessments shall be prorated as of closing. 1 7. The closing of the transaction contemplated by the undersigned parties to this contract shall occur on or before June 29, 2007, unless both parties agree in writing to extend the closing date or the contract is rescinded by either party hereto. 8. Possession of the Property shall be delivered to the City of Fayetteville on the date of closing. 9. Seller hereby grants permission for the City of Fayetteville or its designates to enter the Property and improvements for the purpose of inspection and/or surveying. 10. Risk of loss or damage to the Property by fire or other casualty occurring up to the time of closing is assumed by Seller; provided, however, if Seller sustains any material damage to the Property which adversely affects the value of the Property, either party may unilaterally rescind this contract. 11. To the best of Seller's knowledge, there are currently no environmental hazards on the Property which materially affect the value of the Property. Seller shall sell and convey the Property "AS IS" to the City of Fayetteville. At any time before Closing, the City of Fayetteville or its agents may enter the Property in order to conduct one or more environmental surveys of the Property. If any environmental hazard is discovered, Seller may either cure such environmental hazard at Seller's expense or either party may unilaterally rescind this contract. 12. The City of Fayetteville agrees to name the Property the "Brooks -Hummel Nature Reserve." 13. The City of Fayetteville agrees to convey a conservation easement on the Property to the Fayetteville Natural Heritage Association, Inc. for $179,500.00. This conservation easement shall be substantially in the same form as the one proposed for Mount Sequoyah Woods. 14. The City of Fayetteville shall receive full credit against the cash due at closing ($167,000.00) and final purchase price ($495,000.00) of the $8,000.00 paid by the neighbors or Fayetteville Natural Heritage Association as earnest money or for an option to purchase. 15. Seller agrees to convey a permanent access easement twelve (12) feet in width connecting this Property to Hillcrest Avenue along the north side of Seller's residential lot situated at 1602 Hillcrest Avenue, Fayetteville, Arkansas. 16. This agreement shall be governed by the laws of the State of Arkansas.. 17. This agreement, when executed by both Seller and the City of Fayetteville shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede all price or contemporaneous agreements, representations and understanding with respect to such matters, and no oral representations or statements shall be considered a part hereof. CITY OF FAYETTEVILLE A Municipal Corporation By: AN COODY Mayor Date: (Vhie Date: 4/7/87 „„,,,,,211/FN ��,•1Y o,c`•G� "1.1' • FAYETTEVILLE; ( ti 1 ti N. •Gp `��iVG 7 ON,++•++ FORREST F. BROOKS REVOCABLE TRUST UNDER AGREEMENT DATED MARCH 26, 2004 By: Date: Betty Hu el, Trustee Agent or Witness: 3 Date: State of Arkansas )ss. County of Washington ACKNOWLEDGMENT Before me, a duly commissioned and acting Notary Public in and for said State and County, on this date personally appeared Betty Hummel, who stated that she is the sole Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, and was duly authorized in that capacity to so execute and seal the foregoing Real Estate Contract for and in the name and on behalf of said Trust for the consideration and purposes therein mentioned and set forth. In witness thereof, I have hereunto set my hand and seal this June 2007. My Commission Expires: ARY PUBLIC ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared to me well known as the person who executed the foregoing document, and who stated and acknowledged that they are the Agent or Witness of Seller and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said trust, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. WITNESS my hand and seal on this day of June, 2007. Notary Public My Commission Expires: ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Dan Coody and Sondra Smith, to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Mayor and City Clerk of the City of Fayetteville, Arkansas, a municipal corporation, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. WITNESS my hand and seal on this My Commisslon Expires: day of June, 2007. EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY A PART OF THE NE14 OF THE NW14 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF SAID FORTY ACRE TRACT FOR THE POINT OF BEGINNING AND RUN THENCE N0°32' 15"W ALONG THE WEST LINE OF SAID FORTY 851.78 FEET; THENCE N89°0' 19"E 483.79 FEET TO A FOUND STONE; THENCE N0°24'15"W 139.45 FEET TO A FOUND IRON PIN; THENCE N89°30'24"E 263.98 FEET TO A FOUND IRON PIN; THENCE S0°55'55"E 376.00 FEET; THENCE S0°22'51"E 609.85 FEET TO THE SOUTH LINE OF SAID FORTY; THENCE S88°37'27"W ALONG SAID SOUTH LINE 626.45 FEET TO THE POINT OF BEGINNING AND CONTAINING 13.75 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO A SEWER LINE EASEMENT TO THE CITY OF FAYETTEVILLE WATER AND SEWER DEPT. AND ANY OTHER RIGHT OF WAYS AND\OR EASEMENTS OF RECORD. (This is not scrivener's legal description) 6 111111111111111111111111111111 111111111 llll llll Doc ID: 011305240003 Type REL Recorded: 06/29/2007 at 11:57:07 AM Fee Amt: $14.00 Paae 1 of 3 Washington County. AR Bette Stamps Circuit Clerk Fi1e2007-00024964 TRUSTEE'S DEED WITH VENDOR'S LIEN KNOW ALL MEN BY THESE PRESENTS: That I, Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, hereinafter referred to as "Grantor," in exchange for the sum of One Dollar ($1.00) and other good and valuable consideration in hand paid by the City of Fayetteville, Arkansas, hereinafter called "Grantee," of which amount the balance of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) shall be paid by Grantee as set forth below, and a Vendor's Lien to secure the same is hereby expressly retained on the real property hereinafter described, do hereby GRANT, BARGAIN, SELL and CONVEY unto said -3 Grantee, and said Grantee's successors and assigns, the following described real property Ss situate in the Washington County, Arkansas, to -wit: LEGAL DESCRIPTION FOR THIS INSTRUMENT IS AS SET FORTH WORD FOR WORD ON EXHIBIT "A" ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE (This is not scrivener's legal description) 3 To have and to hold the said land and appurtenances thereunto belonging unto the said Grantee, and Grantee's successors and assigns, forever, subject to the Vendor's Lien expressly retained herein to secure payment of the balance of the purchase price. And I, said Grantor, hereby covenant with Grantee that I am lawfully seized of said land, that the same is unencumbered except for the Vendor's Lien reserved herein and other easements and encumbrances of record, and warrant that I will forever defend the title to the said land against any and all legal claims whatsoever. As stated hereinabove, the conveyance of the above-described real property is expressly subject to a Vendor's Lien in favor of Grantor, and Grantor's successors and assigns, which Grantee is bound and obligated to satisfy in full before said lien will be released. The Vendor's Lien shall secure payment to Grantor, and Grantor's successors and assigns, pursuant to one purchase money promissory note executed on even date herewith, the terms of which are as follows: Grantee shall pay Grantor -the sum of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) plus interest accruing at the rate of Six Percent (6.00%) per annum, in five equal annual payments, on the first day of July, the first becoming due and payable on July 1, 2008, and the last payment becoming due and payable on July 1, 2012. If Grantee breaches any obligation under the said purchase money promissory note, Grantor shall have the right to declare the entire unpaid principal balance, plus all interest accrued thereon, due and payable at once and to enforce the payment thereof. The conveyance of the above-described real property shall not become absolute until the purchase money promissory note and all interest accrued thereon, and any and all other amounts due to Grantor or to the legal holder of the note as herein provided, shall have been fully paid off and discharged. It is further understood and L c►-o gggq-Gad agreed that all rights and privileges hereby granted to, or reserved by, Grantor shall inure to the benefit of, and may be exercised by, Grantor's heirs, successors and assigns, or by any legal holder of the purchase money promissory note. WITNESS my hand and seal on this June? , 2007. This instrument prepared by: LUSHBAUGH LAW FIRM, LTD. 418 W. Meadow Street Fayetteville, AR 72702 479-521-2323 ACKNOWLEDGMENT State of Arkansas ) )ss. County of Washington } Before me, a duly commissioned and acting Notary Public in and for said State and County, on this date personally appeared Betty Hummel, who stated that she is the sole Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, and was duly authorized in that capacity to so execute and seal the foregoing instrument for and in the name and on behalf of said Trust for the consideration and purposes therein mentioned and set forth. In witness thereof, I have hereunto set my hand and seal this Juneo?q. 2007. My Commission Expires: 7/0W/A OFFICIAL SEAL ELEP ;':'-OR E. PARIZEK NOTARY I LIBLIC . ARKANSAS WASH:. :3'TON COUNTY EXHIBIT "A" LEGAL DESCRIPTION A PART OF THE NE 1/4 OF THE NW 1/4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF SAID FORTY ACRE TRACT FOR THE POINT OF BEGINNING AND RUN THENCE N 0°32'15" W ALONG THE WEST LINE OF SAID FORTY 851.78 FEET; THENCE N 89°0'19" E 483.79 FEET TO A FOUND STONE; THENCE N 0°24'15" W 139.45 FEET TO A FOUND IRON PIN; THENCE N 89°3024" E 263.98 FEET TO A FOUND IRON PIN; THENCE S 0°55'55" E 376.00 FEET; THENCE S 89°32'32" W 122.64 FEET; THENCE 5 0°22'51" E 609.85 FEET TO THE SOUTH LINE OF SAID FORTY; THENCE S 88°3727" W ALONG SAID SOUTH LINE 626.45 FEET TO THE POINT OF BEGINNING AND CONTAINING 13.75 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO A SEWER LINE EASEMENT TO THE CITY OF FAYETTEVILLE WATER AND SEWER DEPT. AND ANY OTHER RIGHT OF WAYS AND\OR EASEMENTS OF RECORD. AND ALSO A TWELVE (12) FEET WIDE EASEMENT, FOR THE PURPOSES OF INGRESS AND EGRESS FOR THE ABOVE-DESCRIBED REAL PROPERTY, ALONG THE NORTH BOUNDARY LINE OF THE FOLLOWING DESCRIBED REAL PROPERTY: A PART OF THE NW14 OF THE NW14 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHEAST CORNER OF SAID FORTY ACRE TRACT; THENCE 50232'15"E 470.25 FEET TO THE POINT OF BEGINNING AND RUN THENCE S0232'15"E 189.75 FEET; THENCE S89210'39"W 154.47 FEET; THENCE N0232'15"W 189.75 FEET; THENCE N89210'39"E 154.47 FEET TO THE POINT OF BEGINNING AND CONTAINING 0.67 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO THE RIGHT OF WAY OF HILLCREST AVENUE ALONG THE WEST SIDE AND ANY OTHER RIGHT OF WAYS ANDIOR EASEMENTS OF RECORD. (This is not scrivener's Legal description) Zl L -06l 6 9 Lwo j o. fz6/L610O uoi}eioossy afll1 pue} ueouawy N °i b. cD b O 3 �. N Q._._ m. 5. •- CD rn o ci m o 0 o c m w, , 0 x m 0 `F" l3j P, = b .� 7c" * N O_ fV N -4 Q -1= CD O p1 (D d3 o m o co • o Ccs, 0 s•0 0 uc r D go m en a m v> a "3mv c oQ mi3 Eo 3 A `•C = - b 3 O NCD (D (D @ CD p O <7 p d d b - to p _' CD O O -Q C �i n3 Ct O �, C7 co Q1 _F:3C O CD (D fn g. 'p C 0 'O O 4 o Q .<• ..a...: CD (fl CD o CD N 01 0 Co n N ( 'O_ Gci) C• D O y O - O Cn Q n= cr a ni N = [D A s- C) N (0 = (i> O O N 43 2h • o cu (D 7c (D (D `C N 'noA )INVHI OWNER'S POLICY OF TITLE INSURANCE Issued by Lawyers Title Insurance Corporation awyers Title Lawyers Title Insurance Corporation is a member of the LandAmerica family of title insurance underwriters. POLICY NUMBER A75 -Z117716 SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, LAWYERS TITLE INSURANCE COPORATION, a Virginia corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance an the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expense's incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS WHEREOF, LAWYERS TITLE INSURANCE CORPORATION has caused its corporate name and seal to be hereunto affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company. Attest: Secretary LAWYERS TITLE INSURANCE CORPORATION By: eA EXCLUSIONS FROM COVERAGE President The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (I) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: . (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (i) to timely record the instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. NM 1 PA 10 ALTA Owner's Policy (10/17/92) Form 1190-74Z ORIGINAL Valid only if Schedules A and B are attached. AGENT CASE NO. - 07-028994-500 DATE OF POLICY - JUNE 29, 2007, AT 11:57AM AMOUNT OF INSURANCE - $495,000.00 SCHEDULE A 1. Name of Insured: City of Fayetteville, Arkansas 2. The estate or interest in the land described herein and which is covered by this policy is: OWNER'S POLICY POLICY NO. - A75 -Z117716 Fee Simple 3. The estate or interest referred to herein is at Date of Policy of record in the insured: City of Fayetteville, Arkansas 4. The land referred to in the policy is situated in the County of Washington„ State of Arkansas and described as follows: A part of the NE 1/4 of the NW 1/4 of Section 10, Township 16 North, Range 30 West, being more particularly described as follows: Commence at the Southwest corner of said Forty acre tract for the point of beginning and run thence N 0°32'15" W along the West line of said Forty 851.78 feet; thence N 89°0'19" E 483.79 feet to a found stone; thence N 0°24'15" W 139.45 feet to a found iron pin; thence N 89°30'24" E 263.98 feet to a found iron pin; thence S 0°55'55" E 376.00 feet; thence S 89°32'32" W 122.64 feet; thence S 0°22'51" E 609.85 feet to the South line of said Forty; thence S 88°37'27" W along said South line 626.45 feet to the point of beginning and containing 13.75 acres, more or Tess, Washington County, Arkansas. Subject to a sewer line easement to the City of Fayetteville Water and Sewer Dept. and any other rights-of-way and/or easements of record. LAWYERS TITLE INSURANCE CORPORATION This policy is invalid unless the cover sheet, Schedule A and Schedule B are attached. LENDERS TITLE COMPANY 1046 STEARNS ROAD FAYETTEVILLE, AR 72703 Arkansas License No. IA -82 By v Authorize ignatory e20-077 Title Agent's License: SA82-82 SCHEDULE B AGENT'S CASE NO. - 07-028994-500 This policy does not insure against loss or damage by reason of the following: GENERAL EXCEPTIONS: OWNER'S POLICY POLICY NO. - A75 -Z117716 (1) Rights or claims of parties in possession not shown by the public records. (2) Easements, or claims of easements, not shown by the public records. (3) Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the premises. (4) Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. SPECIAL EXCEPTIONS: 1. Loss arising from any Oil, Gas or Mineral interests, conveyed, retained, assigned or any activity on or damage to the insured land caused by the exercise of sub -surface rights or ownership, including but not limited to the right of ingress and egress for said sub -surface purposes. 2. Taxes and assessments for the year(s) 2007 and thereafter, which are not yet due and payable, plus any penalties and interest which may accrue. 3. Any inaccuracy in the area, square footage, or acreage of land described in Schedule A. The Company does not insure the area, square footage, or acreage of the land. 4. Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 510 at page 435, in Washington County, Arkansas. 5. Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 533 at page 95, in Washington County, Arkansas. 6. Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 533 at page 368, in Washington County, Arkansas. 7. Any rights, easements, interests or claims which may exist by reason of or reflected by survey dated January 8, 2006, corrected June 25, 2007, by Gore Engineering & Land Surveying. 8. Terms and conditions of that certain Vendor's Lien by and between Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004 ("Seller") and the City of Fayetteville Arkansas ("Buyer") dated June 29, 2007 and filed in the records of Washington County, Arkansas, on June 29, 2007 as Instrument No. 2007-00024964, creating the estate or interest -hereby insured. 9. This policy does not insure or guarantee performance by the Seller, his/her/their/its heirs, successors, and/or assigns under the terms of the aforementioned Vendor's Lien. LAWYERS TITLE INSURANCE CORPORATION CONDITIONS AND 1. DEFINITION OF TERMS. The following terms when used in this policy mean: (a) "insured": the insured named in Schedule A, and, subject to any rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. (b) "insured claimant": an insured claiming loss or damage. (c) "knowledge" or "known": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impart constructive notice of matters affecting the land. (d) "land": the land described or referred to in Schedule A, and improvements affixed thereto which by law constitute real property. The term "land" does not include any property beyond the Tines of the area described or referred to in Schedule A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (e) "mortgage": mortgage, deed of trust, trust deed, or other security instrument. (1) "public records": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section 1(a)(iv) of the Exclusions From Coverage, "public records" shall also include environmental protection liens filed in the records of the clerk of the United States district court for the district in which the land is located. (g) "unmarketability of the title": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE. The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE. (a) Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest, as insured, or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent jurisdiction STIPULATIONS and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (il) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. PROOF OF LOSS OR DAMAGE. In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the insured claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the insured claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph shall terminate any liability of the Company under this policy as to that claim. 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;TERMINATION OF LIABILITY. In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy, other than to make the payment required, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, and the policy shall be surrendered to the Company for cancellation. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. (i) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs (b)(i) or (ii), the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. CONDITIONS AND STIPULATIONS (Continued) 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or the full consideration paid for the land, whichever is less, or if subsequent to the Date of Policy an improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A, then this Policy is subject to the following: (1) where no subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that the amount of insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy; or (ii) where a subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that 120 percent of the Amount of Insurance stated in Schedule -A bears to the sum of the -Amount of Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not apply to costs, attorneys' fees and expenses for which the Company is liable under this policy, and shall only apply to that portion of any loss which exceeds, in the aggregate, 10 percent of the Amount of Insurance stated in Schedule A. (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. APPORTIONMENT. If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction. and disposition of all appeals therefrom, adverse to the title as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY. All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. LIABILITY NONCUMULATIVE. It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. PAYMENT OF LOSS. (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. if requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non-insured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 14. ARBITRATION. Unless prohibited by applicable law, either the Company or the insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connection with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT. (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby -or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. SEVERABILITY. In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. NOTICES, WHERE SENT. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to: Consumer Affairs Department, P.O. Box 27567, Richmond, Virginia 23261-7567. LENDERS TITLE COM PANY PRIVACY POLICY NOTICE Dear Lenders Title Company Client: AUG 03 2007 CITL" OF FAYE -7 tiViLLE MAYOR'S OFFICE The Financial Services Modernization Act recently enacted by Congress has brought many changes to the financial services industry, which includes title companies. One of the changes is that we are now required to explain to our customers the ways in which we collect and use customer information. The statement on the attached letter is the privacy policy of Lenders Title Company. Protecting your information has always been a part of our business philosophy. We will continue to protect the privacy, accuracy, and security of customer information given to us. No response to this notice is required, but if you have questions, please write to us at: l.tc - Privacy Policy.rtf Lenders Title Company 8114 Cantrell Road, Suite 250 Little Rock, Arkansas 72227 1 of 4 LENDERS TITLE COMPANY PRIVACY POLICY What kinds of information we collect. Lenders Title Company's primary business is a title insurance, closing, and escrow provider. We collect information about you (for instance, your name, address, telephone number) and information about your transaction including the identity of the real property that you are buying, selling, or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you, the lender, attorney, or real estate broker that you have chosen. Our title insurance company then obtains information from the public records about the property so that we can prepare a title insurance policy and/or settlement statement, When we provide closing, escrow, title, or settlement services, we may obtain your social security number and receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, loan payoffs, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information. The company giving or specifically adopting this notice does not share your non-public, personal information with outside marketers. There's no need to tell us to keep your information to ourselves because we share your information only to provide the services requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. We are permitted by law to use certain information to identify and market our own products to you that may be useful to you. This credit information about you is shared only to facilitate your transaction or for other purposes permitted by law. How we protect your information. We restrict access to nonpublic personal information about you to those employees who need the information to provide products or services to you or to other parties/providers to the particular transaction we are servicing. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal infonnation. We reinforce the company's privacy policy with our employees. Ltc - Privacy Policy.rtf 2 of 4 LandAmerica PRIVACY POLICY NOTICE Dear LandAmerica Customer: The Financial Services Modernization Act, known as the Gramm -Leach -Bliley Act, requires us to explain to our customers the ways in which we collect and use customer information. The statement attached to or on the reverse side of this letter is the privacy policy of the LandAmerica family of companies. The three largest members of the family — Commonwealth Land Title Insurance Company, Lawyers Title Insurance Corporation, and Transnation Title Insurance Company — may issue policies and handle real estate closings in virtually every part of the country. Some companies in the family provide other real estate services, and some operate more locally. You may review a list of LandAmerica companies on our website (www.landam.com). You may also visit our website for an explanation of our privacy practices relating to electronic communication. Our concern with the protection of your information has been a part of our business since 1876, when the company that is now Commonwealth Land Title Insurance Company issued its first policy. We will continue to protect the privacy, accuracy, and security of customer information given to us. No response to this notice is required, but if you have questions, please write to us: LandAmerica Privacy P.O. Box 27567 Richmond, VA 23261-7567. LandAmerica Insurance Companies: Commonwealth Land Title Insurance Company, Commonwealth Land Title Insurance Company of New Jersey, Land Title Insurance Company. Lawyers Title Insurance Corporation, Title Insurance Company of America, Transnation Title Insurance Company, Transnation Title Insurance Company of New York LandAmerica Title Agents (wholly -owned): American Title Company of Dallas and Fort Worth, Austin Title Company, ATACO, Inc., Albuquerque Title Company, Atlantic Title & Abstract Company, Capitol City Title Services, Inc., Commercial Settlements, Inc., Commonwealth Land Title Company; Commonwealth Land Title Company of Austin, Dallas, Fort Worth, Houston, Puget Sound, and Washington; Congress Abstract Corp., Gulf Atlantic, Lawyers Title Company; Lawyers Title of Arizona, El Paso, Nevada, and San Antonio; New Mexico Title Co., Partners Title Company, Pikes Peak Title Services, Property Title Ins. Co., Rainier Title Company, Texas OneStop, Texas Title Company, Title Transfer Service, Inc., Transnation Title & Escrow, Wilson Title Company LandAmerica Title Agents (partially owned): Bankers Alliance Title Agency, Biltmore Abstract, CFS Title Insurance Agency, Charleston Title Agency, Charter Title Company of Fort Bend, Chatham Settlement, E. Title Agency, First Growth -Commonwealth Title Agency, First Title & Escrow, Inc., Four Star Title Agency, HL Title Agency, Jones & Tatom Title & Trust, Land Canada LTD., Land Title Associates, Lawyers Title Galveston, Lion Abstract, Longworth Insured, M/I Title Agency, M and M Title Services, National Land Transfer (NJ and PA), NIA! Lawyers Title Agency, RE/Affirm Title Agency, Residential Abstract, Residential Title, Sibcy Cline Title Agency, Title Affiliates of Central Florida, Naples, Clearwater, Graham, Indian River, Orlando, Polk Couhty, Tampa Bay, and West Central Florida; Transnation Title Agency of Oregon, TransOhio Residential Title Agency, TRI Title Agency, TRI-County Title Agency -Michigan, Tri-State Title Agency, University Title Services, Inspections, Appraisals, Mortgage Servicing, and Ancillary Services: Inspectech, Inc., LandAmerica OneStop, Inc., LandAmerica Account Servicing, Inc., LandAmerica Default Service Co., REalitics, TransAccount Services, Inc. Form 3391-6 (October 2004) LLC - Privacy Poiicy.rtr 3 of 4 LANDAMERICA PRIVACY POLICY What kinds of information we collect. Most of LandAmerica's business is title insurance, but there are companies in our family that provide other real estate services to consumers. We collect information about you, (for instance, your name, address, telephone number), and information about your transaction, including the identity of the real property that you are buying or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you or from the lender, attorney, or real estate broker that you have chosen. Our title insurance companies then obtain information from the public records about the property so that we can prepare a title insurance policy. When we provide closing, escrow, or settlement services, mortgage lending, or mortgage loan servicing, we may get your social security number, and we may receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information. The company giving or specifically adopting this notice does not share your information with marketers outside its own family. There's no need to tell us to keep your information to ourselves because we share your information only to provide the service requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. Companies within a family may share certain information among themselves in order to identify and market their own products that they think may be useful to you. Credit information about you is shared only to facilitate your transaction or for some other purpose permitted by law. How we protect your information. We restrict access to nonpublic personal information about you to those employees who need the information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal information. We reinforce the company's privacy policy with our employees. Agents that may be covered by this policy. Often, your transaction goes through a title insurance agent. Agents that are part of the LandAmerica family are covered by this policy. Agents that are not part of the LandAmerica family may specifically, in writing, adopt our policy statement. Ltc - Privacy Policy.itf 4 of 4 NEGOTIABLE PROMISSORY NOTE FOR VALUABLE CONSIDERATION RECENED, the receipt and adequacy of which is hereby acknowledged, the City of Fayetteville, Arkansas, a municipal corporation hereinafter referred to as "Maker," hereby promises to pay to the Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, or her successors and assigns, hereinafter "Lender," the amount financed, Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) (the foregoing amount may also be referred to hereinafter as "Principal"), plus interest accruing at the rate of Six Percent (6.00%) per annum,,as follows: Maker shall pay to Lender, or Lender's successors or assigns, the sum of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) plus interest accruing at the rate of Six Percent (6.00%) per annum, in five equal payments payable annually on the first day of July, with the first installment due and payable on July 1, 2008, and the last installment becoming due and payable on July 1, 2012. The debt evidenced by this Promissory Note shall be secured by a vendor's lien retained by Lender and reflected on the face of the Warranty Deed by which Lender conveyed title to certain real property to Maker. Maker shall be in Default under this Note upon the occurrence of any one or more of the following events or conditions: (1) Any warranty, covenant, agreement, representation, financial information or statement made or furnished to the Lender by or in behalf of Maker to induce Lender to enter into this agreement, or in conjunction therewith, proves to be false in any material respect when made or furnished; .(2) Any payment required to be made hereunder or under any other obligation of Maker to Lender or to others is not made when due or in accordance with the terms of the applicable contractual agreement; (3) The termination of existence or insolvency of Maker, the appointment of a receiver over any part of Maker's property, or the commencement of any proceeding under any bankruptcy or insolvency law by or against Maker; or (4) any attempted conveyance of the real property Lender sold to Maker therein reserving a Vendor's Lien, prior to satisfying all of Maker's obligations to Lender hereunder. Full payment shall be made to Lender in the event of any one of the aforesaid defaults by Maker. Lender may charge and collect a fee from Maker for. each return by a bank or other depository institution of a dishonored check, negotiable order of withdrawal or share draft issued by the Maker in connection with this loan and such fee shall be in addition to all other loan finance charges which the Lender may charge and collect from the Maker and shall not be subject to refund or rebate. Maker agrees to pay all expenses, including but not limited to attorney's fees, which Lender deems necessary to enforce the terms of this Note or the vendor's lien retained by Lender to secure the same. This negotiable instrument is executed by the undersigned on the date set forth below. G • �� QF •�'�. 4 � � �o a a • �3 FAYETEVILLE: State of Arkansas ) )ss County of Washington CITY OFF ITT ] By: Dan C ody, Mayor By: Amber Wood, De MAKER ACKNOWLEDGMENT Clerk Date BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Dan Coody and Amber Wood, to me well known as the persons who executed the foregoing instrument, and who stated and acknowledged that they are, respectively, the Mayor and Deputy City Clerk of the City of Fayetteville, Arkansas, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of the City of Fayetteville, Arkansas, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. Witness my hand and seal on this June a.9, 2007. My Commission Expires: f�,11164 liltrid fiP I ,S '. ON COUNTY _ FOR 07/24/2012 ltte Rock, 2 Lenders Title Company 1046 Stearns Road Fayetteville, AR 72703 479-444-3333 COMMITMENT FOR TITLE INSURANCE SCHEDULE A Date Issued: June 29, 2007, 08:18 am Commitment No: 07-028994-500 Effective Date: June 7, 2007, 07:00 am Prepared For: Elly Parizek Inquiries Should be Directed to: Lawyers Title Insurance Corporation 1. The policy or policies to be issued are: POLICY AMOUNT (a) ALTA Owner's Policy - (10-17-92) $495,000.00 Proposed Insured: City of Fayetteville, Arkansas (b) ALTA Loan Policy - (10-17-92) Proposed Insured: 2. The Estate or interest in the land described or referred to in this Commitment and covered herein is a Fee Simple. 3. Title to said estate or interest in said land is at the effective date hereof of record in: Betty A. Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust dated 3-26-04 4. The land referred to in this Commitment is located in the County of Washington, State of Arkansas and described as follows: A part of the NE 1/4 of the NW 114 of Section 10, Township 16 North, Range 30 West, being more particularly described as follows: Commence at the Southwest corner of said Forty acre tract for the point of beginning and run thence N 0°32'15" W along the West line of said Forty 851.78 feet; thence N 89°0'19" E 483.79 feet to a found stone; thence N 0°24'15" W 139.45 feet to a found iron pin; thence N 89°30'24" E 263.98 feet to a found iron pin; thence S 0°55'55" E 376.00 feet; -thence S 89°32'32" W 122.64 feet; thence S 0°22'51" E 609.85 feet to the South line of said Forty; thence S 88°37'27" W along said South line 626.45 feet to the point of beginning and containing 13.75 acres, more or less, Washington County, Arkansas. Subject to a sewer line easement to the City of Fayetteville Water and Sewer Dept. and any other rights - This commitment is invalid unless the Countersigned Lawyers Title Insurance Corporation Insuring provisions and Schedules A Lenders Title Company & B are attached. Arkansas License No. IA -82 Title Agent License Number: SA 82-63 Continuation of Schedule A Commitment No: 07-028994-500 of -way and/or easements of record. Lawyers Title Insurance Corporation This commitment is invalid unless the Insuring provisions and Schedules A & B are attached. COMMITMENT FOR TITLE INSURANCE SCHEDULE B - SECTION I Commitment No: 07-028994-500 I. The following are the requirements to be complied with: Effective Date: June 7, 2007 1. Instruments necessary to create the estate or interest to be insured must be properly executed, delivered and duly filed for record. 2. Payment to or for the account of the grantors or. mortgagors of the full consideration for the estate or interest or mortgage to be insured. 3. Real Estate taxes for the year 2006 are now due and payable in the amount of $515.88; parcel number 765-14108-000. 4. Warranty Deed from Trustee of the Forrest F. Brooks Revocable Trust, executed by the acting Trustee(s), vesting fee simple title in the City of Fayetteville, Arkansas. 5. Submit a copy of the Trust Agreement, including any and all amendments thereto, establishing Trustee of the Forrest F. Brooks Revocable Trust. In lieu of the Trust Agreement, a Certification of Trust which complies with Arkansas Code Annotated § 28-73-1013 may be provided. All documents must be executed in accordance with said agreement. 6. Submit an Affidavit from the Trustee(s) of said Trust certifying that they are empowered to act in such capacity; that any and all amendments of the Trust Agreement have been provided to Lenders Title Company; that the Trust is in full force and effect; and, that the duties, obligations, powers and rights of the Trustee(s) have not been altered, amended, revoked or terminated. 7. Furnish executed Owner's Disclosure & Agreement. NOTE: The instruments required by this commitment must be executed by the properly identified and authorized parties to this transaction. Any variance requires underwriting approval by the Company prior to closing. Lawyers Title Insurance Corporation COMMITMENT FOR TITLE INSURANCE SCHEDULE B - SECTION II Commitment No: 07-028994-500 Effective Date: June 7, 2007 H. Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company. 1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the Proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 2. Standard Exception: (a) Rights or claims of parties in possession not shown by the public records. (b) Easements or claims of easements, not shown by the public records. (c) Encroachments, overlaps, boundary line disputes and any matters which would be disclosed by an accurate survey and inspection of the premises. (d) Any lien or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 3. Special Exceptions: (a) Loss arising from any Oil, Gas or Mineral interests, conveyed, retained, assigned or any activity on or damage to the insured land caused by the exercise of sub -surface rights or ownership, including but not limited to the right of ingress and egress for said sub -surface purposes. (b) Taxes and assessments for the year(s) 2007 and thereafter, which are not yet due and payable, plus any penalties and interest which may accrue. (c) Any inaccuracy in the area, square footage, or acreage of land described in Schedule A. The Company does not insure the area, square footage, or acreage of the land. (d) Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 510 at page 435, in Washington County, Arkansas. (e) Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 533 at page 95, in Washington County, Arkansas. I (f) Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 533 at page 368, in Washington County, Arkansas. (g) Any rights, easements, interests or claims which may exist by reason of or reflected by survey dated January 8, 2006, corrected June 25, 2007, by Gore Engineering & Land Surveying. Lawyers Title Insurance Corporation LENDERS TITLE C O M P A N Y 1046 Stearns Road Fayetteville AR, 72703 Phone: 479-444-3333 Fax: 479-443-4256 TAX REPORT 5/28/2007 Parcel Number: 765-14108-000 Assessed To: Betty Hummel, Trustee of the Forrest F. Brooks Rev. Trust Property Description: Pt. NE NW 10-16-30 13.95 Ac Assessed Value: $9,789 Millage Rate: 52.7 General Taxes for 2006 are: $515.88 Homestead Credit: $0.00 Timber Tax: $0.00 Special Improvement District Assessments: $0.00 TOTAL TAX: $515.88 Taxes are Due and Payable for the year 2006. Tax Payments should be remitted to: David Ruff (479) 444-1526 NOTE: This property is embraced within the bounds of the following Special Improvement Districts: None (Delinquent Personal Property taxes must be paid before the Tax Collector will accept payment of Real Property Taxes.) Lenders Title Company By: .� Q4e. 59'LG3 Stephanie R. Sides 07.028994-500 LTC- Tax Report General.rtf I of l LENDERS TITLE C O M P A N Y 1046 Steams Road Fayetteville, AR 72703 Phone: 479-444-3333 Fax:479-443-4256 RE: A part of the NE 1/4 of the NW 1/4 of Section 10, Township 16 North, Range 30 West, being more particularly described as follows: Commence at the Southwest corner of said Forty acre tract for the point of beginning and run thence N 0°32'15" W along the West line of said Forty 851.78 feet; thence N 89°0'19" E 483.79 feet to a found stone; thence N 0°24'15" W 139.45 feet to a found iron pin; thence N 89°30'24" E 263.98 feet to a found iron pin; thence S 0°55'55" E 376.00 feet; thence S 89°3232" W 122.64 feet; thence S 0°22'51" E 609.85 feet to the South line of said Forty; thence S.88°37'27" W along said South line 626.45 feet to the point of beginning and containing 13.75 acres, more or less, Washington County, Arkansas. Subject to a sewer line easement to the City of Fayetteville Water and Sewer Dept. and any other rights -of -way and/or easements of record. We, the undersigned, do hereby acknowledge receipt of a copy of the title insurance commitment � the above referenced property and note the exceptions listed therein this 29th day of , !1 D City of Fayetteville, Arkansas By: Amber Wood, Jr S'(,\Y Y O5j" :FAYETI'EVILLE; Acknowledgement of Cotnn ,melt tr 1 of 1 LENDERS TITLE C 0 M P A N Y PRIVACY POLICY NOTICE Dear Lenders Title Company Client: The Financial Services Modernization Act recently enacted by Congress has brought many changes to the financial services industry, which includes title companies. One of the changes is that we are now required to explain to our customers the ways in which we collect and use customer information. The statement on the attached letter is the privacy policy of Lenders Title Company. Protecting your information has always been a part of our business philosophy. We will continue to protect the privacy, accuracy, and security of customer information given to us.. No response to this notice is required, but if you have questions, please write to us at: Lenders Title Company 8114 Cantrell Road, Suite 250 Little Rock, Arkansas 72227 Ltc - Privacy P.olicy.rtf 1 of 4 LENDERS TITLE COMPANY PRIVACY POLICY What kinds of information we collect. Lenders Title Company's primary business is a title insurance, closing, and escrow provider. We collect information about you (for instance, your name, address, telephone number) and information about your transaction including the identity of the real property that you are buying, selling, or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you, the lender, attorney, or real estate broker that you have chosen. Our title insurance company then obtains information from the public records about the property so that we can prepare a title insurance policy and/or settlement statement. When we provide closing, escrow, title, or settlement services, we may obtain your social security number and receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, loan payoffs, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information. The company giving or specifically adopting this notice does not share your non-public, personal information with outside marketers. There's no need to tell us to keep your information to ourselves because we share your information only to provide the services requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. We are permitted by law to use certain information to identify and market our own products to you that may be useful to you. This credit information about you is shared only to facilitate your transaction or for other purposes permitted by law. How we protect your information. We restrict access to nonpublic personal information about you to those employees who need the information to provide products or services to you or to other parties/providers to the particular transaction we are servicing. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal information. We reinforce the company's privacy policy with our employees. L1c - Privacy Policy.Rf 2 of 4 —yw. PRIVACY POLICY NOTICE Dear LandAmerica Customer: The Financial Services Modernization Act, known as the Gramm -Leach -Bliley Act, requires us to explain to our customers the ways in which we collect and use customer information. The statement attached to or on the reverse side of this letter is the privacy policy of the LandAmerica family of companies. The three largest members of the family — Commonwealth Land Title Insurance Company, Lawyers Title Insurance Corporation, and Transnation Title Insurance Company -- may issue policies and handle real estate closings in virtually every part of the country. Some companies in the family provide other real estate services, and some operate more locally. You may review a list of LandAmerica companies on our website (www.landam.com). You may also visit our website for an explanation of our privacy practices relating to electronic communication. Our concern with the protection of your information has been a part of our business since 1876, when the company that is now Commonwealth Land Title Insurance Company issued its first policy. We will continue to protect the privacy, accuracy, and security of customer information given to us. No response to this notice is required, but if you have questions, please write to us: LandAmerica Privacy P.O. Box 27567 Richmond, VA 23261-7567. LandAmerica Insurance Companies: Commonwealth Land Title Insurance Company, Commonwealth Land Title Insurance Company of New Jersey, Land Title Insurance Company. Lawyers Title Insurance Corporation, Title Insurance Company of America, Transnation Title Insurance Company, Transnation Title Insurance Company of New York LandAmerica Title Agents (wholly -owned): American Title Company of Dallas and Fort Worth, Austin Title Company, ATACO, Inc., Albuquerque Title Company, Atlantic Title & Abstract Company, Capitol City Title Services, Inc., Commercial Settlements, Inc., Commonwealth Land Title Company; Commonwealth Land Title Company of Austin, Dallas, Fort Worth, Houston, Puget Sound, and Washington; Congress Abstract Corp., Gulf Atlantic, Lawyers Title Company; Lawyers Title of Arizona, El Paso, Nevada, and San Antonio; New Mexico Title Co., Partners Title Company, Pikes Peak Title Services, Property Title Ins. Co., Rainier Title Company, Texas OneStop, Texas Title Company, Title Transfer Service, Inc., Transnation Title & Escrow, Wilson Title Company LandAmerica Title Agents (partially owned) Bankers Alliance Title Agency, Biltmore AbsTract, CFS Title Insurance Agency, Charleston Title Agency, Charter Title Company of Fort Bend, Chatham Settlement, E. Title Agency, First Growth -Commonwealth Title Agency, First Title & Escrow, Inc., Four Star Title Agency, HL Title Agency, Jones & Tatom Title & Trust, Land Canada LTD., Land Title Associates, Lawyers Title Galveston, Lion Abstract, Longworth Insured, M/I Title Agency, M and M Title Services, National Land Transfer (NJ and PA), NIA/ Lawyers Title Agency, RE/Affirm Title Agency, Residential Abstract, Residential Title, Sibcy Cline Title Agency, Title Affiliates of Central Florida, Naples, Clearwater, Graham, Indian River, Orlando, Polk County, Tampa Bay, and West Central Florida; Transnation Title Agency of Oregon, TransOhio Residential Title Agency, TRI Title Agency, TRl-County Title Agency -Michigan, Tri-State Title Agency, University Title Services, Inspections. Appraisals. Mortgage Servicing. and Ancillary Services: Inspectech, Inc., LandAmerica OneStop, Inc., LandAmerica Account Servicing, Inc., LandAmerica Default Service Co., REalitics, TransAccount Services, Inc. Form 3391-6 (October 2004) Lc - Privacy Policy.3lr 3 of 4 What kinds of information we collect. Most of LandAmerica's business is title insurance, but there are companies in our family that provide other real estate services to consumers. We collect information about you, (for instance, your name, address, telephone number), and information about your transaction, including the identity of the real property that you are buying or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you or from the lender, attorney, or real estate broker that you have chosen. Our title insurance companies then obtain information from the public records about the property so that we can prepare a title insurance policy. When we provide closing, escrow, or settlement services, mortgage lending, or mortgage loan servicing, we may get your social security number, and we may receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information. The company giving or specifically adopting this notice does not share your information with marketers outside its own family. There's no need to tell us to keep your information to ourselves because we share your information only to provide the service requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. Companies within a family may share certain information among themselves in order to identify and market their own products that they think may be useful to you. Credit information about you is shared only to facilitate your transaction or for some other purpose permitted by law. How we protect your information. We restrict access to nonpublic personal information. about you to those employees who need the information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal information. We reinforce the company's privacy policy with our employees. Agents that may be covered by this policy. Often, your transaction goes through a title insurance agent. Agents that are part of the LandAmerica family are covered by this policy. Agents that are not part of the LandAmerica family may specifically, in writing, adopt our policy statement. Ltc - Privacy Policy.rtf 40f4 KNOW ALL MEN BY THESE PRESENTS: That I, Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, hereinafter referred to as "Grantor," in exchange for the sum of One Dollar ($1.00) and other good and valuable consideration in hand paid by the City of Fayetteville, Arkansas, hereinafter called "Grantee," of which amount the balance of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) shall be paid by Grantee as set forth below, and a Vendor's Lien to secure the same is hereby expressly retained on the real property hereinafter described, do hereby GRANT, BARGAIN, SELL and CONVEY unto said Grantee, and said Grantee's successors and assigns, the following described real property situate in the Washington County, Arkansas, to -wit: LEGAL DESCRIPTION FOR THIS INSTRUMENT IS AS SET FORTH WORD FOR WORD ON EXHIBIT "A" ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE (This is not scrivener legal description) - To have and to hold the said land and appurtenances thereunto belonging unto the said Grantee, and Grantee's successors and assigns, forever, subject to the Vendor's Lien expressly retained herein to secure payment of the balance of the purchase price. And I, said Grantor, hereby covenant with Grantee that I am lawfully seized of said land, that the same is unencumbered except for the Vendor's Lien reserved herein and other easements and encumbrances of record, and warrant that I will forever defend the title to the said land against any and all legal claims whatsoever. As stated hereinabove, the conveyance of the above -described real property is expressly subject to a Vendor's Lien in favor of Grantor, and Grantor's successors and assigns, which Grantee is bound and obligated to satisfy in full before said lien will be released. The Vendor's Lien shall secure payment to Grantor, and Grantor's successors and assigns, pursuant to one purchase money promissory note executed on even date herewith, the terms of which are as follows: Grantee shall pay Grantor the sum of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) plus interest accruing at the rate of Six Percent (6.00%) per annum, in five equal annual payments, on the first day of July, the first becoming due and payable on July 1, 2008, and the last payment becoming due and payable on July 1, 2012. If Grantee breaches any obligation under the said purchase money promissory note, Grantor shall have the right to declare the entire unpaid principal balance, plus all interest accrued thereon, due and payable at once and to enforce the payment thereof. The conveyance of the above -described real property shall not become absolute until the purchase money promissory note and all interest accrued thereon, and any and all other amounts due to Grantor or to the legal holder of the note as herein provided, shall have been fully paid off and discharged. It is further understood and agreed that all rights and privileges hereby granted to, or reserved by, Grantor shall inure to the benefit of, and maybe exercised by, Grantor's heirs, successors and assigns, or by any legal holder of the purchase money promissory note. WITNESS myhand and seal on this June 2007. Betsy H mel, Trustee, Grantor This instrument prepared by: LUSHBAUGH LAW FIRM, LTD. 418 W. Meadow Street Fayetteville, AR 72702 479-521-2323 ACKNOWLEDGMENT State of Arkansas ) )ss. County of Washington ) Before me, a duly commissioned and acting Notary Public in and for said State and County, on this date personally appeared Betty Hummel, who stated that she is the sole Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, and was duly authorized in that capacity to so execute and seal the foregoing instrument for and in the name and on behalf of said Trust for the consideration and purposes therein mentined and set forth. In witness thereof, I have hereunto set my hand and seal this June, 2007. My Commission Expires: 1 , 11, OL- OFFICIAL SEAL ELEANOR E. PARIZEK NOTARY PUBLIC . ARKANSAS WASHINGTON COUNTY COMMISSION EXP. a7! 4! 2 ►' .r .� .0 e /►f 1 1,E ■ EXHIBIT "A" LEGAL DESCRIPTION A PART OF THE NE\4 OF THE NW\4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF SAID FORTY ACRE TRACT FOR THE POINT OF BEGINNING AND RUN THENCE N0°32' 15"W ALONG THE WEST LINE OF SAID FORTY 851.78 FEET; THENCE N89°0'19"E 483.79 FEET TO. A FOUND STONE; THENCE N0°24' 15"W 139.45 FEET TO A FOUND IRON PIN; THENCE N89°30'24"E 263.98 FEET TO A FOUND IRON PIN; THENCE S0°55'55"E 376.00 FEET; THENCE S0°22'51"E 609.85 FEET TO THE SOUTH LINE OF SAID FORTY; THENCE S88037'27"W ALONG SAID SOUTH LINE 626.45 FEET TO THE POINT OF BEGINNING AND CONTAINING 13.75 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO A SEWER LINE EASEMENT TO THE CITY OF FAYETTEVILLE WATER AND SEWER DEPT. AND ANY OTHER RIGHT OF WAYS AND\OR EASEMENTS OF RECORD. (This is not scrivener legal description) A. Settlement Statement `_ U.S. Department of Housing r OMB No. 2502-0265 and Urban Development B. Type of Loan 1. 0 FHA 2. 0 FmHA 3. 0 Cnnv Unins 6, FileNumber 7. Loan Number 8. Mortgage Ins Case Number 4. 0 VA 5. 0 Cone ins. 6. 0 Soler Finance 07.425994.540 7, 0 CASH SALE C. Note: This form is famished to give you astatement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items marked '(p.0.c.)" were aid Outside the closingthey are shown here for Informational purposes and are not included itt the retain, D. Name & Address of 8onnwer S. Name & Address of Seller F. Name & Address of Lender City of Foyett-llle, Arkansas Trustee of the Forrest F. Brooks Revocable Cash Sale 113 West Mountain Street Trust Fayetteville, AR 72701 Lenders Title Company 13.95 Arras, Range 30, Township 16, Section 10, QTRt NE, QTR2 NW, 1046 Stearns Road Wasbargton County Fayetteville, AR 72703 Tax 1D: 714493927 Fayeteville, AR 12101 Place of Settlement 1. Settlement Date Lenders Title Company 6!2912007 1046 Stearns Road Fund: 6!29/2007 9ayettev111e, AR 72703 J. Summary of Borrower'aTransaetlon R. Summary ef5dler's Transaction ton I.... e«,e,..,r n„e n,,,,, n.r Ana. Dross Amount Due Is Seller 101. Camnct Sales Price 5495,000.00 401. Cnotract Sales Price 3495.000.00 102. Personal Property - 402, Personal Property 103. Settlement Charges in harower 5992.00 403. 1(A. 404, I O5. 405. Adjustments for items paid by seller in advance Adjustments for hones paid by setter In advance 106. County properly taxes 406. County property 107. Special Assessments 407. Special Assessments 108, POA Dons 409. POA Dues 109. POA Dries 409. POA Dues 110. Timber Toxes - 410. Timber Taxes 111. Other taxes 411. Othertaxes 112. 412. 113. 413. 114. 414. 115. 415. 116. 416. 120. Gross Amountlue F1'om Bmvawer 3495 92.00 420. Gross Amopnt Due to Seller 5495000.00 200. Amounts Paid By Or In Behalf Of Borrower 500. Reductions In Amount No to Seller 201. Deposit or earnest money $8,000.00 501. Earnest money held by seller 58,000.00 202. Principal amount of new loans) 502. Settlement Charges to Seller (line 1400) 333,983.88 203. Existing loan(s) taken subject to .Existing Loan(s) Thlcen Subject to ' 204. owner finance 5328,000.00 504. ownerfioante $328,000.00 205. 505. Payoff 0fsoeondmortgage loan 206. 506. 207. 507. 208. 508. 2x)9, 509. Adjustments for items unpaid by seller Ad ustments for Items unpaid by seller 210. County properly taxes 01/01/0704606/29/07 $254.41 510:'Countyproperty axes ' 01!01107 thro 06129/07 $254,41 211. Special Assessments - 511. Special Assessments 212. POA Dues 512. FDA Dues 213. POA Dues 511. POA Dues 214. Timber Taxes 514. Timber Taxes 215. Other taxes 515. Other taxes 216. 516. 217. 517. 218. 518. 219. 519. 220. Total Paid II !For Borrower 5336 25441 520. Total Reduction AmountDue Seller $370,237.29 300. Cools At Settlement FramlTo Borrower 600. Cash At Settlement TolFrom Setter 301. Gross Amount due from horvower (line 120) $495,992.00 691. Gross Amount due to seller (lint420) $495,000.00 302, Less 0000015 paid by/for borrower (line 220) 3336,254.41 602. Less reductions in amt. that seller (line 520) $370,237.29 303. Cash From Borrower 5159,737.59 603. Cash To Seller $1$4,762.71 Substitute Form 1099, Seller Statement: The information contained in Blocks E, /2,11 and 1, lines 401 (or, if line401 is asterisked, lines 403 and 404),406, 407 and 408-412 ( applicable pan of buyer's real estate taxes reporrnble to the IRS) is important tax infbrnation and is being famished to the Internal Revenue Service, If you are required to tile a return, a negligence penalty or other sanction will be imposed on you if this item is required to be reported and the DRS determines that it has not been rooponod. Previom Editions are Obsolete Page I form HUD -1 (3186) Handbook 4305.2 Buyer's Initials: Seller's Initials: L. Settlament Cheraw 700. Total Sales/Broker's Commission based on price 5495,000.00 % 529,700.00 Fold From Bonnweeras Funds at Settlement Paid From Setter's Funds at Settlement Division of Commission (line 700) as follows: 701 $29,700.00 to Terri Lynne McNaughtoa, IncJGMAC 702. to FSBO 703. Commission Paid at Settlement $0.00 $29,700.00 800. items Payable In Connection with Loan 801. Loan Origination One, % to 802. Loan Discount Si, to 803. Appraisal Fee to 804. Credit Report to - 805. Lender's Inspection Fee to 806. Mortgage Insurance Application to 807. Assumption Fee to 900. Items R uired by LenderTo Be Paid In Advance 901. Interesttlom to 1/day 902. Mortgage ins. Premium for months t9 903. Hazard Ins. Premium for years to 1000. Reserves Deposited With Lender 1001. Hazard insurance months @ - per month 1002. Mortgage insurance months® per month 1003. County property taxes months Q 542.99 per month 1004. Special Assessments months Q per month 1005. POA Does months® per month 1006. POA Dues months Q per month 1007. Timber Taxes mouths® per month - 1008.Other loom months© per month 10i I. Aggregate Adjustment 1100. Title Charges 1 101. Settlement or closing foe to Lenders Title Company 5200.00 $200.00 1102. Abstract or title search to Lenders Title Company - 1103. Tide examination to LendersTltle Company 1104. Title insursncebinder to - t IOS. Document preparation to 1106. Notatyfecs to 1107, Attorney§ fees to L$2,745.00 (includes above items numbers; ) 1100. Title insumnee to Lenders Title( Lawyers Title 5728.00 5528.00 (includessbove items numbers: ) 109, Lender's coverage 50.00/520.00. 1110, Owners coverage 00.00(50.00 1111. Processing Fee to Lenders Title Company 550.00 $50.00 1112. OvemightCourier Fee to Lenders Title Company 1200. Government R4cording and Transfer Charges 1201. Recording Fees Deed $14.00 ; Mortgage ; Releases $14.00 1202. Citykounty t0011tamps Deed ; Mortgage to 1203. Slate toxlstsmps Teed ; Mortgage to Department of Flnanee and Administra ion 1204. Tax certificates to 1205. Record survey to Washington County Circuit Clerk - $8.00 1300. Additional Settlement Charges L301. Survey ' m ---- 1302. Pest Inspection to 1303. 2006 RE Taxes 0705.14900.000 to Washington Court Tax Collector $55%.80 1400. Total Settlement Char es enter on tines 103, Section J and 502, Section 5992.00 I$33,982.88 r hate curelnny revrewen [rte ttuL-I ucnlmmnn[ Sta[emen[ ano Cu me 005505 my an sage- c5,po u,m disbursements made on my account or by me in this transaction. I further certify that (trove received a completed copy of this HUD -1 Settlement Statement. Warning: Ills a crime to knowingly make false statements to the United States on this or any other similar form Penalties upon conviction can include a fine and imprisonment. For details ace: Title 10 U.S. Code Section 1001 and Section 1010. City of a Ltevllle, nsas , �tt,�atrrdvtS h� F6n� est F• 9robks Revocah3 rust + By: Betty A. mmel. Successor Trustee a an C dy,flror st : M ETTEVILLE" �`� By: Amber Wood, Deputy Cl r W•sy a'= :�ar�? 5Py� '055 111 0, SETTLEMENT AGENT CERTIFICATION The HUD -1 Settlement Statement which /have prepared is a true and accurate account of this os005ctie Ibsen cay5sed the funds to be disbursed in monrOe with this slate I. 4I47 S eat 9g4 U Date Previous Editions are Obsolete - Page 2 - form HUD -1 (3(86) Handbook 4300.2 Qm PLAT OF SURVEY LEGEND 0 FOUND IRON PIN • SET IRON PIN SCALE 1 "=200' x- FENCE LINE .O FOUND STONE 0 200 400 S8B'57.'26'W 1326.9$ NE CORNER NW\4 NW\4 o -_.,.•...._.J. SECT 10 -16N -30W NW CORNER SECT. 10 -16N -30W rti 3 Q z N89'0'I9'E 483.79' z I SEC 10 T I - R -30-W LOCATION MAP FLOOD CERTIFICATION! 171E HERON DESCRIBED TRACT IS IN A NON -FLOODED AREA AND NOT BITNIN THE 100 YEAR FLOOD PLAIN. BASIS ➢F BEARINGS ASSUMED 263,99' N0930'240 z w 40 V1 CITY SEWER I S89'32'32'W PT. NC\4 NW\4 SECT. 10-I6N-30W +\- 13.75 ACRES se C►y T` Cu • C/D U •= 'V a,! Q .11:1- I — C\1 UO U T 0 luJ NNW>r�i0 -J 626.45' 1OW0. F,Li ' r3-i YDr oam w0D CREST POB 0 DRIVE SW CORNER . m"clii� NE\4 NW\4 SECT. k0 -16N -30W o srp m OQLL3m l- BOUNDARY DESCRIPTION A PART OF THE NE\4 OF THE NW\4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY TRACT FOR DESCRIBEDCOMMENCE THE POINTOF BEGINNING ANDRUNTHE CORNER SAID Y THENCEN0'32' 5 W ALONG THE WEST LINE OF ACRE SAID FORTY 851.78 FEETI THENCE N89'0'19'E 483.79 FEET TO A FOUND STONE) THENCE N0'24'15'W 139.45 FEET TO A FOUND IRON PINT THENCE N89.30'24,E 263.98 FEET TO A FOUND IRON PIN) THENCE SO'55'55'E 376.00 FEET) THENCE 589.32'32'W 122.64 FEETITHENCE S0.22'51'C 609.85 FEET TO THE SOUTH LINE OF CSAID ONTAINING 113.75NACRES, MORE R LESS, WASHINGTON COUNTY, UTH LINE 6ARKANSAS.45 FEET TD THE POINT OF BEGINNING AND SUBJECT TO A SEWER LINE EASEMENT TO THE CITY OF FAYETTEVILLE WATER AND SEWER DEPT. AND ANY OTHER RIGHT OF WAYS AND\OR EASEMENTS OF RECORD. Sg STA7Z0p $1RVEY0fl'5 CERTIFICATION JANUARY 8, 2006 ARrpD;gp8 I HEREBY CERTIFY THAT THIS PLAT j E IS A DEPICTION OF A FIELD SIRvEY JUNE 25, 2007 CORRECTED DESCRIPTION CuRSE WITH FHEPRESENTLY BY HE IN ACCORDANCE ANDARIS P SENTLYAPPLICABLE 3 { IN THE STATE of ARICAIshs. GORE ENGINEERING & LAND SURVEYING nc y y S l Acmas E. Care. R.LS. Arkansas RaglNVOOon ROY 8, BETTY HUMMEL No. 1298 CLIENT : 1/y { 12957 RHEAS MILL ROAD FARMIN2A7' ARKANSAS 72770 CITY CWNTY PH(479)957-3405 FAYETTEVILLE WASHINGTO "•' STATE JOB NO. 500 -16N -30W-0-10-410-72-1298 ARKANSAS WC -372! aIW LENDERS TITLE C O M P At"t Y TAX PRORATION AND ASSESSMENT AFFIDAVIT Buyer(s): City of Fayetteville, Arkansas Seller(s): Trustee of the Forrest F. Brooks Revocable Trust File 07-028994-500 No.: Property Address: Fayetteville, AR 72701 765-14108-000 Legal Desc.: A part of the.NE 1/4 of the NW 1/4 of Section 10, Township 16 North, Range 30 West, being more particularly described as follows: Commence at the Southwest corner of said Forty acre tract for the point of beginning and run thence N 0°3215" W along the West line of said Forty 851.78 feet; thence N 89°0'l9" L 483,79 feet to a found stone; thence N 0°24'15" W 139,45 feet to a found iron pin; thence N 89°30'24" E 263.98 feet to a found iron pin; thence S 0°55'55" E 376.00 feet; thence S 89°32'32" W 122,64 feet; thence S 0°22'51" E 609.85 feet to the South line of said Forty; thence S 88°37'27" W along said South line 626.45 feet to the point of beginning and containing 13.75 acres, more or less, Washington County, Arkansas. Subject to a sewer line easement to the City of Fayetteville Water and Sewer Dept. and any other rights -of -way and/or easements of record. The undersigned hereby acknowledge that it is our responsibility to assess the above described property with the Washington County Tax Assessor's Office. Buyer and Seller further acknowledge that the tax figures and proration used by Lenders Title Company in facilitating the closing between the parties hereto with regard to the above described property are estimates based on the assessments for the prior tax year. We aclatowledge our understanding that taxes are subject to being changed by the taxing authorities and, therefore, agree to hold Lenders Title Company, its title insurance underwriter, or any of their successors or assigns harmless for any loss or damage occasioned by a change in the taxes assessed against the above described property. By affixing our signatures hereto, the undersigned authorize Lenders Title Company to use the prorated tax figures shown on the HUD -1 Settlement Statement in conjunction with this closing. It is understood that any difference in the taxes prorated for this transaction and the amount of taxes actually assessed and billed against the subject property shall be the sole responsibility of the undersigned parties and not Lenders Title Company. Seller(s): Buyer(s): . Forrest F. Brooks Revo able Trust City of ayetteville, Arkansas By: Betty . Hummel, Successor Trustee By: an Coody, Mayor LTC•T-�P-4o ma nsuumm�,"t 1 of2 rK 'c ' FLk AYETiEVi1 �E : By: Amber Wood, Deputy City Clerk x'91'' 4'QkANSPyJ''�`_ STATE OF ARKANSAS COUNTY OF WASHINGTON SUBSCRIBED AND SWORN to before me, a Notary Public, June 29, 2007. My commission Expires: jFFICIAL SEAL OFFICIAL SEAL ANOR E. PARIZEK PUBLIC. ARKANSAS ELEANOR E. PARIZEK NOTARY PUBLIC . ARKANSAS ,: %. , yfNOTON COUNTY ,ION XP. 07! WASHINGTON COUNTY CO ISSIO piZ arc-i�Pmrnnon a,a2 of 2 LENDERS TITLE C_$2__ M__ P A N Y i 1 1 ► a .C. d_ Buyer(s): City of Fayetteville, Arkansas Date: June 29, 2007 Seller(s): Trustee of the Forrest F. Brooks File: 07-028994-500 Revocable Trust Legal Description: A part of the NE 1/4 of the NW 1/4 of Section 10, Township 16 North, Range 30 West, being more particularly described as follows: Commence at the Southwest comer of said Forty acre tract for the point of beginning and run thence N (}32'l5" W along the West line of said Forty 851.78 feet; thence N 89°0'19" E 483.79 feet to a found stone; thence N 0°24' 15" W 139.45 feet to a found iron pin; thence N 89°30'24" E 263.98 feet to a found iron pin; thence S 0°55'55" E 376.00 feet; thence S 89°32'32" W 122.64 feet; thence S 0°22'51" E 609.85 feet to the South line of said Forty; thence S 88°3727" W along said South line 626.45 feet to the point of beginning and containing 13.75 acres, more or less, Washington County, Arkansas. Subject to a sewer line easement to the City of Fayetteville Water and Sewer Dept. and any other rights -of -way and/or easements of record. As a condition to proceeding with this transaction, the undersigned agree to execute any additional documents which may be required, or will correct any documents which are executed in conjunction with this closing, in order to make the loan (if applicable) eligible for conformity with the loan purchase commitment of the investor, to properly convey title, to release any encumbrance satisfied in conjunction with this transaction, or to properly encumber the title to the subject property with any mortgage, easement or other encumbrance executed in conjunction with this transaction. Any request by the lender and/or Lenders Title Company for the execution of additional documents or for corrections to documents which have already been executed shall be prima facie evidence of the necessity for same. A written request from the lender, investor, or Lenders Title Company addressed to the undersigned shall be conclusive evidence of the necessity for such additional documents and/or corrections. SELLER(S): Forrest F. Brooks Revocable Trust By: Betty A. Hummel, Successor Trustee C1:;Gpfir ,FAYETTEVILLE• yRk SP5s BUYER(S): City of F etteville, Arkansas By: Dan Coo y, Mayor By: Amber Wood, Dep ty Clerk ACKNOWLEDGMENT SUBSCRIBED AND SWORN to before me, a Notary Public, June 29, 2007. t he My commission Expires; OFFICIAL SEAL LT!- �o"unrnt Rcruun Aysmsn.nF 1 of 2FNOTARY LEANOR E. PAR12EK PUBLIC. ARKANSAS ASHINGTON COUNTY Mt5StAN Flip lf7,9A�9Mn LTC- nomixm rt<yinonAg�xmmi.nf 2 of 2 Mike LENDERS TITLE C O M P A N Y DISCLOSURE, AFFIRMATION & AGREEMENT REGARDING BUSINESS PRACTICES The undersigned Parties, hereby state and affirm that they are the parties to a real estate transaction, the closing of which is being facilitated by Lenders Title Company, with regard to the following described property located in Washington County, Arkansas, to -wit: A part of the NE 1/4 of the NW 1/4 of Section 10, Township 16 North, Range 30 West, being more particularly described as follows: Commence at the Southwest corner of said Forty acre tract for the point of beginning and run thence N 0°3215" W along the West line of said Forty 851.78 feet; thence N 89°0'19" E 483.79 feet to a found stone; thence N 0°24'15" W 139.45 feet to a found iron pin; thence N 89°30'24" E 263.98 feet to a found iron pin; thence S 0°55'55" E 376.00 feet; thence S 89°32'32" W 122.64 feet; thence S 0°22'51" F 609,85 feet to the South line of said Forty; thence S 88°37'27" W along said South line 626.45 feet to the point of beginning and containing 13.75 acres, more or less, Washington County, Arkansas. Subject to a sewer line easement to the City of Fayetteville Water and Sewer Dept. and any other rights -of -way and/or easements of record. In consideration of Lenders Title Company facilitating the closing of the transaction and/or issuing title insurance policies covering the above described property, Parties hereby state and affirm as follows: 1. Parties acknowledge their right to employ an attorney of their choosing to review and/or prepare documents to be executed in conjunction with this transaction. Parties acknowledge that they have either employed an attorney of their choosing to review and/or prepare the documents to be executed in conjunction with this transaction or that they hereby expressly waive such right and decline to employ an attorney for that purpose. 2. In the event that Parties have waived their right to have an attorney of their choosing review and/or prepare the documents to be executed in conjunction with this transaction, Parties hereby authorize and instruct Lenders Title Company to complete such documents. 3. Parties acknowledge their understanding that the form of the documents to be utilized in the closing conducted by Lenders Title Company, except for those documents provided by third parties such as lenders, surveyors, termite companies, etc., have been approved by a licensed Arkansas attorney, but that the actual documents to be executed by the necessary parties may not have been reviewed by an attorney in their completed form. Parties farther acknowledge that the term "form" as used herein is not limited to pre-printed fill -in -the -blank instruments, but may include instruments that appear in an electronically merged format. 4. Parties hereby acknowledge that they are not being charged a fee by Lenders Title Company for the preparation or completion of any documents. While the HUD -1 Settlement Statement to be utilized in facilitating the closing of the transaction may indicate that a "Processing Fee" is being charged by Lenders Title Company, it is expressly understood that said fee is being charged for the assimilation, copying, faxing, handling, and processing of the closing package incidental to the real estate transaction at issue and not for the preparation of any documents. 5. Parties hereby acknowledge their understanding that any title or underwriting examination conducted by Lenders Title Company is solely for the benefit of Lenders Title Company and its title insurance underwriter in underwriting rtle c1i,ai mr i br,rirari°R =G, ]nidal rrc 1deiuircade" (Seile,) tre-xsr�rnc,n d.w�nori.o�ion R,1,,€ nikrcf 1 of insurance policies to be issued covering the above described property and not as an agent of the parties. 6. Parties hereby acknowledge that any funds provided for the real estate transaction may be placed in an interest bearing escrow account, Parties hereby waive any and all claims which they may have to the interest which may accrue on account of their funds being placed in an interest bearing escrow account. 7. Parties hereby acknowledge that fees shown on the HUD -1 Settlement Statement for recording and overnight delivery are only estitnates. The actual costs for these services vary due to the number of pages which must be recorded or the specific rates of the overnight carrier. In order to accomplish a final closing of this matter, Lenders Title Company hereby assumes responsibility for any shortage between the estimated fees collected and actual costs and Parties hereby waive any claim for any overage between the estimated fees collected and actual costs. 8. Parties further understand and agree that Lenders Title Company has not and will not provide financial, legal and/or tax advice. You should only rely upon the advice provided by your own financial, legal and/or tax advisor. SELLER(S): BUYER(S): Forrest F. Brooks Rev/ble Trust Tj City of Fa ettevilie, Arkansas By: Betty . liuumineI, Successor Trustee B3" an Cody, Mayor 57 =� �p By: Amber Wood, Dep ty CI lerk FAYETTEVILLE SUBSCRIBED AND SWORN to before me, a Notary Public, June 29, 2007 tyuic My commission Expires: OFFICIAL SEAL ELEANOR E. PARIZEK NOTARY PUBLIC. ARKANSAS WASHINGTON COUNTY C 212 aIC LENDERS TITLE C 0 'L PA N Y NOTICE A REAL ESTATE TRANSACTION CAN BE COMPLEX, BOTH FINANCIALLY AND LEGALLY. LIKEWISE, CLOSING A REAL ESTATE TRANSACTION AND UNDERWRITING TITLE INSURANCE POLICIES CAN BE COMPLEX AND COMPLICATED. AS PART OF THE CLOSING PROCESS, YOU WILL BE ASKED TO REVIEW AND EXECUTE NUMEROUS AFFIDAVITS, AFFIRMATIONS, AGREEMENTS AND INDEMNITIES FOR THE BENEFIT OF LENDERS TITLE .COMPANY WITH REGARD TO THE VARIOUS RISKS THAT IT IS ASSUMING IN CLOSING THIS REAL ESTATE TRANSACTION AND/OR INSURING THE TITLE TO THE REAL PROPERTY. EACH OF THESE DOCUMENTS SHOULD BE CAREFULLY REVIEWED BEFORE YOU EXECUTE THEM, ALL PARTIES TO A REAL ESTATE TRANSACTION WHICH IS BEING CLOSED BY LENDERS TITLE COMPANY ARE ADVISED TO CONSULT THEIR FINANCIAL, LEGAL AND/OR TAX ADVISOR REGARDING ANY AND ALL DOCUMENTS WHICH YOU ARE BEING REQUIRED TO EXECUTE. BY PROCEEDING WITH THE CLOSING OF THE REAL ESTATE TRANSACTION AS EVIDENCED BY THEIR SIGNATURES HEREON, THE UNDERSIGNED PARTIES ACKNOWLEDGE THAT THEY HAVE SOUGHT THE ADVICE OF THEIR FINANCIAL, LEGAL AND/OR TAX ADVISORS OR THAT THEY HAVING KNOWINGLY WAIVED THEIR RIGHT TO DO SO. IT IS FURTHER UNDERSTOOD AND AGREED BY THE UNDERSIGNED PARTIES THAT LENDERS TITLE COMPANY HAS NOT AND WILL NOT PROVIDE FINANCIAL, LEGAL AND/OR TAX ADVICE. SELLER(S): BUYER(S): Forrest F. Brooks Revocable Trust dated 3-26-04 City of Fa etteville, Arkansas By Betty.A.Hummel, Successor By: ban Coolly, May Trustee +��RKiTRr�Sry�4 +U�G,•G�(YOF •Gp By: Amber Waod, Dep i Clerk FAYETTEVILLE• Date: June 29, 2007 '�,;/� GTOt� c°•' Date: June 29, 2007 Lic • St gn Wn.innf 1 of 1 A!� LENDERS TITLE 5.S) M Y A N Y xr v Buyer(s): City of Fayetteville, Arkansas. File 07.028994-500 No.: Property Address: Fayetteville, AR 72701 765-14108-000 Legal Desc.: Apart of the NE 1/4 of the NW 1/4 of Section 10, Township 16 North, Range 30 West; being more particularly described as follows: Commence at the Southwest corner of said Forty acre tract for the point ofbeginning and run thence N 0°32'15" W along the West line of said Forty 851,78 feet; thence N 89°0'19" E 483.79 feet to a found stone; thence N 0°24`15" W 139.45 feet to a found iron pin; thence N 89°30'24" E 263,98 feet to a found iron pin; thence S 0°55'55' E 376.00 feet; thence S 89°32'32" W 122.64 feet; thence S 0°2251" B 609.85 feet to the South line of said Forty, thence S 88°3727' W along said South line 626,45 feet to the point of beginning and containing 13.75 acres, more or less, Washington County, Arkansas. Subject to a sewer line easement to the City of Fayetteville Water and Sewer Dept. and any other rights -of -way and/or easements of record. The undersigned Buyer(s) hereby state and affirm that we have been made aware of the following items disclosed by a survey dated 1/8/2006 and revised June 25, 2007 and prepared by Gore Engineering & Land Surveying, License No, 1298, which is incorporated herein by reference: none The undersigned Buyer(s) hereby agree to held ham less Lenders Title Company and its title insurance underwriter for any loss, cost, damage, or action which may arise or be suffered by the undersigned as a result of the aforementioned items. The undersigned Buyer(s) acknowledge that any future correction or forced removal of any of the aforementioned items will be at their sole expense BUYER(S): ,E�kEq City of etteville, Arkansas `ah,G �,\IY0� G' z°:11 •, FAYETTEVI LLE ; i3y an oody, -ayor ss.9y 5�°'` KAN By: Amber Wood, T1epu i lerk Ln-m.oryrr�arm,�u":nr 1 of2 SUBSCRIBED AND SWORN to before me, allotaryPublic, June 29, 2009. Public My commission Expires: PARkZEK NOTARY 2 Seller Property Disclosure Page 1 of 7 Form Serial Number: 07EADM-6JK75U-15U701 Copyright Arkansas RA1 FOR® EOPPOR UpTHG Y REALT0RS® Association TO BE COMPLETED BY SELLER: (_-Plea a Prinntt)j Date: Seller(s): 45 45l'..-CCL t% �-- A5 I/O Seller O is not occupying the Property. If Seller is occupying or has occupied the Property, give length of occupancy in years: fraS Property Address: l // Cre / , 7$"— Approximate finished, heated & cooled square footage (if applicable); Approximate Date of Construction: Please check the following boxes as they apply to the Property: ❑ Water, and is provided by ❑ A rural water district or of y 'A municipality or county: ❑ Well �❑ Other: O Natural gas, and is provided by: �{5 ❑,Propane tank: ❑ Owned ❑ Rented from: 1d Electricity, and is provided by: t GD -- r� "Sewer, and is provided by ❑ A non -municipal sewer system: 0A municipality or county: ®� ❑ Septic system (See questions #2 & 3, followin age). Type, if own: ❑ Other: El Mandatory Property Owner's Association Dues: Amount $ Frequency; ❑ S ecial Property Assessment: Amount $ Frequency: Cable/satellite television, and is provided by: I3ftJephone, and is provided by: hd'Ga a pickup, and is provided by: .�1� -ems ire protection, and is provided by: ui, .e ❑ Termite policy (current), and is provided by (Name of Company). ❑ Homestead Tax Credit has been claimed for the tax year of ❑ A Tax Benefit (tax assessment frozen) for over 65 or handicapped status has been claimed by Seller. Purpose Of Statement: This is a statement of conditions and information concerning the Property. Unless otherwise advised, Seller does not possess any expertise in construction, architecture, engineering or any other specific areas related to the construction or condition of improvements on the Property or the Property itself, other than occupying or having ownership of the Property. Seller possesses no greater knowledge than that which could be obtained by inspection of the Property by potential buyers, lessees, tenants or their representatives. This statement is not a warranty of any kind by Seller, Listing Firm or any subagent of Listing Firm. THIS DISCLOSURE IS NOT A SUBSTITUTE FOR INSPECTIONS. ANY POTENTIAL BUYER OF THE PROPERTY IS ENCOURAGED TO OBTAIN A PROFESSIONAL, PERSONAL OR OTHER INSPECTION PRIOR TO PURCHASING, LEASING, EXCHANGING, RENTING OR OFFERING TO PURCHASE THE PROPERTY. Instructions to Seller: (1) Complete this form yourself. (2) Report known conditions affecting the Property. (3) Attach additional pages with your signature if additional space is required. (4) Answer ALL questions. (5) If some items do not apply to Property check "Not Applicable." (6) If you do not know the answer to a question or do not understand a question, check the answer "Unknown." Seller's Statement: Even though this is not a warranty, Seller hereby specifically makes the following representations based on Seller's knowledge as of the above date. Seller agrees to immediately notify Listing Firm in writing and to modify this Seller Property Disclosure if any answer set forth below changes prior to Closing. Unless a potential buyer desires not to obtain a copy of this statement (as expressly set forth in a Real Estate Contract), Seller authorizes Listing Firm to provide a copy of this statement to any person or entity in connection with any possible, actual or anticipated sale, exchange, lease or rental of the Property. 1 of Form #ARA39, Rev. 061019 Seller Property Disclosure Page2of7 Form Serial Number: 07EADM- 6 JK7 5U -15U7 01 2007 LJ Arkansas lQUL RE/1LTOR® oPvoR"ne°iri REALTORS® Association THE FOLLOWING STATEMENTS ARE MADE BY SELLER AND ARE NOT REPRESENTATIONS OF ANY AGENT(S) AND/OR SUBAGENT(S) OF SELLER. THE STATEMENTS MADE BY THE SELLER ARE BASED SOLELY UPON THE SELLER'S KNOWLEDGE AND INFORMATION AND DO NOT CONSTITUTE ANY REPRESENTATION OR WARRANTY BY THE SELLER AGAINST ANY CONDITIONS THAT MAY EXIST THAT ARE UNKNOWN TO THE SELLER. THE BUYER IS AGAIN STRONGLY ENCOURAGED TO CONDUCT AND OBTAIN INSPECTIONS OF THE PROPERTY. To my knowledge, concerning the Property referenced above: 1. To your knowledge, are there any features of the Property ❑ ❑ O shared in common with adjoining landowners, such as walls, Yes No Unknown Not Applicable fences, driveways, septic systems, water wells, satellite dishes, or shared meters or shared utilities? 2. To your knowledge, is there now or has there ever been a ❑ f ❑ ❑ waste disposal maintenance and monitoring contract with Yes No Unknown Not Applicable maintenance personnel certified by the Arkansas Department of Health and Human Services? 3. To your knowledge, have there been any problems with any ❑ LY ❑ ❑ private sewer or water system, septic system, water well, or Yes No Unknown Not Applicable other system or utility servicing the Property? 4. To your knowledge, are there any encroachments, ❑ E O ❑ easements, leases, liens, mortages or deeds of trust, Yes No Unknown Not Applicable contracts for sale or installment land sales contracts, adverse possession claims or similar matters that affect the Property that a title search would not reveal? 5. To your knowledge, have there been any room additions, ❑ ❑ ❑ structural modifications or other alterations or repairs made Yes No Unknown Not Applicable to the Property since the Property was originally constructed? 6. If the answer to Question 5 was "Yes," to your knowledge ❑ ❑ ❑ were such structural changes done following issuance of a Yes No Unknown Not Applicable — permit and in compliance with building codes? 7. To your knowledge, are there any underground storage ❑ ❑ ❑ tanks of any kind located on the Property? Yes No Unknown Not ADplicable 8. To your knowledge, has there been any settling from any ❑ ❑ ❑ cause, or slippage, sliding or other poor soil conditions at the Yes No Unknown Not Applicable Property or to adjacent properties? 9. To your knowledge, has there been any flooding, drainage, ❑ -❑ ❑ grading problems, or has water ever stood on the Property Yes No Unknown Not Applicable or under any improvement constructed thereon? 10. To your knowledge, has there been any damage to the ❑ IY ❑ ❑ Property or any of the structures from fire, earthquake, Yes No Unknown Not Applicable storms, floods or landslides prior to or during your ownership? 11. To your knowledge, are there any Bills of Assurance, deed ❑ 57 ❑ ❑ restrictions, other obligations, or other use restrictions for the Yes No Unknown Not Applicable Property that a title search would not reveal? 12. To your knowledge, is there a Homeowners Association, ❑ LV ❑ ❑ historical preservation district, or architectural committee or Yes No Unknown Not Applicable board that has any authority over the Prooerty? 2 of Form #ARA39, Rev. 061019 Seller Property Copyright Disclosure = 2007 Arkansas Page 3 of 7 n�A�ror�® . "G REALT0RS@ Association Form Serial Number: 07EADM- 6JK7 5U- 15U7 01 13. To your knowledge, are there any violations or ❑ ❑ ❑ nonconforming uses of the Property regarding zoning, land Yes No Unknown Not Applicable use restrictions or "setback" requirements or matters not disclosed in Questions 11 and 12? 14. To your knowledge, are there any common areas such as ❑ ❑ ❑ pools, tennis courts, driveways, roads or walkways Yes No Unknown Not Applicable co -owned with or used by others? 15. To your knowledge, are there any notices of abatement or ❑ ❑ ❑ citations against the Property? Yes No Unknown Not Applicable 16. To your knowledge, are there any lawsuits affecting this ❑ ❑ ❑ Property or judgments against Seller that would affect the Yes No Unknown Not Applicable title or sale of the Property? 17. To your knowledge, are there any neighborhood noise ❑ ❑ ❑ problems or other nuisances that would not be normal for Yes No Unknown Not Applicable this type of Property? 18. To your knowledge, are there any defects in the mechanical, ❑ ❑ ❑ electrical, plumbing, appliance, heat and air, water, sewer or Yes No Unknown Not Applicable septic systems of the Property? 19. To your knowledge, are there any defects in the structure(s) 0 ❑ ❑ or sub-structure(s) of any improvements located on the Yes No Unknown Not Applicable Property? 20. To your knowledge, is any of the Property in the floodplain or ❑ ❑ ❑ floodwa ? Yes Ni Unknown Not Applicable 21. To your knowledge, has any lender required you to purchase ❑ bK ❑ ❑ flood insurance on the Property? Yes No Unknown NotAoplicable 22. To your knowledge, has there ever been a problem with the ❑ El ❑ roof of any of the improvements on the Property, such as Yes No Unknown Not Applicable defective shingles, damaged shingles, leaking or otherwise? 23. To your knowledge, is there any infestation by termites or ❑ ❑ ❑ other wood -destroying insects? Yes No Unknown Not Applicable 24. To your knowledge, is there there any damage from a ❑ ❑ ❑ previous infestation of this type on the Property? Yes No Unknown Not Applicable 25. Do you have knowledge or have you ever received notice El ❑ ❑ from a termite company or other person or entity concerning Yes No Unknown Not Applicable possible problems or potential problems with the Property? 26. Have you ever filed or made an insurance claim, warranty ❑ ❑ i7 claim, or other claim concerning the Property? Yes No Unknown Not Applicable Seller is aware that insurance claims against this Property may affect the availability/affordability of a buyer's ability to obtain homeowners insurance and thus obtaining of a mortgage. 27. Have you ever received a settlement of a claim and not El ❑ ❑ made repairs to improvements on the Property? Yes No Unknown Not Applicable 28. To your knowledge, has any person or entity ever refused to ❑ 0 0 complete the purchase of the Property because of an actual Yes No jJnknown Not Applicable or alleged problem with the condition of the Property? 29. To your knowledge, are there any leases or rental ❑ ❑ ❑ agreements currently in effect on the Property? Yes No Unknown Not Applicable (Page 3 of 7) Form #ARA39, Rev. 061019 Seller Property copyright 2007 Disclosure ,= Arkansas Page 4 of 7 REALTORS aPvou„rr REALTORS® Association Form Serial Number: 07EADM- 6 JK7 5U -15U7 01 30. To your knowledge, has any part of the Property been ❑ EY ❑ ❑ designated as Wetlands? Yes No Unknown Not Apolicable 31. To your knowledge, are there any persons or entities, other ❑ LY ❑ O than those listed above as "Sellers," who claim or have Yes No Unknown Not Applicable ownership or leasehold interest in the Property? 32. To your knowledge, are there any existing pipelines carrying ❑ 1ff ❑ ❑ oil, gas or chemicals underneath or adjacent to the Property Yes No Unknown. Not Applicable or are there any pipeline rights -of -way or easements over or adjacent to the Property? 33. To your knowledge, has there been an unsatisfactory ❑ L1 ❑ ❑ percolation, groundwater, or soil test concerning the Yes No Unknown Not Applicable Property? 34. To your knowledge, has any boundary discrepancy or ❑ ❑ ❑ unsatisfactory condition concerning the Property been Yes No Unknown Not Applicable disclosed to you, including information obtained from a boundary survey, environmental report or property inspection of the Property? 35. To your knowledge, are there any facts, circumstances or ❑ ❑ O events on or around the Property which, if known to a Yes No Unknown Not Applicable potential buyer, could adversely affect in a material manner the value or desirability of the Property? 36. To your knowledge, have any of the improvements on the ❑ ❑ ❑ Property been constructed at another site then moved onto Yes No Unknown Not Applicable the Property? 37. To your knowledge, does the Property contain any exterior ❑ O ❑ insulation finish system (EIFS) or synthetic stucco or similar Yes No Unknown Not Applicable com onents? 38. To your knowledge, is there any surface or sub -surface ❑ ❑ ❑ mining or extraction for coal, gravel, rock, oil, gas, or other Yes No Unknown Not Applicable minerals on the Property or on adjacent properties? 39. To your knowledge, is there any person or entity claiming or O ❑ ❑ possibly having the right to claim: (i) the right to extract any Yes No Unknown Not Applicable minerals, oil, natural gas, coal or other minerals from the surface or sub -surface of the Property; or (ii) ownership of anv sub -surface or mineral rights to the Property? 40. To your knowledge, is the Property specially constructed or ❑ W ❑ ❑ modified to permit access and use by a person with a Yes No Unknown Not Applicable physical disability? 41. Does Seller hold a real estate license? ❑ ❑ ❑ Yes Na,'Unknown Not Applicable 42. To your knowledge, does any person owning an interest in ❑ V ❑ ❑ the Property (if Seller is a corporation or other entity) hold a Yes No Unknown Not Applicable real estate license? 43. To your knowledge, are there any other defects in the ❑ ❑ ❑ Property? Yes No Unknown Not Applicable 44. To your knowledge, are there landfills, hazardous waste, ❑ ❑ ❑ asbestos, radon gas, urea -formaldehyde, electromagnetic Yes No Unknown Not Applicable fields, or other substances that may affect the Property or the occupants of the Property? (Page 4 of 7) Form #ARA39, Rev. J Seller Property Disclosure Copyright 2007 Arkansas Page 5 of 7 REALTOR o i Y REALT0RS® Association Form Serial Number: 0 7 EADM- 6JK7 5U -15U7 01 45. Is Seller aware of any unlawful chemical or drug substances O EV ❑ ❑ or their manufacture within the Property? Yes N Unknown Not Applicable 46. To your knowledge, are there any notifications of ❑ ❑ ❑ environmental conditions about the Property from the EPA, Yes No Unknown Not Applicable — overnmental agencies, or some other source? 47. To your knowledge, in what school district is 3he Property located? Elementary:n Middle/Junior High: Senior High: If the answer to any of these is yes, explain. Attach additional sheets if necessary. 5 of 7) Form ARA39, Rev. 061019 Copyright Seller Property 2Q07 Disclosure IJ 'L=J' Arkansas Page 6 of 7 REALTOR® Pd Hv REALT0RS® Association Form Serial Number: 0 7 EADM- 631(75U- 15 U7 01 48. To your knowledge, were any improvements on this Property constructed prior to 1978? ❑ Yes No ❑ Unknown• ❑ Not Applicable 49. To your knowledge, are there lead -based paint or lead -based paint hazards on any improvements to the Property including, without limitations, garages, tool sheds, other outbuildings, fences, signs and mechanical equipment on the Property? ❑ Yes ❑ No ❑ Unknown Not Applicable NOTICE: If either questions 48 or 49 are answered with "Yes" or "Unknown," the Lead -Based Paint Disclosure must be completed and acknowledged by all parties to the real estate transaction and attached to ANY Real Estate Contracts associated with this Property. MOLD ENVIRONMENTAL CONDITIONS: Mold, mildew, spores and other microscopic organisms and/or allergens (collectively referred to as "mold's are environmental conditions that are common in residential properties and may affect the Property. Mold, in some forms, has been reported to be toxic and may cause serious illnesses, including, but not limited to, allergic and/or respiratory reactions or other problems, particularly in persons with immune system problems, young children and/or the elderly. Mold has also been reported to cause extensive damage to personal and real property. Selling Firm or Listing Firm cannot suggest, refer, recommend, or infer that you should or should not use a Mold Inspector. Should you desire an inspection by a Certified Mold Inspector, you should contact an inspector who has been authorized to capture mold samples and/or air samples for laboratory testing. No warranty, representation or recommendation can be made by any went or representative of Selling Firm or Listing Firm concerning any Mold Inspector. The person(s) signing this Disclosure is STRONGLY URGED to independently determine the competency of any Mold Inspector to be used ip connection with the purchase, sale or rental of real estate. 50. To your knowledge, is there or has there ever been any past or present water intrusion? ❑ Yes ❑ No Unknown Not Applicable 51. To your knowledge, is there or has there ever been any presence of mold? ❑ Yes ❑ No ❑ Unknown Not Applicable If the answer to any of the above four questions is yes, explain. Attach additional sheets if necessary. (Page 6 of 7) Form #ARA39, Rev. 061019 . a rf.. _ ._ � ._i_ _ f'.nnvrinht c111 r i VNCI Ly Q 2007 Disclosure Arkansas Page 7 of 7 a PM REALT0RS® Association If the presence of a registered sex offender is a matter of concern to Buyer, Buyer understands that Buyer must contact local law enforcement officials or access the State of Arkansas registered sexual offender website at 'http://www.acic.org' regarding such information. Buyer is strongly urged, as part of any pre -closing investigation desired by Buyer concerning the Property to. (1) conduct testing for possible existence of chemical or drug substances in, on or about the Property, as desired by Buyer, and (ii) to visit with applicable law enforcement authorities about possible prior illegal activity on or about the Property. THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS® ASSOCIATION. THE SERIAL NUMBER BELOW IS A UNIQUE NUMBER NOT USED ON ANY OTHER FORM. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE COPIED, OTHERWISE THE FORM MAY HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF IT WAS PREPARED AFTER DECEMBER 31, 2007. FORM SERIAL NUMBER: 0 7 EADM- 6 JK7 5U -15U7 01 SELLER HEREBY AUTHORIZES (UNLESS A POTENTIAL BUYER DESIRES NOT TO OBTAIN A COPY OF THE STATEMENT AS EXPRESSLY SET FORTH IN A REAL ESTATE CONTRACT) ALL AGENTS INVOLVED IN THE SALE, EXCHANGE, LEASE OR RENTAL OF THE PROPERTY TO DISTRIBUTE THIS FORM TO PROSPECTIVE BUYERS, LESSEES OR TENANTS OF THE PROPERTY. THIS SELLER PROPERTY DISCLOSURE IS INCORPORATED INTO THE LISTING AGREEMENT EXECUTED BY SELLER AND LISTING FIRM. SELLER FURTHER CERTIFIES THAT THE INFORMATION HEREIN IS TRUE AND CORRECT TO THE BEST OF SELLER'S KNOWLEDGE AS OF THE ABOVE DATE. SELLER FURTHER AGREES TO NOTIFY IN WRITING BUYERS, LESSEES, TENANTS AND LISTING FIRM OF ANY CHANGES IN THIS DISCLOSURE THAT MAY BECOME KNOWN TO SELLER AFTER THIS DATE. COUNTERPARTS: This Seller Property Disclosure may be executed in multiple counterparts each of which shall be regarded as an original hereof but all of which together shall constitute one in the same. Submitted by: Signature: Signature: Printed Name: 7 0 d a fi / Printed Name: Seller Seller (Month) (Day), c (Year) OU at (a.m.)(p.m.) WE ACKNOWLEDGE RECEIPT OF A COPY OF THIS SELLER PROPERTY DISCLOSURE. WE UNDERSTAND THAT THE ABOVE STATEMENTS ABOUT THE PROPERTY ARE TRUE AND CORRECT TO THE BEST OF SELLER'S KNOWLEDGE AS OF THE ABOVE DATE. IT IS NOT A WARRANTY OF ANY KIND BY SELLER OR SELLER'S AGENT AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS BUYER, LESSEE OR TENANT MAY WISH TO OBTAIN. BUYER'S LEAD -BASED PAINT DISCLOSURE ACKNOWLEDGEMENT: 1. Buyer has received copies of all records and reports pertaining to ❑ 0 -0 lead -based paint or lead -based paint hazards in or about the Yes No Unknown Not Applicable Properly available to Seller. 2. Buyer has received a copy of the pamphlet, "Protect Your Family ❑ ❑ ❑ From Lead In Your Home". Yes No Unknown .Not Applicable Received by: Signature: Signature: Printed Name: Printed Name: c Buye Buyer (Month) ( �l (Year) X3Z at g I O J(p.m.) (Page 7 of 7) Form #ARA39, Rev. 061019 City of Fayetteville, Arkansas Budget Adjustment Form Budget Year Department: Sales Tax Capital Improvements Date Requested 2007 Division: Program: 6/5/2007 Adjustment Number Project or Item Added/Increased: Project or Item Deleted/Reduced: $495,000 is being requested in the Land Acquistion To recognize $167,000 from a donation from the account for the Brooks -Hummel Land Purchase. Fayetteville Natural Heritage Association. To recognize $328,000 in Installment Sale Proceeds related to the five annual installments of the purchase. Justification of this Increase: Justification of this Decrease: The $495,000 is for the purchase of 13.75 acres from the Forrest F. Brooks Recocable Trust. Increase Expense Budget (Decrease Revenue Budget) Account Name Account Number . Amount Project Number Land acquisition 4470 9470 5805 00 495,000 07027 1 Decrease Expense Budget (Increase Revenue Budget) Account Name Account Number Amount Project Number Installment Sale Proceeds 4470 0947. 6884 04 328,000 07027 1 Donations 4470 0947 4809 00 167,000 .07027 1 Approval Signatures Budget Office Use Only '^ l ?� °r3> Type: A B C D E Requested B Date Budget nager Date Posted to General Ledger Initial Date Department Director Date Posted to Project Accounting Initial Date Finance & Intema rvices rector Date ';.Entered in Category Log Initial Date 6 Mayor Date CONSERVATION EASEMENT The City of Fayetteville, Arkansas, as Grantor, for and in consideration of $179,500.00 hereby grants, bargains, sells and conveys unto Grantee Fayetteville Natural Heritage Association, Inc. a conservation easement as described below upon the property known as the Brooks -Hummel Nature Reserve more particularly described as follows: A PART OF THE NE/4 OF THE NW/4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF SAID FORTY ACRE TRACT FOR THE POINT OF BEGINNING AND RUN THENCE N0°32'15"W ALONG THE WEST LINE OF SAID FORTY 851.78 FEET; THENCE N89°0'19"E 483.79 FEET TO A FOUND STONE; THENCE N0°24'15"W 139.45 FEET TO A FOUND IRON PIN; THENCE N89°30'24"E 263.98 FEET TO A FOUND IRON PIN; THENCE S0°55'55"E 376.00 FEET; THENCE S0°22'51" 609.85 FEET TO THE SOUTH LINE OF SAID FORTY; THENCE S88°37'27"W ALONG SAID SOUTH LINE 626.45 FEET TO THE POINT OF BEGINNING AND CONTAINING 13.75 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO A SEWER LINE EASEMENT TO THE CITY OF FAYETTEVILLE WATER AND SEWER DEPT. AND ANY OTHER RIGHT OF WAYS AND/OR EASEMENTS OF RECORD. 1. Purpose. The purpose of this Conservation Easement is to ensure that the Brooks -Hummel Nature Reserve will remain forever predominately in its present condition as a nature park preserving the natural habitat as much as possible, with the City of Fayetteville retaining the right to construct, maintain and repair trails, picnic areas, benches and other park amenities which within the discretion of the City are compatible with a city nature park. The City further retains the right to construct small parking lots near access areas, to access for maintenance, repair or replacement of the existing 12" city sewer main lying approximately as shown on the January 8, 2006 Plat of Survey by Gore Engineering & Land Surveying (Exhibit A attached), and a 25' wide water/sewer easement along the south property line in order to install a future water main to connect the city's stub out water main off Woodcrest Drive to the end of Edgehill. 2. Prohibited Uses. Any activity on or use of the Brooks -Hummel Nature Reserve inconsistent with the purposes of this Conservation Easement is prohibited. Apart from necessary water/sewer main construction, repair or maintenance along the current sewer main or within the 25' easement on the south border of the property, construction of trails, benches, picnic tables and other nature park amenities (including possible small parking lots near access acres), there shall be no construction, no excavation, no harvesting of trees, no dumping, no pollution, and no gasoline powered vehicles (other than maintenance equipment such as mowers). 3. Assignment. The Grantee Fayetteville Natural Heritage Association, Inc. may only assign its interests conveyed by it through this conservation easement to a qualified organization as defined in §170 (h)(3) of the Internal Revenue Code of 1986 (or any successor section) that is organized and operated primarily for conservation purposes and such conservation organization (and any subsequent assigns) shall be required to carry out in perpetuity the conservation purposes of this easement. 4. Enforcement. Grantee Fayetteville Natural Heritage Association, Inc. shall expeditiously notify the Mayor's Office of the City of Fayetteville (113 W. Mountain, Fayetteville, AR) in writing if it believes any purpose of this easement has been violated. Both the City of Fayetteville and the Fayetteville Natural Heritage Association, Inc. have independent and joint powers (including suit for trespass, injunction, damages, etc.) to enforce this easement in the Circuit Court of Washington County, Arkansas. The City of Fayetteville's conveyance of this conservation easement to the Fayetteville Natural Heritage Association, Inc. is TO HAVE AND TO HOLD, this Conservation Easement unto the Grantee Fayetteville Natural Heritage Association, Inc. forever. IN WITNESS WHEREOF, the Grantor City of Fayetteville, by and through its elected Mayor, Dan Coody, has executed and sealed this easement with his signature attested by the elected City Clerk, Sondra Smith on this i4 day of November, 2007. GRANTOR CITY OF FAYETTEVILLE By: L DAN COODY, Mayor ATTEST: By: OYu�Jc�l Sondra E. Smith, City Clerk/Treasurer Paul A. Becker Submitted By City of Fayetteville Staff Review Form City Council Agenda Items and Contracts, Leases or Agreements 6/5/2007 City Council Meeting Date Agenda Items Only Finance Director Division Finance Department wciion rsequirea: To approve the purchase of 13.75 acres known as the Brooks -Hummel Property from the Forrest F. Brooks Revocable Trust in the amount of $495,000 to be paid over a 5 Year Period and approving a budget adjustment for $495,000 $ 495,000.00 Cost of this request 4470.9470.5805.00 Account Number 07027.1 Project Number Budgeted Item $ - Brooks -Hummel Land Purchase Category / Project Budget Funds Used to Date Remaining Balance Budget Adjustment Attached Q (LL Department Director Date Date City Attor -P c - s-%s-6� Finance and Internal Service Director •Date a1 ___ Date Mayor Program Category / Project Name Park Improvements Program / Project Category Name Sales Tax Capital Fund Name Previous Ordinance or Resolution # 52-07 Original Contract Date: Original Contract Number: Received in City Clerk's Office .7 EKT Received in Mayor's Office Revised April 16, 2007 aye IPVIS DEPARTMENTAL CORRESPONDENCE TO: Mayor Dan Coody and Fayetteville City Council FROM: Paul A. Becker, Finance Director THRU: Mayor Dan Coody DATE:May 18, 2007 SUBJECT: Acquisition of Brooks -Hummel Property .Background: Resolution 52-07 approved on March 20, 2007 authorized Mayor Coody to negotiate for the purchase of 13.75 acres from the Forrest F. Brooks Revocable Trust on behalf of the City Council. After several discussions with the agent for the Trust, it was determined that the sales price of $495,000 was firm and could not be negotiated downward. However , it was agreed upon that the City could purchase the property with a down payment of $167,000 (which includes 8,000 currently held as earnest money) and a mortgage note in the amount of $328,000, payable in five annual installments of $65,600 plus 6% interest on the unpaid balance. The down payment would be made with funds received from the Fayetteville Natural Heritage Association which would in turn receive certain development rights on the property from the City. Although this purchase was initially presented with the inclusion of the sale of 1.89 acres to the United Presbyterian Church, it is recommended that this option not be included as a part of the transaction at this time. Recommendation It is recommended that the purchase of the Brooks -Hummel Property be approved with a down payment of $167,000 and annual payments including interest of 6% over a five year period as previously described. RESOLUTION NO. A RESOLUTION TO APPROVE THE PURCHASE OF ABOUT 13.75 ACRES FOR A CITY PARK TO BE NAMED THE BROOKS- HUMMEL NATURE PRESERVE IN THE AMOUNT OF $495,000.00 AND TO SELL THE FAYETTEVILLE NATURAL HERITAGE ASSOCIATION A CONSERVATION EASEMENT ON THIS PROPERTY FOR $179,500.00; AND APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $495,000.00. WHEREAS, the Fayetteville City Council passed Resolution No. 52-07 on March 20, 2007, authorizing the Mayor to negotiate for the purchase of about 13.75 acres from the Forrest F. Brooks Revocable Trust for up to $495,000.00 if the neighbors and the Fayetteville Natural Heritage Association would purchase a conservation easement form the city for this land for $179,000.00; and WHEREAS, the Fayetteville Natural Heritage Association and adjoining neighbors have already raised $167,000.00 which can be used as the down payment for this property; and WHEREAS, Amendment 78 of the Arkansas Constitution allows a city to finance short term (five years or less) debt and the seller has agreed to carry the note and mortgage at 6% per annum for five years, compounded annually (with five equal annual payments); and WHEREAS, the seller has agreed to further convey a twelve (12) foot wide access easement from Hillcrest Avenue to this property along the north side of the Brooks' residential lot at 1602 Hillcrest Avenue. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves the Real Estate Contract attached as Exhibit "A" to this Resolution and agrees to purchase the Forrest F. Brooks Revocable Trust's approximately 13.75 acres for $495x900.00 as set forth in that contract. The City Council further explicitly agrees to sell a conservation easement to the Fayetteville Natural Heritage Association on this property for $179,500.00 and to name the property the "Brooks -Hummel Nature Reserve". Section 2: That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Coody to sign all documents: contracts, deeds, mortgages, notes, etc. necessary to fulfill the terms of the Real Estate Contract. Section 3: That the City Council of the City of Fayetteville, Arkansas hereby approves the attached budget adjustment in the amount of $495,000.00. PASSED and APPROVED this 5`h day of June, 2007. APPROVED: ATTEST: By: By: DAN COODY, Mayor SONDRA E. SMITH, City Clerk/Treasurer REAL ESTATE SALES CONTRACT 1. The City of Fayetteville, Arkansas offers to buy and the Forrest F. Brooks Revocable Trust offers to sell, subject to the terms and conditions set forth in this contract, approximately 13.75 acres more particularly described in Exhibit "A" attached hereto and made a part hereof. SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION 2. Purchase Price: Subject to the following conditions, the City of Fayetteville shall pay for the property at closing, the total cash payment of One Hundred Sixty -Seven Thousand Dollars ($167,000.00) and execute a promissory note to pay the remaining $328,000.00 in five equal annual payments with interest at 6% per annum. 3. Conveyance will be made to the City of Fayetteville by General Warranty Deed, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the property. Such conveyance shall include mineral rights owned by the Forrest F. Brooks Revocable Trust. 4. The Forrest F. Brooks Revocable Trust shall furnish a policy of title insurance in the amount of the purchase price from a title insurance company as selected by the City of Fayetteville. The Forrest F. Brooks Revocable Trust shall pay the cost of the title insurance. 5. The Forrest F. Brooks Revocable Trust agrees to provide its current survey to the City of Fayetteville. The Forrest F. Brooks Revocable Trust agrees to allow the City of Fayetteville, if the City of Fayetteville so desires, at the City's expense, to survey the property. The Forrest F. Brooks Revocable Trust agrees to cure any title problems which may result from any differences between the recorded legal descriptions of the property and the survey description. Said title problems, if any, must be solved prior to closing to the satisfaction of the City of Fayetteville. 6. Taxes and special assessments due on or before closing shall be paid by the Forrest F. Brooks Revocable Trust. General taxes, ad valorem taxes, and special assessments shall be prorated as of closing. 7. The closing date shall be within sixty (60) days after approval of this offer by the City Council, which can be extended by agreement of the Mayor for an additional sixty (60) days. If such date of closing falls on a weekend or holiday, it will be held the following working day. 8. Possession of the property shall be delivered to City of Fayetteville on the date of closing. 9. The Forrest F. Brooks Revocable Trust hereby grants permission for the City of Fayetteville or its designates to enter the above described property and improvements for the purpose of inspection and/or surveying. 10. Risk of loss or damage to the property by fire or other casualty occurring up to the time of closing is assumed by the Forrest F. Brooks Revocable Trust. 11. The Forrest F. Brooks Revocable Trust shall disclose to the City of Fayetteville any and all environmental hazards of which the Forrest F. Brooks Revocable Trust has actual knowledge. Should the existence of environmental hazards be discovered, the Forrest F. Brooks Revocable Trust shall either cure such at its expense or the City of Fayetteville may terminate this contract. 12. The City of Fayetteville agrees to name this parcel the 'Brooks -Hummel Nature Reserve." 13. The City of Fayetteville agrees to convey a conservation easement on this property to the Fayetteville Natural Heritage Association, Inc. for $179,500.00. This conservation easement shall be similar to the one proposed for Mount Sequoyah Woods. 14. The City of Fayetteville shall receive full credit against the cash due at closing ($167,000.00) and final purchase price ($495,000.00) of the $8,000.00 paid by the neighbors or Fayetteville Natural Heritage Association as earnest money or for an option to purchase. 15. The Forrest F. Brooks Revocable Trust shall convey a permanent access easement twelve (12) feet in width connecting this property to Hillcrest Avenue along the north side of the Brooks residential lot situated at 1602 Hillcrest Avenue, Fayetteville, Arkansas. 16. This agreement shall be governed by the laws of the State of Arkansas. 17. This agreement, when executed by both the Forrest F. Brooks Revocable Trust and the City of Fayetteville shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede all price or contemporaneous agreements, representations and understanding with respect to such matters, and no oral representations or statements shall be considered a part hereof. CITY OF FAYETTEVILLE A Municipal Corporation DAN COODY Mayor Date: Attest: Sondra Smith, City Clerk FORREST F. BROOKS REVOCABLE TRUST By: Printed Name: Title: Date: Agent or Witness: Date: Date: 2 EXHIBIT "A" PROPERTY DESCRIPTION ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared to me well known as the person who executed the foregoing document, and who stated and acknowledged that they are the Agent or Witness of the Forrest F. Brooks Revocable Trust and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said trust, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. WITNESS my hand and seal on this day of June, 2007. Notary Public My Commission Expires: ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Dan Coody and Sondra Smith, to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Mayor and City Clerk of the City of Fayetteville, Arkansas, a municipal corporation, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. WITNESS my hand and seal on this day of June, 2007. Notary Public My Commission Expires: 4 EXHIBIT "B" NEGOTIABLE PROMISSORY NOTE FOR VALUABLE CONSIDERATION RECEIVED, the receipt and adequacy of which is hereby acknowledged, the City of Fayetteville, Arkansas, a municipal corporation hereinafter referred to as "Maker," hereby promises to pay to the Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, or her successors and assigns, hereinafter "Lender," the amount financed, Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) (the foregoing amount may also be referred to hereinafter as "Principal"), plus interest accruing at the rate of Six Percent (6.00%) per annum, as follows: Maker shall pay to Lender, or Lender's successors or assigns, the sum of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) plus interest accruing at the rate of Six Percent (6.00%) per annum, in five equal payments payable annually on the first day of July, with the first installment due and payable on July 1, 2008, and the last installment becoming due and payable on July 1, 2012. The debt evidenced by this Promissory Note shall be secured by a vendor's lien retained by Lender and reflected on the face of the Warranty Deed by which Lender conveyed title to certain real property to Maker. Maker shall be in Default under this Note upon the occurrence of any one or more of the following events or conditions: (1) Any warranty, covenant, agreement, representation, financial information or statement made or furnished to the Lender by or in behalf of Maker to induce Lender to enter into this agreement, or in conjunction therewith, proves to be false in any material respect when made or furnished; (2) Any payment required to be made hereunder or under any other obligation of Maker to Lender or to others is not made when due or in accordance with the terms of the applicable contractual agreement; (3) The termination of existence or insolvency of Maker, the appointment of a receiver over any part of Maker's property, or the commencement of any proceeding under any bankruptcy or insolvency law by or against Maker; or (4) any attempted conveyance of the real property Lender sold to Maker therein reserving a Vendor's Lien, prior to satisfying all of Maker's obligations to Lender hereunder. Full payment shall be made to Lender in the event of any one of the aforesaid defaults by Maker. Lender may charge and collect a fee from Maker for each return by a bank or other depository institution of a dishonored check, negotiable order of withdrawal or share draft issued by the Maker in connection with this loan and such fee shall be in addition to all other loan finance charges which the Lender may charge and collect from the Maker and, shall not be subject to refund or rebate. Maker agrees to pay all expenses, including but not limited to attorney's fees, which Lender deems necessary to enforce the terms of this Note or the vendor's lien retained by Lender to secure the same. This negotiable instrument is executed by the undersigned on the date set forth below. CITY OF FAYETTEVILLE, MAKER By: Dan Coody, Mayor Date Sondra Smith, City Clerk Date 7 ACKNOWLEDGMENT State of Arkansas ) )ss County of Washington) BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Dan Coody and Sondra Smith, to me well known as the persons who executed the foregoing instrument, and who stated and acknowledged that they are the Mayor and City Clerk of the City of Fayetteville, Arkansas, a municipal corporation, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. Witness my hand and seal on this June ,•2007. NOTARY PUBLIC My Commission Expires: EXHIBIT "C" TRUSTEE'S DEED WITH VENDOR'S LIEN KNOW ALL MEN BY THESE PRESENTS: That I, Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, hereinafter referred to as "Grantor," in exchange for the sum of One Dollar ($1.00) and other good and valuable consideration in hand paid by the City of Fayetteville, Arkansas, hereinafter called "Grantee," of which amount the balance of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) shall be paid by Grantee as set forth below, and a Vendor's Lien to secure the same is hereby expressly retained on the real property hereinafter described, do hereby GRANT, BARGAIN, SELL and CONVEY unto said Grantee, and said Grantee's successors and assigns, the following described real property situate in the Washington County, Arkansas, to -wit: LEGAL DESCRIPTION FOR THIS INSTRUMENT IS AS SET FORTH WORD FOR WORD ON EXHIBIT "A" ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE (This is not scrivener legal description) To have and to hold the said land and appurtenances thereunto belonging unto the said Grantee, and Grantee's successors and assigns, forever, subject to the Vendor's Lien expressly retained herein to secure payment of the balance of the purchase price. And I, said Grantor, hereby covenant with Grantee that I am lawfully seized of said land, that the same is unencumbered except for the Vendor's Lien reserved herein and other easements and encumbrances of record, and warrant that I will forever defend the title to the said land against any and all legal claims whatsoever. As stated hereinabove, the conveyance of the above -described real property is expressly subject to a Vendor's Lien in favor of Grantor, and Grantor's successors and assigns, which Grantee is bound and obligated to satisfy in full before said lien will be released. The Vendor's Lien shall secure payment to Grantor, and Grantor's successors and assigns, pursuant to one purchase money promissory note executed on even date herewith, the terms of which are as follows: Grantee shall pay Grantor the sum of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) plus interest accruing at the rate of Six Percent (6.00%) per annum, in five equal annual payments, on the first day of July,the first becoming due and payable on July 1, 2008, and the- last payment becoming due and payable on July 1, 2012. If Grantee breaches any obligation under the said purchase money promissory note, Grantor shall have.the right to declare the entire unpaid principal balance, plus all interest accrued thereon, due and payable at once and to enforce the payment thereof. The conveyance of the above -described real property shall not become absolute until the purchase money promissory note and all interest accrued thereon, and any and all other amounts due to Grantor or to the legal holder of the note as herein provided, shall have been fully paid off and discharged. It is further understood and agreed that all rights and privileges hereby granted to, or reserved by, Grantor shall inure to the benefit of, and may be exercised by, Grantor's heirs, successors and assigns, or by any legal holder of the purchase money promissory note. :4 WITNESS my hand and seal on this June 2007. Betty Hummel, Trustee, Grantor This instrument prepared by: LUSHBAUGH LAW FIRM, LTD. 418 W. Meadow Street Fayetteville, AR 72702 479-521-2323 ACKNOWLEDGMENT State of Arkansas ) )ss. County of Washington ) Before me, a duly commissioned and acting Notary Public in and for said State and County, on this date personally appeared Betty Hummel, who stated that she is the sole Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, and was duly authorized in that capacity to so execute and seal the foregoing instrument for and in the name and on behalf of said Trust for the consideration and purposes therein mentioned and set forth. In witness thereof, I have hereunto set my hand and seal this June , 2007. My Commission Expires: NOTARY PUBLIC RESOLUTION NO. 52-07 A RESOLUTION TO NEGOTIATE THE PURCHASE OF 13.75 ACRES FROM THE FORREST F. BROOKS REVOCABLE TRUST LOCATED NORTH .(AND BELOW) THE LAKE LUCILLE SPILLWAY FOR LESS THAN $495,000.00 AND TO SELL 1.89 ACRES TO THE UNITED PRESBYTERIAN CHURCH FOR $68,000.00 AND TO SELL THE DEVELOPMENT RIGHTS OF THE REMAINDER TO THE FAYETTEVILLE NATURAL HERITAGE ASSOCIATION AND NEIGHBORS FOR $179,500.00 WHEREAS, the City may negotiate to purchase 13.75 acres from the Forrest F. Brooks Revocable Trust in the amount of $495,000.00 or less; and WHEREAS, neighbors, the Fayetteville Natural Heritage Association and the United Presbyterian Church have agreed to purchase a portion of the property or development rights from the City for a total of $247,500.00; and WHEREAS, this property has been highly rated for preservation by the Fayetteville Natural Heritage Association, has access for public trails, and has good natural habitat for wildlife. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby agrees to authorize Mayor Coody to negotiate for the purchase of 13.75 acres from the Forrest F. Brooks Revocable Trust for less than $495,000.00 if the neighbors and Fayetteville Natural Heritage Association purchase development rights from the City (similar to Sequoyah Woods development rights) for $179,500.00 and the United Presbyterian church purchases 1.89 acres from the City for $68,000.00. PASSED and APPROVED this 20'h day of March, 2007. !!1 ATTEST: 4�G4 aa...s�ll5 -4 �•�� .•G�[Y O:-•�'1 -.-..v : FAYETTEVILLE" S. By: S NDRA E. SMITH, City ClerkfTreasurer Pmt Lo/6/C7 BROOKSHUMMEL NATURE RESERVE PROJECT The Property ♦ Central Location (15.75 acres) • Ecological Diversity + Top Ward 2 Aquatic & Second Terrestrial Ranking + Sublet Creek and Grassy Areas Vital for Wildlife • Good Public Access (Hilicrest & First United Presbyterian Church) • Proposed E -W Trail Could Cross The Proposal ♦ Make Brooks -Hummel Nature Reserve Part of "Enduring Green Network" + 2005 Citizen Survey - 76% of citizens support acquiring greenspace + 2002 Parks & Recreation Master Plan - 67% of citizens support acquiring land for preservation • NeighborslFNHA Have "Raised" up to $247.5k from 160 Donors Cash $166.6k Pledges 14.6k Possible Sale 68.0k (1.89 Acres to First United Presbyterian Church) • Propose City Purchase Property + FNHA Provides Down Payment ($167,000) + FNHA will Complete Payment for Conservation Easement ($12, $00) ASAP + Council Should Advise on Possible sale of 1.89 Acres List of Contributors Brooks -Hummel Nature Reserve Anne England 1357 Edgehill Drive, 72703-2015 Amy L Wilson 1833 E Applebury, 72701-2439 Shagbark Development Co PO Box 3103, 70702-3103 Paige & Mary Bess Mulhollan 3917 E Caston, 72701 Jerry & Harriet Jansma 900 Lighton Trail, 72701 John King 590 E. Village Drive, 72703 Steven Skattebo 2103 Loren Circle, 72701-3039 Bill & Missy Kincaid 933 Pembroke Road, 72701 David & Shay Hopper 1224 N Hillcrest, 72703 Johnnie & Peggy Qualls 309 Oakwood, 72703 Bryan Steel 1110 Lakefront Drive, 72703 Susan R Cone 1110 Lakefront Drive, 72703 Candy Clark & Teddy Cardwell PO Box 1482, 72702-1482 Shelby Rogers PO Box 4464,72702-4464 Heather Daniel PO Box 4041, 72702-4041 David & Carol Albert PO Box 277, Goshen, 72735 Christopher & Lesa Moyer 1435 Meadowcliff Drive, 72703 Helen Duran & Bob Sanders 4234 Trough Springs Road, 72703 Janice Ryan 424 North Willow, 72701 Cyrus & Martha Sutherland 1928 Haskell Heights, 72701 John & Tamara Gilmour PO Box 1109, 72702-1109 Ruth Francis 6770 E Hahndo Lane, 72701-0285 Judith Kilpatrick 1255 W. Lakeridge, 72703-2031 Jay & Joyce Hale 285 W Clebum Street, 72701 Dorothy Neely PO Box 1231, 72702-1231 Michael & Darcy Hansen 1235 Edgehill Drive, 72703 Marilyn Cochran 1331 Edgehill Drive, 72703 Alice Hampton 1108 E Lakeridge Drive, 72703 L Russert-Kraerner PO Box 631, 72702-0631 Nancy & Nate Allen PO Box 3105, 72702-3105 Bob & Natalie Pomeroy 1229 W Lakeridge Drive, 72701 Jeff Jackson 1414 N Hillcrest, 72703 Ted & Chico (Tetsundo) Sekiguchi Tom & Mary Lynn Kennedy 1333 Edgehill, 72703 520 N Willow Avenue, 72701 Frank & Elizabeth Fickle Lowell & Kathy Grisham 1160 E Lakefront Drive, 72703 310 N Washington, 72701 Gina & Wayne Hudec David O. Shepherd 1230 W Lakeridge Drive, 72703 1547 Lunsford Avenue, 72701 John Elrod Marcia Rachel 1140 W Lakefront Drive, 72703 2223 Plumarosa, 72701 David & Missy Pledger David Hunter & K. Mueller 1348 Edgehill, 72703 833 Bryan Lane, 72701 Bill,& Sabra Martin Susan Regan 1391 Edgehill, 72703 308 E. Spring Street, 72701 Rick & Laura McNair Betty Solis 1650 Wheeler, 72703 147 Cydnee, 72703, Lauryl & Tim Hynes John Van & Rosemary Brahana 500 E North Street, 72701 882 N. Lewis Lane, 72701 Bettie Lu Lancaster Candace Whitfield 127 Lakeridge Drive, 72703 835 Pembroke, 72701 James & Lynne Spellman Johnny & Susan Adkins 1219 W. Lakeridge Drive, 72703 1322 Southern Heights, 72701-4469 Hugh & Brenda Kincaid Art Fry 520 Lakeridge Drive, 72703 1923 Joyce #323, 72703 David Hyatt & Nedra Forrest Nancy McCartney PO Box 3103, 70702-3103 1638 W. Maple Street, 72701 Stephen & Bonnie Turner Buddy & Susan Chadick 1532 Hillcrest, 72703 423 E. Spring Street,72701 Betty Lahiri Libby Wheeler 530 Lakeridge, 72703 1635 W. Shadowridge, 72701 Robert & Susan Walsh Julie Preddy 406 E North Street, 72701 3030 N. Quail Creek Drive, 72703 Frank & Suzanne Doughty Jimmy & Jeanie Hill 884 N Skyline Drive, 72701-4514 422 W. Clebum, 72701 Paul & Maxine LeBlanc 2842 Stanton Avenue, 72703 Bill & Margie McKenzie 2411 Gentle Oaks Lane, 72703 Robert & Mary Alguire 1235 N Hillcrest Avenue, 72703 Herschel & Barbara Sandefur 1651 W. Cleveland Street, 72701 Jeff & Sarah Mitchell 1143 W. Lakeridge, 72703 Mike & Martha Ward 432 Hawthorn Street, 72701 Robert A. Jordan 280 W. Ila Street, 72701 Barbara Dillon 126 W Ila Street, 72701 Bob Brewer & Jonna Hussey 517 Lytton, 72701 Martha Malley 872 N. Lewis Lane, 72701 Luke & Janet Parsch 467 Rockcliff Road, 72701-3607 Chaim Goodman -Strauss & Kendall Curlee 524 W. Prospect Street, 72701 Susannah Garrison 507 N. Park Avenue, 72701 Karen Rollet-Crocker 951 N Pembroke Road, 72701-2522 Steve & Sally Harms 4470 E Bridgewater Lane, 72703-4611 Norma Hoffrichter 1130 E Lakeridge, 72703 David & Marsha Crittenden 1408 Elmwood Drive, 72703-3002 Martha Agee 1000 Crest Drive, 72701-2312 Ozark Headwaters Group of the Sierra Club * 285 W Clebum, 72701 Sue E. Schultz 2632 Bent Trail, Springdale, 72762 James Keenan PO Box 9600, Fayetteville, 72703 Ron & M -E Anderson 1423 E Ridgeway Drive, 72701 Liz & Les Howick 1823 E. Elkhorn Circle, 72703 Dennis & Linda Collins 387 Assembly Drive, 72701 Carolyn B Madison PO Box 8601, 72703-0011 John & Shawana Thorup 2314 Thistle Drive, 72704 Wanda Belzung 1923 Joyce Boulevard, #255, 72703-5398 Craig & Becky Parker 1707 N Wheeler Avenue, 72703 Suzanne Macrae 517 Fallin, 72701-3632 Nancy Reed Koetter 3076 N Dorchester Drive, 72703 Dede Peters 306 E Baxter Lane, 72701 Kathy Thompson 793 E Lighton Trail, 72701 Gene Fry 1923 E Joyce Boulevard, #323, 72703 First United Presbyterian Church 695 Calvin Street, 72703 Bob & Sara Caulk 790 Missouri Way, 72701 Duane & Judy Woltjen 821 Applebury Drive, 72701 Walt Eilers 2044 Archer Drive, 72701 David Chance Springdale AR, 72764 Pete & Margo Heinzelmann 1737 Applebury Drive, 72701 Henry Turner & Megan Chapman 545 E Prospect, 72701 Sami Kopelman 432 N Assembly Drive, 72701 Rita Caver 304 W Clebum, 72701 Richard & Susie Jones 957 Tanglebriar, 72701-0219 John Barcroft 2819 Prince William Drive, 72703-3993 Nadine Chenault PO Box 9358, 72703 Friends of Sami Kopelman (gift contribution) 2591 Oak View Drive, Springdale, 72762 Russell Meller & Susan Hankins 2261 E Meandering Way, 72701 Don Tyson PO Box 2020, Springdale, 72765 Bill Harrison 3 Mt. Nord, 72701 John & Kay DuVal 1131 Eastwood, 72701 Chaim Goodman -Strauss & Kendall Curlee 524 W Prospect, 72701 Carl Circo 412 N Assembly, 72701 Jim Lindsey PO Box 13000, 72703 Penguin Ed's BBQ, Diane & Ed Knight 230 S East Street, 72701 Holly Bryan 423 E Spring Street, 72701 Jura & Lisa Margulis 578 Rockcliff Road, 72701 Heather Blair 5202 Dorchester #3, Chicago, IL 60615 Dr. Diana Gonzales Worthen 16700 Dolittle Road, Springdale, 72764 Arden Blair 9515 Red Rain, Columbia, MD, 20146 Mike & Angela Martin Crowly 3953 Thistle Lane, Ft. Worth, TX, 76109 Jean Gordon 2510 Hidden Valley Drive, Little Rock, 72212 Barbara Tyson 2694 Randal Place, 72703 Kim Agee 1561 Rhonda, 72703, Steven Skattebo (for friend) 2103 Loren Circle, 72701-3039 Victoria Bransford McClendon 146 Prospect Street, 72701 Sonya Yates 2WMtNord,72701 Brian Fry 1923 E Joyce Boulevard, #323, 72703 Louisa Jong 2684 Stanton Avenue, 72703 Mark & Diane Simmons 410 W Central, Siloam Springs, 72761 Eve Agee 1029 N. Eastwood Drive, 72701 Don Pitts 2790 S Thompson, Springdale, 72764 Uncle Sam's Safari customers 1494 N College Ave, 72701 Susan Jenkins 40 E. Elm Street, 72703 Suzanne MacRae 517 Fallin, 72701, Nancy Maier 951 Missouri Way, 72701 Lynda Coon 1336 N Hillcrest, 72703-1924 Bud & Suzanne Edwards 578 N Rockoliff Road, 72701-3808 Trisha & Boyd Logan 1426 Hillcrest Avenue, 72703 Larry & Becky Purcell 2369 Yorkwood Drive, 72703 Jackie Kellogg 723 Dogwood Lane, 72701 John, Snickers & Max Nagle 1561 Hope Street, 72701 Malcom & Ellen Hayward 3200 Gulley Road, 72703 AJ & Myria Allen 1998 Buckley Drive, 72703-3053 Jaqueline King 2450 Indian Oaks Trail, Springdale, 72762 Jimmie Barham Beauchamp 1516 Hillcrest, 72703 SWEPCO 428 Travis Street, Shreveport, LA, 71101 Wade Burnside 1102 E Shadowridge Drive, 72701-2627 Herb Fowler 1923 E Joyce Boulevard, #C-108, 72703 St. Paul's Episcopal Alternate Gift Program PO Box 1190, 72702-1190 * Represents large number of supporters Thru 5/31/07 CITY of FAYETTEVILLE, ARKANSAS CHECK NO. 366125 DATE INVOICE NO. DESCRIPTION AMOUNT 6/28/2007 0000049805 LAKE LUCILLE PROPERTY 159,737.59 CHECK AMOUNT $159,737.59 DETACH HERE FOR YOUR RECORDS. no 366 1 2 Sv ,:08 29D❑8 7 2,. 484 198441+'06 LENDERS TITLE CO M PA NY PRIVACY POLICY NOTICE Dear Lenders Title Company Client: The Financial Services Modernization Act recently enacted by Congress has brought many changes to the financial services industry, which includes title companies. One of the changes is that we are now required to explain to our customers the ways in which we collect and use customer information. The statement on the attached letter is the privacy policy of Lenders Title Company. Protecting your information has always been a part of our business philosophy. We will continue to protect the privacy, accuracy, and security of customer information given to us. No response to this notice is required, but if you have questions, please write to us at: Lenders Title Company 8114 Cantrell Road, Suite 250 Little Rock, Arkansas 72227 Lc - Privacy Policy.rtf 1 of 4 LENDERS TITLE COMPANY PRIVACY POLICY What kinds of information we collect. Lenders Title Company's primary business is a title insurance, closing, and escrow provider. We collect information about you (for instance, your name, address, telephone number) and information about your transaction including the identity of the real property that you are buying, selling, or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you, the lender, attorney, or real estate broker that you have chosen. Our title insurance company then obtains information from the public records about the property so that we can prepare a title insurance policy and/or settlement statement. When we provide closing, escrow, title, or settlement services, we may obtain your social security number and receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, loan payoffs, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information. The company giving or specifically adopting this notice does not share your non-public, personal information with outside marketers. There's no need to tell us to keep your information to ourselves because we share your information only to provide the services requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. We are permitted by law to use certain information to identify and market our own products to you that may be useful to you. This credit information about you is shared only to facilitate your transaction or for other purposes permitted by law. How we protect your information. We restrict access to nonpublic personal information about you to those employees who need the information to provide products or services to you or to other parties/providers to the particular transaction we are servicing. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal information. We reinforce the company's privacy policy with our employees. Lic - Privacy Policy. tf 2 of 4 PRIVACY POLICY NOTICE Dear LandAmerica Customer: The Financial Services Modernization Act, known as the Gramm -Leach -Bliley Act, requires us to explain to our customers the ways in which we collect and use customer information. The statement attached to or on the reverse side of this letter is the privacy policy of the LandAmerica family of companies. The three largest members of the family — Commonwealth Land Title Insurance Company, Lawyers Title Insurance Corporation, and Transnation Title Insurance Company — may issue policies and handle real estate closings in virtually every part of the country. Some companies in the family provide other real estate services, and some operate more locally. You may review a list of LandAmerica companies on our website (www.landam.com). You may also visit our website for an explanation of our privacy practices relating to electronic communication. Our concern with the protection of your information has been a part of our business.since 1876, when the company that is now Commonwealth Land Title Insurance Company issued its first policy. We will continue to protect the privacy, accuracy, and security of customer information given to us. No response to this notice is required, but if you have questions, please write to us: LandAmerica Privacy P.O. Box 27567 Richmond, VA 23261-7567. LandAmerica Insurance Com antes: Commonwealth Land Title Insurance Company, Commonwealth Land Title Insurance Company o₹ New Jersey, Land Title Insurance Company. Lawyers Title Insurance Corporation, Title Insurance Company of America, Transnation Title Insurance Company, Transnation Title Insurance Company of New York LandAmerica Title Agents (wholly -owned): American Title Company of Dallas and Fort Worth, Austin Title Company, ATACO, Inc., Albuquerque Title Company, Atlantic Title & Abstract Company, Capitol City Title Services, Inc., Commercial Settlements, Inc., Commonwealth Land Title Company; Commonwealth Land Title Company of Austin, Dallas, Fort Worth, Houston, Puget Sound, and Washington; Congress Abstract Corp., Gulf Atlantic, Lawyers Title Company; Lawyers Title of Arizona, El Paso, Nevada, and San Antonio; New Mexico Title Co., Partners Title Company, Pikes Peak Title Services, Property Title Ins. Co., Rainier Title Company, Texas OneStop, Texas Title Company, Title Transfer Service, Inc., Transnation Title & Escrow, Wilson Title Company LandAmerica Title Agents (partially owned): Bankers Alliance Title Agency, Biltmore Abstract, CFS Title Insurance Agency, Charleston Title Agency, Charter Title Company of Fort Bend, Chatham Settlement, E. Title Agency, First Growth -Commonwealth Title Agency, First Title & Escrow, Inc., Four Star Title Agency, HL Title Agency, Jones & Tatom Title & Trust, Land Canada LTD., Land Title Associates, Lawyers Title Galveston, Lion Abstract, Longworth Insured, MII Title Agency, M and M Title Services, National Land Transfer (NJ and PA), NIA/ Lawyers Title Agency, RE/Affirm Title Agency, Residential Abstract, Residential Title, Sibcy Cline Title Agency, Title Affiliates of Central Florida, Naples, Clearwater, Graham, Indian River, Orlando, Polk County, Tampa Bay, and West Central Florida; Transnation Title Agency of Oregon, TransOhio Residential Title Agency, TRI Title Agency, TRl-County Title Agency -Michigan, Tri-State Title Agency, University Title Services, inspections. Appraisals, Mortgage Servicing, and Ancillary Services: Inspectech, Inc., LandAmerica OneStop, Inc., LandAmerica Account Servicing, Inc., LandAmerica Default Service Co., REalitics, TransAccount Services, Inc. Form 3391-6 (October 2004) Ltc - Privacy Policy.rtf 3 of 4 LANDAMERICA PRIVACY POLICY What kinds of information we collect. Most of LandAmerica's business is title insurance, but there are companies in our family that provide other real estate services to consumers. We collect information about you, (for instance, your name, address, telephone number), and information about your transaction, including the identity of the real property that you are buying or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you or from the lender, attorney, or real estate broker that you have chosen. Our title insurance companies then obtain information from the public records about the property .so that we can prepare a title insurance policy. When we provide closing, escrow, or settlement services, mortgage lending, or mortgage loan servicing, we may get your social security number, and we may receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information. The company giving or specifically adopting this notice does not share your information with marketers outside its own family. There's no need to tell us to keep your information to ourselves because we share your information only to provide the service requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. Companies within a family may share certain information among themselves in order to identify and market their own products that they think may be useful to you. Credit information about you is shared only to facilitate your transaction or for some other purpose permitted by law. How we protect your information. We restrict access to nonpublic personal information about you to those employees who need the information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal information. We reinforce the company's privacy policy with our employees. Agents that may be covered by this policy. Often, your transaction goes through a title insurance agent. Agents that are part of the LandAmerica family are covered by this policy. Agents that are not part of the LandAmerica family may specifically, in writing, adopt our policy statement. Ltc - Privacy Policy.rtf 4 of 4 Lenders Title Company 1046 Stearns Road Fayetteville, AR 72703 479-444-3333 COMMITMENT FOR TITLE INSURANCE SCHEDULE A Date Issued: June 29, 2007, 08:18 am Commitment No: 07-028994-500 Effective Date: June 7, 2007, 07:00 am Prepared For: Elly Parizek Inquiries Should be Directed to: Lawyers Title Insurance Corporation 1. The policy or policies to be issued are: POLICY AMOUNT (a) ALTA Owner's Policy - (10-17-92) $495,000.00 Proposed Insured: City of Fayetteville, Arkansas (b) ALTA Loan Policy - (10-17-92) Proposed Insured: 2. The Estate or interest in the land described or referred to in this Commitment and covered herein is a Fee Simple. Title to said estate or interest in said land is at the effective date hereof of record in: Betty A. Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust dated 3-26-04 4. The land referred to in this Commitment is located in the County of Washington, State of Arkansas and described as follows: A part of the NE 114 of the NW 1/4 of Section 10, Township 16 North, Range 30 West, being more particularly described as follows: Commence at the Southwest corner of said Forty acre tract for the point of beginning and run thence N 0°32'15" W along the West line of said Forty 851.78 feet; thence N 89°0'19" E 483.79 feet to a found stone; thence N 0°24'15" W 139.45 feet to a found iron pin; thence N 89°3024" E 263.98 feet to a found iron pin; thence S 0°55'55" E 376.00 feet; thence S 89°32'32" W 122.64 feet; thence S 0°2251" E 609.85 feet to the South line of said Forty; thence S 88°37'27" W along said South line 626.45 feet to the point of beginning and containing 13.75 acres, more or less, Washington County, Arkansas. Subject to a sewer line easement to the City of Fayetteville Water and Sewer Dept. and any other rights - This commitment is invalid unless the Countersigned Lawyers Title Insurance Corporation Insuring provisions and Schedules A Lenders Title Company & B are attached. Arkansas License No. IA -82 Title Agent License Number: SA 82-63 Continuation of Schedule A Commitment No: 07-028994-500 of -way and/or easements of record. Lawyers Title Insurance Corporation This commitment is invalid unless the Insuring provisions and Schedules A & B are attached. COMMITMENT FOR TITLE INSURANCE SCHEDULE B - SECTION I Commitment No: 07-028994-500 I. The following are the requirements to be complied with; Effective Date: June 7, 2007 1. Instruments necessary to create the estate or interest to be insured must be properly executed, delivered and duly filed for record. 2. Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest or mortgage to be insured. 3. Real Estate taxes for the year 2006 are now due and payable in the amount of $515.88; parcel number 765-14108-000. 4. Warranty Deed from Trustee of the Forrest F. Brooks Revocable Trust, executed by the acting Trustee(s), vesting fee simple title in the City of Fayetteville, Arkansas. 5. Submit a copy of the Trust Agreement, including any and all amendments thereto, establishing Trustee of the Forrest F. Brooks Revocable Trust. In lieu of the Trust Agreement, a Certification of Trust which complies with Arkansas Code Annotated § 28-73-1013 may be provided. All documents must be executed in accordance with said agreement. 6. Submit an Affidavit from the Trustee(s) of said Trust certifying that they are empowered to act in such capacity; that any and all amendments of the Trust Agreement have been provided to Lenders Title Company; that the Trust is in full force and effect; and, that the duties, obligations, powers and rights of the Trustee(s) have not been altered, amended, revoked or terminated. 7. Furnish executed Owner's Disclosure & Agreement. NOTE: The instruments required by this commitment must be executed by the properly identified and authorized parties to this transaction. Any variance requires underwriting approval by the Company prior to closing. Lawyers Title Insurance Corporation COMMITMENT FOR TITLE INSURANCE SCHEDULE B - SECTION II Commitment No: 07-028994-500 Effective Date: June 7, 2007 II. Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company. 1. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the Proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 2. Standard Exception: (a) Rights or claims of parties in possession not shown by the public records. (b) Easements or claims of easements, not shown by the public records. (c) Encroachments, overlaps, boundary line disputes and any matters which would be disclosed by an accurate survey and inspection of the premises. (d) Any lien or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 3. Special Exceptions: (a) Loss arising from any Oil, Gas or Mineral interests, conveyed, retained, assigned or any activity on or damage to the insured land caused by the exercise of sub -surface rights or ownership, including but not limited to the right of ingress and egress for said sub -surface purposes. (b) Taxes and assessments for the year(s) 2007 and thereafter, which are not yet due and payable, plus any penalties and interest which may accrue. (c) Any inaccuracy in the area, square footage, or acreage of land described in Schedule A. The Company does not insure the area, square footage, or acreage of the land. (d) Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 510 at page 435, in Washington County, Arkansas. (e) Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 533 at page 95, in Washington County, Arkansas. (f) Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 533 at page 368, in Washington County, Arkansas. (g) Any rights, easements, interests or claims which may exist by reason o€ or reflected by survey dated January 8, 2006, corrected June 25, 2007, by Gore Engineering & Land Surveying. Lawyers Title Insurance Corporation LENDERS TITLE C O M P A N Y 1046 Stearns Road Fayetteville AR, 72703 Phone: 479-444-3333 Fax: 479-443-4256 TAX REPORT 5/28/2007 Parcel Number: 765-14108-000 Assessed To: Betty Hummel, Trustee of the Forrest F. Brooks Rev. Trust Property Description: Pt. NE NW 10-16-30 13.95 Ac Assessed Value: Millage Rate: General Taxes for 2006 are: Homestead Credit: Timber Tax: Special Improvement District Assessments: TOTAL TAX: $9,789 52.7 $515.88 $0.00 $0.00 $0.00 $515.88 Taxes are Due and Payable for the year 2006. Tax Payments should be remitted to: David Ruff (479)444-1526 NOTE: This property is embraced within the bounds of the following Special Improvement Districts: None (Delinquent Personal Property taxes must be paid before the Tax Collector will accept payment of Real Property Taxes.) Lenders Title Company By: ....O Stephanie R. Sides 07.028994-500 LTC- Tax Report GeneraLrtf 1 of 1 0 a —10 r / $1 M �§ . S# o �m � e 2 =# \ CD .` / wee / z —' -n g � COMMITMENT FOR TITLE INSURANCE Issued byLawyers Title Insurance Corporation LartdAmerkii Lawyers Title Lawyers Title Insurance Corporation is a member of the LandArnerica family of title insurance underwriters. LAWYERS TITLE INSURANCE CORPORATION, a Virginia corporation, herein called the Company, for valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance o₹ this Commitment or by subsequent endorsement. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six (6) months after the effective date hereof or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. This Commitment shall not be valid or binding until countersigned by an authorized officer or agent. IN WITNESS WHEREOF, LAWYERS TITLE INSURANCE CORPORATION has caused its corporate name and seal to be hereunto affixed by its duly authorized officers, the Commitment to become valid when countersigned by an authorized officer or agent of the Company. LAWYERS TITLE INSURANCE CORPORATION 1MSUR�p��ti�� facer'• ....�. 3O ti ,sy: yy By: Attest: i President Secretary {1 kh19jCAMoeO �* - Conditions and Stipulations 1. The term "mortgage," when used herein, shall include deed of trust, trust deed, or other security instrument. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in under taking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. ALTA Commitment - 1966 Cover Page Form 1004-268 ORIGINAL LENDERS TITLE CO M PA NY PRIVACY POLICY NOTICE Dear Lenders Title Company Client: The Financial Services Modernization Act recently enacted by Congress has brought many changes to the financial services industry, which includes title companies. One of the changes is that we are now required to explain to our customers the ways in which we collect and use customer information. The statement on the attached letter is the privacy policy of Lenders Title Company. Protecting your information has always been a part of our business philosophy. We will continue to protect the privacy, accuracy, and security of customer information given to us. No response to this notice is required, but if you have questions, please write to us at: Lenders Title Company 8114 Cantrell Road, Suite 250 Little Rock, Arkansas 72227 Ltc - Privacy Policy.rtf I of 4 LENDERS TITLE COMPANY PRIVACY POLICY What kinds of information we collect. Lenders Title Company's primary business is a title insurance, closing, and escrow provider. We collect information about you (for instance, your name, address, telephone number) and information about your transaction including the identity of the real property that you are buying, selling, or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you, the lender, attorney, or real estate broker that you have chosen. Our title insurance company then obtains information from the public records about the property so that we can prepare a title insurance policy and/or settlement statement. When we provide closing, escrow, title, or settlement services, we may obtain your social security number and receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, loan payoffs, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information. The company giving or specifically adopting this notice does not share your non-public, personal information with outside marketers. There's no need to tell us to keep your information to ourselves because we share your information only to provide the services requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. We are permitted by law to use certain information to identify and market our own products to you that may be useful to you. This credit information about you is shared only to facilitate your transaction or for other purposes permitted by law. How we protect your information. We restrict access to nonpublic personal information about you to those employees who need the information to provide products or services to you or to other parties/providers to the particular transaction we are servicing. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal information. We reinforce the company's privacy policy with our employees. Lic - Privacy Palicy.rtf 2 of 4 PRIVACY POLICY NOTICE Dear LandAmerica Customer: The Financial Services Modernization Act, known as the Gramm -Leach -Bliley Act, requires us to explain to our customers the ways in which we collect and use customer information. The statement attached to or on the reverse side of this letter is the privacy policy of the LandAmerica family of companies. The three largest members of the family — Commonwealth Land Title Insurance Company, Lawyers Title Insurance Corporation, and Transnation Title Insurance Company — may issue policies and handle real estate closings in virtually every part of the country. Some companies in the family provide other real estate services, and some operate more locally. You may review a list of LandAmerica companies on our website (wwwiandam.com). You may also visit our website for an explanation of our privacy practices relating to electronic communication. Our concern with the protection of your information has been a part of our business since 1876, when the company that is now Commonwealth Land Title Insurance Company issued its first policy. We will continue to protect the privacy, accuracy, and security of customer information given to us. No response to this notice is required, but if you have questions, please write to us: LandAmerica Privacy P.Q. Box 27567 Richmond, VA 23261-7567. LandAmerica insurance Companies: Commonwealth Land Title Insurance Company, Commonwealth Land Title Insurance Company of New Jersey, Land Title Insurance Company. Lawyers Title Insurance Corporation, Title Insurance Company of America, Transnation Title Insurance Company, Transnation Title Insurance Company of New York LandAmerica Title Agents wholl -owned : American Title Company of Dallas and Fort Worth, Austin Title Company, ATACO, Inc., Albuquerque Title Company, Atlantic Title & Abstract Company, Capitol City Title Services, Inc., Commercial Settlements, Inc., Commonwealth Land Title Company; Commonwealth Land Title Company of Austin, Dallas, Fort Worth, Houston, Puget Sound, and Washington; Congress Abstract Corp., Gulf Atlantic, Lawyers Title Company; Lawyers Title of Arizona, El Paso, Nevada, and San Antonio; New Mexico Title Co., Partners Title Company, Pikes Peak Title Services, Property Title Ins. Co., Rainier Title Company, Texas OneStop, Texas Title Company, Title Transfer Service, Inc., Transnation Title & Escrow, Wilson Title Company LandAmerica Title Agents(partially owned : Bankers Alliance Title Agency, Biltmore Abstract, CFS Title Insurance Agency, Charleston Title Agency, Charter Title Company of Fort Bend, Chatham Settlement, E. Title Agency, First Growth -Commonwealth Title Agency, First Title & Escrow, Inc., Four Star Title Agency, HL Title Agency, Jones & Tatom Title & Trust, Land Canada LTD., Land Title Associates, Lawyers Title Galveston, Lion Abstract, Longworth Insured, MR Title Agency, M and M Title Services, National Land Transfer (NJ and PA), NIA/ Lawyers Title Agency, RE/Affirm Title Agency, Residential Abstract, Residential Title, Sibcy Cline Title Agency, Title Affiliates of Central Florida, Naples, Clearwater, Graham, Indian River, Orlando, Polk County, Tampa Bay, and West Central Florida; Transnation Title Agency of Oregon, TransOhio Residential Title Agency, TRI Title Agency, TRI-County Title Agency -Michigan, Tri-State Title Agency, University Title Services, inspections. Appraisals. Mortgage Servicing. and Ancillary Se►vices: Inspectech, Inc., LandAmerica OneStop, Inc., LandAmerica Account Servicing, Inc., LandAmerica Default Service Co., REalitics, TransAccount Services, inc. Form 3391-6 (October 2004) Ltc - Privacy Policy.rtf 3 of 4 LANDAMERICA PRIVACY POLICY What kinds of information we collect. Most of LandAmerica's business is title insurance, but there are companies in our family that provide other real estate services to consumers. We collect information about you, (for instance, your name, address, telephone number), and information about your transaction, including the identity of the real property that you are buying or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you or from the lender, attorney, or real estate broker that you have chosen. Our title insurance companies then obtain information from the public records about the property so that we can prepare a title insurance policy. When we provide closing, escrow, or settlement services, mortgage lending, or mortgage loan servicing, we may get your social security number, and we may receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information. The company giving or specifically adopting this notice does not share your information with marketers outside its own family. There's no need to tell us to keep your information to ourselves because we share your information only to provide the service requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. Companies within a family may share certain information among themselves in order to identify and market their own products that they think may be useful to you. Credit information about you is shared only to facilitate your transaction or for some other purpose permitted by law. How we protect your information. We restrict access to nonpublic personal information about you to those employees who need the information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal information. We reinforce the company's privacy policy with our employees. Agents that may be covered by this policy. Often, your transaction goes through a title insurance agent. Agents that are part of the LandAmerica family are covered by this policy. Agents that are not part of the LandAmerica family may specifically, in writing, adopt our policy statement. Lic - Privacy Policy.rtf 4 of 4 TRUSTEE'S DEED WITH VENDOR'S LIEN KNOW ALL MEN BY THESE PRESENTS: That I, Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, hereinafter referred to as "Grantor," in exchange for the sum of One Dollar ($1.00) and other good and valuable consideration in hand paid by the City of Fayetteville, Arkansas, hereinafter called "Grantee," of which amount the balance of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) shall be paid by Grantee as set forth below, and a Vendor's Lien to secure the same is hereby expressly retained on the real property hereinafter described, do hereby GRANT, BARGAIN, SELL and CONVEY unto said Grantee, and said Grantee's successors and assigns, the following described real property situate in the Washington County, Arkansas, to -wit: LEGAL DESCRIPTION FOR THIS INSTRUMENT IS AS SET FORTH WORD FOR WORD ON EXHIBIT "A" ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE (This is not scrivener's legal description) To have and to hold the said land and appurtenances thereunto belonging unto the said Grantee, and Grantee's successors and assigns, forever, subject to the Vendor's Lien expressly retained herein to secure payment of the balance of the purchase price. And I, said Grantor, hereby covenant with Grantee that I am lawfully seized of said land, that the same is unencumbered except for the Vendor's Lien reserved herein and other easements and encumbrances of record, and warrant that I will forever defend the title to the said land against any and all legal claims whatsoever. As stated hereinabove, the conveyance of the above -described real property is expressly subject to a Vendor's Lien in favor of Grantor, and Grantor's successors and assigns, which Grantee is bound and obligated to satisfy in full before said lien will be released. The Vendor's Lien shall secure payment to Grantor, and Grantor's successors and assigns, pursuant to one purchase money promissory note executed on even date herewith, the terms of which are as follows: Grantee shall pay Grantor -the sum of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) plus interest accruing at the rate of Six Percent (6.00%) per annum, in five equal annual payments, on the first day of July, the first becoming due and payable on July 1, 2008, and the last payment becoming due and payable on July 1, 2012. If Grantee breaches any obligation under the said purchase' money promissory note, Grantor shall have the right to declare the entire unpaid principal balance, plus all interest accrued thereon, due and payable at once and to enforce the payment thereof. The conveyance of the above -described real property shall not become absolute until the purchase money promissory note and all interest accrued thereon, and any and all other amounts due to Grantor or to the legal holder of the note as herein provided, shall have been fully paid off and discharged. It is further understood and agreed that all rights and privileges hereby granted to, or reserved by, Grantor shall inure to the benefit of, and may be exercised by, Grantor's heirs, successors and assigns, or by any legal holder of the purchase money promissory note. WITNESS my hand and seal on this June 2007. Betty Hu el, Trustee, Grantor This instrument prepared by: LUSHBAUGH LAW FIRM, LTD, 418 W. Meadow Street Fayetteville, AR 72702 479-521-2323 ACKNOWLEDGMENT State of Arkansas ) )ss. County of Washington ) Before me, a duly commissioned and acting Notary Public in and for said State and County, on this date personally appeared Betty Hununel, who stated that she is the sole Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, and was duly authorized in that capacity to so execute and seal the foregoing instrument for and in the name and on behalf of said Trust for the consideration and purposes therein mentioned and set forth. In witness thereof, I have hereunto set my hand and seal this Junea, 2007. My Commission Expires: 7/�/f NOTARY P LI ToFFCIAL SEAL €!-UA .� OR E. PARIZEK NOTARY F OBLIC . ARKANSAS WASK"'A3TON COUNTY r'o4ffiXPO7 EXHIBIT "A" LEGAL DESCRIPTION A PART OF THE NE 1/4 OF THE NW 1/4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF SAID FORTY ACRE TRACT FOR THE POINT OF BEGINNING AND RUN THENCE N 0°32'15" W ALONG THE WEST LINE OF SAID FORTY 851.78 FEET; THENCE N 89°019" E 483.79 FEET TO A FOUND STONE; THENCE N 0°24'15" W 139.45 FEET TO A FOUND IRON PIN; THENCE N 89°30'24" E 263.98 FEET TO A FOUND IRON PIN; THENCE S 0°55'55" E 376.00 FEET; THENCE S 89°32'32" W 122.64 FEET; THENCE S 0°22'51" E 609.85 FEET TO THE SOUTH LINE OF SAID FORTY; THENCE S 88°37'27" W ALONG SAID SOUTH LINE 626.45 FEET TO THE POINT OF BEGINNING AND CONTAINING 13.75 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO A SEWER LINE EASEMENT TO THE CITY OF FAYETTEVILLE WATER AND SEWER DEPT. AND ANY OTHER RIGHT OF WAYS AND\OR EASEMENTS OF RECORD. AND ALSO A TWELVE (12) FEET WIDE EASEMENT, FOR THE PURPOSES OF INGRESS AND EGRESS FOR THE ABOVE -DESCRIBED REAL PROPERTY, ALONG THE NORTH BOUNDARY LINE OF THE FOLLOWING DESCRIBED REAL PROPERTY: A PART OF THE NW\4 OF THE NW\4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHEAST CORNER OF SAID FORTY ACRE TRACT; THENCE S0°32'15"E 470.25 FEET TO THE POINT OF BEGINNING AND RUN THENCE S0g32'15"E 189.75 FEET; THENCE S89°10'39"W 154.47 FEET; THENCE N0g32'15"W 189.75 FEET; THENCE N89°10'39"E 154.47 FEET TO THE POINT OF BEGINNING AND CONTAINING 0.67 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO THE RIGHT OF WAY OF HILLCREST AVENUE ALONG THE WEST SIDE AND ANY OTHER RIGHT OF WAYS AND\OR EASEMENTS OF RECORD. (This is not scrivener's legal description) EXHIBIT "C" TRUSTEE'S DEED WITH VENDOR'S LIEN KNOW ALL MEN BY THESE PRESENTS: That 1, Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, hereinafter referred to as "Grantor," in exchange for the sum of One Dollar ($1.00) and other good and valuable consideration in hand paid by the City of Fayetteville, Arkansas, hereinafter called "Grantee," of which amount the balance of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) shall be paid by Grantee as set forth below, and a Vendor's Lien to secure the same is hereby expressly retained on the real property hereinafter described, do hereby GRANT, BARGAIN, SELL and CONVEY unto said Grantee, and said Grantee's successors and assigns, the following described real property situate in the Washington County, Arkansas, to -wit: LEGAL DESCRIPTION FOR THIS INSTRUMENT IS AS SET FORTH WORD FOR WORD ON EXHIBIT "A" ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE (This is not scrivener legal description) •To have and to hold the said land and appurtenances thereunto belonging unto the said Grantee, and Grantee's successors and assigns, forever, subject to the Vendor's Lien expressly retained herein to secure payment of the balance of the purchase price. And I, said Grantor, hereby covenant with Grantee that I am lawfully seized of said land, that the same is unencumbered except for the Vendor's Lien reserved herein and other easements and encumbrances of record, and warrant that I will forever defend the title to the said land against any and all legal claims whatsoever. As stated hereinabove, the conveyance of the above -described real property is expressly subject to a Vendor's Lien in favor of Grantor, and Grantor's successors and assigns, which Grantee is bound and obligated to satisfy in full before said lien will be released. The Vendor's Lien shall secure payment to Grantor, and Grantor's successors and assigns, pursuant to one purchase money promissory note executed on even date herewith, the terms of which are as follows: Grantee shall pay Grantor the sum of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) plus interest accruing at the rate of Six Percent (6.00%) per annum, in five equal annual payments, on the first day of July, the first becoming due and payable on July 1, 2008, and the last payment becoming due and payable on July 1, 2012. If Grantee breaches any obligation under the said purchase money promissory note, Grantor shall have the right to declare the entire unpaid principal balance, plus all interest accrued thereon, due and payable at once and to enforce the payment thereof. The conveyance of the above -described real property shall not become absolute until the purchase money promissory note and all interest accrued thereon, and any and all other amounts due to Grantor or to the legal holder of the note as herein provided, shall have been fully paid off and discharged. It is further understood and agreed that all rights and privileges hereby granted to, or reserved by, Grantor shall inure to the benefit of, and may be exercised by, Grantor's heirs, successors and assigns, or by any legal holder of the purchase money promissory note. r WITNESS my hand and seal on this June 2007. Betty H el, Trustee, Grantor This instrument prepared by: LUSHBAUGH LAW FIRM, LTD. 418 W. Meadow Street Fayetteville, AR 72702 479-521-2323 ACKNOWLEDGMENT State of Arkansas ) )ss. County of Washington ) Before me, a duly commissioned and acting Notary Public in and for said State and County, on this date personally appeared Betty Hummel, who stated that she is the sole Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, and was duly authorized in that capacity to so execute and seal the foregoing instrument for and in the name and on behalf of said Trust for the consideration and purposes therein menti ned and set forth. In witness thereof, I have hereunto set my hand and seal this June 2007. t_ My Commission Expires: 9(03 4411, OTARY LIC OFFICIAL SEAL ELEANOR E. PARIZEK NOTARY PUBLIC . ARKANSAS WASHINGTON COUNTY COMMISSION EXP. 07724 2 ya EXHIBIT "A" LEGAL DESCRIPTION A PART OF THE NE\4 OF THE NW\4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF SAID FORTY ACRE TRACT FOR THE POINT OF BEGINNING AND RUN THENCE N0°32' 15"W ALONG THE WEST LINE OF SAID FORTY 851.78 FEET; THENCE N89°0' 19"E 483.79 FEET TO A FOUND STONE; THENCE N0°24' 15"W 139.45 FEET TO A FOUND IRON PIN; THENCE N89°30'24"E 263.98 FEET TO A FOUND IRON PIN; THENCE S0°55'55"E 376.00 FEET; THENCE S0°22'51"E 609.85 FEET TO THE SOUTH LINE OF SAID FORTY; THENCE S88°37'27"W ALONG SAID SOUTH LINE 626.45 FEET TO THE POINT OF BEGINNING AND CONTAINING 13.75 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO A SEWER LINE EASEMENT TO THE CITY OF FAYETTEVILLE WATER AND SEWER DEPT. AND ANY OTHER RIGHT OF WAYS AND\OR EASEMENTS OF RECORD. (This is not scrivener's legal description) C LENDERS TITLE C 0 M P A N Y 1046 Steams Road Fayetteville, AR 72703 Phone: 479-444-3333 Fax: 479-443-4256 August 01, 2007 City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 RE: 07-028994-500 AUG 032007 CITY OF FAYETTEVILLE MAYOR'S OFFICE In connection with your transaction on the captioned property, please find enclosed the following: x Owner's Policy of Title Insurance x Recorded Trustee's Deed with Vendor's Lien x Privacy Policies and Notices We appreciate the opportunity to serve you and ask that you contact us if we may help you with your future needs. Yours Truly, Lenders Title Company Nancy Prouty Policy Dept. Enclosure Transmittal Letter - Owners Policy.rtf 1 of 1 LA LENDERS TITLE C O M P A N Y cu? 1046 Steams Road • Fayetteville, AR 72703 • 479-444-3333 • Fax 479-443-4256 vim LENDERS TITLE CO M PA NY 1046 Steams Road Fayetteville, AR 72703 Phone: 479-444-3333 Fax: 479-443-4256 August 01, 2007 City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 RE: 07-028994-500 In connection with your transaction on the captioned property, please find enclosed the following: x Owner's Policy of Title Insurance x Recorded Trustee's Deed with Vendor's Lien x Privacy Policies and Notices We appreciate the opportunity to serve you and ask that you contact us if we may help you with your future needs. Yours Truly, Lenders Title Company Nancy Prouty Policy Dept. Enclosure TransmittalLetter- OwnersPolicy.rtf 1 of 1 .�il�llllil[Illlli[i[III[[III[Il�llfl[111I�IIIII[II1�I�fllll�[[�l�l[II[I�ItI[II Doc ID: 011305240003 TVDe: REL Recorded: 06/29/2007 at 11:57:07 MI Fee Amt: $14.00 Paae 1 of 3 Washinaton County. AR Bette stamps Circuit Clerk Fi1e2007-00024964 TRUSTEE'S DEED WITH VENDOR'S LIEN KNOW ALL MEN BY THESE PRESENTS: That I, Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, hereinafter referred to as "Grantor," in exchange for the sum of One Dollar ($1.00) and other good and valuable consideration in hand paid by the City of Fayetteville, Arkansas, hereinafter called "Grantee," of which amount the balance of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) shall be paid by Grantee as set forth below, and a Vendor's Lien to secure the same is hereby expressly retained on the real property hereinafter described, do hereby GRANT, BARGAIN, SELL and CONVEY unto said Grantee, and said Grantee's successors and assigns, the following described real property situate in the Washington County, Arkansas, to-wit: LEGAL DESCRIPTION FOR THIS INSTRUMENT IS AS SET FORTH WORD FOR WORD ON EXHIBIT "A" ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE (This is not scrivener legal description) To have and to hold the said land and appurtenances thereunto belonging unto the said Grantee, and Grantee's successors and assigns, forever, subject to the Vendor's Lien expressly retained herein to secure payment of the balance of the purchase price. And I, said Grantor, hereby covenant with Grantee that I am lawfully seized of said land, that the same is unencumbered except for the Vendor's Lien reserved herein and other easements and encumbrances of record, and warrant that I will forever defend the title to j the said land against any and all legal claims whatsoever. As stated hereinabove, the conveyance of the above -described real property is expressly subject to a Vendor's Lien in favor of Grantor, and Grantor's successors and assigns, which Grantee is bound and obligated to satisfy in full before said lien will be released. The Vendor's Lien shall secure payment to Grantor, and Grantor's successors and assigns, pursuant to one purchase money promissory note executed on even date herewith, the terms of which are as follows: Grantee shall pay Grantor the sum of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) plus interest accruing at the rate of Six Percent (6.00%) per annum, in five equal annual payments, on the first day of July, the first becoming due and payable on July 1, 2008, and the last payment becoming due and payable on July 1, 2012. If Grantee breaches any obligation under the said purchase money promissory note, Grantor shall have the right to declare the entire unpaid principal balance, plus all interest accrued thereon, due and payable at once and to enforce the payment thereof. The conveyance of the above -described real property shall not become absolute until the purchase money promissory note and all interest accrued thereon, and any and all other amounts due to Grantor or to the legal holder of the note as herein provided, shall have been fully paid off and discharged. It is further understood and agreed that all rights and privileges hereby granted to, or reserved by, Grantor shall inure to the benefit of, and may be exercised by, Grantor's heirs, successors and assigns, or by any legal holder of the purchase money promissory note. WITNESS my hand and seal on this June, 2007. Betty Hu3tinel, Trustee, Grantor This instrument prepared by: LUSHBAUGH LAW FIRM, LTD. 418 W. Meadow Street Fayetteville, AR 72702 479-521-2323 ACKNOWLEDGMENT State of Arkansas ) )ss. County of Washington ) Before me, a duly commissioned and acting Notary Public in and for said State and County, on this date personally appeared Betty Hummel, who stated that she is the sole Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, and was duly authorized in that capacity to so execute and seal the foregoing instrument for and in.the name and on behalf of said Trust for the consideration and purposes therein mentioned and set forth. In witness thereof, I have hereunto set my hand and seal this June, 2007. My Commission Expires: GFF=CIAL SEAL E;_E,R=•=OR E. PARIZEK NOTARY F ,JSLIC . ARKANSAS WASH TON COUNTY * t31 f 1� - XP. 0 124 2 EXHIBIT "A" LEGAL DESCRIPTION A PART OF THE NE 1/4 OF THE NW 1/4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF SAID FORTY ACRE TRACT FOR THE POINT OF BEGINNING AND RUN THENCE N 0°32'15" W ALONG THE WEST LINE OF SAID FORTY 851.78 FEET; THENCE N 89°0'19" E 483.79 FEET TO A FOUND STONE; THENCE N 0°24'15" W 139.45 FEET TO A FOUND IRON PIN; THENCE N 89°30'24" E 263.98 FEET TO A FOUND IRON PIN; THENCE S 0°55'55" E 376.00 FEET; THENCE S 89°32'32" W 122.64 FEET; THENCE S 0°22'51" E 609.85 FEET TO THE SOUTH LINE OF SAID FORTY; THENCE S 88°37'27" W ALONG SAID SOUTH LINE 626.45 FEET TO THE POINT OF BEGINNING AND CONTAINING 13.75 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO A SEWER LINE EASEMENT TO THE CITY OF FAYETTEVILLE WATER AND SEWER DEPT. AND ANY OTHER RIGHT OF WAYS AND\OR EASEMENTS OF RECORD. AND ALSO A TWELVE (12) FEET WIDE EASEMENT, FOR THE PURPOSES OF INGRESS AND EGRESS FOR THE ABOVE -DESCRIBED REAL PROPERTY, ALONG THE NORTH BOUNDARY LINE OF THE FOLLOWING DESCRIBED REAL PROPERTY: A PART OF THE NW14 OF THE NW\4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHEAST CORNER OF SAID FORTY ACRE TRACT; THENCE S0°32'15"E 470.25 FEET TO THE POINT OF BEGINNING AND RUN THENCE S0°32'15"E 189.75 FEET; THENCE S89210'39"W 154.47 FEET; THENCE N0432'15"W 189.75 FEET; THENCE N89°10'39"E 154.47 FEET TO THE POINT OF BEGINNING AND CONTAINING 0.67 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO THE RIGHT OF WAY OF HILLCREST AVENUE ALONG THE WEST SIDE AND ANY OTHER RIGHT OF WAYS AND\OR EASEMENTS OF RECORD. (This is not scrivener legal description) 7 H y 7�r Q @ Z mom 8a �s o� I T l ,� = 1- r m z N O m a y ? ` m � rp o- N V+ m ci CD 'C A .gyp r� ("� V, m �� d t�i►� am cpC rn .Is n 0 CD C CD r. = = -� z n o c rn O n N p BO m CAD E; 0) 'C 3 ni Q. -@• LT m Q- F . . Cn ##i y rxv @ =1 m o w @ = @ •S ' C c=i 0 (DU w w Q cn oa a c 2- 0 -t _ cDy o CD v D. a� . .< ;W CD -o o m cln n O C/) @ C CD OWNER'S POLICY OF TLE INSURANCE IssuedbyLawyers Title Insurance Corporation POLICY NUMBER Lai., Im f lC Lawyers Title Insurance Corporation is a member of the A75-Zl 17716 Lawyers Title LandAmericafamily oftitieinsurance underwriters, SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, LAWYERS TITLE INSURANCE COPORATION, a Virginia corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or Interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as Insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS WHEREOF, LAWYERS TITLE INSURANCE CORPORATION has caused its corporate name and seal to be hereunto affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company. LAWYERS TITLE INSURANCE CORPORATION Attest: i w i �iy .p* = p f By: Secretary yh�� ' eo w President EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (I) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the land; (i€i) a separation in ownership or a change in the dimensions or' area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded In the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting €n loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (I) to timely record the Instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. NM1PA10 ALTA Owner's Policy (10/17/92) Valid only if Schedules A and B are attached Form 1190-74Z ORIGINAL. OWNER'S POLICY AGENT CASE NO. - 07-028994-500 POLICY NO. - A75-2117716 DATE OF POLICY - JUNE 29, 2007, AT 11:57AM . AMOUNT OF INSURANCE - $495,000.00 SCHEDULE A 1. Name of Insured: City of Fayetteville, Arkansas 2. The estate or interest in the land described herein and which is covered by this policy is: Fee Simple 3. The estate or interest referred to herein is at Date of Policy of record in the insured: City of Fayetteville, Arkansas 4. The land referred to in the policy is situated in the County of Washington,, State of Arkansas and described as follows: A part of the NE 1/4 of the NW 1/4 of Section 10, Township 16 North, Range 30 West, being more particularly described as follows: Commence at the Southwest corner of said Forty acre tract for the point of beginning and run thence N 0°32'15" W along the West line of said Forty 851.78 feet; thence N 89°0'19" E 483.79 feet to a found stone; thence N 0°24'15" W 139.45 feet to a found iron pin; thence N 89°30'24" E 263.98 feet to a found iron pin; thence S 0°55'55" E 376.00 feet; thence S 89°32'32" W 122.64 feet; thence S 0°22'51" E 609.85 feet to the South line of said Forty; thence S 88°37'27" W along said South line 626.45 feet to the point of beginning and containing 13.75 acres, more or less, Washington County, Arkansas. Subject to a sewer line easement to the City of Fayetteville Water and Sewer Dept. and any other rights -of -way and/or easements of record. LAWYERS TITLE INSURANCE This policy is invalid unless the cover LENDERS TITLE COMPANY CORPORATION sheet, Schedule A and Schedule B are 1046 STEARNS ROAD attached. FAYETTEVILLE, AR 72703 Arkansas License No. IA -82 By,° Vimv1Z - Authorize ignatory Title Agent's License: SA82-82 OWNER'S POLICY SCHEDULE B AGENTS CASE NO. - 07-028994-500 This policy does not insure against loss or damage by reason of the following: GENERAL EXCEPTIONS: POLICY NO. - A75 -Z117716 (1) Rights or claims of parties in possession not shown by the public records. (2) Easements, or claims of easements, not shown by the public records. (3) Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the premises. (4) Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. SPECIAL EXCEPTIONS: 1. Loss arising from any Oil, Gas or Mineral interests, conveyed, retained, assigned or any activity on or damage to the insured land caused by the exercise of sub -surface rights or ownership, including but not limited to the right of ingress and egress for said sub -surface purposes. 2. Taxes and assessments for the year(s) 2007 and thereafter, which are not yet due and payable, plus any penalties and interest which may accrue. 3. Any inaccuracy in the area, square footage, or acreage of land described in Schedule A. The Company does not insure the area, square footage, or acreage of the land. 4. Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 510 at page 435, in Washington County, Arkansas. 5. Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 533 at page 95, in Washington County, Arkansas. 6. Right of Way/Easement in favor of the City of Fayetteville, Arkansas, and recorded in Book 533 at page 368, in Washington County, Arkansas. 7. Any rights, easements, interests or claims which may exist by reason of or reflected by survey dated January 8, 2006, corrected June 25, 2007, by Gore Engineering & Land Surveying. 8. Terms and conditions of that certain Vendor's Lien by and between Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004 ("Seller") and the City of Fayetteville Arkansas ("Buyer") dated June 29, 2007 and filed in the records of Washington County, Arkansas, on June 29, 2007 as Instrument No. 2007-00024964, creating the estate or interest. Irereby insured. 9. This policy does not insure or guarantee performance by the Seller, his/her/their/its heirs, successors, and/or assigns under the terms of the aforementioned Vendor's Lien, LAWYERS TITLE INSURANCE CORPORATION 1. DEFINITION OF TERMS. The following terms when used in this policy mean: (a) "Insured": the insured named in Schedule A, and, subject to any rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase Including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. (b) "insured cla€mant": an insured claiming loss or damage. (c) "knowledge" or "known": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the public records as defined in this policy or any other records which impart constructive notice of matters affecting the land. (d) "land": the land described or referred to in Schedule A, and improvements affixed thereto which by law constitute real property. The term "land" does not include any property beyond the lines of the area described or referred to in Schedule A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (e) "mortgage": mortgage, deed of trust, trust deed, or other security instrument. (f) "public records": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section 1(a)(iv) of the Exclusions From Coverage, "public records" shall also include environmental protection liens filed in the records of the clerk of the United States district court for the district in which the land is located. (g) "unmarketability of the title": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE, The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (€) an estate or interest in the land, or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. The insured shall notify the Company promptly in writing (€) in case of any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall come to an insured hereunder of any claim of title or interest which Is adverse to the title to the estate or interest, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (i€i) if title to the estate or interest, as €nsured, Is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE. (a) Upon written request by the insured and subject to the options contained in Section B of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation In which any third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter Insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel, The Company will not pay any fees, costs or expenses incurred by the insured In the defense of those causes of action which allege matters not insured by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest, as insured, or to prevent or reduce loss or damage to the Insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the' It. in its sole discretion, to appeal from any adverse judgment or order, (d) In all cases where to€s policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at Its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. PROOF OF LOSS OR DAMAGE. in addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the Insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the insured claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by the Insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the insured claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph shall terminate any liability of the Company under this policy as to that claim. 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;TERMINATION OF LIABILITY. In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy, other than to make the payment required, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, and the policy shall be surrendered to the Company for cancellation. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. (€) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred.by the Insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs (b)(i) or (€i), the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. CONDITIONS AND STIPULATIONS (Continued) 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or the full consideration paid for the land, whichever is less, or if subsequent to the Date of Policy an improvement Is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A, then this Policy is subject to the following: (i) where no subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that the amount of insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy; or (ii) where a subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that 120 percent of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not apply to costs, attorneys' fees and expenses for which the Company is liable under this policy, and shall only apply to that portion of any loss which exceeds, In the aggregate, 10 percent of the Amount of Insurance stated in Schedule A. (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. APPORTIONMENT. if the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shalt be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10, REDUCTION OF INSURANCE, REDUCTION OR TERMINATION OF LIABILITY. All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the Insurance pro lanto. 11. LIABILITY NONCUMULATIVE. It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. PAYMENT OF LOSS. (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses Insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the Insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non-insured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 14. ARBITRATION. Unless prohibited by applicable law, either the Company or the Insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connection with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT. (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the Insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. SEVERABILITY. In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. NOTICES, WHERE SENT. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to: Consumer Affairs Department, P.O. Box 27567, Richmond, Virginia 23261-7567. LENDERS TITLE CO M PA NY PRIVACY POLICY NOTICE Dear Lenders Title Company Client: The Financial Services Modernization Act recently enacted by Congress has brought many changes to the financial services industry, which includes title companies. One of the changes is that we are now required to explain to our customers the ways in which we collect and use customer information. The statement on the attached letter is the privacy policy of Lenders Title Company. Protecting your information has always been a part of our business philosophy. We will continue to protect the privacy, accuracy, and security of customer information given to us. No response to this notice is required, but if you have questions, please write to us at: Lenders Title Company 8114 Cantrell Road, Suite 250 Little Rock, Arkansas 72227 Lic - Privacy Policy.rtf 1 of 4 LENDERS TITLE COMPANY PRIVACY POLICY What kinds of information we collect. Lenders Title Company's primary business is a title insurance, closing, and escrow provider. We collect information about you (for instance, your name, address, telephone number) and information about your transaction including the identity of the real property that you are buying, selling, or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you, the lender, attorney, or real estate broker that you have chosen. Our title insurance company then obtains information from the public records about the property so that we can prepare a title insurance policy and/or settlement statement. When we provide closing, escrow, title, or settlement services, we may obtain your social security number and receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, loan payoffs, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information. The company giving or specifically adopting this notice does not share your non-public, personal information with outside marketers. There's no need to tell us to keep your information to ourselves because we share your information only to provide the services requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. We are permitted by law to use certain information to identify and market our own products to you that may be useful to you. This credit information about you is shared only to facilitate your transaction or for other purposes permitted by law. How we protect your information. We restrict access to nonpublic personal information about you to those employees who need the information to provide products or services to you or to other parties/providers to the particular transaction we are servicing. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal information. We reinforce the company's privacy policy with our employees. l.tc - Privacy Policy.rtr 2 of 4 PRIVACY POLICY NOTICE Dear LandAmerica Customer: The Financial Services Modernization Act, known as the Gramm -Leach -Bliley Act, requires us to explain to our customers the ways in which we collect and use customer information. The statement attached to or on the reverse side of this letter is the privacy policy of the LandAmerica family of companies. The three largest members of the family -- Commonwealth Land Title Insurance Company, Lawyers Title insurance Corporation, and Transnation Title Insurance Company — may issue policies and handle real estate closings in virtually every part of the country. Some companies in the family provide other real estate services, and some operate more locally. You may review a list of LandAmerica companies on our website (www.landam.co . You may also visit our website for an explanation of our privacy practices relating to electronic communication. Our concern with the protection of your information has been a part of our business since 1876, when the company that is now Commonwealth Land Title Insurance Company issued its first policy. We will continue to protect the privacy, accuracy, and security of customer information given to us. No response to this notice is required, but if you have questions, please write to us: LandAmerica Privacy P.O. Box 27567 Richmond, VA 23261-7567. LandAmerica Insurance Companies: Commonwealth Land Title Insurance Company, Commonwealth Land Title Insurance Company of New Jersey, Land Title Insurance Company, Lawyers Title Insurance Corporation, Title Insurance Company of America, Transnation Title Insurance Company, Transnation Title Insurance Company of New York LandAmerica Title Agents whoa -owns : American Title Company of Dallas and Fort Worth, Austin Title Company, ATACO, Inc., Albuquerque Title Company, Atlantic Title & Abstract Company, Capitol City Title Services, Inc., Commercial Settlements, Inc., Commonwealth Land Title Company; Commonwealth Land Title Company of Austin, Dallas, Fort Worth, Houston, Puget Sound, and Washington; Congress Abstract Corp., Gulf Atlantic, Lawyers Title Company; Lawyers Title of Arizona, El Paso, Nevada, and San Antonio; New Mexico Title Co., Partners Title Company, Pikes Peak Title Services, Property Title Ins. Co., Rainier Title Company, Texas Onestop, Texas Title Company, Title Transfer Service, Inc., Transnation Title & Escrow, Wilson Title Company LandAmerica Title Agent partiallyowned): Bankers Alliance Title Agency, Biltmore Abstract, CFS Title Insurance Agency, Charleston Title Agency, Charter Title Company of Fort Bend, Chatham Settlement, E. Title Agency, First Growth -Commonwealth Title Agency, First Title & Escrow, Inc., Four Star Title Agency, HL Title Agency, Jones & Tatom Title & Trust, Land Canada LTD., Land Title Associates, Lawyers Title Galveston, Lion Abstract, Longworth Insured, M/I Title Agency, M and M Title Services, National Land Transfer (NJ and PA), NIAI Lawyers Title Agency, RE/Affirm Title Agency, Residential Abstract, Residential Title, Sibcy Cline Title Agency, Title Affiliates of Central Florida, Naples, Clearwater, Graham, Indian River, Orlando, Polk County, Tampa Bay, and West Central Florida; Transnation Title Agency of Oregon, TransOhio Residential Title Agency, TRI Title Agency, TRI-County Title Agency -Michigan, Tri-State Title Agency, University Title Services, inspections. Appraisals. Mortgage Servicing, and Ancillary Services: Inspectech, Inc., LandAmerica Onestop, Inc., LandAmerica Account Servicing, Inc., LandAmerica Default Service Co., REalitics, TransAccount Services, Inc. Form 3391-6 (October 2004) I.IC - Privity Policy.rtf 3 of 4 LANDAMERICA PRIVACY POLICY What kinds of information we collect. Most of LandAmerica's business is title insurance, but there are companies in our family that provide other real estate services to consumers. We collect information about you, (for instance, your name, address, telephone number), and information about your transaction, including the identity of the real property that you are buying or financing. We obtain a copy of any deeds, notes, or mortgages that are involved in the transaction. We may get this information from you or from the lender, attorney, or real estate broker that you have chosen. Our title insurance companies then obtain information from the public records about the property so that we can prepare a title insurance policy. When we provide closing, escrow, or settlement services, mortgage lending, or mortgage loan servicing, we may get your social security number, and we may receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, and sometimes bank account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us. How we use this information, The company giving or specifically adopting this notice does not share your information with marketers outside its own family. There's no need to tell us to keep your information to ourselves because we share your information only to provide the service requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies. Companies within a family may share certain information among themselves in order to identify and market their own products that they think may be useful to you. Credit information about you is shared only to facilitate your transaction or for some other purpose permitted by law. How we protect your information. We restrict access to nonpublic personal information about you to those employees who need the information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with law to guard your nonpublic personal information. We reinforce the company's privacy policy with our employees. Agents that may be covered by this policy. Often, your transaction goes through a title insurance agent. Agents that are part of the LandAmerica family are- covered by this .policy. Agents that are not part of the LandAmerica family may specifically, in writing, adopt our policy statement. LLc - Piiyuty, Policy.iif 4 of 4 LENDERS TITLE CO M PA NY 1046 Steams Road Fayetteville, AR 72703 Phone: 479-444-3333 Fax:479-443-4256 RE: A part of the NE 1/4 of the NW 1/4 of Section 10, Township 16 North, Range 30 West, being more particularly described as follows: Commence at the Southwest comer of said Forty acre tract for the point of beginning and run thence N 0°32'15" W along the West line of said Forty 851.78 feet; thence N 89°0'19" E 483.79 feet to a found stone; thence N 0°2415" W 139.45 feet to a found iron pin; thence N 89°30'24" E 263.98 feet to a found iron pin; thence S 0°55'55" E 376.00 feet; thence S 89°32'32" W 122.64 feet; thence S 0°22'51" E 609.85 feet to the South line of said Forty; thence S 88°37'27" W along said South line 626.45 feet to the point of beginning and containing 13.75 acres, more or less, Washington County, Arkansas. Subject to a sewer line easement to the City of Fayetteville Water and Sewer Dept. and any other rights -of -way and/or easements of record. We, the undersigned, do hereby acknowledge receipt of a copy of the title insurance commitment t the above referenced property and note the exceptions listed therein this 29th day of , d Q City of Fayetteville, Arkansas By: Amber Wood, lrrrr !U• FAYETTEVILLE r9 � 'y1NG TON��'`�� AcknowledgenxilofCommi[ment.itf 1 of 1 NEGOTIABLE PROMISSORY NOTE FOR VALUABLE CONSIDERATION RECEIVED, the receipt and adequacy of which is hereby acknowledged, the City of Fayetteville, Arkansas, a municipal corporation hereinafter referred to as "Maker," hereby promises to pay to the Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, or her successors and assigns, hereinafter "Lender," the amount financed, Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) (the foregoing amount may also be referred to hereinafter as "Principal"), plus interest accruing at the rate of Six Percent (6.00%) per annum, as follows: Maker shall pay to Lender, or Lender's successors or assigns, the sum of Three Hundred Twenty -Eight Thousand Dollars ($328,000.00) plus interest accruing at the rate of Six Percent (6.00%) per annum, in five equal payments payable annually on the first day of July, with the first installment due and payable on July 1, 2008, and the last installment becoming due and payable on July 1, 2012. The debt evidenced by this Promissory Note shall be secured by a vendor's lien retained by Lender and reflected on the face of the Warranty Deed by which Lender conveyed title to certain real property to Maker. Maker shall be in Default under this Note upon the occurrence of any one or more of the following events or conditions: (1) Any warranty, covenant, agreement, -representation, financial information or statement made or furnished to the Lender by or in behalf of Maker to induce Lender to enter into this agreement, or in conjunction therewith, proves to be false in any material respect when made or furnished; (2) Any payment required to be made hereunder or under any other obligation of Maker to Lender or to others is not made when due or in accordance with the terms of the applicable contractual agreement; (3) The termination of existence or insolvency of Maker, the appointment of a receiver over any part of Maker's property, or the commencement of any proceeding under any bankruptcy or insolvency law by or against Maker; or (4) any attempted conveyance of the real property Lender sold to Maker therein reserving a Vendor's Lien, prior to satisfying all of Maker's obligations to Lender hereunder. Full payment shall be made to Lender in the event of any one of the aforesaid defaults by Maker. Lender may charge and collect a fee from Maker for each return by a bank or other depository institution of a dishonored check, negotiable order of withdrawal or share draft issued by the Maker in connection with this loan and such fee shall be in addition to all other loan finance charges which the Lender may charge and collect from the Maker and shall not be subject to refund or rebate. Maker agrees to pay all expenses, including but not limited to attorney's fees, which Lender deems necessary This negotiable instrument is executed by the undersigned on the date set forth below. I 11J1, : FAYETTEVI LLE: . • - .h' J CITY OF F By: Dan By: ::I/Y.i State of Arkansas ) )ss County of Washington ) Mayor Amber Wood, Date C!y Clerk Date ACKNOWLEDGMENT BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Dan Coody and Amber Wood, to me well known as the persons who executed the foregoing instrument, and who stated and acknowledged that they are, respectively, the Mayor and Deputy City Clerk of the City of Fayetteville, Arkansas, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of the City of Fayetteville, Arkansas, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. Witness my hand and seal on this June 2007. My Commission Expires: ffalt COUNTY p 07/24/2012 ittii ockAR � y k1 CONSERVATION EASEMENT The City of Fayetteville, Arkansas, as Grantor, for and in consideration of One Hundred Seventy -Nine Thousand Dollars ($179,500.00) hereby grants, bargains, sells and conveys unto Grantee Fayetteville Natural Heritage Association, Inc. a conservation easement as described below upon the property known as the Brooks -Hummel Nature Reserve more particularly described as follows: A Part Of The Northeast Quarter (NE 1/4) Of The Northwest Quarter (NW 1/4) Of Section 10, Township 16 North, Range 30 West, Being More Particularly Described As Follows: Commence At The Southwest Corner Of Said Forty Acre Tract From The Point Of Beginning And Run Thence N0°32'15"W Along The West Line Of Said Forty 851.78 Feet; Thence N89°0'19"E 483.79 Feet To A Found Stone; Thence N0°24'15"W 139.45 Feet To A Found Iron Pin; Thence N89°30'24"E 263.98 Feet To A Found Iron Pin; Thence S0°55'55"E 376.00 Feet; Thence S0°22'51" 609.85 Feet To The South Line Of Said Forty; Thence S88°37'27"W Along Said South Line 626.45 Feet To The Point Of Beginning And Containing 13.75 Acres, More Or Less, Washington County, Arkansas. Subject To A Sewer Line Easement To The City Of Fayetteville Water And Sewer Department And Any Other Right Of Ways And/Or Easements Of Record. 1. Purpose. The purpose of this Conservation Easement is to ensure that the Brooks -Hummel Nature Reserve will remain forever predominately in its present condition as a nature park preserving the natural habitat as much as possible, with the City of Fayetteville retaining the right to construct, maintain and repair trails, picnic areas, benches and other park amenities which within the discretion of the City are compatible with a city nature park. The City further retains the right to construct small parking lots near access areas, to access for maintenance, repair or replacement of the existing 12" city sewer main lying approximately as shown on the January 8, 2006 Plat of Survey by Gore Engineering & Land Surveying (Exhibit A attached), and a 25wide water/sewer easement along the south property line in order to install a future water main to connect the city's stub out water main off Woodcrest Drive to the end of Edgehill. 2. Prohibited Uses. Any activity on or use of the Brooks -Hummel Nature Reserve inconsistent with the purposes of this Conservation Easement is prohibited. Apart from necessary water/sewer main construction, repair or maintenance along the current sewer main or within the 25' easement on the south border of the property, construction of trails, benches, picnic tables and other nature park amenities (including possible small parking lots near access areas), there shall be no construction, no excavation, no harvesting of trees, no dumping, no pollution, and no gasoline powered vehicles (other than maintenance equipment such as mowers). 3. Assignment. The Grantee Fayetteville Natural Heritage Association, Inc. may only assign its interests conveyed by it through this conservation easement to a qualified organization as defined in §170 (h)(3) of the Internal Revenue Code of 1986 (or any successor section) that is organized and operated primarily for conservation purposes and such conservation organization (and any subsequent assigns) shall be required to carry out in perpetuity the conservation purposes of this easement. 4. Enforcement. Grantee Fayetteville Natural Heritage Association, Inc. shall expeditiously notify the Mayor's Office of the City of Fayetteville (113 W. Mountain, Fayetteville, AR) in writing if it believes any purpose of this easement has been violated. Both the City of Fayetteville and the Fayetteville Natural Heritage Association, Inc. have independent and joint powers (including suit for trespass, injunction, damages, etc.) to enforce this easement in the Circuit Court of Washington County, Arkansas. The City of Fayetteville's conveyance of this conservation easement to the Fayetteville Natural Heritage Association, Inc. is TO HAVE AND TO HOLD, this Conservation Easement unto the Grantee Fayetteville Natural Heritage Association, Inc. forever. IN WITNESS WHEREOF, the Grantor City of Fayetteville, by and through its elected Mayor, Dan Coody, has executed and sealed this easement with his signature attested by the elected City Clerk, Sondra Smith on this day of December, 2008. GRANTOR CITY OF FAYETTEVILLE Y,. CITY Q • G �.. E :FAYETTEVILLE; ��z• ;` .Co ��. ra�+�� sae+►►►►►► By: G I Sondra E. Smith, City Clerk/Treasurer ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED that on this day of December, 2008, the undersigned, a Notary Public, qualified, and acting, within and for the said County and State, that in person appeared the within named Dan Coody, Mayor, and Sondra E. Smith, City Clerk/Treasurer, both of the of the City of Fayetteville, Arkansas, and authorized so to act, to me personally well known (or satisfactorily proven to be), and were duly authorized in that capacity to execute the foregoing instrument for and in the name and behalf of said entity, and further stated and acknowledged that they had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMOl rWV.OUg,OF, I have hereunto set my hand and official seal this /. day of December, 2008. • • OTAA " rya j°uaL• Notary Public My Commission Expiresso 1izC0UNT'( % ,,, The City of Fayetteville, Arkansas, as Grantor, for and in consideration of One Hundred Seventy -Nine Thousand Dollars ($179,500.00) hereby grants, bargains, sells and conveys unto Grantee Fayetteville Natural Heritage Association, Inc. a conservation easement as described below upon the property known as the Brooks -Hummel Nature Reserve more particularly described as follows: A Part Of The Northeast Quarter (NE 1/4) Of The Northwest Quarter (NW '/4) Of Section 10, Township 16 North, Range 30 West, Being More Particularly Described As Follows: Commence At The Southwest Corner Of Said Forty Acre Tract From The Point Of Beginning And Run Thence N0°32'15"W Along The West Line Of Said Forty 851.78 Feet; Thence N89°0'19"E 483.79 Feet To A Found Stone; Thence N0°24'l5"W 139.45 Feet To A Found Iron Pin; Thence N89°30'24"E 263.98 Feet To A Found Iron Pin; Thence S0°55'55"E 376.00 Feet; Thence S0°22'51" 609.85 Feet To The South Line Of Said Forty; Thence S88°37'27"W Along Said South Line 626.45 Feet To The Point Of Beginning And Containing 13.75 Acres, More Or Less, Washington County, Arkansas. Subject To A Sewer Line Easement To The City Of Fayetteville Water And Sewer Department And Any Other Right Of Ways And/Or Easements Of Record. 1. Purpose. The purpose of this Conservation Easement is to ensure that the Brooks -Hummel Nature Reserve will remain forever predominately in its present condition as a nature park preserving the natural habitat as much as possible, with the City of Fayetteville retaining the right to construct, maintain and repair trails, picnic areas, benches and other park amenities which within the discretion of the City are compatible with a city nature park. The City further retains the right to construct small parking lots near access areas, to access for maintenance, repair or replacement of the existing 12" city sewer main lying approximately as shown on the January 8, 2006 Plat of Survey by Gore Engineering & Land Surveying (Exhibit A attached), and a 25' wide water/sewer easement along the south property line in order to install a future water main to connect the city's stub out water main off Woodcrest Drive to the end of Edgehill. 2. Prohibited Uses. Any activity on or use of the Brooks -Hummel Nature Reserve inconsistent with the purposes of this Conservation Easement is prohibited. Apart from necessary water/sewer main construction, repair or maintenance along the current sewer main or within the 25' easement on the south border of the property, construction of trails, benches, picnic tables and other nature park amenities (including possible small parking lots near access c areas), there shall be no construction, no excavation, no harvesting of trees, no dumping, no pollution, and no gasoline powered vehicles (other than maintenance equipment such as mowers). 3. Assignment. The Grantee Fayetteville Natural Heritage Association, Inc. may only assign its interests conveyed by it through this conservation easement to a qualified organization as defined in § 170 (h)(3) of the Internal Revenue Code of 1986 (or any successor section) that is organized and operated primarily for conservation purposes and such conservation organization (and any subsequent assigns) shall be required to carry out in perpetuity the conservation purposes of this easement. 4. Enforcement. Grantee Fayetteville Natural Heritage Association, Inc. shall expeditiously notify the Mayor's Office of the City of Fayetteville (113 W. Mountain, Fayetteville, AR) in writing if it believes any purpose of this easement has been violated. Both the City of Fayetteville and the Fayetteville Natural Heritage Association, Inc. have independent and joint powers (including suit for trespass, injunction, damages, etc.) to enforce this easement in the Circuit Court of Washington County, Arkansas. The City of Fayetteville's conveyance of this conservation easement to the Fayetteville Natural Heritage Association, Inc. is TO HAVE AND TO HOLD, this Conservation Easement unto the Grantee Fayetteville Natural Heritage Association, Inc. forever. IN WITNESS WHEREOF, the Grantor City of Fayetteville, by and through its elected Mayor, Dan Coody, has executed and sealed this easement with his signature attested by the elected City Clerk, Sondra Smith on this day of December, 2008. GRANTOR CITY OF FAYETTEVILLE By: t 1 1 1`nJ 1. By: Sondra E. Smith, City Clerk/Treasurer ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED that on this /.2-. of December, 2008, the undersigned, a Notary Public, qualified, and acting, within and for the said County and State, that in person appeared the within named Dan Coody, Mayor, and Sondra E. Smith, City Clerk/Treasurer, both of the of the City of Fayetteville, Arkansas, and authorized so to act, to me personally well known (or satisfactorily proven to be), and were duly authorized in that capacity to execute the foregoing instrument for and in the name and behalf of said entity, and further stated and acknowledged that they had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMOl1tyOF, 1 have hereunto set my hand and official seal this day of December, 2008. '3,. • • a S o. cN OTA o" Notary Public My Commission Expires u1111 ►�� �� FIk 11M -O 1 PLAY CONSERVATION EASEMENT �I/gyl The City of Fayetteville, Arkansas, as Grantor. for and in consideration of One Hundred Seventy -Nine Thousand Dollars ($179,500.00) hereby grants, bargains, sells and conveys unto Grantee Fayetteville Natural Heritage Association, Inc. a conservation easement as described below upon the property known as the Brooks -Hummel Nature Reserve more particularly described as follows: _ A Part Of The Northeast Quarter (NE '/a)- Of The Northwest Quarter (NW '/4) Of Section 10. Township 16 North. Range 30 West, Being More Particularly Described As Follows: Commence At The Southwest Corner Of Said Forty Acre Tract From The Point Of Beginning And Run Thence N0°32'15"W Along The West Line Of Said Forty 851.78 Feet; Thence N89°0' 19"E 483.79 Feet To A .Found Stone; Thence N0°24' 15 "W 139.45 Feet To A Found Iron Pin; Thence N89°30'24"E 263.98 Feet To A Found Iron Pin; Thence S0°55'55"E 376.00 Feet; Thence S0°22'51" 609.85 Feet To The South Line Of Said Forty; Thence S88°37'27"W Along Said South Line 626.45 Feet To The Point Of Beginning And Containing 13.75 Acres, More Or Less, Washington County, Arkansas. Subject To A Sewer Line Easement To The City Of Fayetteville Water And Sewer Department And Any Other Right Of Ways And/Or Easements Of Record. 1. Purpose. The purpose of this Conservation Easement is to ensure that the Brooks -Hummel Nature Reserve will remain forever predominately in its present condition as a nature park preserving the natural habitat as much as possible, with the City of Fayetteville retaining the right to construct, maintain and repair trails, picnic areas, benches and other park amenities which within the discretion of the City are compatible with a city nature park. The City further retains the right to construct small parking lots near access areas, to access for maintenance, repair or replacement of the existing 12" city sewer main lying approximately as shown on the January 8, 2006 Plat of Survey by Gore Engineering & Land Surveying (Exhibit A attached), and a 25wide water/sewer easement along the south property line in order to install a future water main to connect the city's stub out water main off Woodcrest Drive to the end of Edgehill. 2. Prohibited Uses. Any activity on or use of the Brooks -Hummel Nature Reserve inconsistent with the purposes of this Conservation Easement is prohibited. Apart from necessary water/sewer main construction, repair or maintenance along the current sewer main or within the 25' easement on the south border of the property, construction of trails, benches, picnic tables and other nature park amenities (including possible small parking lots near access I, .,. areas), there shall be no construction, no excavation, no harvesting of trees, no dumping, no pollution, and no gasoline powered vehicles (other than maintenance equipment such as mowers). 3. Assignment. The Grantee Fayetteville Natural Heritage Association, Inc. may only assign its interests conveyed by it through this conservation easement to a qualified organization as defined in § 170 (h)(3) of the Internal Revenue Code of 1986 (or any successor section) that is organized and operated primarily for conservation purposes and such conservation organization (and any subsequent assigns) shall be required to carry out in perpetuity the conservation purposes of this easement. 4. Enforcement. Grantee Fayetteville Natural Heritage Association, Inc. shall expeditiously notify the Mayor's Office of the City of Fayetteville (113 W. Mountain, Fayetteville, AR) in writing if it believes any purpose of this easement has been violated. Both the City of Fayetteville and the Fayetteville Natural Heritage Association, Inc. have independent and joint powers (including suit for trespass, injunction, damages, etc.) to enforce this easement in the Circuit Court of Washington County, Arkansas. The City of Fayetteville's conveyance of this conservation easement to the Fayetteville Natural Heritage Association, Inc. is TO HAVE AND TO HOLD, this Conservation Easement unto the Grantee Fayetteville Natural Heritage Association, Inc. forever. IN WITNESS WHEREOF, the Grantor City of Fayetteville, by and through its elected Mayor, Dan Coody, has executed and sealed this easement with his signature attested by the elected City Clerk, Sondra Smith on this day of December, 2008. GRANTOR CITY OF FAYETTEVILLE By: DAN COODY, Mayor (,) ,`�iti��strnrr►►►► ,.G�EFtt(/TRE9 �'.�G��Y ' � ATTEST: FAYEfTEVILLE �`��'5'/•° aN••'O`�.�`� Sondra E. Smith, City Clerk/Treasurer `��►►�G T4Nti���ti�'� ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED that on this � day of December, 2008, the undersigned, a Notary Public, qualified, and acting, within and for the said County and State, that in person appeared the within named Dan Coody, Mayor, and Sondra E. Smith, City Clerk/Treasurer, both of the of the City of Fayetteville, Arkansas, and authorized so to act, to me personally well known (or satisfactorily proven to be), and were duly authorized in that capacity to execute the foregoing instrument for and in the name and behalf of said entity, and further stated and acknowledged that they had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY W $ OF, I have hereunto set my hand and official seal this �� day of December, 2008. ``; �PNN a a :OT4' ac:_) o e • Notary Public �`�':/,Q kit 1 d���`��• %4'COUNT{,A���`. My Commission Expires: z COPY r�IM�I CONSERVATION EASEMENT The City of Fayetteville, Arkansas, as Grantor, for and in consideration of One Hundred Seventy -Nine Thousand Dollars (5179,500.00) hereby grants. bargains, sells and conveys unto Grantee Fayetteville Natural Heritage Association, Inc. a conservation easement as described below upon the property known as the Brooks -Hummel Nature Reserve more particularly described as follows: A Part Of The Northeast Quarter (NE 1/4) Of The Northwest Quarter (NW '/4) Of Section 10, Township 16 North. Range 30 West, Being More Particularly Described As Follows: Commence At The Southwest Corner Of Said Forty Acre Tract From The Point Of Beginning And Run Thence N0°32'l5"W Along The West Line Of Said Forty 851.78 Feet; Thence N89°0'19"E 483.79 Feet To A Found Stone; Thence N0°24'15"W 139.45 Feet To A Found Iron Pin; Thence N89°30'24"E 263.98 Feet To A Found Iron Pin; Thence S0°55'55"E 376.00 Feet; Thence S0°22'51" 609.85 Feet To The South Line Of Said Forty; Thence S88°37'27"W Along Said South Line 626.45 Feet To The Point Of Beginning And Containing 13.75 Acres, More Or Less, Washington County, Arkansas. Subject To A Sewer Line Easement To The City Of Fayetteville Water And Sewer Department And Any Other Right Of Ways And/Or Easements Of Record. 1. Purpose. The purpose of this Conservation Easement is to ensure that the Brooks -Hummel Nature Reserve will remain forever predominately in its present condition as a nature park preserving the natural habitat as much as possible, with the City of Fayetteville retaining the right to construct, maintain and repair trails, picnic areas, benches and other park amenities which within the discretion of the City are compatible with a city nature park. The City further retains the right to construct small parking lots near access areas, to access for maintenance, repair or replacement of the existing 12" city sewer main lying approximately as shown on the January 8, 2006 Plat of Survey by Gore Engineering & Land Surveying (Exhibit A attached), and a 25' wide water/sewer easement along the south property line in order to install a future water main to connect the city's stub out water main off Woodcrest Drive to the end of Edgehill. 2. Prohibited Uses. Any activity on or use of the Brooks -Hummel Nature Reserve inconsistent with the purposes of this Conservation Easement is prohibited. Apart from necessary water/sewer main construction, repair or maintenance along the current sewer main or within the 25' easement on the south border of the property, construction of trails, benches, picnic tables and other nature park amenities (including possible small parking lots near access areas), there shall be no construction, no excavation, no harvesting of trees, no dumping, no pollution, and no gasoline powered vehicles (other than maintenance equipment such as mowers). 3. Assignment. The Grantee Fayetteville Natural Heritage Association, Inc. may only assign its interests conveyed by it through this conservation easement to a qualified organization as defined in §170 (h)(3) of the Internal Revenue Code of 1986 (or any successor section) that is organized and operated primarily for conservation purposes and such conservation organization (and any subsequent assigns) shall be required to carry out in perpetuity the conservation purposes of this easement. 4. Enforcement. Grantee Fayetteville Natural Heritage Association, Inc. shall expeditiously notify the Mayor's Office of the City of Fayetteville (113 W. Mountain, Fayetteville, AR) in writing if it believes any purpose of this easement has been violated. Both the City of Fayetteville and the Fayetteville Natural Heritage Association, Inc. have independent and joint powers (including suit for trespass, injunction, damages, etc.) to enforce this easement in the Circuit Court of Washington County, Arkansas. The City of Fayetteville's conveyance of this conservation easement to the Fayetteville Natural Heritage Association, Inc. is TO HAVE AND TO HOLD, this Conservation Easement unto the Grantee Fayetteville Natural Heritage Association, Inc. forever. IN WITNESS WHEREOF, the Grantor City of Fayetteville, by and through its elected Mayor, Dan Coody, has executed and sealed this easement with his signature attested by the elected City Clerk, Sondra Smith on this day of December, 2008. GRANTOR CITY OF FAYETTEVILLE By: ATTEST: By: /AkA/ Sondra E. Smith, City Clerk/Treasurer ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON BE IT REMEMBERED that on this day of December, 2008, the undersigned, a Notary Public, qualified, and acting, within and for the said County and State, that in person appeared the within named Dan Coody, Mayor, and Sondra E. Smith, City Clerk/Treasurer, both of the of the City of Fayetteville, Arkansas, and authorized so to act, to me personally well known (or satisfactorily proven to be), and were duly authorized in that capacity to execute the foregoing instrument for and in the name and behalf of said entity, and further stated and acknowledged that they had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMON��i�BOF, 1 have hereunto set my hand and official seal this �_ day of December, 2008. ���� �P�� • R� y���ii,� s� d7ARY A '• may. �'U8L10 I - Notary Public My Commission Expires"ii 1 ►�A ��,, mith, Sondra jog—p(— rom: Mulford, Patti ent: Thursday, October 30, 2014 2:06 PM o: Adams, Rhonda; Gray, Adella; Jordan, Lioneld; Kinion, Mark; Long, Alan; Marsh, Sarah; Pennington, Blake; Petty, Matthew; Schoppmeyer, Martin; Smith, Sondra; Tennant, Justin; Williams, Kit ubject: Release of Vendor's Lien -Brooks -Hummel Preserve ttachments: Memo from Kit.pdf ched is a memo from Kit regarding the Release of Vendor's Lien for Brooks -Hummel Nature Preserve. Thanks. )atti Mulford laralegal :ity Attorney's Office :ity of Fayetteville Arkansas 179.575.8313 O1 r•irn. or Tiff, 7 'DTI Ai IvfuNI'-1 DEPARTMENTAL CORRESPONDENCE OFFIc:I; 01: THE (,1'n A'rTORNF.Y TO: Mayor Jordan City Council CC: Don Marr, Chief of Staff Paul Becker, Finance Director Connie Edmonston, Parks & Recreation Director FROM: Kit Williams, City Attorney DATE: October 30, 2014 Kit WilIitiiiis C;1: AtIorncv Blake Pennin8ton Assistant City Attorney Patti Mullord Paralegal RE: Release of Vendor's Lien for Brooks -Hummel Nature Preserve On June 5, 2007, the Fayetteville City Council passed a Resolution to purchase about 14 acres of the watershed of Lake Lucille to establish the Brooks -Hummel Nature Preserve. A conservation easement was sold . to the Fayetteville Natural Heritage Association, Inc. in the amount of $179,500.00 to help pay for this purchase and to ensure it remained primarily in its natural condition. The City paid off its debt secured by a Vendor's Lien on the property over five years at 6% interest pursuant to Amendment 78. Recently the Parks Department informed our office that the debt was paid in full. The Accounting Department provided us with an accounting showing all the necessary payments had been made. I then asked Assistant City Attorney Blake Pennington to secure a Release of the Vendor's Lien from Brooks Revocable Trust. Blake did so as shown by the attached document which my office will file in the Washington County deed records. The City now owns the Brooks -Hummel Nature Preserve free and clear except for the conservation easement owned by the Fayetteville Natural Heritage Association, Inc. 1 II1111I11�If11111I1I1iI��I�IillflflllllllBllll�l181f llllfli<1�1111 Doc 1D: 015960680003 Type: REL Kind: ON Recorded: 0/30/2014AatI01:38:57 Pt1 Fee Amt: $25.00 Pane I of 3 Nashlnpton County, AR Kyle 5vlvestor Circuit Clerk F1le2O14-00028086 RELEASE OF VENDOR'S LIEN WHEREAS, Betty Elummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, is the holder of a vendor's lien against real property owned by the City of Fayetteville, Arkansas recorded in the Official Records of the Circuit Clerk and Ex -Officio Recorder for Washington County, Arkansas on June 29, 2007, as File No. 2007-00024964. WHEREAS, the rca] property encumbered by the vendor's lien is legally described in Exhibit "A" attached hereto and incorporated herein by reference. WHEREAS, the City of Fayetteville has made all payments secured by the vendor's lien and the vendor's lien should be released. NOW, THEREFORE, Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, does hereby release the vendor's lien encumbering the real property described in Exhibit "A" attached hereto. Dated this .21 day of pmt , , 2014. FORREST F. BROOKS REVOCABLE TRUST UNDER AGREEMENT DATED MARCH 26, 2004 By: Betty I-luinm Successor Trustee 111111111111111IIIf11111111111111Ill 1If11IIII11111111II IIII1111111i Doc ID: 015960680003 Type: REL Kind: RELEASE/SATISFACTION Recorded: 10/30/2014 at 01:38:57 PM Fee Amt: $25.00 Page 1 of 3 Washington County, AR Kyle Sylvester Circuit Clerk File2014-00028086 RELEASE OF VENDOR'S LIEN WHEREAS, Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, is the holder of a vendor's lien against real property owned by the City of Fayetteville, Arkansas recorded in the Official Records of the Circuit Clerk and Ex -Officio Recorder for Washington County, Arkansas on June 29, 2007, as File No. 2007-00024964. WHEREAS, the real property encumbered by the vendor's lien is legally described in Exhibit "A" attached hereto and incorporated herein by reference. WHEREAS, the City of Fayetteville has made all payments secured by the vendor's lien and the vendor's lien should be released. NOW, THEREFORE, Betty Hummel as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, does hereby release the vendor's lien encumbering the real property described in Exhibit "A" attached hereto. Dated this e? q day of OLt , , 2014. FORREST F. BROOKS REVOCABLE TRUST UNDER AGREEMENT DATED MARCH 26, 2004 By: Betty Humm Successor Trustee ACKNOWLEDGMENT STATE OF ARKANSAS ) COUNTY OF fl) On this, the � ' day of OCJZ beK , 2014, before me, the undersigned officer, personally appeared Betty Hummel who acknowledged herself to be the successor trustee for the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, and that she, as such successor trustee, executed the foregoing instrument for the purposes therein contained. In witness whereof I hereunto set my hand and official seal. DANA SAYLOR Notary Public WASHINGTON COUNTY NOTARYPUBLIC-ARKANSAS My Commission Expires March 05, 2023 My Commission Expires: Commission No. 12392946 Prepared by: City Attorney's Office City of Fayetteville, Arkansas 113 W. Mountain St., Suite 302 Fayetteville, AR 72701 EXHIBIT A PART OF THE NB 1/4 OF THE NW 1/4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF SAID FORTY ACRE TRACT FOR THE POINT OF BEGINNING AND RUN THENCE N 0°32'15" W ALONG THE WEST LINE OF SAID FORTY -951.78 FEET; THENCE N 89°0'I 9" E 483.79 FEET TO A FOUND STONE; - THENCE N 0°24'15" W 139.45 FEET TO A FOUND IRON PIN; THENCE N 89°3024" E 263.98 FEET TO A FOUND IRON PIN; THENCE S 0°5555" E 376.00 FEET; TRICE S 89°32'32" W 122.64 FEET; THENCE S 0°22'5 I" E 609.85 FEET TO THE SOUTH LINE OF SAID FORTY; THENCE S 88°37'27" W ALONG SAID SOUTH LINE 626.45 FEET TO THE POINT OF BEGINNING AND CONTAINING 13.75 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. - SUBJECT TO A SEWER LINE EASEMENT TO THE CITY OF FAYETTEVILLE WATER AND SEWER D$FT. AND ANY OTHER RIGHT OF WAYS AND\OR BASEMENTS OF RECORD. A TWELVE (12) FEET WIDE EASEMENT, FOR THE PURPOSES OF INGRESS AND EGRESS FOR THE ABOVE -DESCRIBED REAL PROPERTY, ALONG THE NORTH BOUNDARY LINE OF THE FOLLOWING DESCRIBED REAL PROPERTY. A PART OF THE NW14 OF THE NW\4 OF SECTION 10, TOWNSHIP 16 NORTT% RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHEAST CORNER OF SAID FORTY ACRE TRACT; THENCE SD232-15-E 47025 FEET TO THE POINT OF BEGINNING AND RUN THENCE S0°32'15'E 189.75 FEET; THENCE S89°10'39WV 154.47 FEET; THENCE N0°32'15"W 189.75 FEET; THENCE N89°10'39"E 154.47 FEET TO THE POINT OF BEGINNING AND CONTAINING 0.67 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO THE RIGHT OF WAY OF FIILLCREST AVENUE ALONG THE WEST SIDE AND ANY OTHER RIGHT OF WAYS AND\OR EASEMENTS OF RECORD. (This is not scrivener S legal description) Washington County, AR I certify this instrument was filed on 10/30/2014 01:38:57 PM and recorded in Real Estate File Number 2014-00028086 Kyle Sylvester- Cleric by RECEIVED NOV 0 3 2014 DEPARTMENTAL CORItESQYf� o�E€ )FFICF OF [HI I ry AIJ i►RNEY TO: Mayor Jordan City Council CC: Don Marr, Chief of Staff Paul Becker, Finance Director Connie Edmonston, Parks & Recreation Director PROM: Kit Williams, City Attorney C DATE: October 30, 2014 Kit Williams City Attorney Nuke Pennington Assistant City Attorney Path Mullin -d Paralegal RE: Release of Vendor's Lien for Brooks -Hummel Nature Preserve On June 5, 2007, the Fayetteville City Council passed a Resolution to purchase about 14 acres of the watershed of Lake Lucille to establish the Brooks -Hummel Nature Preserve. A conservation easement was sold to the Fayetteville Natural Heritage Association, Inc. in the amount of $179,500.00 to help pay for this purchase and to ensure it remained primarily in its natural condition. The City paid off its debt secured by a Vendor's Lien on the property over five years at 6% interest pursuant to Amendment 78. Recently the Parks Department informed our office that the debt was paid in full. The Accounting Department provided us with an accounting showing all the necessary payments had been made. I then asked Assistant City Attorney Blake Pennington to secure a Release of the Vendor's Lien from Brooks Revocable Trust. Blake did so as shown by the attached document which my office will file in the Washington County deed records. The City now owns the Brooks -Hummel Nature Preserve free and clear except for the conservation easement owned by the Fayetteville Natural Heritage Association, Inc. 1 IIIIIIIIIIIIIIIIIII!1IIIIIIII1lllII1f hIiIIfhIIIIIII111111111111111111111 Doc I0: 015960680003 Type: REL Kind: RELEASE/SATISFACTION Recorded: 10/30/2014 at 01:38:57 PM Fee Amt: $25.00 Page 1 of 3 Washington County, AR Kyle Sylvester Circuit Clerk File2014-00028 4-00028 086 REL1 ASE OF VI?.NUOIZ'S 141 IN WHEREAS, Betty t-lummel as Successor'frrrstcc of the Forrest F. Brooks Revocable Trust Under Agreement. Dated March 26, 2004, is the holder of a vendor's lieu against real property owned by the City of Fayetteville, Arkansas recorded in the Oflicial Records of'Ihc Circuit Clerk and Ex -Officio Recorder for Washington County, Arkansas on June 29, 2007, as File No. 2007-00024964. WHEREAS, the real property encumbered by the vendor's lien is legally described in Exhibit "A" attached hereto and incorporated herein by rcicretrec. WHEREAS, the City of Fayetteville has made all payments secured by (Inc vendor's lieu and the vendor's lien should be released. NOW, THEREFORE, Betty I-Iurnn►el as Successor Trustee of the Forrest F. Brooks Revocable Trust Under Agreement Dated March 26, 2004, does hereby release the vendor's lien encumbering the real property described in Exhibit "A" attached hereto. Dated this ' ' day of pt .2014. FORREST F. BROOKS RF.VOCAI:ILI3 TRUST' UNDER AGREEMENT DATED MARCH 26, 2004 By: Betty Flumm Successor Trustee ACI<NUW I.,I UOMI"N"I' STATE OF ARKANSAS } COUNTY OFWifpv?1 On this, the ___ clay of 0th) bC ►� , 2014, hcfi>[a ine, Ilse; Luulcisj ned officer, personally appeared 13etty Hummel who acknowledged licisell to be the successor trustee for the Forrest F. Brooks Revocable 'trust Under Agreement Ouled March 26, 2004, and that she, as such successor trustee, executed the fire ,�)ing instrunlenl Ii)r Ills purposes therein contained. in witness whereof I hereunto set my hand and o(hcial seal. A�— DANA SAYI Nc)tar'y I'Llblie WASHir— rOFF COIJN IV ?3 ] x IdorAl)vIRiF3[.IC AEIKANSAS �r �� ✓ My Ce liss un ELpirrs i5, 2(}2d ddddllll Crxixiwwio�iNo 12:�t?:YIB My �'ilrltl['iltiSll)El I:X17lr+rS: - , Prepared by: City Attorney's Office City of Fayetteville, Arkansas 113 W. Mountain St-, Suite 302 Fayetteville, AR 7270.1 EXHIBIT "A" r y' A PART OF THE NE 1/4 OF THE NW 1/4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST,•BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE SOUTHWEST CORNER OF SAID FORTY ACRE TRACT FOR THE POINT OF BEGINNING AND RUN THENCE N 0°32'15" W ALONG THE WEST LINE OF SM) FORTY•851.78 FEET; THENCE N 89°0'19" E 483.79 FEET TO A FOUND STONE; THENCE N 0°24'13" W 139.45 FEET TO A FOUND IRON PIN; THENCE N 89°30'24" E 26398 FEET TO A FOUND IRON PIN; THENCE S 0°55'55" E 376.00 FEET, TIC3NCB S 89°32'32" W 122.64 PEST; THENCE S 0°2251" E 609.85 FEET TO THE SOUTH LINE OF SAID FORTY; THENCE S 8837'27" W ALONG SAID SOUTH LINE 626.45 FEET TO THE POINT OF BEGINNING AND CONTAINING 13.75 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS'. SUBJECT TO A SEWER LINE BASEMENT TO THE CITY OF FAYBTFEVILLE WATER AND SEWER D$PT, AND ANY OTHER RIGHT OF WAYS ANMOR EASEMENTS OF RECORD. A TWELVE (12) FEET WIDE EASEMENT, FOR THE PURPOSES OF INGRESS AND EGRESS FOR THE ABOVE DESCRIBED REAL PROPERTY, ALONG THE NORTH BOUNDARY LINE OF THE FOLLOWING DESCRIBED REAL PROPERTY: APART OF THE NW\A OF THE NW 4 OF SECTION 10, TOWNSHIP 16 NORTH, RANGE 30 WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHEAST CORNER OF SAID FORTY ACRE TRACT; THENCE S0°32'15"B 47025 FEET TO THE POINT OF BEGINNING AND RUN THENCE S0°32'15"E 189.75 FEET; THENCE 58921039"W 154.47 FEET; THENCE N0°32'15"W 189.75 FEET; THENCE N89Q10'39"E 154.47 FEET TO THE POINT OF BEGINNING AND CONTAINING 0.67 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. SUBJECT TO THE RIGHT OF WAY OF HILLCREST AVENUE ALONG THE WEST SIDE AND ANY OTHER RIGHT OF WAYS ANDIOR EASEMENTS OF RECORD. (This is not scrivener S legal description)