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172-16 RESOLUTION
113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 172-16 File Number: 2016-0419 CONDEMNATION AND POSSESSION FOR WATER AND SEWER RELOCATIONS: A RESOLUTION TO AUTHORIZE THE CITY ATTORNEY TO SEEK CONDEMNATION AND POSSESSION OF CERTAIN LANDS OWNED BY DRAKE ST PROPERTY, LLC, 1155 PROPERTIES, AND RPM1 PROPERTIES-FAYETTEVILLE, LLC A/K/A RPM1 PROPERTIES, LLC FOR THE WATER AND SEWER RELOCATIONS ASSOCIATED WITH ARKANSAS HIGHWAY AND TRANSPORTATION DEPARTMENT PROJECT BB0414 - INTERSTATE 49 AND HIGHWAY 112 INTERCHANGE, AND TO APPROVE A BUDGET ADJUSTMENT. WHEREAS, the City of Fayetteville and certain property owners have been unable to agree on a fair price for the portions of property owned by each of them which is needed for the water and sewer relocations associated with Arkansas Highway and Transportation Department Project BB0414 - Interstate 49 and Highway 112 Interchange; and WHEREAS, the City of Fayetteville needs to gain possession of these needed properties promptly to begin work on these public improvements. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council for the City of Fayetteville, Arkansas hereby authorizes the City Attorney to file suit to seek court-ordered possession of property located on or near the planned water and sewer relocation project associated with Arkansas Highway and Transportation Department Project BB0414 - Interstate 49 and Highway 112 Interchange, and owned by Drake St Property, LLC that is needed for right-of-way or other easements for the Project, and to pay into the registry of the Circuit Court just compensation therefor. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby authorizes the City Attorney to file suit to seek court-ordered possession of property located on or near the planned water and sewer relocation project associated with Arkansas Highway and Transportation Department Project BB0414 - Interstate 49 and Highway 112 Interchange, and owned by 1155 Properties that is needed for right-of-way or other easements for the Project, and to pay into the registry of the Circuit Court just compensation therefor. Page 1 Printed on 9121/16 Resolution: 172-16 File Number.' 2016-0419 Section 3: That the City Council of the City of Fayetteville, Arkansas hereby authorizes the City Attorney to file suit to seek court-ordered possession of property located on or near the planned water and sewer relocation project associated with Arkansas Highway and Transportation Department Project BB0414 - Interstate 49 and Highway 112 Interchange, and owned by RPM1 Properties - Fayetteville, LLC a/k/a RMP1 Properties, LLC that is needed for right-of-way or other easements for the Project, and to pay into the registry of the Circuit Court just compensation therefor. Section 4: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of which is attached to this Resolution. PASSED and APPROVED on 9/20/2016 Approved: ld Jordan, Attest: Sondra E. Smith, City Clerk Treasurer 10 =U' ' ["AYETTEvll-LEOXr. T 14111111100 Page 2 Printed on 9021/16 City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 _ (479) 575-8323 r � Text File File Number: 2016-0419 Agenda Date: 9/20/2016 Version: 1 Status: Passed In Control: City Council Meeting File Type: Resolution Agenda Number: C. 1 CONDEMNATION AND POSSESSION FOR WATER AND SEWER RELOCATIONS: A RESOLUTION TO AUTHORIZE THE CITY ATTORNEY TO SEEK CONDEMNATION AND POSSESSION OF CERTAIN LANDS OWNED BY DRAKE ST PROPERTY, LLC, 1155 PROPERTIES, AND RPM1 PROPERTIES-FAYETTEVILLE, LLC A/K/A RPM1 PROPERTIES, LLC FOR THE WATER AND SEWER RELOCATIONS ASSOCIATED WITH ARKANSAS HIGHWAY AND TRANSPORTATION DEPARTMENT PROJECT BB0414 - INTERSTATE 49 AND HIGHWAY 112 INTERCHANGE, AND TO APPROVE A BUDGET ADJUSTMENT WHEREAS, the City of Fayetteville and certain property owners have been unable to agree on a fair price for the portions of property owned by each of them which is needed for the water and sewer relocations associated with Arkansas Highway and Transportation Department Project BB0414 - Interstate 49 and Highway 112 Interchange; and WHEREAS, the City of Fayetteville needs to gain possession of these needed properties promptly to begin work on these public improvements. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council for the City of Fayetteville, Arkansas hereby authorizes the City Attorney tc file suit to seek court-ordered possession of property located on or near the planned water and sewer relocation project associated with Arkansas Highway and Transportation Department Project BB0414 - Interstate 49 and Highway 112 Interchange, and owned by Drake St Property, LLC that is needed for right -0f --way or other easements for the Project, and to pay into the registry of the Circuit Court just compensation therefor. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby authorizes the City Attorney to file suit to seek court-ordered possession of property located on or near the planned water and sewer relocation project associated with Arkansas Highway and Transportation Department Project BB0414 - Interstate 49 and Highway 112 Interchange, and owned by 1155 Properties that is needed for right -0f -way or other easements for the Project, and to pay into the registry of the Circuit Court just compensation therefor. Section 3: That the City Council of the City of Fayetteville, Arkansas hereby authorizes the City Attorney to file suit to seek court-ordered possession of property located on or near the planned water and sewer relocation project associated with Arkansas Highway and Transportation Department Project BB0414 - Interstate 49 and Highway 112 Interchange, and owned by RPM1 Properties - Fayetteville, LLC a/k/a RMP1 Properties, LLC that is needed for right-of-way or other easements for the Project, and to pay into the registry of the Circuit Courtjust compensation therefor. Section 4: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of which is attached to this Resolution. City of Fayetteville, Arkansas Page 1 Printed on 9/21/2016 Tim Nyander Submitted By City of Fayetteville Staff Review Form Legistar File ID 9/20/2016 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item 9/7/2016 Utilities Director/ _ Utilities Department Submitted Date Division / Department Action Recommendation: Staff recommends approval of a Resolution authorizing the City Attorney to seek possession by condemnation of easements on of portions of properties necessary for Construction Contract, BID 16-49, Construction, Porter RD — HWY 112/71B Widening and Interchange Water and Sewer Relocations for an estimated cost of $525,900.00 - 87.06% is reimbursable from the AHTD and approval of a budget adjustment. AHTD cost is $457,848.00 and City cost is $68,052.00. Budget Impact: 5400.720.5700-5810.00 Water/Sewer Account Number 11011.1501 Project Number Budgeted Item? Yes Does item have a cost? Yes Budget Adjustment Attached? Yes Previous Ordinance or Resolution # Original Contract Number: Comments: Fund Water/Sewer Relocations -Bond Projects Current Budget Funds Obligated Current Balance Item Cost Budget Adjustment Remaining Budget Project Title $ 1,074,496.00 $ 89, 559.84 $ 52.5,900.00 $ 457,848.00 Approval Date: V20140710 CITY OF • le ARKANSAS MEETING OF SEPTEMBER 20, 2016 TO: Mayor Jordan and City Council THRU: Don Marr, Chief of Staff Tim Nyander, Utilities Director Water & Sewer Committee CITY COUNCIL AGENDA MENTO FROM: Jim Beavers, P.E. DATE: September 6, 2016 SUBJECT: Approval of a Resolution authorizing the City Attorney to seek condemnation and orders of possession for water and sewer easements necessary for the City of Fayetteville, Arkansas; Construction Contract, BID 16-49, Construction, Porter RD — HWY 112/71 B Widening: and Interchange Water and Sewer Relocations for an estimated cost of $525,900.00 and approval of a budget adjustment. 87.06% is reimbursable from the AHTD. AHTD cost is $457,848.00 and City cost is $68,052.00. RECOMMENDATION: Staff recommends approval of a Resolution authorizing the City Attorney to seek possession by condemnation of easements on of portions of properties necessary for Construction Contract, BID 16-49, Construction, Porter RD — HWY 112/71B Widening and Interchange Water and Sewer Relocations and approval of a budget adjustment. The water and sanitary sewer relocations are required for the construction of the new highway interchange by the Arkansas Highway and Transportation Department, Project AHTD Job BB0414 (PORTER RD. — HWY. 112/71B WIDENING & INTCHNG. IMPVTS. (S). BACKGROUND: In February 2015, the City Council approved by Resolution no. 43-15 the engineering contract with Garver for design of the water/sewer relocations associated with AHTD project BB0414 — 1-49/Hwy 112. The design was substantially completed in June 2015. Mailing Address: 113 W. Mountain Street www.fayetteville-ar.gov Fayetteville, AR 72701 As the new City of Fayetteville water and sewer easements are contiguous to the new AHTD right-of-way (ROW), the City's easement acquisition was dependent upon, and progressed with, the AHTD ROW acquisition. Certain easement negotiations were delayed until AHTD ROW acquisitions could be completed through AHTD purchase and/or condemnation. The water and sewer relocations require ten new permanent easements. Five required easements have been acquired as of this date. Of the five remaining easements to be acquired, there are four entities and two general ownerships as follows: AHTD Tract Property Owner Owner Contact 5 Drake Street Property LLC Mr. Pendergraft 6 1155 Properties Mr. Pendergraft 7 1155 Properties Mr. Pendergraft 8 RPM1 Properties LLC Mr. Pendergraft 10 Nelms, LLLP Mr. Nelms Parcel No 765-15840-000 765-15908-000 765-15889-000 765-15887-000 765-15847-000 The Highway Construction project, AHTD Job BB0414 (PORTER RD. — HWY. 112/71 B WIDENING & INTCHNG. IMPVTS. (S) is scheduled to start construction in September 2016. The City's water and sewer relocations construction (two Additional Agenda items) is also schedule to start in September 2016. Staff will continue to negotiate with the property owners to avoid condemnation whenever possible. However, it is imperative that the easements be acquired in order not to delay the AHTD construction or contract. DISCUSSION: As of this date, the City is continuing discussion with the property owners for the referenced easement. BUDGET/STAFF IMPACT: The current working estimate for the costs of these 5 easements is $525,900.00. E The water and sewer relocation project is 87.06% reimbursable from AHTD. Budgeted funds for the City's portion are available in 11011 W/S Relocations for Street Bond Projects. Attachments: Staff Review Form Budget Adjustment Easement definition documents Tracts 5,6,7,8,10 RIB' ='RI" RIB JO NE1/4, NE 1/4 - NW 1/4, NW 1/4 3,3-17-30- ' 34-17-30 �. PROPOSED RIGHT OF WAY p� AHTD JOB BB0414 L5 S 7g a L N 78 02 42 4y _ \..PROPOSED~ 96.06 EASEMENT SE 1/4, NE 1/4 33-17-30 12 -FOOT TELEPHONE EASEMENT 1002-884 "� DRAKE ST PROPERTY LLC PARCEL NO. 765-15840-000 & 765-15889-010 RECORD DEED: 2013-00021050 1/2" REBAR LS1415 SW CORNER SW 1/4 NW 1/4 SECTION 34, T -17-N, R -3O -W AREA CALCULATIONS SQ. FT. ACRES PROPOSED EASEMENT 14,952 0.34 LEGEND PL-- PL EXISTING PROPERTY LINE R/W EXISTING RIGHT OF WAY LINE R/W PROPOSED RIGHT OF WAY LINE EXISTING EASEMENT LINE ~- - - - -- --- - - -- PROPOSED EASEMENT LINE JJ THIS EXHIS/T IS A SKETCH DESCRIPTIVE ONLY OF THE SIZE, SHAPE BEARINGS - GRID AND LOCADON OF THE PROPOSED EASEMENTS AND DOES NOT ARKANSAS NORTH ZONE CONS77TUTE A PLAT OR SURVEY OF THE GRANTORS PROPERTY. L I 2049 EAST JOYCE BOULVARD CITY OF FAYETTEVILLE SUITE 400 FAYETTEVILLE, ARKANSAS FAYETTEVILLE, ARKANSAS 72704 AHTD NO. BB0414 fr _ 479527-9100 WATER & SEWER RELOCATIONS 0 GRAPHIC SCALE 100 O 50 100 ( INFEET) 1 inch = 100 ft. tyj1eJOB NO. DATE "EXHIBIT 1TCT 12015 ,11; EXHIBITA 5 Polyline Report Tue Mar 17 10:08:22 2015 Northing Easting Bear nq Distance 652467.954 670536.5414 S 88"37'16 W 1.491 652467.918 670535.053 N 78'02'42" W 196.055 652508.532 670343,241 S 79"36'29" W 80.303 652494.047 670264.255 66'1650' W 11,278 652489.510 670253.930} N 02°30'44" E 3:1.444 652522.922 670255.396 N' 79°3629' E 89.734 652539.109 670343,658 S 78`0242._ E 198.484 652497.994 670537.837 N 8837'i6" E 209.728 652503.041 670747.504 S 02'27'41" W 30.157 6524/2.911 670/46.209 N 81"40'58" W 0.532 65247'2.988 670745.682 S 88'37'16' W 209.199 652467.954 670536.544 Cosure Error Distance> 0.00000 Total Distance> 1060.415 Polyline Area: 14952.2 sq ft, 0.343 acres Tract: 5 Parcels: 765-15840-000 & 765-15889-010 Owner: Drake St Property, LLC Record: 2013-0002 105 0 WATER/SEWER EASEMENT A 30 foot easement South of and adjacent to the Easterly right-of-way for Interstate 49 as shown on Arkansas Highway Transportation Department plans for Job No. BB0414. Being more particularly described as follows: A part of the SE 1/4 of the NE '/4 of Section 33, and a part of the SW '/4 of the NW '/4 of Section 34, all within Township 17 North, Range 30 West, Washington County, Arkansas. Commencing at the Southwest corner of the NW '/4 of said Section 34; thence N02°27'51"E a distance of 1247.42 feet along the West line of said SW '/4 of the NW '/ of Section 34 to the POINT OF BEGINNING; thence S88°37' 16"W a distance of 1.49 feet; thence N78°02'42"W a distance of 196.06 feet; thence S79°36'29"W a distance of 80.30 feet; thence 566°16'50"W a distance of 11.28 feet to the West property line as described in File 2013-00021050; thence N02°30'44"E a distance of 33.44 feet along said West property line to a point on the Easterly right-of-way for Interstate 49 as shown on Arkansas Highway Transportation Department plans for Job No. BB0414; thence along said Easterly right-of-way N79°36'29"E a distance of 89.73 feet; thence S78°02'42"E a distance of 198.48 feet; thence N88°37' 16"E a distance of 209.73 feet to the East line of said property; thence along said East property line S02°27'41"W a distance of 30.16 feet; thence leaving said East property line N81°40'58"W a distance of 0.53 feet; thence S88°37' 16"W a distance of 209.20 feet to the POINT OF BEGINNING, containing 14,952 square feet or 0.34 acres, more or less. https://ww w.actdatascout.com/CountyHome/Parcel View?county=Washi... Parcel: 765-15840-000 c— S —jU 5� v' `�"`" Prev. Parcel: 148836-000-00 As of: 2/9/2015 ID: 53099 Washington County Report Property Owner Property Information Name: DRAKE ST PROPERTY LLC Physical 1308 W DRAKE ST Address: Mailing 75 N EAST AVE STE 500 Address: FAYETTEVILLE, AR 72701 Type: (AI) - Agri Improved (011) - FAYETTEVILLE SCH, Tax Dist: FAY Millage Rate: 53.75 Legal: PT E/2 8.36A. Market and Assessed Values 33-17-30 FAYETTEVILLE Subdivision: OUTLOTS Block I Lot: -- / -- S-T-R: 33-17-30 Size (in 8.360 Acres) : Estimated Full Assessed Taxable Market Value (20% Market Value) Value Land $46,400 $9,280 $9,280 Building $56,800 $11,360 $11,360 Total $103,200 $20,640 $20,640 Homestead 0.00 Note: Tax amounts are estimates only. Contact the county/parish tax collector Credit: for exact amounts. Land: Land Use Size Units Homesite 1.000 Acres Pasture(12) 0.430 Acres Pasture(02) 1.960 Acres Pasture(13) 4.970 Acres Decd 7iansfers: Document Images brought to you by your County Circuit Clerk, Kyle Sylvester View De Date Book PagePe Stamps Est. Sale Grantee Code Type Deed 6/20/2013 2013 36634 Survey DRAKE ST I of4 2/11/2015 2:35 PM https://www.actdatascout.com/CountyHome/Parcel View ?c ounty=Washi... Date View Book Page Type ed Stamps Est. Sale Grantee Code Type Deed PROPERTY LLC DRAKE ST 6/20/2013 2013 23729 Survey PROPERTY LLC Warr. DRAKE ST Additional 6/20/2013 2013 21050 Deed 10385.10 $3,147,000 PROPERTY Properties Improved LLC CROUCH 2000 106682 Q12/26/2000 0.00 $0 LIMITED Clakn PARTNERSHIP CROUCH, JOE Quit B, TTEE JOE B Additional 10/27/2000 2000 93318 Claim 0.00 $0 CROUCH 2000 Properties REVOCABLE TRUST CROUCH, JOE 1/1/1993 874 333 Warr. 0.00 $0 B. 1030 Deed GLENN LANE Details for Residential Card I Occupancy Story Finish 1st Liv Other Liv Total Liv Year Grade Age Condition Beds Area Area Area Built Single Frame ONE+ 1024 640 1664 3-5 1911 99 Fair N/A Family Siding Std. Extrerior Wall: FS Plumbing: Full: 1 Foundation: Closed Piers Fireplace: N/A Floor Struct: Wood with subfloor Heat/Cool None Floor Cover: Carpet & Tile Basement: N/A Insulation: N/A Basement Area: N/A Roof Cover: Asphalt Shingle Year Remodeled: N/A Roof Type: Gable Style: N/A 2 of4 2/11/2015 2:35 PM https://www.actdatascout.com/CountyHome/Parcel View?county—Washi... DataSco4t, C 2 F: F 2 2 FE? j 2381 4 .1 (2641 Fit•7 :241 1 1 t. Base Structure: Item Label Description Area A MN Main Living Area 1024 B FEP Frame enclosed porch 288 C FEP Frame enclosed porch 264 D OP Porch, open 48 E PS Patio slab 30 F 1+ 1+, Upper Level 640 Outbuildings and Yard Improvements: Item Type Size/Dim Unit Multi. Quality Age General Purpose Barn 32x40 I General Purpose Barn 14x14 Misc. 26x40 Wood deck 10x10 Pole Shed 40x50 Silo 30'H 2 Fence, split rail 3 220 Pole Shed 24x60 Garage - frame unfinished, detach 23x30 3 of4 2/11/20152:35 PM First National Title Company 3996 N. Fronlage :Road Suite 3 Puyelteville, AR 72703 WARRANTY DEED (Limited Partnership) KNOW ALL MEN BY THESE PRESENTS: Type: REAL ESTATE Kind: WARRANTY DEED Recorded: 6/24/2013 11:19:21 AM Fee Amt: $20.00 Page 1 of 2 Washington County, AR Kyle Sylvester Circuit Clerk File# 2013-00021050 That Crouch Limited Partnership, hereinafter referred to as Grantor, organized under and by virtue of the laws of State of Arkansas by Allen Oliver Crouch its General Partner, duly authorized, for the consideration of the sum of One and no one hundredths ($1.00) Dollars and other good and valuable consideration in hand paid by Drake ST Property, LLC, an Arkansas limited liability company, hereinafter referred to as Grantee, the receipt of which is hereby acknowledged, does grant, bargain, sell and convey unto the said Drake ST Property, LLC, an Arkansas limited liability company and unto its successors and/or assigns forever the following described land, situated in the County of Washington, State of Arkansas, to -wit: A part of the East half of the Northeast Quarter of Section 33 and a part of the West half of the Northwest Quarter of Section 34, all in Township 17 North, Range 30 West, Washington County, Arkansas, being more particularly described as follows, to -wit: beginning at an existing rebar on the North right-of-way of Arkansas HWY #180 which is S89°56'45"E 209.48' and N00°02'53"W 36.49' from the Southwest corner of the Northwest Quarter of said Section 34 and running thence along said right-of-way the following: N89°48'32"W 382.99', N61°20'32"W 118.80', N39°12'43"W 10.05', thence leaving said right-of-way North 1252.08' to the Southern right-of-way of Interstate 540, thence along said Southern right-of-way N65°33'03"E 111.21', thence continuing along said right-of-way N66°45'20"E 425.61', thence leaving said right-of-way S00°02'53"E 1532.12' to the point of beginning, containing 16.05 acres, more or less. Subject to all easements and rights -of -way of record. TO HAVE AND TO HOLD the same unto the said Grantee and unto its successors and/or assigns forever, with all appurtenances thereunto belonging. And Grantor hereby covenant with the said Grantee that Grantor will forever warrant and defend the title to said lands against all claims whatever, subject to existing easements, building lines, restrictions and assessments of record, if any. No warranty or representation is made as to any mineral interest on the aforementioned property. Escrow No.: WAS05-114-13 Prepared under supervision of James R. Ponder Attorney Al Law Little Rock, Arkansas File Number: 2013-00021050 Page 1 of 2 IN TESTIMONY WHEREOF, the name of the Grantor is hereunto affixed by its General Partner, this 20th day of June, 2013. ARKANSAS " t.�2KANS+t.S L MENTARY, } 1$)C MENTARY f' dot 11 336468. 1 certify under penalty of false swearing that the legally correct amount of documentary stamps have been placed on this instrument 45A.c T -C a� O•P,�-�-?�- Grantee: Drake ST Property, LLC Address: P.O. Box 4245 Fayetteville, AR 72702 STATE OF ARKANSAS COUNTY OF WASHINGTON Crouch limited Part ip By: Allen Oliver Crouch Its: General Partner OO[UMEIiYAY, $1400 85'40 A ANSAS OOCU NTAAY 66575 ACKNOWLEDGMENT ARKANSAS ARKANSAS ARKANSAS ENTARY. UMENTAKY. ME'N7AAY iQp6"'3 865'72 S71 AR NSAS ARKANSAS DOC ENTARY, otYlNENTARY. 8667 8657 ARKANSAS ....`.ARKANSAS MENTAAY. ;}R UM$NTARY 865 61532 .... Aft NS.. DOW [NTARY. 8657\ ARKANSAS DOCUMENTARY'- 81 19 On this 20th day of June, 2013, before me, Lela Reddekopp, a Notary Public, duly commissioned, qualified and acting, within and for the said County and State, appeared in person the within named Allen Oliver Crouch to me personally well known, who stated that he is the General Partner of Crouch Limited Partnership, a limited partnership, and is duly authorized in his capacities to execute the foregoing instrument for and in the name and behalf of said partnership, and further stated and acknowledged that he had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes herein mentioned and set forth. IN TESTIMONY June, 2013. JJ�1 0 ° PUBLIC #12368908 EXPIRES My commission expires: set my hand and official seal this 20th day of Notary Public, Washington County, AR I certify this instrument was filed on 6/24/2013 11:19:21 AM and recorded in REAL ESTATE File# 2013 DO02.1.t 60 File Number: 2013-00021050 Page 2 of 2 Rsyla'lves`f �` RIGHT OF WAY RANT 1. ► TRACE' No. ' STATk OF ARKANSAS J COUN`T'Y OF,WASHINGTON } KNOW,ALL MEN BY THESE PRESENTS: i' FILED - ✓ !'clue k 1 I f1 That consideration of ............Ore Dollar ($ ! . 00) .S S tt and other valuate considerations to the undersigned,'.: .boa B,,,Grauch ! y i 1 t}L),A kULLI.E(ER ,wi.th 11 i,fe, ostate tp .-..�,ak.ti.o.:.M�...G.t^ouch..and..lean..Haars._.................. r paid, the receipt of which is hereby acknowlcd Yi rT _` t' "••'• ""'' R , Sees, the said Grantor does hereby tiRANjf�LL rii7(3 Gt?VEY untq the City of Fayetteville, Arkansas, a municipal`corportion (herein styled Grantee), ha successors and assigns, the right of ways and casement to construct, lay, rem°vc, relay, enlarge and operate a water and/or sower pipe line or lines, ;• -.- ma boles, and appurtenances thereto, on, lover, across, and under the following described- real estate, to -wk; IEGAI'0E5CRA728Nt Part of Section 33, Township 17 North, Range 30 west and part of Section 34,{ Township 17 North, Range 30 West, and being more particularly described as f follows, to; -rest: Beginning at a point on the North right-of-way of State Hwy, 180, said point being 209,47 ,feet East of the West line of said Section 34, and running thence North 1523.0 feet to a point on the South right-of-way of U.S. Hwy, 71 By -Pass; thence S 65° 59 W, along said right-of-way a distance of 405.76 feet, thence S 64° 161 W, along said right»of-way a distance of 111,2+1 feet; thence South '1317.77 feet to the North right-of-way o€ State Hwy. 1801 thence East along said right.•of-way, a distance of 476.7 feet to the point of beginning. Containing 15.55 acres, more or less. RIGHT OF WAY DESCRIPTION: A part of the Southwest quarter of the Northwest quarter of Section 34, T 17 N, R 30 W, and part of the Southeast quarter of the Northeast quarter of Section'33, T 17 N, R 30 N, more particularly described as follows, to -wit: A twenty five (25) feet wide strip north of a line beginning on the north right-of-way line of Highway 180 and 1110.53 feet N 89° 33' W of the Southeast corner of the SWtt, NWT, Section' 34, 117 N,i R 30 W, thence N 89° 33' W 46.7 feet. ' f TO`HAVE 'AND TO HOLD unto said Grantee, lea successors and assigns, so long as such pipe line or lines, man- holes and/or appurtenances thereto shall be maintained, with ingress to and egress from the real estate first hereinabove described for the purpose of constructing, Inspecting, maintaining and repairing said lines, manholes and appurtenances of'Grantee above described, and the removal, renewal and enlargement of such at will, in whole or In part. The said Grantor is to fully use and enjoy the said premises except for the purposri hercinbefore granted to the said G antes, which hereby agrees to bury all pipes, where feasible, to a sufficient depth so as not to interfere with cultivation odsoil, and eh'at manholes will be constructed flush with the?surface of the ground' except` in bottom lands where they shall be at a height above high water, and to pay any damages which may arise to growing crops or fences from -the con- struction, maintenance and operation as determined by three disinterested persons, one thereof to be appointed- by the said Grantor; one by the said Grantee; and the third by the two so appointed as aforesaid, and the written award of such three persons shall be final and conclusive, The Grantor agrees not to erect • any buildings or structures in said right of way: other than fences and, said fences shall not exceed six (6) feet in height.. TheGrantee* shall have the right to construct additional pipe lines upon the above described easement at any time In the future and agrees to pay any damages as a result of such future construction as set out in this easement, The consideration' first above recited as being paid tts Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants; :and agreements herein contained' shall extend to and be binding upon t9e respet#iveihelm, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. WITNESS the execution hereof this the ............... ..``,, rat, .......,....... , 19%s5' �7. f.. day of ......... ...Cry ......................................... t e� ACK'NO EDGMENT STAffk 6t+ AltKA tSAS COUNTY OP,WASIIINGTON 8E IT'k*X' MEMB)EREI7, that on this date, before m a Notary Pohl within and for said County and State, duly commissioned and acting, personally a tr:: ui'KI `"•uS<.�� --.. g ;;coxed:, ....... t me well known a ..the person(s) who executed the f going Right of Way Grant, and that .......had executed the same for the consideration and purpose therein mentioned and set forth, 1 LL.L ) this.............../7.......a-.....day ` WITNESS my hand and seal on of ... 19....75" My commission expires ,. / "' " `!'Y* u " • ..... ...........•:. otary Public '1oL OO2 3 ,"Y"y`r.Wr„' •'.'." +"* ^•r.q r t '"w'",°•r'!%�C,`.^..-.,;s+""""_'_.._""y�",r`.,,.,,."'.""." RIGHT OF WAY GRANT TRACT NO. COUNTY ';'TATE OF ARKANSAS KNOW ALL MEN BY THESE PRESENTS: COF WASHINGTON That for and in consideration of .............. ........„..„......•,,..,._ .,. ».. and other valuable considerations to the undersigned, ...J,Qi9„r.:.G#QuSh..B ,;,,,,,,,,,,,,,C' husband and wife, paid, the receipt of which is hereby acknowledged, the said Grantor does hereby GRANT, SELL AND COVEY unto the City of Fayetteville, Arkansas, a municipal corporation (herein styled Grantee), its successors and assigns, the right of way and easement to construct, lay, remove, relay, enlarge and operate a water and/or sewer pipe line or lines, .................... manholes, and appurtenances thereto, on, over, across, and under the follnwine described real estate, to -wit: PROPERTY DESCRIPTION: Part of Section 33, Township 16 North, Range 30 West and part of Section 34, Township 17 North, Range 30 West, and being more particularly described as follows, to -wit: Beginning at a point oft the North right of way of State Hwy. 180 ,•said point being 209.47 feet East of the West line of said Section 34, and running thence North 1523.0 feet to a point on the South right.of way of U.S. Hwy. 71 Bypass: thence S 65° 59' W, along said right of way a distance of 405.76 feet, thence $ 640 16' W, along said right of way a distance of 111.21 -feet; thence South 1317.77 feet to the North right of way of State Hwy. 180; thence East along said right of way, a distance of 476.7 feet to the point of beginning. Containing 15.55 acres, more or less. The Grantors hereby reserve a life estate in one acre of land and the dwelling house and barns situated thereon, said one acre of land being the land on which said dwelling house and barns are situated. Grantors reserve an easement over and across the North forty (20) feet of the within des- cribed real property for ingress and egress to the United States Highway 71 Bypass from real property on this date conveyed by Grantors to Mary C. Thomas, Patricia L. Browner and Robert H. Crouch, said entrance to U.S. Highway 71 Bypass being located on the within described real property. EASEMENT DESCRIPTION:•A permanent easement of 25 feet of equal and uniform width and a temporary construction easement of 50 feet in width off of that part of the above described real estate running parallel with and contiguous to the South right of way line of U. S. Hwy. 71ggvtRAVE AND TO HOLD unto said Grantee, its successors and assigns, so long as such pipe line or lines, man- fu7es and/or'appurtenances thereto shall be maintained, with ingress to and egress from the real estate first hereinabove described, for the purpose of constructing, inspecting, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the removal, renewal and. enlargement of such at will, in whole or In part. The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbelore granted to the said Grantee, which hereby agrees to bury all pipes, where feasible, to a sufficient depth so as not to interfere with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except In bottom lands" where they shall be at a height above high water, and to pay any damages which may arise to growing crops or fences from the con- struction, maintenance and operation as determined by three disinterested persons, one thereof to bt appointed by the said Grantor; one by the said Grantee; and the third by the two so appointed as aforesaid, and the written award of such three persons shall be final and conclusive. The Grantor agrees not to erect any buildings or structures in said right of way other than fences and said fences shall not exceed six (6) feet in height. The Grantee shall have the right to construct additional pipe lines upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. WITNESS the execution hereof• this the ......................2.,..,t. da of .... ri :�f Lf rx...,, ftL i Q ACKNOWLEDGMENT lt�vm. U fit. STATE OF ARKANSAS : 'COUNTY OF WASHINGTON " K f BE IT REMEMBERED, that on this date, bef' me, a Notary Public wit :xt'an fqr sptti" :otsp . State, duly i7 &commissioned and acting. personally appeared ... /�..lN.,.. d?r. :..Sr. known as the person(s) who executed the foregoing Right of Way Grant, and that' Ll:a I„ hid.executcd the' same for the consideration and purpose therein mentioned and set forth, ....:.. ;+' t}. WITNESS my hand and Beal on this of -l► u�ntcot 19 7�t l- ,.Y ...�. +••,. .. r . 1'• Mycon'mjsi on expires ,,,,,,,, ?•:,t •ttj 4f• rt-�'�.r . '� ti r i -•y gt •� l .. r, ,t•..%r�e 't��hk?#r;'Notttry Public;:i..b'37r,icfhi;'t rn r -•-+r— ar .. _ .., RIGHT OF WAY GRANT TRACT NO. . STATE OF ARKANSAS COUNTY Or" WASP IINGTON NKOV, ALL MEN BY TIIESE PRESENTS:That for and in consideration of I9( tt��tr� `YUG 23 her' ` ? . and other valuable considerations to the undersigned, Joe B.. Crouch and ehres" 1CVgh r ` :,'jtf) f' rtif 1.. paid, the receipt of which is hereby acknowledged, the said Crtnior does hereby GRANT, SELL ,.WD COVEY unto the City of Fayetteville, Arkansas, a municipal corporation (herein stylish Grantee), its successors and assigns, iltr right of way and casement to construct, lay, remove, relay, enlarge, tend operate :s water and/or wiser line or lines, ....... . ...... manholes, and appurtenances thereto, on, over, across, and under the following described real estate, to -wit: EASEMENT DESCRIPTION: A permanent easement of 25 feet in width, said easement lying easterly and northerly to, running parallel with and being contiguous with the proposed right of way line for the Ark. State Highway Department Job No, 4706 - section Plo. 1 which is . described below, and a temporary construction easement of 50 feet in width, said temporary easement lying easterly and northerly to, running parallel with and being contiguous with the above mentioned permanent easement. The above mentioned State Highway Department right of way is. hereby described as follows, to -wit : beginning at a point on. the south line of the real estate described below, said point being 110.6 feet east of the southwest corner thereof, and running thence N 61° 32' W 118.8 feet, thence N 390 24' W 11.6 feet to a point on the west line of the real estate described below, said point being 72.8 feet north of the southwest corner thereof. PROPERTY DESCRIPTION: Part of Section 33, Township 17 North, Range 30 West, and part. of. Section 34, Township 17 North, Range 30 West, and being more particularly described as follows' to -wits beginning at a point on the north right of way of State Highway 180, said point being 209.47 feet east of the west line of said section 34, and running thence north 1523.0 feet to a point on the south right of way of U.S. Hwy 71 By-pass; thence S 65O 59' W along said right of way a distance of 405.76 feet; thence S 64° 16' W along said right of way a distance of 111.21 feet; thence south 1317.77 feet to the north right of way of State Highway 180, thence east along said right of way a distance of 476.7 feet to the point of beginning. Containing 15.55 acres, more or less. TO HAVE AND TO HOLD unto said Grantee, its successors and assigns, so long as such pipe line or lines, man- holes and/or appurtenances thereto shall be maintained, with ingress to and egress from the real estate first hercinabove described for the purpose of constructing, inspecting, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the removal, renewal and enlargement of such at will, in whole or in part. and t•Urf nr.Guriil The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbeforc granted to the said Grantee, which hereby agrees to bury all pipes, where feasible, to a sufficientdepth CO as not to interfere with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except in bottom lands where they shall be at a height above high water, and to pay any damages which may -arise to growing crops or fences from the con- 3tructtan, maintenance and operation as determined by three disinterested persons, one thereof to be.appointed by the said Grantor; one by the said Grantee; and the third by the two so api ointed as aforesaid, and the written award of such three persons shall be final and conclusive. The Grantor agrees not to'.ciect any buildings or structures in said right of way other than fences and said fences shall not exceed six (6) feet in height, The Grantee shall have the right to construct additional pipe lines upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed CG 197 WITNESS the execution hereof this the ..... t... ......, ay of , ACKNOWLEDCIIMENT 72 359 STATE OF ARKANSAS I CQUNTX OF WASHINGTON d 1� t'1,lth5EMflER1iD, that on this dat5. before me a Notary Public w thin and for said Cpunty and State, duly cosoi „ „t �antctuig, personally appcarcdt .s � ,L t� ?fit 4 t u4 C vt { G�t Vi G"ff it me well `� /r1 s . kpo tilt +p rspr(y) whenexetutrd the-lnrrgoing Right of lvay ('rant, and that ...'-5' .'.... had executed the same "r. for T nsid Titian add purpose therein .mentioned anti set forth. -A DD my hand and seal on thus C71u3.,....... day o GG6 C 4'1 * 19? tl L� - ,�1 p C' _-..... .... ,tr i Y.L o5t t� ....................... My commission expires . "..... t..11...L.t�� /Notary Public UNE LIST NO. w. e.NC., EASEMENT SOUTHWESTERN BELL TELEPHONE COMPANY Form 14 In consideration of the sum of $ receipt of which is hereby acknowled ed, and the payment to the undersigned before construction is started of the additional sum of $ f�iQo. Dt tp >/� undersigned, undersigned heirs and assigns, hereby grant to the Southwestern Bell Telephone Company, a Missouri Corporation, its associated and allied companiestheir respective successors, assigns, lessees, and agents a permanent right of way and easement with the right, privilege and authority to construct, reconstruct, operate, maintain, or remove lines of telephone and telegraph, or other signal or communication circuits, consisting of underground conduits, cables, manholes and ofothermarkers, fixtures and appurtenances as the grantee may from time to time require, upon, across, over and/or under the property which the grantor owns or has an Interest in the following described land situated In the Countv34f wash State of Arkansas, owned by the Granters, to wit: Pert of /4 _/4 of SectloV T -1_L- N , A3,0 ...,-W . Being one rod wide and extending epproximatelyi244T T feet across the bite a t of Grantors' property, a 12 foot strip beginning at a point 28.5 feet left of and perpendicular to centerline Station 5 + 75.2 North 61° 32' West along proposed right -of -way line a distance of 118.8 feet, thence North 39° 241 West along said propose right.of-sway line a distance f llfeet and 6 inches to a point, thence North 1 b West a 4i8t8ncg of 1244.97 feet. and upon, along, and/or under the roads, streets or highways adjoining said praperty, with the right of ingress and egress over and across said land, The Grantor, or Grantorsheirs, executors, administrators and assigns hereby covenants that no permanent structure will be erected or permitted on said line. All pipe, conduit or cable laid under this grant shall be laid upon the route selected by the grantee and grantor, and shall be buried to such depth as not to interfere with the.ordinary use of said land, ** See Below The Grantor, heirs or assigns, shall be entitled to recover from the grantee the reasonable amountof any damage caused to crops, fences, trees, lawns, shrubs or flowers by the grantee or it emprgye a{ €n the construction, operation, maintenance or removal of said communication System ry: o Grantee will restore said easement to as good or better condition that existepi br tq tho,Jime of construction. WITNESS Mme, hand and seat this 3rd day of November1g79 =a rTi ' t t c? C7 at Fayetteville. Arkansas 7/ ^j't> _, ry rot 061cC AEdrew) "t Joe. 'Crouch {BEAT } (SEAL) STATE OF ARKANSAS ) t .., ..,a r' t i , r • {SEAL} C F shtpg 1_ _ ,j SS: {SEAL)' .."'iTR BERED, that on this _3ZA day at 210xefa rA,D„ 1919, before ma, the undersigned, a Notary Public in SYtimforsaid ount and State, came the above undersigned wiinsoed lobe the same paraon(s} who esocuted the within iristrurnttnt a: ;.ot writin;.jd duty acknowledged the execution of the same. s ac 'tw Wit ES .WHEREOF, I have hereunto subscribed my name and affixed my ofilcial seal thaday and year last above written. is o' V s.- 1 , mmisfinn Expires: .�.-15-80 ' E. J. Ba 11 Notary Public t'a f'NF77,.tlipon. equest from Grantor of his transferee, the Southwestern Bell -fie a Company at its expense shall relocate its cables and/or lines place in the aforesaid easement to another easement provided by the Grantor or his transferee on Grantor's property or the property of Grantor's family that joins Grantor's property, provided, however, that the manhole to.be constructed on the aforesaid easement shall remain a permanent installation. r 10Q2 884 RETURN TO: Southwestern Belt Telephone Company. Right of Way Supervisor, Room 617, 1111 Wool Capitol. Little Rock• AR 72201 C OT 'uota4I'[ua;ttt auaualuxacl a-uteuw_c IIi:l(:; I11d111JSL'a i)j.L.•`:.)-1UJ0 atl.) 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G7 T20Nr•ON'•T1AY TplT 7NMJT31•'IvpLOy.iMW10'12"X IITJ.YNWI72Ya'N01: 171846044v010TA 40M0*0oMIo OR73[i7)2ATt071iCt0UTN1� m'OItT W 10010 0000 1*40AL0$Q2Ci A0NUQ!. AWJCME0.N 3tlUS4l0OIX()7712'L�71at:12dCT 40411841810 AI.ONO1mA1ONTat i'SAY O0*400(RTA1t1T>;NOT 40AYM0&00 041 3.00480011004ijl:AT 00G9U44WM s0034 I[MtN1) NAND It M Cr.WAV D7'M1UCAW.' i0.T)Ai7tTC.HOki D' 100' ' 200 300' OMMIC 111,1l1NPKT1 1 f1 I lyd• 1004 As�7 IOP 11N•1O21i3{+00•Il•ITU �pt�1f Ca1M Na W M la NO OMR.1 II n[ Wf OF w 480444080 NO 0414 -Oa 010110*081 O 10411N1 5 1 /7/11142 P9 '.e0, *4 04.1 408000 04 4*04 �litlfritClTCili215 JL(Ata At AMSa ICC An rut wi -"1 $43 i0404i 040 11800. File Number: 2013-00023729 Page 1 of 1 Fiu, Nun,bo, 2013011036639 Vag. 1 off https: //www.actdatascout, com/CountyHome/Parcel V ew?county=Washi... Parcel: 765-15889-010. Prev. Parcel: 148836-000-00 ;!jt As of: 2/9/2015 ID: 53176 Washington County Report Property Owner Name: DRAKE ST PROPERTY LLC Physical Address: Property Information Mailing 75 N EAST AVE STE 500 34-17-30 FAYETTEVILLE Address: FAYETTEVILLE, AR 72701 Subdivision: OUTLOTS Type: (AV) - Agri Use/Vacant Block / Lot: -- / -- Tax Dist: - FAYETTEVILLE SCH, S -T -R: 34-17-30 FAY) Millage Rate: 53.75 Legal: PT W/2 NW 7.10 AC. Market and Assessed Values: Size (in 7 100 Acres): Estimated Full Assessed Taxable Market Value (20% Market Value) Value Land $1,450 $290 $290 Building $0 $0 $0 Total $1,450 $290 $290 Homestead 0.00 Note: Tax amounts are estimates only. Contact the county/parish tax collector Credit: for exact amounts. Land: Land Use Size Units Pasture(13) 1.390 Acres Pasture(02) 2.400 Acres Pasture(12) 3.310 Acres Deed Transfers: Document Images brought to you by your County Circuit Clerk, Kyle Sylvester DateView Book Page TyPe Stamps Est. Sale Grantee Code Type Deed 6/20/2013 2013 36634 Survey DRAKE ST PROPERTY I of2 2/11/2015 2:34 PM https: //www.actdatascout.com/CountyHome/Parce1V ew ?county=Washi ... DateView Book Page Type Stamps Est. Sale Grantee Code Type Deed LLC DRAKE ST 6/20/2013 2013 23729 Survey PROPERTY LLC DRAKE ST 6/20/2013 91 2013 21050 Warr. 10385.10 $3,147,000 PROPERTY Unval. Improved Deed LLC CROUCH 1/19/2003 2000 106682 Clam 0.00 $0 LIMITED PARTNERSHIP CROUCH, JOE Quit B, TTEE JOE B Additional 10/27/2000 2000 93318 Claim 0.00 $0 CROUCH 2000 Properties REVOCABLE TRUST CROUCH, JOE 1/1/1985 874 333 0.00 $0 B. 1030 GLENN LANE Map: 2 of 2 2/11/2015 2:34 PM First National Title Company _3996 N. Frontage Road Suite .3 Favettevillc, AR 72703 WARRANTY DEED (Limited Partnership) KNOW ALL MEN BY THESE PRESENTS: Type: REAL ESTATE Kind: WARRANTY DEED Recorded: 6/24/2013 11:19:21 AM Fee Amt: $20.00 Page 1 of 2 Washington County, AR Kyle Sylvester Circuit Clerk File# 2013-00021050 That Crouch Limited Partnership, hereinafter referred to as Grantor, organized under and by virtue of the laws of State of Arkansas by Allen Oliver Crouch its General Partner, duly authorized, for the consideration of the sum of One and no one hundredths ($1.00) Dollars and other good and valuable consideration in hand paid by Drake ST Property, LLC, an Arkansas limited liability company, hereinafter referred to as Grantee, the receipt of which is hereby acknowledged, does grant; bargain, sell and convey unto the said Drake ST Property, LLC, an Arkansas limited liability company and unto its successors and/or assigns forever the following described land, situated in the County of Washington, State of Arkansas, to -wit: A part of the East half of the Northeast Quarter of Section 33 and a part of the West half of the Northwest Quarter of Section 34, all in Township 17 North, Range 30 West, Washington County, Arkansas, being more particularly described as follows, to -wit: beginning at an existing rebar on the North right-of-way of Arkansas HWY #180 which is S89°56'45"E 209.48' and N00°02'53"W 36.49' from the Southwest corner of the Northwest Quarter of said Section 34 and running thence along said right-of-way the following: N89°48'32"W 382.99', N61°20'32"W 118.80', N39°12'43'W 10.05', thence leaving said right-of-way North 1252.08' to the Southern right-of-way of Interstate 540, thence along said Southern right-of-way N65°33'03"E 111.21', thence continuing along said right-of-way N66°45'20"E 425.61', thence leaving said right-of-way S00°02'53"E 1532.12' to the point of beginning, containing 16.05 acres, more or less. Subject to all easements and rights -of -way of record. TO HAVE AND TO HOLD the same unto the said Grantee and unto its successors and/or assigns forever, with all appurtenances thereunto belonging. And Grantor hereby covenant with the said Grantee that Grantor will forever warrant and defend the title to said lands against all claims whatever, subject to existing easements, building lines, restrictions and assessments of record, if any. No warranty or representation is made as to any mineral interest on the aforementioned property. Escrow No.: Ll AS05-114-13 Prepared under supervision of James R. Ponder Attorney At Low Little Rock, Arkansas File Number: 2013-00021050 Page 1 of 2 IN TESTIMONY WHEREOF, the name of the Grantor is hereunto affixed by its General Partner, this 20th day of June, 2013. Crouch Limite Part ip DQUME1irARY. t Yft%' pjENyRYl+•''. Oliver rouC h 100211: 33�4y General Partner ARKANSAS ARKANSAb ARKANSAS ARKANSAS OtUIMLNYAAY. TAY. . UM04TRY. AAfENTARY 0 $ D. $11OQ I certify under penalty of false swearing that the a 8, 6' 3 86 5(2 2 t 6 J 7 1 legally correct amount of documentary stamps A have been placed on this instrument HSAs A * - ARKANSAS Aa ,NSAS rARY sxrAm. MtiNrAar.�errrARr, Crebrantee: Drake ST Property, LLCN sfig $iieo Address: P.O. Box Fayetteville, AR 727025 8 �' 7 6 6 5 7 ARKAii5A5 ". ARKANSAS ... 75 86 7 MENrARY. •'�� �•. ,D000MENrARY ACKNOWLEDGMENT STATE OF ARKANSAS $ 1 53U 61. 19 COUNTY OF WASHINGTON On this 20th day of June, 2013, before me, Lela Reddekopp, a Notary Public, duly commissioned, qualified and acting, within and for the said County and State, appeared in person the within named Allen Oliver Crouch to me personally well known, who stated that he is the General Partner of Crouch Limited Partnership, a limited partnership, and is duly authorized in his capacities to execute the foregoing instrument for and in the name and behalf of said partnership, and further stated and acknowledged that he had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes herein mentioned and set forth. IN TESTIMONY June, 2013. My commission expires: C n�1 PUBIIC . •#12368908 EXPIRES ii set my hand and official seal this 20th day of Notary Public. Washington County, AR I certify this instrument was filed on 6/24/2013 11:19:21 AM and recorded in REAL ESTATE File# 2013- 002] 50 File Number: 2013-00021050 Page 2 of 2 vas r-- NT GRANT • RIGHT 4F WAYA' 4 ! TRACT NO 9 r STAT9 OF ARf ANSAS ( # CO17NrTr OFIW.ASHINGT,t7N [ KNOS4A .> MEN BY fl4ESE PP.ESEWTS: FiL i3 That for -4 '!n consideration°o£ .., „ Q! eDo l•-a.r U0_) and ottl3er valuitite considerations to the und�signed,'.:.; Ja9...B:a.:Grouch 1TASititjsily G1�t t1Yr t�RK. with 'l.tfe. estaxts.:ta..:- .k rtx:ki.e..ti,...G.rnrach..an�i..Nsn; Haar is �ti ht,/t KU1141 iER ,.,.. ,,.,... ,..r r pot, r ......................... pond, the receipt of which is hereby acknowiefiged, the said Grantor does hereby Cf1tANtI`•IS9LIM 'NI) COVEY unto the Cis i of Pa}�ettevllie, Arkansas, a municipal,corpor, Lion (herein styled Grantee), its successors and assigns, the right of ways and casement to construct, lay, remove, relay, enlarge and operate a waue and/or sewer pipe line or lines, ;..... mapholes, and appurtenances thereto, on, lover, across, and under the following described real estate, to -wit: LEGAt.''DESCRIIPTI0Ns Part o€ Sectioi 33, •Township 17 North, Range 30 west and part of Section 34,1 Township 17 North, Range 30 West, and being more particulrarly described as f follows, •to-witt Beginning at a point on the North right-of-way of State hwy. 180, said point being 209,47 feet Ea;t of the West line o€ said Section 34, and running thence North 1523.0 feet to a point on the South right-of-way of U.S. Hwy. 71 By -Pass; thence S 65° 59' W, along said right-of-way a distance of 405.7.6 feet, thence S 64° 161 W, along said right-of-way a distance of 111.21 feet) thence South 1317.77 feet to the North right-of-way of State hwy. 1801 thence East along said right-of-way, a distance of 476.7 feet to the point of beginning. Containing 15.55 acres, more or less. (LIGHT OF WAY DESCRIPTTONt A part of the Southwest quarter of the Northwest quarter of Section 34, T 17 N, R 30:W, and part of the Southeast quarter of the Northeast quarter of Sei:tion'33, T 17 N, R 30 W,'rnare particularly described as follows, to-witt A twenty five (25) feet wide strip north of a line beginning on the north right-of-way line of Highway 180 and 1110,53 feet N 890 331 W of the Southeast corner of the SW ½, NWT , Section' 34, T-17 N,1 R 30 W, thence N 89° 33` W 446.7 feet. TO HAVE `AND TO HOLD unto said Grantee, its successors and assigns, so long as such pipe line or lines, man- holes and/or appurtenance thereto shall be maintained, with ingress to and egress from the real estate tint hercinabove described for the purpose of constructing, Inspecting, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the removal, renewal and enlargement of such at will, in whole or :in part. The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbefore granted to the aid G antcei which hereby agrees to bury all pipes, where feasible, to a sufficient depth so as not to interfere with cultivation ofjsoil, dad that manhole; will be constructed flush with the?surface of the ground 'except in bottom lands;where they / shall be pt a height above high water, and to pay any damages which may arise to growing crops or fences from the con- srructlon; maintenance and operation as determined by three disinterested persons, one thereof to be appointed by the said Grantor; one by the said Grantee; and the third bthe two so appointed as Aforesaid, and the writs n award of such three persona shall be final and conclusive, The Grantor agrees not to erect any buildings or structures in said right of way other than fences and'said fences shall not exceed six (6) feet in height. Thi'Grantee %hall have the right to construct additional pipe lines upon the above described easement at any time in the future and agrees to pay any damages as %'result of such future construction as set out in this easement, The consideration1first above recited as being paid tafr Grantor by Grantee Is in full satisfaction of every right hereby granted, Ail,covenanta;:and agreements herein contained shall extend to and be binding upon ;tie re'specs`ive'heira, legal representatives, successors and assigns of the parties hereto. ' It is hereby'understood and agreed that the party secuiing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. •• WITNESS the execution hereof this the ..... J.'A 'fk'...., day of ............Ii Yl./........_. ........ .•, ilL:1-,L.e,.t ,c.-.�.,, �•. i`..,.1,.,✓3.rc3',.. f' • ACK•NO 1!1 EDGMENT STATE bl' AR1W SAS [ , COUNTY OF,WASf-tIIRGTON ( • • •BE.l r1RIAME?.fi3EREt), that on this data, before m a Notary Ytrbl within and for said County and State, duly commissioned and acting, personally appeared,, Q. ' pet/ .1 l me well known ai,the person(s) who executed the'fofe oin Right of Way Grant, and g g gthat ....�'''./... .....'had executed the same for the consideration and purpose therein mentioned an4 u forth. x' WITNESS m hand and seat on this ` r y........... �,.>...,7.: �. .. day of .............. I9....7 c- .i My commission•expiresOR..L�'....W......�,.,/f./....,.:. otacy�ublicVOL U�� v72 , ))•Q-r'.'.t.ww•�w.r«�a;,+$-',ir-{r`i•ya ^l e:^.�""�E.` "�:'f"!:17"CS�..,�•,'-K �."•y""� lt�� ti`t 1 '' i Y. RIGHT OF WAY GRANT _ o TRACT NO. .. STATE OF ARKANSAS COUNTY OF WASHINGTON KNOW ALL MEN BY THESE PRESENTS: t 5i•' That for and in consideration of ..................................... r lit n m ..............s,. ,....... ......r7...Cw ... and other valuable considerations to the undersigned, ... �Q.Gy,�rh„ard i„-,,,,•.•••_, Crlstind_--< — :6 - t^tnich. - husband and wife, tea 1-`i ........ ........._............... paid, the receipt of which is hereby acknowledged, the said Grantor does hereby GRANT, SELL ANf) COVEY unto the City of-Faycttcvllle, Arkansas, a municipal corporation (herein styled Grsntec), its successors and assigns, the right of way and `easement to construct, lay, remove, relay, enlarge and operate a water and/or sewer pipe line or lines, ............... manholes, and appurtenances thereto, on, over, across, and under the followint described real estate, to -wit: PROPERTY DESCRIPTIONt - Part of Section 33, Township 16 North, Range 30 West and part of Section 34, Township 17 North, Range 30 West, and being more particularly described as follows, to -wits Beginning at a point on the North right of way. of State Hwy. 180 ,.•said point being 209.47 feet East of the West line of said Section 34, and running thence North 1523.0 feet to a point on the South right of way of V.S. Hwy. 71. Bypasst thence S 650 59' W, along said right of way a distance of 405.76 feet, thence S 640 16' W, along said right of way a distance of 111.21 -feeti thence South 1317.77 feet to the North right of way of State Hwy. 180; thence East along said right of way, a distance of 476.7 feet to the point of beginning. Containing 15.55 acres, more or less. - The Grantors hereby reserve life eotato in one acre of land and the dwelling house and barns situated thereon, said one acre of land being the land on which said dwelling house and barns are situated, Grantors reserve an easement over and across the North forty (20) feet of the within dee- cribed real property for ingress and egress to the United States Highway 71 Bypassfrom real property on this date conveyed by Grantors to Mary C. Thomas, Patricia L. Browner and Robert H. Crouch, said entrance to U.S. Highway 71 Bypass being located on the within described real property. EASEMENT DESCRIPTION: .A permanent easement of 25 feet of equal and uniform width and a temporary construction easement of 50 feet in width off of that part of the above described zeal estate running parallel with and contiguous to this South right of way line of U. S. Hwy. 7I sg HAVE AND TO IfOY T) unto said Grantee, its successor, and auign: :a long as such pipe lust or liner, man - h i s a»d/or appurtenances thereto thaU be maintained, with ingress to and egress from the real estate first here,nabove described for the purpose of constructing, iuspectirtg, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the'removal, renewal and ealargernent of such at will, in whole or its part. The said Grantor is to fully use and enjoy the said premises except for the purposes herdnbetor0 granted to the said Grantee, which hereby agrees to bury all pipes, where feasible, to a sufficient depth so as not to fnterfea'e with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except in bottom lands where they shall be at a height above high water, and to pay any damages which may arise to growing crops or fences from the con- struction, mafntenanco and operation as determined by three disinterested persons, one thereof to be appointed by the said Grantor; one by the. said Grantee, and the third by the two so appointed as aforesaid, and the written award of such three persons shall be final sad conclusive, - The Grantor agrees not to erect any buildings or structures in said right of way other than fences and said fences shall not exceed six (6) feat in height. The Grantee shall have the right to construct additional pipe lines upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as set -out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby upderstood and agreed that the party securing this grant In behalf of the Grantee is without authority to make any eovend'nr or agreement not herein expressed, - WITNESS the execution hereof, this the „ _, AGKPlOWLEDGMENT°e 61 STATE OF ARKANSASI. . r, rti `' ' t+' T a+: •COUNTY OF WASHINGTON 5. 1 BE IT REMEMBERED, that on This date, befo me, a Notary Public wit 'a c Sqr a sd otR� a State, daily /1 commissioned and acting, personally appeared ...S l(�...'..:..hPirt r _ ,.to well known as the person(s) who executed the foregoing )Tight of Way Grant, and that',. 1}tituted the same for the consideration and purpose therein mentioned and act forth. » .t.._; , WITNESS my hand and seal on this 1 4y of y Ig, !Ja''((/`ti Y.,e .\„ ;, r'A c�•{ L �. "� c� �. ... ' r �4 ..a. t r aid•>+�ii a -,v My efintmissiots expires ' ' - -b ('..,_L._ *` '4y Notitry Public {'C' i ............. i . _. a ® ® ® im RIGHT OF WAY GRANT TRACT NO. . STATE OF ARKANSAS � KNOW ALL MEN BY THESE PRESENTS: COUNTY OF WASHINGTON That for and in consideration of tyUG!I.2, �•^• lrrjiCC,u of and other valuable considerations red.. Joe .8., to the undersigned, Crouch and chresElt ltwtih b s WtrtlY, .,........ m. If .; ft'.t'`,I.r}.fir.Itt..., paid, the receipt of which is hereby acknowledged, the said Grantor does hereby GRANT SELI. AI' D COVEY unto the City of Fayetteville, Arkansas, a municipal corporation (herein stylist Grasatce), its successors and assigns; tier ti ht of way and casement to construct, lay, remove, relay. enlarge soil ,sperate a water and/or sewer pipe fists sir hoes, manholes, and appurtenances thereto, on, over, across, and under the following described real estate, to -wit: BASEII> NT DESCRIPTION: A permanent easement of 25 feet in width, said easement lying easterly and northerly to, running parallel with and being contiguous with the proposed right of way line for the Ark. State Highway gepartment Job No. 4706 - section No. 1 which is described below, and a temporary construction easement of 50 feet in width, said temporary easement lying easterly and northerly to, runningparallel with and being contiguous with the above mentioned permanent easement, the above mentioned State Highway Department right of way is, hereby described as follows, to -wit : beginning at a point on the south line of the real. estate described below, said point being 110.6 feet east of the southwest corner thereof, and running thence N 61° 32' W 118.8 feet, thence N 390 24' W 11.6 feet to a point on the west line of the real estate described below, said point being 72.8 feet north of the southwest corner thereof. PROPERTY DESCRIPTION: Part of Section 33, Township 17 North, Range 30 West, and part of Section 34, Township 17 North, Range 30 West, and being more particularly described as .follow:- to -wit: beginning at a point on the north right of way of State Highway 180, said point being 209.17 feet east of the west line of said section 34, and running thence•north 1523.0 feet to a point on the south right of way of U.S. Hwy 71 By-pass; thence S 65° 59' W along said right of way a distance of 405.76 feet; thence S 64° 16' W along said right of way a distance of 111.21 feet; thence south 1317.77 feet to the north right of way o€ State Highway 180; thence east along said right of way a distance of 476.7 feet to the point of beginning. containing 15.55 acres, more or less. TO HAVE AND TO }TOLD unto said Grantee, its successors and assigns, so long as such pipe line or lines, man- holes and/or appurtenances thereto shall be maintained, with ingress to and egress from the real estate first hercinabove described for the purpose of constructing, inspecting, maintainir^g andacpairing said lines, manholes and appurtenances of Grantee above described, and the removal, renewal and enlargement of such at will, in whole or in part. The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbeforc granted to the seui Grantee, which hereby agrees to bury all pipes, where' feasible, to a sufficient depth so as not to intcrfere with cultivation of soil, and that manholes wilt be constructed flush with the surface of the ground except in bottom lands where they shall be at a height above high water, and Co pay any damages which may arise to growing crops or fences from the con- struction, maintenance and operation as determined by three disinterested persons, one thereof to be appointed by the said Grantor; one by the said Grantee; and the third by the two so appointed as aforesaid, and the written award of such three persons shall be final and conclusive, The Grantor agrees not o'ti-act any buildings or structures in said right of way other than fences and said fences shall not exceed six (6) feet in height. The Grantee shall have the right to construct additional pipe lines upon the above described easement at any time in the future and agrees' to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed: WITNESS the execution hereof this the ........Pt ................ ay of - t/v :-•; I 19 • ?�..... !:'rte:..••^•' .. r�-!*ar'..L'.-•�...� .:......... ACKNOWLt DGMENT ® i7 STATE OF ARKANSAS 72 359 CQUN'ITX, OF WASHINGTON ;Q I A¢EMBERED, that on this datgbefore me, ,a Notary Public w thin and for said County and State, duty a t� !�!.LntY ' ( L� k° Ito me well cort�n4s:AoA-- and $curs, personally appeared k..,...r .. f...... G, L +� J .t kroyyt�y �itlpkrjt(},wltc executed the farepomg Right of Way Grant, and that _•r..had executed the same %,. for 'flu! 2bosidlrrtnifn add purpose therein mentioned an,l set forth, .. t i r Gt 4 r WI34 hey hand and seal on this ......... day o ` .s. 1971 r3 .,. fir,.,. ..) .l)rz L44' ....................... My commission expires0.(',A ":..i.t..LL.L... d ................. Notary Public !!(,j furl rtr.l,urill UNE LIST N'0, W. GA. N3.'__________ Form 1.1 EASEMENT SOUTHWESTERN BELL TELEPHONE COMPANY In consideration of the sum of $ receipt of which is hereby acknowledged, and the payment to the undersigned before construction is started of the additional sum of $ 60O. 00 th undersigned, undersigned heirs and assigns, hereby grant to the Southwestern Bell Telephone Company a Missouri Corporation, its associated and allied companies, their respective successors, assigns, lessees, and agents a permanent right of way and easement with the right, privilege and authority to construct, reconstruct, operate, maintain, or remove lines of telephone and telegraph, or other signal or communication circuits, consisting of underground conduits, cables, manholes and of other markers, fixtures and appurtenances as the grantee may from time to time require, upon, across, over and/or under the propety which the grantor owns or has an Interest in the following described land situated in the Count'4f Washingtonwashington State of Arkansas, oWned by the Grantors, to wit: Part of /4 _l4 of Sectidil3= /T• 7 3 - , R _ - �. Being one rod wide and extending approximates 1244 'T feet across the we at of Grantors' property, a 12 foot strip beginning at a point 28.5 feet left of and perpendicular to centerline Station 5 + 75.2 North 61° 32' West alonj proposed right-of-way line a distance of 118.8 feet, thence North 39° 24 West along said propose right. -of -way line a distance qf llfeet and 6 inches to a point, thence North 61 Wy�estya distance of 124.97 ft. an upon,, along, and or under he roads, streets or ig ways adjoining said property, withtheright of ingress and egress over and across said land, The Grantor, or Grantorsheirs, executors, administrators and assigns hereby covenants that no permanent structure will be erected or permitted on said line, All pipe, conduit or cable laid under.this grant shall be laid upon the routs selected by the grantee and grantor, and shall be buried to such depth as not to interfere with the ordinary use of said land. * See Below The Grantor, heirs or assigns, shall be entitled to recover from the grantee the reasona}tiie amou tof any damage caused to crops, fences, trees; lawns, shrubs or flowers by the grantee or :emiregi in the construction, operation, maintenance or removal of said communication system 'f a' • o C7 Grantee will restore said easement to as good or better condition that existetl 5pf r tq tht ime of construction. 71 WITNESS _J!!L hand and seal this 3rd day of November 1979 ort ; r,i u o at Fayetteville. Arkansas 7470/ ' li.• iPoet office Address - �) L — ii/�! (SEAL) Joe B, Couch ` (SFAL) STATE OF ARKANSAS I [ 1 , ( r, • (SEAL) SS: o F Washington ! (SEAL)' IT'r5 StRE0, that on this 3rd day of Nr1XeMbie A.D., 1979, before me, the undersigned, a Notary Public In (yrttriBafd ourrt and State, came the above undersigned witneeed to be the same person(s) who executed the within Instrument '3:,,ot writlnb ddutyacknowiedged the execution of the same. elkSyQWHEREOF, I have hereunto subscribed my name end affixed my official seal the day and year last above written. O�i 1 mmis�ton Expires;11-15-80 E, J, BallNotery Public '' r 5pquest from Grantor of his transferee, the Southwestern Bell 3�egite Company at its expense shall relocate its cables and/or lines place in the aforesaid easement to another easement provided by the Grantor or his transferee on Grantor's property or the property of Grantor's family that joins Grantor's property, provided, however, that the manhole to.be constructed on the aforesaid easement shall remain a permanent installation. c&l002 884 RETURN TO: Southwestern Bell Telephone Company. Right of Way Supervisor, Room 617. 1111 Weal Capitol, Little Rock, AR 72201 k1. ,1 11 ! v 1 t+iiliN),�it'•tt r_ , , •�`t t�, 'wbrhltlli, LINE UT N10. W. 0. N EASEMENT ,' SournwESTEANBFLI.IELE*'f0NEC0MP AN.YIt'V, 1 z tt t i) , t '.4.t in consideration of the sum Of $ at �E>,1 rely ackn tiVfdgd, and the payment to theundelslgned before co ton is staffed dl thq.ad tlon� y m of ,Qi the undersigned, undersi6d gned helrs'aassidu11br�by grant to the 5outhWestern Bell Telephone Companl), a' Mt35o r1 Coma lld}Z) its assadl l ri end Atli 'Eltiipanles, their respective successors, assigns, lessees, and age�,iis a perm'anis right d1 WAY, lid easethttnt'with the right, privilege and authority to construct. reconstruct, ope tie,. htaitS,tsi}t b'r nafhove lines of telephone and telegraph, or other signal or communication circuits, cot\ ,1�thiSt Wderground conduits Cflbl?t ,maniintes and of other markers, fixtures and appurtenances as the graltttle may from time to time requite. u}ion. across. over and/or under th0 property which the grantor owns or has an-Imerest in the.,pltb,irinordescribed land sltualed in the Countyv}4ir Washington State of Arkansas, owned by the Grtaritors. to wit: Paid of /4 /4 of Set tio�i3e.lT•17 : Ct fx 3 iJ , Being one rod wide and extending approximalrjiytltfr!_ test across llto w.:5_ .of Grantors' property, a 12 loot strip begi.nni.nu_, sit a point 2#3.5 feet :left of and perpendicular to celnitel:Ii,ne Station 5 + 75,2 North 61" 32West alonj proposed right-oC-way. line ri distance of 118.8 reel:, t:iteitcP North 33° 24 Weal: along said proposed ri.atte*oC-way lime a distance of Iftect and 6 inches to a point, thence North i (�' West a distance of f.7,i1} 97 C'~+ f: and upon, atone, and/or under the road:,: sheets or 1 cf vinys`adjoining said property. with'the right of ingress and egress over and across as land, 'the Grantor: or Gianlors• hairs. executors, administrators and assigns hereby covenants that no permanent structure will bn erectocl or permitted on said fine, All pipe, conduit or cable laid under,Ihis grant shalt be tail tipon the route ,nfeciod by the grantee and grantor, and shall bP4 uried '- lo such depth as not to fntortere wish that ordinary use of said land. " 5 _, : See Be3,oir The Grantor, heirs or assigns, shall be entitled to rocrlver from the grantee the teasgr3a�ie antun11it any. damage caused to crops. fences, trees, lawns, shrubs or flowers by the grantee or tt3ykti�plctifjer.jlt the constrruction, operation, rnain(enanae or removal of said coma uliicetion system. ;x •, t f a" t: ° Grantee will restore said casement to as good or better condition that existed niA to bji time bi construction. r' ` •7Crn t i' :' WITNESS my hand and seal this 3rd day of Novembecig7g o , to ' ,i ,I W I, Cati'c i�tevi t7�e 1irlcartstls iroei Ottice Aaldrnact \. Jooe 1'. r �4G_G�F' isEhsl STATE Or AnKANsAS 1 55: v/- �(Ll tt�J 4� _ u + CZI•a..i..L ._.-ISLIEn. COUNTY OF Washjrg.j } 3E Il' hEMEMBERED, that on this 3,rd day of 1` tov_?,tahe1:A,D.. 1979. before we, the underslgnod. a Notary Public In o.ni1 for sad. COUniy end Slain. came 1ho abovo undersigned witnnpn'l.In he the some persons) who executed Ilia within instrument of wriling:•nr,ct dully acknowlodgerl the ernruilon ni the snnie.. ii' Wn'i idSO t+hdEnEO . I i,wq ha_, eons ) 5uh6rrihed my nmmn and atilt e l my olllclal al the day and year last above written, MyCA++rit;;c nn. ( sptre5:_ l- I -J 5 - l{i ); .1 NOIary Public yt a,:IJpoll Mquest front Gt:riut:oi: of. his i-rniisferee, the Souhhwestern rBell ;'Telephrriie Company it its rixpense ohs I 'elocal:e iEs'gabies' an'/�" 'lines place• in the aforesaid easement to another r'a,einetit providecl liy the G anf:or or his transf.ei:ee on Grantor's property or the pi.operty'of Gidntor's,lCaniily that joins Grantor's property, provided, Iir+wever, that the Imrnhole''to,be coned:tictecl on Cite afrn'r',Iirl e:Is9menl nun ll rmna 6-a permanenttril.lation; Type: REAL ESTATE d: SURVEY PLAT OF SURVEYKFRee mecorded: 7/12/2013 4:31:56 PM Amt: $15.00 Page 1 of 1 Washington County, AR tww Kyle Sylvester Circuit Clerk I T•nxul/r - I TOTAL ACRUGE 10 16.06 ACRES +/ -�t.Vol 11r ° I A�wrr,nrt r/, ' / � ! j'�.�' 6A 00110 •/°.� I 1 I I i � ► Ic 9 NOIiiII A=M I WCAT[01RMM RDM"—R •A'o0•AC C1D1MM[1Y TKIA1M)14OL R[1OD 119WANCi PItDOM11M.00D b�OMNCF QA7LAtAf kJ1 W75b010FbN COUNTY. 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ACRES PROPOSED EASEMENT 11,967 0.27 LEGEND PL PL EXISTING PROPERTY LINE !fJ J R/W EXISTING RIGHT OF WAY LINE R/W PROPOSED RIGHT OF WAY LINE -- - EXISTING EASEMENT LINE - - - - - -----PROPOSED EASEMENT LINE THIS EXHIBIT IS A SKETCH DESCRIPTIVE ONLY OF THE SIZE, SHAPE BEARINGS - GRID AND LOCA77ON OF THE PROPOSED EASEMENTS AND DOES NOT ARKANSAS NORTH ZON CONSTITUTE A PLAT OR SURVEY OF THE GRANTOR'S PROPERTY. 2049 EAST JOYCE BOULVARD CITY OF FAYETTEVILLE SUITE 400 FAYETTEVILLE, ARKANSAS FAYETTEVILLE, ARKANSAS 72704 AHTD NO. BB0414 479527-9100 WATER & SEWER RELOCATIONS LINE ANGLE DISTANCE L1 N 02'27'41" E 30.16 L2 S 81'40'58" E 149.89 L3 S 02'31'22" W 30.43' L4 N 81'40'58" W 145.80 GRAPHIC SCALE 1O0 0 5O 100 ( IN FEET ) E 1 inch = 100 ft. 44 JOB NO. IDATE eIVi1'I11 14048160 ' APRIL R 14, 2015 EXHIBIT A T 6 ASK/, l,S Polyline Report Mon Mar 16 15:23: 12 20':5 Northing Eastinq Bearinq Distance 652472.911 670765.272 N 022741 E 30.157 652503.041 670766.568 S 81'4058" ,-.. 149.892 652481.358 670914.883 S 77`47'17" 6 248.997 652428.688 671158.245 S 023122" W 30.434 652398.284 671156.906 N 7 7'4717" W 253.099 652451.821 670909.534 N 8"40'58" W 145.795 652472.911 670765.2 72 Closure Error Distance> 0.00000 Total Distance> 86.374 Polyline Area: 11966.7 sq ft, 0.275 acres Tract: 6 Parcel: 765-15908-000 Owner: 1155 Properties, LLC Record: 2004-00000965 WATER/SEWER EASEMENT A 30 foot easement South of and adjacent to the Easterly right-of-way for Interstate 49 as shown on Arkansas Highway Transportation Department plans for Job No. BB0414. Being more particularly described as follows: A part of the SW '/4 of the NW '/4 of Section 34, Township 17 North, Range 30 West, Washington County, Arkansas. Commencing at the Southwest corner of the NW 1/4 of said Section 34; thence S87°24' 17"E a distance of 209.32 feet along the South line of said SW 1/4 of the NW '/4 to the West property line as described in File 2004-00000965; thence along said West property line N02°27'41"E a distance of 1261.87 feet to the POINT OF BEGINNING; thence continuing along said West property line N02°27'41 "E a distance of 30.16 feet to a point on the Easterly right-of-way for Interstate 49 as shown on Arkansas Highway Transportation Department plans for Job No. BB0414; thence along said Easterly right-of-way S81°40'58"E a distance of 149.89 feet; thence S77°47' 17"E a distance of 249.00 feet to the East line of said property; thence along said East property line S02°31'22"W a distance of 30.43 feet; thence leaving said East property line N77°47' 17"W a distance of 253.10 feet; thence N81 °40'58"W a distance of 145.80 feet to the POINT OF BEGINNING, containing 11,967 square feet or 0.27 acres, more or less. https://www.actdatascout.com/CountyHome/Parcel View?county=Washi.., Parcel: 765-15908-000 Prev. Parcel: 148897-000-00 As of: 2/9/2015 ID: 53207 Washington County Report Property Owner Name: 1155 PROPERTIES LLC Mailing PO BOX 4245 Address: FAYETTEVILLE, AR 72702 Type: (AV) - Agri Use/Vacant Tax Dist: (011) - FAYETTEVILLE SCH, FAY Millage 53.75 Rate: Legal: PT W/2 14.86 AC. Market and Assessed Values: Property Information Physical Address: Subdivision: 34-17-30 FAYETTEVILLE OUTLOTS Block / Lot: -- / -- S-T-R: 34-17-30 Size (in 14.860 Acres): Estimated Full Assessed Taxable Market Value (20% Market Value) Value Land $3,050 $610 $610 Building $0 $0 $0 Total $3,050 $610 $610 Homestead 0.00 Note: Tax amounts are estimates only. Contact the county/parish tax Credit: collector for exact amounts. Land: Land Use Size Units Pasture(13) 2.900 Acres Pasture(12) 5.070 Acres Pasture(02) 6.890 Acres Deed Transfers: Document Images brought to you by your County Circuit Clerk, Kyle Sylvester View Date Book Page Deed'IS'pe Stamps Est. Sale Grantee Code Type Deed I of 3 2/11/2015 2:36 PM https:f/www.actdatascout.comlCountyHome/Parcel View?county=Washi... Date View Deed Book Page Deed Type Stamps Est. Sale Grantee Code Type Warr. 1155 Inc. 8/26/2003 2004 965 PROPERTIES Additional Deed LLC Prop. 1155 PARTNERS LPrust, 4/8/2003 2003 21493 Deed 4537.50 $1,375,000 A NEVADA Valid OnlyLan Y LIMITED PARTNERSHIP BROWNER, PATRICIA C., TTEE, 12/27/2000 2001 1616 SpecWarr 0.00 $0 PATRICIA C. BROWNER REVOCABLE * BROWNER, PATRICIA 9/21/1999 91 99 89944 SpecWarr 0.00 $0 C.;BROWNER, PATRICIA C., TTEE, PATRICIA C.* BROWNER, 1/1/1985 874 336 0.00 $0 PATRICIA L. 5900 TIMLE LANE Map: 2 of 3 2/11/2015 2:36 PM C 1iii1 DOA IIJ cc,,,%10009 TYos: REL ft,corded: 01/09/2004 at:02;40:60 Pn Fee At 2 $54.00 -Pees ! of 3 4leshifAton County. AR 6otte'stamos Circuit J'1�er•k File2x 4"` OOOO0965 WARRANTY DEED (LIMITED PARTNERSHIP) KNOW ALL MEN BY THESE PRESENTS: That 1155 Partners, LP, Grantor, operating under and by virtue of the laws of the Slate of Nevada by Its General Partner, for the consideration of the sum of ten dollars and no/100...($10,00). In hand paid by 1155 Properties, LLC, an Arkansas limited liability company, Grantee the receipt of which Is hereby acknowledged, does grant, bargain, sell and convey unto the said Grantee, and unto Grantee's successors and assigns forever the following described land, situate In the County of Washington, State of Arkansas, to -wit: SEE ATTACHED EXHIBIT "A". TO HAVE AND TO. HOLD The some unto the said Grantee and unto Its successors and assigns forever, with all appurtenances thereunto belonging. And Grantor hereby covenants with the said Grantee that Grantor will forever warrant and defend the title to said lands against all claims whatever, except easements and restrictions existing and/or of record, If any. IN TESTIMONY WHEREOF, The name of the grantor is hereunto affixed by its General Partner, this 26'" day of August, 2003. 1155 Partners, LP, a Nevada limited partnership Neal Pandergraft, Authorize o 5 Management, U.C, General Partner Page 1 of 3 C:\Documents and SettingslnpendergrafllMy Documents\1155Pertnersrol155Propertles.doc EXHIBIT "A" A part of Section 34, T -17-N, R -30-W, Washington County. Arkansas, being more particularly described as follows: Beginning at a point on the North Right -of -Way of State Highway No. 180, said point being 620.80 feet East of the West line of said Section 34 and running thence North 1,695:00 feet to the South Right -of -Way of U.S. Highway No. 71 by-pass; thence S 65°59'00" W along said Right -of -Way 446.90 feet; thence South 1,523.00 feet to the North Right -of -=Way of State Highway No. 180; thence East along said Right -of -Way 411.33 feet to the point of beginning, containing 15.19 acres, more or less Subject to the reservation of an easement over and across the North 40 feet of the above described real property for ingress and egress to the U.S. Highway 71 By-pass from real property convoyed on August 27, 1974, by Lottle M. Crouch and Nan Moore to Mary C. Thomas and flied for record In land record book 874 at page 362, land records of Washington County, Arkansas. Said entrance to said U.S. Highway No. �\ 71 By-pass being located on real property conveyed on August 27, 1974 by Lottle M. Crouch and Nan More to Joe B. Crouch. LESS AND EXCEPT: A part of the NW 1/. of the NW V. of Section 34, T -17-N, R -30-W, Washington County, Arkansas, more particularly described as follows: Starting at the NW Corner of the NW '1/ of the NW V. of Section 34; thence N 88°34'00" E along the North line 964.00 feet to a point; thence S01°07'00" E, 769.70 feet to a point on the Southeasterly existing Right -of -Way line of U.S. Highway No. 71 By-pass; thence S 85°51'00" W along said existing Right -of -Way line 198.80 feet to a point; thence S65°47'00" W along said existing Right -of -Way line 201.50 feet to the point of beginning; thence S 01°05'00" E, 106.20 feet to a point on the Southeasterly proposed Right -of -Way line of relocated U.S. Highway. No. 71; thence S 89°08'00" W along said proposed Right -of -Way line 171.80 feet to a point; thence S 76°5500" W along said proposed Right - of -Way line a distance of 152.90 feet to a point on the Southeasterly existing Right -of -Way line of U.S. Highway No. 71 By-pass; thence N 65°48'00" E along said existing Right -of -Way line 298.20 feet to the point of beginning, containing.33 acres, more or less. AND ALSO A part of Section 34, T -17-N, R -30-W, Washington County, Arkansas, being more particularly describe as follows: Beginning at a point on the North Right -of -Way of State Highway No. 180, said point being 990.00 feet East of the West line of said Section 34 and running thence North 1,850.00 feet to the South Right -of -Way of U.S. Highway No. 71 By-pass; thence S 65°5900" W along said Right -of -Way a distance of 401.14 feet; thence South 1,695.00 feet to the North Right -of -Way of said Highway No. 180; thence East along said Right -of -Way a distance of 389,20 feet to the point of beginning, containing 15.02 acres, more or less. LESS AND EXCEPT: A part of the NW V. of the NW 1/. of Section 34, T -17-N, R -30-W, Washington County, Arkansas, more particularly described as follows: Starting at the NW Comer of the NW /14 of the NW 1/, of Section 34, thence N88°34'00" E along the North line a distance of 964,00 feet to a point; thence S 0100700" E, 769.70 feet to a point on the Southeasterly existing Right -of -Way of U.S. Highway No. 71 By-pass for the point of beginning; thence S 01°07'00" E, 264.70 feet to a point on the Southeasterly proposed Right -of - Way of relocated U.S. Highway No. 71; thence S 89°08'00" W along said proposed Right -of -Way line 368.40 feet to a point; thence N 01°05'00" W, 106.20 feet to a point on the Southeasterly Right -of -Way line of U. S. Highway No. 71 By-pass; thence N 65°47'00" E along said existing Right -of -Way line 201.50 feet to a point; thence N 65°51'00" E along said propose Right -of -Way line 198.80 feet to the point of beginning, containing 1.57 acres, more or less. Page 3 of 3 C:\Documents and Settingslnpendergralt\My Documentsl1155PartnersTo1155PropartIes.doc ACKNOWLEDGMENT State of Arkansas County of Washington )SS On this, before me, the undersigned, a Notary Public, duly commissioned, qualified and acting, within and for the said Countyand State, appeared In person the within named Neal Pendergraft to me personally well known, who stated that he was the authorized member of 1155 Management, LLC,. General Partner of 1155 Partners, LP, a'Nevada limited partnership, and that he was duty authorized In his capacity to execute the foregoing instrument purposes herein mentionedand set forth by signing the name of the partnership by himself as such member. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this i `day of 2003. LU0fFICIAL D N WrARY PUSJ.JC-ARKANSAS y COWA18bltfis0OUNI"Y MV C0MMI36t0N S?tP'it,9 t1.'4.(J7 Prepared by: Heritage Land Title of Arkansas 2153 E. Joyce Blvd. Suite 201 Fayetteville, AR 72703 479.442.6400 i.r n tk„ Notary Public I certify under penalty of false swearing that at Least the legally correct amount of documentary stamps have been placed on this Instrument. No Revenue Required; No Consldoratlon Given Grantee or Grantee's Agent Address to sand next tax Statement Page 2 of 3 C:1Documenls and SettingslnpendergraRlMy Documents11155PertnersTo1155Propertles,doc RIGHT OF' WAY GRANT TRACT NO. I ...............: I STATE;, OF AAKAN'6AS ' � F I LED COUNTY OF WASHINGTON ( KNOW ILL MAN BY THESE PRESENTS: ' l „One Oo.11ar' 1,00 (5!1 i1� m11:31 Thatfor and in consideration of .....................................(.S.............1...........................................,............................... l ffASIiIN61U'� C01,!4TY. ARK. and other valuable considerations to the undersigned,.,....P3.tf.C.i,a__t,,,._•9rowngt. r..:n, :rr. ............................ .. ,.....................................................: :,............. CG'CiJIT Ct Ffii( t............t.... .:.................. paid, the receipt of which is hereby acknowledged, the said Grantor does hereby GRANT, SELL AND COVEY unto the Cit?y�of Fayetteville, Arkansas, a municipal corporation (herein styled Grantee), lte,sueceswrs and assigns, the right of way and easement to construct, lay, remove, relay, enlarge and operate a water and/or'sewer pipe line or lines, manholes, and appurtenances thereto, on, over, across, and under the following described real estate, to -wit: LEGAL DESCRIPTION: Part of Section 34, Township 17 North, Range 30 West, and being more particularly described as follows, to -wit: Beginning at a point on the North right-of-way of State Hwy. 180, said point being 620.8 feet East of the West line of said Section 34 and running thence North 1695,0 feet to the South right-of-way of U.S. Hwy. 71 By-pass;'thence S 65° 59' W, along said right-of-way, a distance of 446:9 feet; thence South 1523.0 feet to the North right-of-way of State Hwy. 180; thence East along said right-of-way 411.33 feet, to the point of beginning. Containing 15.19 acre;, more or less. RIGHT OF WAY DESCRIPTION: A part of the Southwest quarter of the Northwest quarter Section 34, T 17 N, R 30 W, more particularly described as follows,'to wit: A twenty five (25) feet wide strip North of a line beginning on the North right-of-way line of Highway 180 and 699.20 feet N 89° 33' West"of"the'Southeast corner of said forty acre tract, thence N 89° 33' W 411.33 feet. c ' ' • TO 'HAVE AND TO HOLD unto said Grantee, its successors and assigns, to long as such pipe line or lines, man- holes and/or appurtenances thereto shall be maintained, with ingress to and egress from the real estate first hcreinabove described for tha purpose of constructing, inspecting, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the removal, renewal and enifirgesnent of such at will, in whole or in part. The said Grantor lath fully use and enjoy the said premises except for the purposes, hercinbefore granted to the 'said Grantee, whlch hereby agrees to bury all pipes, where feasible, to a sufficient depth so as not to interfere with cultivation of soil, and that.manholes will be constructed flush with the surface of. the ground except in bottom lands where they shall be at a height above high water, and to pay any damages which may arise to growing crops or fences from the con- struction, maintenance and operation ai determined by three disinterested persons, one thereof to be appointed by the said Gra'lot; one by the said Grantee; and the third by the two so appointed as aforesaid, and the written award of such three persons shall be final and conclusive. The Grantor agrees not to erect any buildings or structures in said right of way. other than fences and said fences shall not exceed six (6) feet -in height. The Grantee shall have the right to construct additional pipe lines upon the above described easement at any time in 'the future and agrees to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction.,of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. y S'JSI'NFS5„hr execution hereof this the ...............7. ........ da of ............ .lt...............,... ........., Ct 1A ACKNOY✓LEDGM.ENT SATE OF AR1 II 9AS .'COUNTY OF WAtS' I�1GTON I 'RE. 1? RElvtEMlERED, that on this date, re we, a Notary Publi •within and for said County and State, duly commissioned and acting, personally appeared�J�.....:...."........ ...:."."" .......,....:......, to ma well known as;the pc,4on(s) who executed the foregoing Right of Way Grant, and that'. "had executed the same for the consideration and purpose therein mentioned let forth. I WITNESS my hand and scat on this ............7......:.......i.,. day I •..................., l917 Qr My commission. expires.......""....."...".......__..............:....7.. •--••-- °lacy Public• - VOL 88 970 Y•• (,j �- fir, ''••..'. -,.err rs\ . 'T'^.•N?'t`.w°'y'...Si' i � ..y,..+.w..�,........� 91o0�W1ttpIIRIrItIMWMt Mmtsswnste amw�rn RIGHT OF WAY GRANT CT NO, ' STATE OF ARKANSAS COUNTY OF WASHINGTON THESE KNOW ALL BY PRESENTS: • cse —t That for and in consideration of . CJ and other valuable considerations to the undersigned, „ . , Patricia L...Brwner.,.a ..; ...... ........................ paid, the receipt of which is hereby acknowledged, the said Grantor does hereby GRANT, S 8`F)VE•Y-t the City of, Fayetteville, Arkansas, a municipal corporation (herein styled Grantee) its successors ncI ass s, t i hit of way and easement to construct, lay,, remove, relay, enlarge and operate a water and/or sewer pipecAne cIines, manholes, and appurtenance; ,thereto, on, over, across, and under the following described real estate, o wit: P1t0PEATX I)h'SCRIPTIONr Part of Section 34, Township I -North, Range 30 West and being more particularly described as follows, t° -wit; Beginning at a point on the North right of way of State Hwy. 180, said point being 620.8 feet East of the West line of said Section 34 and running thence North 1695,0 feet to the South right of way of U. S. Nwy, 71 Bypasat.thence S 6S° 59' tt, along said right of •way, .a distance of 446.9 feet: thence South 1523.0 feet to the North right of way of State Hwy. 180, thence East along said right of way 411;33 feet to the point of beginning. Containing • 15.19 acres, more or less, Grantors reserve an easement over and across the North forty (40) feet of the within described real property for ingress and egress to the United States Highway 71 Bypass from real property on this date conveyed by Grantors to Mary C. Thomas, said entrance to said U. S. Highway 71 By- pass being located on real property conveyed on this Slate by Grantors to Joe B. Crouch. EP.SEMENT DESCRIP'yCON: A permanent easement o.f 25 feet of equal and uniform width and a temporary construction easement of SO feet in width off of that part of the ahovp described real estate running parallel with and contiguous to the Routh right of way line of U. S. Highway 71 Bypass. • r. TO HAVE AND TO HOLD time said Grantee, its successors and assigns, so long as such pipe line or -lines, man. holes and/or appurtenances thereto shall be maintained, with ingress to and egress from the real estate first hereinabove described for the purpose of constructing, inspecting, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the removal,'renewal and enlargetncnt of such at will, in whole or in part. The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbefore granted to the said Grantee, which hereby agrees to bury all pipes, where feasible, to a sufficient depth co as not to interfere with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except In bottom lands where they shall be at a height above high water, and to pay any damages which may arise to growing crops or fences from the con- struction, maintenanpe and operation as determined by three•disinterested persons, one thereof to be appointed by the said Grantor, one by the said Grantee; and the third by the two so appointed as aforesaid, and the written award of such three persons shalt be final and conclusive. , The Grantor agrees not to erect any buildings or structures in said right of way other than fences and said fences shall not exceed six (6) feet in height. The Grantee shall have the right to eonserua'additional pipe lines upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. , It Is hereby understood and agreed that the party securing this grant -in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed ,r. WITNESS the execution hereof this the ........ �..i , day of i ry 7 41.: z n ACKN0WLEDG\SENT STATE OF ARKANSAS : - COUNTY OF WASHINGTON p rvs: ,1='t BE IT REMEMBERED, that on this date State, before me, a Notary Public within and for said Cotlnt and Staduly commissioned and acting, personally appeared ...._..j af t2C.4./ „r ,..,� _,.. tl., i..ta»r.*.k� ..y to me well known as the person(s) who executed the foregoing Right of Way Grant, and that ....•, had executed the same for the consideration and purpose therein mrntiu;ieduj set forth. WITNESS my hand and seal on this ; da of '� � d•. 3 . 1 •, rr v .. tat ys4. � .N sit `.jy.� �''e�.,, h4•y•. •. ftiw ) :.!. ,( { v, Y,. '� fit• s f.1 tOmmistton arts . H ?• yr y } i i „r: Otary Puuuc RIGHT OF WAY GRANT TRACT NO. STATE Of ARKANSAStt' KNOW ALL MEN BY TfIIrSE pRESEN'TS: rT ' COUNTY OF WASHINGTON That for and in consideration of "" "'"'" / Patricia Bronipr',, �/!/� ; .�... �? and other valuable considerations to the understgn ed, .• -• - • --• ••r •; s! •;• j; r' .................................................................. ....... .. t//� a ,.. ........ paid, the receipt of which is hereby acknowledged, the said Grantor does hereby GRANT,'SELL Ar(ip vN�ur unto the City of Fayetteville, Arkansas, a municipal corporation {I)crem siyled Grantee), its successors and assigns the right of way and easement to construct, lay, remove, relay, enlarge and operate a water and/or sewer pipe line or lines, manholes, and appurtenances thereto, on, over, across, and under the following described real estate, to -wit; Easement Description: A permanent easement 25 feet of equal and uniform width and a "temporary construction easement of 25 feet o. equal and uniform width (parAilel with and contiguous to said permanent easement) across a part of lands situated in the NW1/4 of the NW1/4 of Section 34, Township 17 North, Range 30 West, said lands more specifically described on page 336 of Deed Book 874 of the records of Washington County, Arkansas. 'The northerly edge of said permanent easement is described as being the southerly right of way line of U. S. Highway 71 Bypass and. further described as beginning at the east line of and 106.2 feet south of the northeast corner of lands described above, thence south 890 08 west 171.8 feet; thence south 76° 55' west 152.9 feet. Grantor hereby reserves unto herself, her heirs and assigns, the right to connect a line 'or lines to the sewer line to be constructed within the easement without payment of any extension fee or fees charged by the City of Fayetteville. Nothing in this reservation is to be construed as requiring the City of Fayetteville to waive their usual tap fees for any such conneccion. TO HAVE AND TO HOLD unto said Grantee, its sssccessors and assigns, so long as such pipe line or lines, man- holes and/or appurtenances thereto shall be maintained, with ingress to and egress from the real estate first hereinabove described for the purpose of constructing, inspecting, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the removal, renewal and enlargement of such at will, in whole or in part. The said Grantor is to fully use and enjoy the said premises except for the purposes lsereinbefore granted to the said Grantee, which hereby agrees to bury all pipes, where feasible, to a sufficient:dcpth so as not to interfere with cultivation 'of soil, and that manholes will be constructed flush with the surface of the ground except in bottom lands where they shall be at a height above high water, and to pay any damages which -may arise to growing crops or fences from she con• struction, maintenance and operation as determined by three disinterested persons, one thereof to be appointed by the • said Grantor; one by the said Grantee; and the third by the two so appointed as aforesaid, and the written award of such three persons shall be final and conclusive. The Grantor agrees not to erect any buildings or structures in.said right of way other than fences and said fences shall not exceed six'(6) feet in height. The Grantee shall have the right to construct additional pipe lines upon the above described easement at any time in the future and agrees to pay any damages as a result or such future construction as set out in this casement. The consideration first above recited as being 'paid to Granter by Grantee is in full satisfaction of every right hereby granted. All covenants and•agrccrndnts herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assign's of the parties hereto, It is hereby understood and agreed that the party securing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. WITNESS the execution hereof this the ............. day of �. .......... 19V. /c.r .............. .' ............. , ti �. �M:....... ACKNOWLEI)GMENT. - STATE OF ARKANSAS tt COUNTY OF WASHINGTON (t ' BE IT REMEMBERED, that on this date, befo7,ree me, a Notary` Public within and for said County and State, duly Y.AP!?, /t1l..rt ..G/.J..4.:..../sl..�!Z to me well commissioned and acting, personal! eared ..:.L known as the person(s) who Cx''?cused•t}ic'foregoing Right of Way Grant, and that ...............had executed the same for the consideration and ¢tsi3nise,therein'mentioned and set fortis, ?I6s............. da of.'...�.7::4. �Jf 9i1 WITNESS my hand and seal on the ........i:.±.'...............day Y .,<'. • . - — 1....7.1., , .... ....................... ... ...... \ .' \ '. _..�. ( ���Pi1fe�lIIIIIINAIi��I�B���lai1[ ll\\��JJJJ11 6roo SA; 01328#636608 TvaGREL pQaordadt 08/ O2:27!2007 at 02t32353S PM mt:5noton2County ao o► 8 W®shAR setts 8tamoa Clrou t Clerk F1102007-00024590 LICENSE TO USE CERTAIN REAL PROPERTY (COUPLED WITH AN INTEREST) This License to Use Certain Real Property (Coupled with an Interest) is entered this 1e` day of February, 2007, between 1155 Partners, L.P., a Nevada Limited Partnership ("Owner"), and WALTON ARTS CENTER ("WAC") (the "License"). RECITALS: WAC is a non-profit entity committed to bringing works of art to Northwest Arkansas and its 'residents. WAC has commissioned artist Lee Littlefield to create several works to be installed throughout the I-540 corridor in Northwest Arkansas. WAC has identified the property of the Owner described on Exhibit A hereto (the "jy") ') as a potential site for a Littlefield sculpture. Owner wishes have a sculpture placed on Owner's property and believes that the placement of such sculpture will be personally enjoyable and provide greater visibility for the Property. Therefore,, in consideration of $1.00, and other valuable consideration, receipt of which is acknowledged, Owner grants WAC a license to place and maintain a sculpture or sculptures on the Property, subject to the following terms and conditions: I. Soul ure: The sculpture or sculptures (collectively, herein the 'Sculpture') located on Owner's property shall be approximately 14 to 20 feet in height. and require approximately 30 square feet of ground space. The Sculpture veill be created at the sole discretion of the Lee Littlefield, The location of the Sculpture on the Property shall be as reflected on the diagram attached as Exhibit B. 2. 1nstailation. Maintenance and Removal: WAC will manage and conduct all activities relating to the installation, maintenance and removal of the Sculpture and will do so at its own cost and expense. Owner will be notified not less than seven days before installation of the Sculpture is to begin. In the event the Sculpture is damaged at any point, WAC will repair the damage on a reasonable and timely basis and will conduct the necessary activities on its own or through its agents. Owner has authority to remove if repair is not accomplished in a timely manner. Upon the expiration or earlier termination of this License, WAC shall manage and conduct the removal of the Sculpture at WAC's sole cost and expense. In removing the Sculpture, WAC will take reasonable precautions to avoid damaging the Property. WAC agrees to reasonably repair any damage caused by the placement or removal of the Sculpture. 3. Access: WAC and/or its employees, agents and representatives may enter upon the Property at all reasonable times during the term of this License for the purpose of erecting, maintaining, repairing, cleaning and/or removing the Sculpture. Owner grants Lessee ingress and egress over the Property with the provisions that Lessee will close all gates and stay on existing roads and trails if possible. 4. WAC Representation; WAC represents and warrants to the Owner that WAC shall during the term of this License: (a) Use the Property in a prudent manner and in accordance with all applicable laws and regulations, (b) Not construct any permanent fixtures or improvements upon the Property other than the Sculpture; (c) Secure all gates upon entering and leaving the Property; (d) Clean up and remove all trash, litter and construction materials generated by WAC's use; The representations and warranties in this paragraph shall survive the expiration or earlier termination of this License. 5. Owner Representation; Owner represents and warrants to WAC that: (a) Owner is the record owner of title to the Property and has full authority to enter into and grant this License and perform under its terms without the joinder or approval of any other party; (b) Owner agrees that it will promptly notify WAC if it comes to Owner's attention that any alteration or damage to the Sculpture has occurred that might cause damage to person or property; and (c) Owner will not take any action or permit any invitees, licensees, employees, agents or representatives of Owner to take any action which reasonably could be expected to result in damage to the Sculpture or that would block the Sculpture from public view. The representations and warranties in this paragraph shall survive the expiration or earlier termination of this License. 6. Liability and Indemnity; WAC agrees that it shall defend, indemnify and hold Owner harmless from all costs, expenses (including attorney's fees), claims, suits, losses or damages incurred as a result of the placement of the Sculpture on the Property and/or the negligent or willful acts or omissions of WAC or its employees, agents or representatives relating to the installation, maintenance and removal of the Sculpture, unless and except such costs, expenses, claims, suits, losses or damages result from the cP gross negligent or willful action of the Owner and/or Owner's invitees, licensees, employees, agents or representatives. 7. Term: Termination: The term of this License shall be from the date of this License up and until the date which is the earlier of: (a) eight (8) years from the date of this License; (b) the closing of the sale of the Property by the Owner to a third party to which Owner has no relation and in which Owner is not an investor or director; or (c) the earlier removal of the Sculpture by WAC in its sole discretion. 8. Binding Nature: Except as expressly provided in Paragraph 7 above, this License shall be binding on the parties hereto and their successors and assigns. 9. Administrative Provisions: There is no joint venture or partnership between the parties hereto, and nothing in this License is intended to create or does create such a joint venture or partnership. If any term of this License is determined invalid or unenforceable, the remainder of the agreement shall remain valid and enforceable to the fullest extent permitted by law. One or more waivers by a party of the other party's breach of a representation, warranty, covenant or condition shall not be construed as a waiver of a further breach of the same representation, warranty, covenant or condition, This agreement constitutes the entire agreement between the parties and there are no other representations, warranties or covenants except as set forth herein. This agreement may not be modified except as set forth in writing and signed by the parties hereto. This agreement shall be construed under Arkansas law and the parties agree that appropriate venue and jurisdiction for termination of matters under this agreement is in Washington County, Arkansas. IN WITNESS WHEREOF, the parties have set their signatures effective the date first set forth hereinabove: Neal Pendergraft, Trustee for the Neal R. Pendergraft Trust No, 1, Task Partner WAC: WALTO ARTS CE ER tm Scism, CEO/President ACKNOWLEDGMENT STATE OF ARKANSAS ) )ss. COUNTY OF WASHINGTON) BE IT REMEMBERED, that on this day came before the undersigned, a Notary Public within and for the County and State aforesaid, Neal Pendergraft, Trustee for the Neal R. Pendergraft Trust No. I, Task Partner, to me well known as the person in the foregoing document, and stated that he had executed the same in said capacity for the consideration, uses and purposes therein mentioned and set forth. WITNESS my hand and seal as such Notary Public this L_ f day of 2007, �t.11as�- Q���`�r�aCJvk.sr.N =")C Notary Public AN KANSAS OUNTY S 11-14-2007 ACKNOWLEDGMENT STATE OF ARKANSAS ) )ss. COUNTY OF WASHINGTON) BE IT REMEMBERED, that on this day came before the undersigned, a Notary Public within and for the County and State aforesaid, Anita Scism, CEO/President of the Walton Arts Center, to me well known as the person in the foregoing document, and stated that she had executed the same in said capacity for the consideration, uses and purposes therein mentioned and set forth. WITNESS my hand and seal as such Notary Public this I ' day of w4t f 20ff� Notary Public My Commission Expires: ELISARUBEN-INNESS NT0NC0UNTY Public -- Arkansas ,;, res Nov 9, 2011 4 i7 of N w � N S TRACT A' A PART OF THE WEST HALF (Will) OF THE NORTHWEST QUARTER (NWT/4) OF SECTION THIRTY-FOUR (34), TOWNSHIP SEVEN EEN (17) NORTH, RANGE THIRTY (30) WEST, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SAID 80 ACRE TRACT; THENCE S88'41'33"E ALONG THE SOUTH LINE OF SAID 80 ACRE TRACT 990.00 FEET. THENCE NO1°12'19'2 34.62 FEET TO A SET W' IRON REBAR ON THE NORTH RIGHT-OF-WAY LINE OF ARKANSAS HIGHWAY #180 FORTIS TRUE POINT OF BEGINNING; THENCE NOI"I2'19'E 159655 FEET TO A SET'h" IRON REBAR ON THE SOUTH RIGHT-OF-WAY LINE OF INTERSTATE 540; THENCE N8833'10"WALONG SAID RIGHT-OF-WAY LINE 357.60 FEET TO AN EXISTING RIGHT-OF-WAY MONUMI NT, TIIFNCEN88°35-25"W ALONG SAID RIGHT-OF-WAY LINE 11.60 FEET; THENCE LEAVING SAID RIOT -OF - WAY LINE SO1*12'19"W 1596-56 FEET TO A POINT ON TAE NORTH RIGHT-OF-WAY LINE OF SAID ARKANSAS HIGHWAY #180; THENCE S8833'20'£ ALONG SAID RIGHT-OF-WAY LINE 369.20 FEET TO THE POINT OF BEGINNING, CONTAINING 13-53 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS THE ABOVE DESCRIBED 13.53 ACRE TRACT BEING SUBJECT TO ANYEASEMENTS AND/OR RIGHTS -OF -WAY OF RECORD. TRACT " A PART OF THE WEST HALF (W1l2) OF THE NORTHWEST QUARTER (NWU4) OF SECTION THIRTY-FOi1R (34), TOWNSHIP SEVENTEEN (17) NORTH RANGE THIRTY (30) WEST, BED4G MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SAID 80 ACRE TRACT; THENCE S88'41'33"E ALONG THE SOUTH LINE OF SAID 80 ACRE TRACT 620.80 FEET; THENCE N0I'12'19"E 35.50 FEET TO A SET V." IRON REBAR ON THE NORTH RIGHT-OF-WAY LINE OF ARKANSAS HIGHWAY #180 FORTIS TRUE POINT OF BEGINNING; THENCE N0112'19"E 1596.56 FEET TO A SET' .4" IRON REBAR ON THE SOUTH RIGHT-OF-WAY LINE OF INTERSTATE 540; THENCE N88'33'1O"W ALONG SAID RIGHT -CF -WAY LINE 188.41 FEEI'TO AN EXISTING RIGHT-OF-WAY MONUMENT; THENCE S79'1S10'W ALONG SAID RIGHT-OF-WAY LINE 152.87 FEET TO AN EXISTING RIGHT-OF-WAY MONUMENT; THENCE $67'4T15"W 79.96 TO A SET IRON REBAR; THENCE LEAVING SAID RIGHT-OF-WAY LINE SOI'I2'19"W 1532.08 FEET TO A SET 34" IRON REBAR ON THE NORTH RIGHT-OF-WAY LINE OF SAID ARKANSAS HIGHWAY #180; THENCE S8833'20"E ALONG SAID RIGHT-OF-WAY LINE 411.33 FEET TO THE POINT OF BEGINNING, CONTAINING 14.94 ACRES, MORE OR LESS, WASHINGTON COUNTY, ARKANSAS. THE ABOVE DESCRIBED 13.53 ACRE TRACT BEING SUBJECT TO ANY EASEMENTS AND/ORRIGHTS-OF--WAY OF RECORD. cP $67'47'1 79.9! s -. 4 C13xhLR V114, Nkt/4 ECTION 34 -17-N, R-30 INTERSTATE 540 11.9' N 8'33' 0"W ,,.-� �� ' 95' UTILITY EASEMENT Y.. ( AS PER BK, L045, P0, 118 AS PE 8K. 943, PG. 616 9K. I 5, PG. J t 7 to r 1 �3twtw� o' 1 f H j /acc�sSMUY c to vtth) a L&tai I l '4c1Ltk xt U. H TRACT TRACT "A" 14,94±ACRES ( 1 13.53± ACRES ii TOTAL ACREAGE ?, 28.47± ACRES I I I I ?' I 1Ii I I� f 0 lV &AVISWFPCO .109 S. g'' Sues: Rogers, AR 72758 RIGHT-OF-WAY AND EASEMENT KNOW ALL MEN BY THESE PRESENTS: Fecordsd: 051700520003 o7t712:62 2 Ph Fe. Amts 25.a0 Peas t of a eattenStamps CirouitRClerk File.2007 000439p6 That 1155 Properties, L,L.C., (hereinafter referred to as "Grantors", whether one or more), for and in consideration of the sum of TEN DOLLARS ($10.00) and other good and valuable consideration, in hand paid and given by Southwestern Electric Power Company (hereinafter referred to as "Grantee"), a Delaware corporation, whose address 428 Travis Street, P.O. Box 21106, Shreveport, LA 71156, the receipt and sufficiency of which is hereby acknowledged, have granted, bargained, sold and conveyed, and by these presents do grant, bargain, sell and convey unto said Grantee an easement and right of way as hereinafter described for the perpetual right, privilege and authority to construct, operate, maintain, reconstruct and remove a line or lines of structures with wires and fixtures and other equipment related thereto (whether located in or on the ground or on said structures) for the transmission and distribution of electrical current and other forms of energy and for the transmission or communication of data, audio and video information upon; over, under and across the following described lands located in Section 34, Township 17 North, Range 30 West, Washington County, Arkansas to -wit: An easement and right of way over and across a tract or parcel of land as described on Exhibit "A", attached and made a part hereof. Grantee shall have the right of ingress and egress over, along and across adjacent lands owned, leased, or controlled by Grantors, to or from said right of way for any and all purposes relating to or in any way connected with the construction, operation, maintenance and use of lines, wires, structures, facilities and other property of Grantee located on the easement and right of way above described. Grantee shall have and is hereby granted the right to install gates in existing fences and culverts where needed to facilitate access to said right of way. Said gates and culverts shall be left in place and become landowner's property upon completion of Grantee's construction and right of way restoration activities, unless Grantor requests that they be removed before said restoration is completed. Grantee shall have and is hereby granted the right of constructing, reconstructing facilities and appurtenances as may be required in the future, and maintaining and removing said lines and appurtenances. Grantee shall have and is hereby granted the further right at all times to remove from said lands all undergrowth, trees and parts thereof (whether within or outside of said right of way), or other obstructions, which in the opinion of Grantee, constitute a hazard or endanger the safety and/or the reliability of said lines or their appurtenances and/or the public. No building, structures or other improvements (other than fences which do not interfere with Grantee's use of the easement and right of way) may be constructed by Grantors above ground, and no trees (except fruit trees which do not endanger said line) shall be planted or permitted by grantors on said right of way. Grantee will repair or pay for any actual damages to crops, fences and bridges which might be sustained during construction and maintenance of said transmission or distribution lines, and will pay the prevailing market price for any trees cut outside the easement area as above described, a• The cash consideration hereinabove mentioned is paid by Grantee and accepted by Grantor's as full and total payment for the easement and right of way, all trees, undergrowth or other obstructions, trimmed or removed from said lands during the construction and maintenance of Company's facilities, and for all other rights and privileges hereinabove set forth. TO HAVE AND TO HOLD the above described easement and rights unto said Grantee, its successors and assigns, forever or until said right of way is fully abandoned. Grantors agree to warrant and forever defend all and singular the above described easement and rights unto said Grantee, its successors and assigns, against every person whomsoever lawfully claiming or to claim any part thereof. Grantors for and in consideration of the said sum of money do hereby release and relinquish unto the said Grantee, all of Grantors rights of dower, curtesy and homestead in and to the said premises to the extent of the rights and privileges granted hereby. Neal Pendergraft, for 1155 Properties, ,....C., as Task Partner for 1155 Properties. L.P.,. sole member of 1155 Properties, L.L.C. IN WITNESS WHEREOF, the hands and seals of Grantors are hereunto set, this t day of /UOt) G er , 2007. Acknowledgement On this the �ay of d-0 e" f` 2007, before me, a Notary Public, personally appeared, Neal Pendergraft, known to me (or satisfactorily proven) to be the persons whose names are subscribed to the foregoing instrument and acknowledged that they executed the same for the purposes herein set forth. In witness whereof I hereunto set my hand and official seal. Notary Public Fayetteville — North Fayetteville LINE d 154D1 W/O t 40829115 USA A. RODMAN NOTARY PUBUC WASHINGTON COUNTY- ARKANSAS COMM1881ON # 12363113 FIRES: NOVEMBER 15, 2017 Cr Exhibit "A" PLAT 5HOWIN ' AN ELEC.TRI. TRANSMISSION LINE GROSSING' THE PROPERTY OF II55 PROPERTIES, LLG, LOC-ATEP IN THE NW/4 OP THE NE/4 OEGTION 4, TI7N, RB'OW, MIrTH PRINGiPAL MER117IAN, WASHINGTON COUNTY. ARKANSAS SEC. 27 T17N-R3uw l I i ylw i ' / - , ___ I wdc+t:! r' /' i' u Text / ,t)/ Lwe tam n _rt _ /, / i U 77,14 924'16' �// /� // !'! — I//)! 1 I x wtcn• q[/+ '� _ ,-" •' ✓ . / 1 I t � dl 5.6df J..'d 117N •NNPM M,., M 9.0.4 0'O.0 .1 a1 n? 7` / i { 101 +ed (DD'. N M• iM.t Tm4Mrr t4 0 8*t amd el M ✓ orD6. 00.0110 1W U 01 4% At 6x01$ .1 0.'. }00000 GD4l1+ / 4.ty$f'E, a drtmw at T282#'t 0. t ,00000oN8rof a ' ✓' 1 1 dt. oo. I seagl Aaus $0..0 .4 a r.1Dw r 2727' I. _.. I t t nraK. saa4YOY'*r, . dst0.2 de xaR u.a arnsa77t o _.. , ._ _ ...�+ J• • ..— . "�- I i I. 9.000a 25 010' Wm.. S.. 1'+74., p 6¶000.. of RJS,'0'f f _,_,.�...-. •. -• 4 #ol ti0T244A'I a d.t" at lu47'a 61�1a N46V1'+YG a t J ib c1Ha: n a171.7b1 ihnw 1139'1+41'47 a 4Mtoau 4 .>.6Y 1e II t , Yr p401 of pp1a7n0. mtfd: Nq D;17D eve of NNL �L" 1 j k r 1 1 1 0 i1r 1t � I PONNIe P. PE'J`AL"RCtiRAPY, ! J u'3e PROPCRTIe9, u... T AL, GO-•T'RI.i9.TeC6 or, t I POG. W05 -0000012F The R095 PPSIDE°SSRM'T 1 I 6/L PINT. — 0.01.47 • TRU9.T, U%t'//pp 9/DO/'.M, AREA — 0.476 A6. 206. 9912.758 j I lI , 1 t � jjAlk $EIA' ! , eol i I� 1 i � 1 i ' ! a � 1 f Hi ;0I� /1$A"ARS AMERICAN ELECTRIC POWER/SWEPCO W ARXANSAS YN TIDIRA a0s(00 srse), SHREVEPORT, LOUISIANA SURVEY AND YAPPING NY JOHN M. WEBB AND ASSOCIATES, INC. P. 0. BOX 1148, BRINSON, MISSOURI, 85615 SCALE: 1'+400' GATE 11/4/2007 TRACT NO.; 4 W, 0. NO.: 40629115 UNE NO.: FAYETTENI£-NORTH FAYETTE`ALLE (15401) aflX A DH� � F INTERSTATE 540' TRACT "8' 14.941 ACRES TRACT "A" 13.5]! ACRES TOTAL ACREAGE 28.47? iCRES it ARKANSAS HIGHVAY 3180 :DRAKE STREET) IL RACC5 OF REARING& GEODEC[C t10RTH G3.S. 005t1TVA41d.V TRMLENAVK( ATONAL SYS 44100 e1ATE 1A.3 O.. OR277ECODE 100-l]"•Jf�w+}00-72.1005 ❑ STAKE 1 LINE C�3P1:._D C 11tR o SFT (RDN PIN • F(RAT 1115 P[N S. STAKE 11 P1P. Lth£ A 1172 ,Craagu1 • SEVER NAAPC).E -IS- SANIiM* 11111 LIST —A— E`:CE LSIE NEAL PENDERGRAFT 10440 all 4140' 3000 1 4sTOG 107 0140/,4 t1Y 0.140170 4R: 422avv>:1 0410 .0i11'dYIItl. 4,L 01:411 1071? 2x0/17100. 1155 PROPERTIES, LLC PARCEL NO. 765-15889-000 RECORD DEED: 2004-00000965 NW 1/4, NW 1/4 34-17-30 v r .O 1/2" REBAR LS1415 SW CORNER SW1/4NW1/4 SECTION 34, I T -17-N, R -30-W S 8724'77" E 602.57' SW 1/4, NW 1/4 34-17-30 I- -- -O AREA CALCULATIONS 50. FT. ACRES PROPOSED EASEMENT 11.646 0.27 LEGEND AHTD JOB BB0414 L3 I PL PL EXISTING PROPERTY LINE N R/W EXISTING RIGHT OF WAY LINE R/W PROPOSED RIGHT OF WAY LINE - EXISTING EASEMENT LINE - - - - - -----PROPOSED EASEMENT LINE THIS EXHIBIT IS A SKETCH DESCRIPTIVE ONLY OF THE SIZE, SHAPE I BEARINGS - GRID AND LOCAT7ON OF THE PROPOSED EASEMENTS AND DOES NOT ARKANSAS NORTH ZONE CONSTITUTE A PLAT OR SURVEY OF THE GRANTORS PROPERTY. LI2049 EASTJOYCEBOULVARD CITY OF FAYETTEVILLE SUITE 400 FAYETTEVILLE, ARKANSAS �y FAYETTEVILLE, ARKANSAS 72704 AHTD NO. BB0414 -ra 479527-9100 WATER & SEWER RELOCATIONS MA1 r, r LINE ANGLE DISTANCE L1 N 0231'22" E 30.43' L2 S 7747'17" E 8.10 L3 S 87'06 30 E 77.97 L4 S 02'293'7"W 30.00 L5 N 87'06'30"W 8.54 L N6 77'4717 W 0.11 GRAPHIC SCALE 1OO 0 50 100 II (IN FEET) 1 inch = 100 ft. JOB NO. DATE tVfI1" 14048160 APRIL 14, 2015 A A4�';14 EXHIBIT A". TRACT 7 Polyiine Report Mon furor 16 15:06:24 2015 Northing Easting Bearing Distance 652398.284 6711 47.818 N 023122" E 30.<-':.34 652428.688 671149.158 S 7747'17" E 8.103 6524.26.975 671157.077 S 6650'23" 5302.076 652308.167 671434.809 S 8706'30" E 77.974 652304.234 671512.683 S 022938" W 30.001 652274.261 671511.378 N 87'06'30" W 83.544 652278.476 671427.940 N 66°50'23" W 304.564 652398.262 67114 7.921 N 77.47'17" W 0.105 652398.284 67114 7.818 Closure Error Distance> 0.00000 Total Distance> 836.801 Polyiine Area: 11645.5 sa, ft, 0.267 acres Tract: 7 Parcel: 765-15889-000 Owner: 1155 Properties, LLC Record: 2004-00000965 WATER/SEWER EASEMENT A 30 foot easement South of and adjacent to the Easterly right-of-way for Interstate 49 as shown on Arkansas Highway Transportation Department plans for Job No. BB0414. Being more particularly described as follows: A part of the SW %4 of the NW '/4 of Section 34, Township 17 North, Range 30 West, Washington County, Arkansas. Commencing at the Southwest corner of the NW % of said Section 34; thence S87°24' 17"E a distance of 602.51 feet along the South line of said SW '/4 of the NW '/4 to the West property line as described in File 2004-00000965; thence along said West property line NO2°31'22"E a distance of 1205.05 feet to the POINT OF BEGINNING; thence continuing along said West property line NO2°31'22"E a distance of 30.43 feet to a point on the Easterly right-of-way for Interstate 49 as shown on Arkansas Highway Transportation Department plans for Job No. BB0414; thence along said Easterly right-of-way the following courses: S77°47' 17"E a distance of 8.10 feet, $66°50'23"E a distance of 302.08 feet, S87°06'30"E a distance of 77.97 feet to the East line of said property; thence along said East property line S02°29'38"W a distance of 30.00 feet; thence leaving said East property line N87°06'30"W a distance of 83.54 feet; thence N66°50'23"W a distance of 304.56 feet; thence N77°47' 17"W a distance of 0.11 feet to the POINT OF BEGINNING, containing 11,646 square feet or 0.27 acres, more or less. https://www Parcel: 765-15889-000 Prev. Parcel: 148881-000-00 As of: 2/9/2015 ID: 53175 Washington County Re Property Owner Name: 1155 PROPERTIES LLC Physic Addre, Mailing PO BOX 4245 Address: FAYETTEVILLE, AR 72702 Type: (AV) - Agri Use/Vacant (011) - FAYETTEVILLE SCH, Tax Dist: FAY Millage 53.75 Rate: Legal: PT W/2 NW 13.45 AC. Market and Assessed Values: 34-17-30 FAYETTEVILLE Subdivision: OUTLOTS Block / Lot: -- / -- S-T-R: 34-17-30 Size (in 13.450 Acres): Estimated Full Assessed Taxable Market Value (20% Market Value) Value Land $47,450 $9,490 $8,997 Building $0 $0 $0 Total $47,450 $9,490 $8,997 Homestead 0.00 Note: Tax amounts are estimates only. Contact the county/parish tax collector Credit: for exact amounts. Land: Land Use Size Units Homesite 1.000 Acres Pasture(12) 2.650 Acres Pasture(02) 3.960 Acres Pasture(13) 5.840 Acres Deed Transfers: Document Images brought to you by your County Circuit Clerk, Kyle Sylvester Date De d Book Page Deed Stamps Est. Sale Grantee Code Type I of 3 2/17/2015 1:04 PM https://www.actdatascout.com/CountyHome/ParcelView?county= Washi ... Date View Deed Book Page Deed Type Stamps Est. Sale Grantee Code Type 8/26/2003 2004 965 Warr. 1155 PROPERTIES Mobile Improved Deed LLC Home 1155 PARTNERS LP, A NEVADA 4/8/2003 2003 21495 Warr. LIMITED Deed PARTNERSHIP; THOMAS, MARY C. TTEE** 1155 4/8/2003 jj 2003 21494 Trust 4108.50 PARTNERS LP, $1,245,000 A NEVADA Mobile Improved Deed LIMITED Home PARTNERSHIP THOMAS, ZARA L., TRUSTEE 11/20/1998 jj 98 103467 Warr. 0.00 $0 ZARA L. Additional Deed THOMAS Properties REVOCABLE TRUST; THOMAS, ** THOMAS, 1/1/1985 880 421 0.00 $0 MARY C. 1094 DRAKE map: 2 of 3 2/17/2015 1:04 PM e i!Illf�Nili�i�fli1T1U1��i Doc TD. 008998110003 1VOe: ,EL gecorded; otloe/2004 at 02:4050 P11 Fee Amt: 014.011 Pace 1 of 3 1 s htnet03i county. Bette Stamps Circuit clerk//�� file?OO4OOOOV965 WARRANTY DEED (LIMITED PARTNERSHIP) KNOW ALL MEN BY THESE PRESENTS: That 1155 Partners, LP, Grantor, operating under and by virtue of the laws of the State of Nevada by Its General Partner, for the consideration of the sum of ten dollars and no/100...($10.00), in hand paid by 1155 Properties, LLC, an Arkansas limited liability company, Grantee the receipt of Which Is hereby acknowledged, does grant, bargain, sell and convey unto the said Grantee, and unto Grantee's successors and assigns forever the following described land, situate In the County of Washington, State of Arkansas, to -wit: SEE ATTACHED EXHIBIT "A". TO HAVE AND TO. HOLD The same unto the said Grantee and unto Its successors and assigns forever, with all appurtenances thereunto belonging. And Grantor hereby covenants with the said Grantee that Grantor will forever warrant and defend the title to said lands against all claims whatever, except easements and restrictions existing and/or of record, If any. IN TESTIMONY WHEREOF, The name of the grantor is hereunto affixed by Its General Partner, this 26"day of August, 2003. 1155 Partners, LP, a Nevada limited partnership Neat Pendergrafto 5 Management, LLC, General Partner Page1of3 C:\Documents and SetUngslnpendergrafl\My Documents11 I55PartnersTo1155Proper9es.doc EXHIBIT "A" A part of Section 34, T -17-N, R -30-W, Washington County, Arkansas, being more particularly described as follows; Beginning at a point on the North Right -of -Way of State Highway No. 180, said point being 620.80 feet East of the West line of said Section 34"and running thence North 1,695.00 feet to the South Right -of -Way of U.S. Highway No. 7.1 by-pass; thence $ 65°59'00" W along said Right -of -Way 448.90 feet; thence South 1,523.00 feet to the North Right -of -'Way of State Highway No. 180; thence East along said Right -of -Way 411.33 feet to the point of beginning, containing 15.19 acres, more or less Subject to the reservation of an easement over and across the North 40 feet of the above described real property for Ingress and egress to the U.S. Highway 71 By-pass from real property conveyed on August 27, 1974, by Lottie M. Crouch and Nan Moore to Mary C. Thomas and filed for record In land record book 874 at page 362, land records of Washington County, Arkansas. Said entrance to said U.S. Highway No. 71 By-pass being located on real property conveyed on August 27, 1974 by Lottie M. Crouch and Nan More to Joe B. Crouch. LESS AND EXCEPT: A part of the NW '/ of the NW V. of Section 34, T -17-N, R -30-W, Washington County, Arkansas, more particularly described as follows: Starting at the NW Corner of the NW '/ of the NW '/+ of Section 34; thence N 88°34'00" E along the North line 964.00 feet to a point; thence S01°07'00" E, 769.70 feet to a point on the Southeasterly existing Right -of -Way line of U.S. Highway No. 71 By-pass; thence S 65°51'00" W along said existing Right -of -Way line 198.80 feet to a point; thence S85°47'00" W along said existing Right -of -Way line 201.50 feet to the point of beginning; thence S 01°05'00" E, 106.20 feet to a point on the Southeasterly proposed Right -of -Way line of relocated U.S. Highway, No. 71; thence S 89°08'00" W along said proposed Right -of -Way Iine.171.80 feet to a point; thence S 76°55'00" W along said proposed Right - of -Way line a distance of 152.90 feet to a point on the Southeasterly existing Right -of -Way line of U.S. Highway No. 71 By-pass; thence N 65°48'00" E along said existing Right -of -Way line 298.20 feet to the point of beginning, containing.33 acres, more or less. AND ALSO A part of Section 34, T -17-N, R -30-W, Washington County, Arkansas, being more particularly describe as follows: Beginning at a point on the North Right -of -Way of State Highway No. 180, said point being 990.00 feet East of the West line of said Section 34 and running thence North 1,850.00 feet to the South Right -of -Way of U.S. Highway No. 71 By-pass; thence S 85°59'00" W along said Right -of -Way a distance of 401.14 feet; thence South 1,695.00 feet to the North Right -of -Way of said Highway No. 180; thence East along said Right -of -Way a distance of 389.20 feet to the point of beginning, containing 15.02 acres, more or less. LESS AND EXCEPT: A part of the NW Y of the NW % of Section 34, T -17-N, R -30-W, Washington County, Arkansas, more particularly described as follows; Starting at the NW Comer of the NW 114 of the NW '4 of Section 34, thence N88°34'00" E along the North line a distance of 964.00 feet to a point; thence S 01°07'00" E, 769.70 feet to a point on the Southeasterly existing Right -of -Way of U.S. Highway No. 71 By-pass for the point of beginning; thence S 01 °07'00" E, 264.70 feet to a point on the Southeasterly proposed Right -of - Way of relocated U.S. Highway No. 71; thence S 89°08'00" W along said proposed Right -of -Way line 368.40 feet to a point; thence N 01°05'00" W, 106.20 feet to a point on the Southeasterly Right -of -Way line of U. S. Highway No, 71 By-pass; thence N 65°47'00" E along said existing Right -of -Way line 201.50 feet to a point; thence N 65°51'00" E along said propose Right -of -Way line 198.80 feet to the point of beginning, containing 1.57 acres, more or less. Page 3 of 3 C:\Documents and Settings\npendergraft\My Document311t55PartnarsTc1155Propertles,doc ACKNOWLEDGMENT State of Arkansas )SS County of Washington On this, before ma, the undersigned, a Notary Public, duty commissioned, qualified and acting, within and for the said County and State, appeared in parson the within named Neal Pendergraft to me personallywell known, who stated that he was the authorized member of 1155 Management; LLC, General Partner of 1155 Partners, LP, a Nevada limited partnership, and that he was duly authorized in his capacity to execute ₹heforegoing instrument purposes herein mentioned and set forth by signing the name of the partnership by himself as such member. IN TESTIMO Y WHEREOF, I have hereunto set my hand and official seal thisr2 —' day of 1 in.,T , 2003. w..wwsu..w�aarr.,rw«w.�' OPFIGAL seAl. • USA A. RODMAN NOTARY PU LIC ARKANSAS y cofWAU04013MICOutrry MY COMMISSION (PIRCB tt.14&007 Prepared by: Heritage Land Title of Arkansas 2153 E. Joyce Blvd. Suite 201 Fayetteville, AR 72703 479.442.6400 Notary Public I certify under penalty of false swearing that at least the legally correct amount of documentary stamps have been placed on this Instrument. No Revenue Required; No Consideration Given Grantee or Grantee's Agent Address to send next tax statement Page 2 of 3 C:\Documents and Settings\npendergraft\My Documents\1155PartnereToll55Properlles.doc 5 -I, -RIGHT OF TRACT NO STA 1`EAP AAKAN$AS KNOW ALT, MECOUNTY OP WtlSzitivt;TtJt t That for and in consideration of ..0ne..Aol ].a and rotifer valuable' conatderatns to the undersigned, paid the receipt _ of which a hereby acknowledged the theCityof FayettviNe; Arkansas. a municipal corporate o{ way. and easement to'construtit lay, remove, relay, r • manholes, and eappurtena ices thereto, on, o LEGAL OESCRIpTIONt, prart.of Sdction','34t aricular1',describedas ,f,oltts to -sift of»way of State Nwy.180, said point bein section 34land running thence North 1850 71 By-pass; thence E65°'59''l4 along said thence' South :1695,0 `feet, to the North ri along: said•righteOf-way,: a distance of 36 15,02 acres mtlre ot'•"less: RIGHT, OF WAY CitSCRTPTiONrt A part of the Se t on 34y E li' Ny •R 30''W, more' particul fly, (2) feet wide strip North'of a line Highway 180 and'.330.00"fee_t'N;,890 33' W o tract'thertce-N 890 33' W 369.2 feet. • TO 'HAVE AND TO HOLD unto said Grantee its holes and/or appurtenances thereto shall be -maintained, described for the purpose of constructing, inspecting, m of Grantee above described and the removal, renewal and The said Graiator' is to fully use and enjoy the said pr Grantee, which hereby agrees to bury all pipes, where f of toil, and that manholes will be constructed flush'with shall be at a height above high-water, and to pay any'da struction, maintenance and operation as determined by t said Grantor; one -by the said Grantee; and the third by such three persons $hail be,final and conclusive. 'Ihe-Grantorragrees,not to erect any buildings or st shall not eiiceed six. (6) -feet lrl, height, The Grantee shall have the right to construct additi 'in the futiirt and _agrees ta,pey any damages as a result The,consufera on first above recited as, being paid to granted. All covenants and agreements herein contained representatives, successors and assigns of the parties beret It is hereby understood and agreed that the party to make any covenant or agreement not herein axprest !)a =t iWA t. �.3L7 R A' N I• I. Vl- TI t:SE PRESENTS. FILED ($t 00) 'rrrs (' �._ fill., � tfiff 3," k Mary G......Yhomas....• l 1 i.. ;t t t.J.,,t.,luY,,1t J .. ..:r..:. r....eill'i iliiLt:r i£� ....... sate! Grantor does hereby GRAN t,: li,t COVE'( into aril (herein styled Grantee), its successors and ;assigns, file right enlarge and operate st water and/or sewer pipe line or lines, v =across, and under fife fallowing described real estate, ln•whs tonsht p tr North, ,Range 30 West, being sure tleeginning at a'point'on the North rig' '990.O feet East of the West line of'said , 0P•eet •.to,the-South right-of-way/of U.S.'Hwy. • `eight -of -way, a distance of 401.14 feet}• t' gist'bf--way of said Hwy. 180, thent�e East„ i.' 9t2, feet to the point of beginning. Containing S1,thwest quarter of the Northwest quarter a}-ly,dest<r.4bed:-as` fol lows, tot wit. A taint i �eginning on the North right -o -way line u fhe.=5outheast•Corner of said toffy acre, `1 f r �•', '' iii } i •• • , successors and assigns, so long as such pipe Ilse or lines, taais. v(rth ingress to and egress from the real estateiftrst herei(iabove aintaming and repairmg said lines, manholes and appurrtenances yilargemcnt of syehat will, in whole or In jlarx '� ;h t�l • 1. ' +,. -c' • `• etniDes except 'for the purposes heieinbeforc granted to thetsaid cash lc; to -a sufficient depth so as not to interfe a wish, cuhivation e surface of the ground extent in botto' lande' where thcy rrta s which may arise to growing crops or fences from the eoni« hr'e disinterested persons, one thereof to be' hppoin ed by the fife two w appointed as aforesaid, and the jwritten kward of 11 i 3Ft�Y •i ;Ji. rltrttures in said right of way other than tencritf and t!sid fence.` ..• I- - -{ t y i one) pipe lines,upon the above described easement at any, time , `• f,auch,future construction as set out in this' easement, l - i • Grantor by Grantee �is in full satisfaction of a try right hereby shrill' extend to and ba binding upon the respective heirs; legal i t t` i l ' ,., securing this grant in behalf of the Grantee is; without authority tdt Sj •tr' l,•, � 1 7i�i ....,.. p t W(37if1rS,"�;t}t`e cxceution hereof this the / day of ( r : t ic• ; s r;, ' if8L1� +sea ! ACIGNO4V1 I;DGMENfir4 u STATE OF AZMiZt114'As,{S' tag i; i ,"� COYil+i1'Y" OF�417�S3k1�NGTt7N � c� I �i E ST REIvtEhil)EREl), that on this date !afore me,p Notary Pultlic within nd for said County,and State, duly w Safi i l 1 commissioned and acting, peravnilly appeared ..l.J ...t... t y d : ................. ..:: to trio W 11 known as the ;person(s) who executed the foregoing Right of loy Grant, and thst .-:-4— ' had executed the uaine for the consideration and purpost therein mentiot:e4And Set forth. • WITNESS my hand and seal on this ........... '1:.: day of,•.. *.. `±.,.------------------------ ".� Lq My eoititniuion exptra !........;.:. Not Pub' V L RIGHT OF WAY GRANT 11 F i LL,D. TRACT NO. �J "f�' RECOf D STATE OF ARKANSAS KNOW ALL MEN BY THESE PRESENTS: COUNTY OF WASHINGTON. '17 N0V 16 PM 2: 27 Thatfor and in consideration of...........................................>...............................................,,,............,...,................................. sfASHINGTON COUNTY and other valuable considerations to the undersigned, .. l rY...C ,,Thomas. ................... . 61(, . j�$ ALMfa lir�t�ftti. .............. ........................:..................... ............................. ..:.._.................................................................... ...... l�...lr:ri. R,c...:_.._............. paid, the receipt of which is hereby acknowledged, the said Grantor does hereby GRANT, SELL AND COVEY unto the City of Fayetteville, Arkansas, a municipal corporation (herein styled Grantee), its successors and assigns, the right of way and easement to construct, lay, remove, relay, enlarge and operate a water and/or sewer pipe line or lines, .............:..... manholes, and appurtenances thereto, on. over, across, and under the following described real estate,•to•wit: PROPERTY DESCRIPTION: Part of Section 34, Township 17 North, Range 30 West, being more particularly described as follows, to -wit: Beginning at a point on the North right of way of State Hwy. 180, said point being 990.0 feet East of the West line of said Section 34 and running thence North 1850.'0 feet to the South right of way of U. S. Hwy. 71 Bypass; thence S 65° 59' W along said right of way, a distance of 401.14feet; thence South 1695.0 feet, to the: North right of way of said Hwy. 180, thence East, along said right of way, a distance of 369.2 feet to the point of beginning. Containing 15.02 acres more or less. EASEMENT DESCRIPTION: A permanent'easemnt of 25 feet of equal and uniform width and a temporary construction easement of'50 feet of equal and uniform width off of that part of the above real estate parallel with and contiguous with the south right of way line of U. S. Highway 71 Bypass. TO HAVE AND TO HOLD unto said Grantee, Its successors and assigns, so long as such pipe line or lines, man- holes and/or appurtenances thereto shall be; maintained, with ingress to and egress from the real estate first hereinabove described for the purpose of constructing, inspecting, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the removal, renewal and enlargement of such at will, in whole or in part. The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbefore granted to the said Grantee, which hereby agrees to bury all pipes, where feasible, to a sufficient depth so as not to interfere with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except in bottom lands where they shall be at a height above high water, and to pay any damages which may arise to growing crops or fences from the con- struction, maintenance and operation as determined by three disinterested persons, one thereof to be appointed by the said Grantor; one by the said Grantee; and&the third by the two so appointed as aforesaid, and the written award of such three persona shall be final and conclusive. The Grantor agrees not to erect any buildings or structures in said right of way other than fences and said fences shall not exceed six (6) feet in height. The Grantee shall have the right to construct additional pipe lines upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted, Ali covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood end agreed that the party securing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. WITNESS the execution hereof, this the ............`.'.:.....i,.. day of .........,.tlM.�r'.1�................ J9..(.%., ;,j,_.,ACKNOWLEDGMENT. 94 .810 ... STATE.OR-ARANSAS :: +`,ry' Sr CO pp' F'.} ASHINGTON . S,,.. IEMBERED, that on this date, before me, Notary Public' with' and for said County and State, duly cotnmlbli3sn£d�rsld acting, personally appeared .,..DMZ ................ to me wen E J3tawjt 1t The Aerson (i) who executed the foregoing Right of ay Grant, and that IL, had executed the same ',? s t se consideraSlott and purpose therein mentioned d set forth. ' , .. ..... a�. +�BSi}� hand and seal oa this .» day of J19.2ti !'�'': ,a'., ,+t ti.:sr'�"i8.�..tl•'..r��...tii?s+n n �Y '�1'�-j,' - I • . - I. -. "My commission expires .�� - ` rykt•t`ptlt�t^ i Notary Public ti�tttrs. . r rta._t, t: ; That for and in tonsidtrati{ on o / ': and uttsrr svluyblu consideration, to the undersigned, Mary Thomas raid, the receipt of which is hereby tc nowled etl, the a toil Grantor thoes l t shy GRANT SELL 10 GdNVEY unto the City of Fayetteville, Arkansas, a municipal corpisraii (!tenon styled Granite); its successors anti assigns, site right of way and easement to con, tct, lay, rrmove• relay, cianrge and tap rata a water and%or sewer pipe lint or dines, tssanlsolex, and altpot tcnantes tlttreto, on, over, ecross, and under tltt fi,llowing ilescribcd real estate, to.wit: Easement Description' A permanent uasement'25 feet of equal and uniform Width, and a temporary construction easement of 25 feset of equal and uniform width (parallel and contiguous to said permanenteasement)across a part of lands situated in the NW1/4 of the NWi/4 of Seetlon 34, Township 17 North, Range 30 West, said lands more specifically described on page h21 of Deed Book 880 of the records of Washington County, Arkansas. The northerly edge of said permanent easement is described as being the southerly right of way line of U. 5, Highway 71 Bypass and further described as beginning at the east line of and 264.7 feet south of the northeast corner of lands described above, thence south 890 08' west 368.4 feet. Grantor hereby reserves unto herself, her heirs and assigns, the right to connect a line or lines to thtp sewer line to be constructed within the easement without payment of any extension fee or fees charged by the City of Fayetteville. Nothing in this reservation is to be construed as requiring the City of Fayetteville to waive their usual tap fees for any such connection, TO H,4Vip AND TO llptp unto said Granite, its successors and assigns, so long as such pipe line or lines, man- holes and/or apursenanors ;hereto shalt be maintained, with ingress to and egress from the real estate first hereinabove described for the purpose of constructing, inspecting, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the removal, renewal and enlargement of such.at sill„in whole or in part. The said Grantor is to hotly use and enjoy the said premises except for the purposes hercinisefore granted to the said Grantee, which hereby agrees to bury all pipes, where feasible, to a sufficient depth sb as :;tot to interfere with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except in bottom lands where they ,hail be :a; a height above NO water, and to pay arty damages which may arise to growing crops or fences front the con- struction, maintenance and operation as determined by three disinterested persons, one thereof to be appointed by the aid Grantor; one by she said Grantee; and the shitd by the two so appointed as aforesaid, and the written award of such three persons shall be final and conclusive. The Grantor agrees not to erect any buildings or structures in said right of way other than fences and said fences hall not exceed six (6) feet in height. The Grantee shall have the right to construct additional pipe lines upon the above described easement at any time t the future and agrees to pay any damages as a result of such future construction as set out in this easement, The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby .snted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal •presentatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this grant in behalf of the Grantee is without authority make any covenant or agreement not herein expressed. WITNESS the execution hereof this the .. � .f G �._ ......... day of .....'.r:^.is., t.te•' ..................... 19. S.•.�. „ �7.ti. 7i '// 'T£ OF ARKANSAS UNTY OF WASHINGTON BE IT R£MEM BERED, that on this date, before me, a Notarypublic within and for said County and State, duly ,inissioned and acting, pc>:sonallN;gppeared .....!.`.'.� k y f' 'i it•Pit f! S +n as the 3 to me well persons} wftd;nx>rflsted;iha foregoing Right of Way Grant, and that ..._art t- had execuscd the same he consideration and purpose tCltureapym:ntioncd a»d set hotels, WITNESS my ha%ij aA ictti otj3tlsi I 19. .�.. commission expires ` f . .................. t:. Natary'Fublic• .............. ,... ACKNOWLEDGMENT -1 O 15 1jfl INTERSTATE 540' W. ;YID.L 910 aYtOaY."4.< i1 1}1 it .94±T i4ACRES la TOTAL ACREAGE 28.47± ACRES it iI { it ,µ In V{DOt . .. r yak %tE q only �:ov1� TG i:Y i 15 TRACT -A' 13.53± ACRES 0 G±0IEL pR'rc .4 SE ARKANSAS HIGHVAY >180 (➢RAKE STREET) :yuflct v. 0ASLS Of %EA811GS OEOOECIC NO&TH RIMAVAIIOR T-RDALENEEAVOMT>0N.U. 599-1004 0900 SC PEYOR PYL CODP 500.1TN•J0W )4 AO •rz.t005 P. A Y. 000SIERT a STATE ; - LINE cA TBD C2$NER o SET IRON PIK • FG5+5 11099. K IN O STATE 000 PRLI?. LIII 57099- `CI%.iENT 0 SEVER -SS- 5AKi1ART SEVER L IK. —X— T9CE LINE o` :o9- ear acv NEAL PENDERGRAFT� one nff 4Wt RCA C AS00G SR 55:45/09 lt%. 0. 0000000 ASP.. 4PP80Y80 IJTY $AP99P'T•LL AL soli %8dtf P%wet A0. I{ C - fS0 .4 100109 LINE' ANGLE -I DISTANCE' L1 N 0229'3 E 30.00 L S 87'0630 E 127.05 L3 N 7928'03" E 223.05 L4 N 72'16'47" E 102.47 13T N 53'49'31" E 170.40 L6 N 43'18'52' E 123.92 L7 _ N 51'32'44" E 273.79 L8 N 55'05'30" E 138.50 L9 N 49'44'01" E 140.32 L10 N 39'02'57" E 211.18' L11 N 3346'36" E 214.85 L12 N 27'04'56". E 219,23 L13 N 34'.35'25" _E 160.58 L14 'N 43'06'54" E 89.59 L15 N 69'0100 E 68.68 L16 S 4306'54" W 149.13 LINE ANGLE •DISTANCE L17 S 34'35 25 W 156.37 L18 S 2T046" W 219.02 L19 S 33.4636r W 217.99 L20 S 39'02'57" W 215.37'. L21 S 49'44'01" W 144.53 L22 S 55'05'30" W 138.98' L23 S 5V32'44" W 114.91' L24 S 45'15'53" W 45.70' L25 S 5V32'44" W 110.00 L26 S 43"18 52 W 124:62 L27 S 53-49'31 W 179.30 L28 S 72'16'47" W 110.04 L29 S 86'17'.59" W 41,70 L30 S 79'28'03" W 187.69' L31 N 87'06'30" W 130.37 25 -FOOT WATER &• SEWER EASEMENT 943-617 & 1045-115 :/W R/W --- -------- PROPOSED NW 1/4,NW 1/4 RIGHT OF WAY AHTD JOB BB0414 34-17-30 I I SW 1/4, NW 1/4 34-17-3O L2 L3 L31 \3 W N rn S 8724'17" E 971.73' 1*: = NE 1/4, NW 1/4 34 -17 —JO �`I t SE 1/4, NW 1/4 �2$ 34-77-30 RPM1 PROPER TIES, LL C PARCEL NO. 765-15887-000 RECORD DEED: 2013-00000127 GRAPHIC SCALE 1 3OO 0 150 3OO ( IN FEET 1 inch = 3OO ft. LEGEND 1/2" REBAR LS1415 PL PL EXISTING PROPERTY LINE SW CORNER R/W R/W EXISTING RIGHT OF WAY LINE NW 1/4 R/W R/W PROPOSED RIGHT OF WAY LINE SECTION 34, BEARINGS - GRID - - - - - - EXISTING EASEMENT LINE ARKANSAS NORTH ZONE -------------- PROPOSED EASEMENT LINE T -17-N, R -30-W THIS EXHIBIT IS A SKETCH DESCRIPTIVE ONLY OF THE SIZE, SHAPE AND LOCATION OF THE PROPOSED EASEMENTS AND DOES NOT CONSTITUTE A PLAT OR SURVEY OF THE GRANTOR'S PROPERTY. 2049 EAST JOYCE BOULVARD CITY OF FAYETTEVILLE SUITE 400 FAYETTEVILLE, ARKANSAS FAYETTEVILLE, ARKANSAS 72704 AHTD NO. BB0414 479527-9100 WATER & SEWER RELOCATIONS rCb AREA CALCULATIONS SQ. FT. ACRES PROPOSED EASEMENT 69,995 1.61 � JOB NO. I DATE 14048160 APRIL 14, 2015 jj let " A,4KA 14 SA< EXHIBIT A" TRACT 8 Poyline Report Fri Mar 13 10:37:11 2015 Northing 005600 Beorinq 652274.26' 673533,464 N 02'2938" E 30.001 652 304.234 673534.7 69 S 87'06.31)" E 127.047 652297,825 673661.655 i t 792' 03"" E 223 049 65'2338.597 673880.94.6 14 72"6'47° F 102.47`: 652369.786 673978.556 N 5349'31'" E 180.:97 652470.363 674116.103 N 43"852" E 123.915 652550.524 67420'1,109 N 5 32"44" E 273.793 652730,793 674415,517 N 5505'30" E' 138.50{ 652810.054 674529.1:71 N 49'44'01" E 140.324 6529'0'0,75? 674636.174 N 3902'57" E 111.184 653064.759 674769.217 N 33"46'36" F. 214.853 653243,346 674888,667 N 27.04b6 _ 219.229 653438.538 674988,475 N .3435'2 5 6 160.575 6.`,3570.729 575079.6.34 I1 4306'54" E 89.589 653636.127 675140.864 N 6901' 00" 68.677 653660. 720 675204,987 S 43°06'x4"" `N 149,130 653551.857 67510.3.06` S 3435'25" W 156.371 6.3423,127 675014,289 S 270456" 29.E 6 65_',228.'25 674914.5;8 S 33"4636" 'N 217.989 653046 932 67479:',386 S 39'025.7" W 215.37': 652879.673 574657,70,`.1 S 49'44'01" 71 144533 2786.256 67454 7.420 S 55'0530" 7 138.980 652706.723 674433.447 S 51'32'44" W 114.915 652535.258 8/4343 .457 S 4.5'1553" W 4:.,.703 65260✓.09' 674310.99^:. S 5"3244" W 110.003 6525✓4.6F c) 74224.8'18 S 431`0 _;2'" 1 12`4.616 6.?24e:4.:. 6/4139,361 53'1:07 2•" W 1 /9.302 652338 177 673994 62 S 72'I6'47" ' N 110 042 652304.684 073889 804 66'1759' 71 :1.598 852301 993 6;384 .193 79'2803" Al 187.687 652267.685 673663 668 N 870630' W 131:.370 652274 261 673533.4 64 3losur:: Error Disioncc-> 0.00000 '-o4ol Distrir 4579.11.. ?o yl ne Area: 69994.5 sq it, 1.607 acres Tract: 8 Parcel: 765-15887-000 Owner: RPMI Properties, LLC Record: 2013-00000127 WATER/SEWER EASEMENT A 30 foot easement South and East of and adjacent to the Easterly right-of-way for Interstate 49 as shown on Arkansas Highway Transportation Department plans for Job No. BB0414. Being more particularly described as follows: A part of the SW '/4 of the NW '/4 and SE '/4 of the NW '/ and NE '/4 of the NW '/4 of Section 34, Township 17 North, Range 30 West, Washington County, Arkansas. Commencing at the Southwest corner of the NW '/ of said Section 34; thence S87°24' 17"E a distance of 971.73 feet along the South line of said SW '/ of the NW '/ to the West property line as described in File 2013-00000127; thence along said West property line N02'29'38"E a distance of 1097.61 feet to the POINT OF BEGINNING; thence continuing along said West property line N02°29'38"E a distance of 30.00 feet to a point on the Easterly right-of-way for Interstate 49 as shown on Arkansas Highway Transportation Department plans for Job No. BB0414; thence along said Easterly right-of-way the following courses: S87°06'30"E a distance of 127.05 feet, N79°28'03"E a distance of 223.05 feet, N72°16'47"E a distance of 102.47 feet, N53°49'31"E a distance of 170.40 feet, N43°18'52"E a distance of 123.92 feet, N51°32'44"E a distance of 273.79 feet, N55°05'30"E a distance of 138.50 feet, N49°44'01"E a distance of 140.32 feet, N39°02'57"E a distance of 211.18 feet, N33°46'36"E a distance of 214.85 feet, N27°04'56"E a distance of 219.23 feet, N34°35'25"E a distance of 160.58 feet, N43°06'54"E a distance of 89.59 feet to a point on the South line of an existing 25 foot Water & Sewer easement described in Book 1045 Page 115; thence along said South line of an existing 25 foot Water & Sewer easement N69°01'00"E a distance of 68.68 feet; thence leaving said South line of an existing 25 foot Water & Sewer easement S43°06'54"W a distance of 149.13 feet; thence S34°35'25"W a distance of 156.37 feet; thence S27°04'56"W a distance of 219.02 feet; thence S33°46'36"W a distance of 217.99 feet; thence S39°02'57"W a distance of 215.37 feet; thence S49°44'01"W a distance of 144.53 feet; thence S55°05'30"W a distance of 138.98 feet; thence S51°32'44"W a distance of 114.91 feet; thence S45°15'53"W a distance of 45.70 feet; thence S51°32'44"W a distance of 110.00 feet; thence S43°18'52"W a distance of 124.62 feet; thence S53°49'31"W a distance of 179.30 feet; thence S72°16'47"W a distance of 110.04 feet; thence S86°17'59"W a distance of 41.70 feet; thence S79°28'03"W a distance of 187.69 feet; thence N87°06'30"W a distance of 130.37 feet to the POINT OF BEGINNING, containing 69,995 square feet or 1.61 acres, more or less. https://www.actdatascout.corn/Co Parcel: 765-15887-000 Prev. Parcel: 148880-000-00 As of: 2/9/2015 ID: 53172 Washington County Report Property Owner Name: RPM1 PROPERTIES LLC Physical Address: Mailing 1770 N GREGG #11 Address: FAYETTEVILLE, AR 72703 Type: (AV) - Agri Use/Vacant Tax Dist: (011) - FAYETTEVILLE SCH, FAY Millage 53.75 Rate: Property Info Subdivision: 34-17-30 FAYETTEVILLE OUTLOTS Block / Lot: -- / -- S-T R: 34-17-30 Size (in 76.020 Acres): PT NE NW PT SE NW PT E/2 E/2 W/2 NW 76.02 AC FURTHER DESCRIBED FROM 2013-127 AS: Part of the Northwest Quarter (NW 1/4) of Section Thirty -Four (34), Township Seventeen (17) North, Range Thirty (30) West, Washington County, Arkansas, described as follows, to -wit: Beginning at the Southeast corner of the said Northwest Quarter (NW 1/4) and running thence N00 Degrees 05' 21" W 2565.78 feet to the South line of the Arkansas State Highway Commission Right of Way; thence Legal: along said Right of Way line, $66 Degrees 33' 41" W 145.31 feet, S45 Degrees 02' 15" W 107.74 feet, S27 Degrees 28' 44" W 517.93 feet, S43 Degrees 37' 19" W 163.19 feet, S54 Degrees 22' 38" W 256.17 feet, S79 Degrees 47' 51" W 358.46 feet, S82 Degrees 53' 50" W 364.0 feet, S89 Degrees 53' 44" W 167.44 feet; thence leaving said Right of Way line and running S00 Degrees 00' 01" E 1588.21 feet; thence S89 Degrees 39' 28" E 466.92 feet; thence N01 Degrees 30' 39" E 431.40 feet; thence N87 Degrees 37' 53" E 383. Market and Assessed Values: Estimated Full Assessed Taxable Market Value (20% Market Value) Value Land $58,150 $11,630 $11,630 Building $0 $0 $0 Total $58,150 $11,630 $11,630 Homestead 0.00 Note: Tax amounts are estimates only. Contact the county/parish tax Credit: collector for exact amounts. Land: Land Use Size Units I of3 2/11/2015 2:40 PM htps://www.actdatascout.com/CountyHome/Parce1View?countWashi.. Land Use Size Units Misc(59) 6.020 Acres Pasture(02) 0.780 Acres Pasture(12) 7.510 Acres Pasture(02) 6.910 Acres Pasture(04) 7.060 Acres Pasture(13) 47.740 Acres Deed Transfers: Document Images brought to you by your County Circuit Clerk, Kyle Sylvester Date Vie Book Page De Pe Stamps Est. Sale Grantee Code Type Deed 12/27/2012 2013 127 Warr. RPMl Deed PROPERTIES LLC Warr. PENDERGRAFT, 2/6/2012 2012 30261 Deed ROSS TRUST 6/8/1999 99 52758 Trust PENDERGRAFT, Land 14850.00 $4,500,000 Valid Deed ROSS TRUST Only 1/1/1985 799 81 R 0.00 $0 GREEN,PR TRUST Map: 2 of 3 2/11/2015 2:40 PM I�Ii��II�INI��NI�I�NIIIiIKIIIII��I�I�III�If11I�1011111111� Doc ID: Oi4983250003 Type: REL Kind: WARRANTY DEED Recorded; 05/ce at 04:M 19 P Fee Amt: 2.00 Paiof 3 Weshinaton County. AR Kyle Svlveater Circuit clerk f� File2013-00000127 WARRANTY DEED KNOWN ALL MEN BY THESE PRESENTS: That the Ross Pendergraft Trust (utd 9/30/93), Grantor, by its Co -Trustees, Neal R. Pendergraft, Donnie D. Pendergraft and Lauri A. Mason, for the consideration of the sum of ten dollars and no/100 (S10.00), in hand paid by RPM! Properties, LLC, an Arkansas Limited Liability Company, Grantee the receipt of which is hereby acknowledged, does grant, bargain, sell and convey unto the said Grantee, and unto Grantee's successors and assigns forever the following described land, situated in the County of Washington, State of Arkansas, to -wit: Part of the Northwest Quarter (NW 1/4) of Section Thirty -Four (34), Township Seventeen (17) North, Range Thirty (30) West, Washington County, Arkansas, described as follows, to -wit: Beginning at the Southeast corner of the said Northwest Quarter (NW 1/4) and running thence N00 Degrees 05' 21" W 2565.78 feet to the South line of the Arkansas State Highway Commission Right of Way; thence along said Right, of Way line, S66 Degrees 33' 41" W 145.31 feet, S45 Degrees 02' 15" W 107.74 feet, S27 Degrees 28' 44" W 517.93 feet, S43 Degrees 37' 19" W 163.19 feet, S54 Degrees 22' 38" W 256.17 feet, S79 Degrees 47' 51" W 358.46 feet, S82 Degrees 53' 50" W 364.0 feet, S89 Degrees 53' 44" W 167.44 feet; thence leaving said Right of Way line and running S00 Degrees 00' 01" E 1588.21 feet; thence S89 Degrees 39' 28" E 466.92 feet; thence N0I Degrees 30' 39" E 431.40 feet; thence N87 Degrees 37' 53" E 383.01 feet; thence SOS Degrees 58' 26" E 450.30 feet; thence S89 Degrees 47' 21" E 778.31 feet to the point of beginning, and being subject to easements and right of ways of record. TO HAVE AND TO HOLD the same unto the said Grantee and unto its successors and assigns forever, with all appurtenances thereunto belonging. And Grantor hereby covenants with the said Grantee that Grantor will forever warrant and defend the title to said lands against all claims whatever, except easements and restrictions existing and/or of record, if any. IN TESTIMONY WHEREOF, the name of the grantor is hereunto affixed by its Co -Trustees, this 2-1 day of 2012. f:\doc\nrp\rpm I\warrantydeed-grec"property.wpd File Number: 201300000127 Page 1 of 3 Ross Pendergraft Trust (utd 9/30/93) By: Neal R. Pendergraft, Co -Trustee By: Donnie D. Pendergraft, Co -T to By: in A. Mason, Co -Trustee ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON On this, before me, the undersigned, a Notary Public, duly commissioned, qualified and acting, within and for the said County and State, appeared in person the within named Neal R. Pendergraft to me personally well known, who stated that he was the Co -Trustee of the Ross Pendergraft Trust, and was duly authorized to execute the foregoing document, and further stated that he had so signed, executed and delivered said document for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this 27day of 20] 2. NOT. Y PUBLIC under ig that or Grantee :\doclnrp\rpm itwarrsuit}decd-grecnproperty. wpd File Number: 201300000127 Page 2 of 3 ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON On this, before me, the undersigned, a Notary Public, duly commissioned, qualified and acting, within and for the said County and State, appeared in person the within named Donnie D. Pendergraft, to me personally well known, who stated that she was the Co -Trustee of the Ross Pendergraft Trust, and was duly authorized to execute the foregoing document, and further stated that she had so signed, executed and delivered said document for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this 1 _ day of rte- ,2012. E sa-t. NOTA PUBLIC ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON On this, before me, the undersigned, a Notary Public, duly commissioned, qualified and acting, within and for the said County and State, appeared in person the within named Lauri A. Mason, to me personally well known, who stated that she was the Co -Trustee of the Ross Pendergraft Trust, and was duly authorized to execute the foregoing document, and further stated that she had so signed, executed and delivered said document for the consideration, uses and purposes therein mentioned and set forth. WHEREOF, I have hereunto set my hand and official seal this 7 day 2012. NOTA ' PUBLIC f:\doc\nrp\rpm I \ware untydeed-greenproperty.wpd File Number: 201300000127 Page 3 of 3 RIGHT; OF WAY GRANT ' TRACT NO, • ... STATE:,OF AI fCANSAS COUNTY Of' WASHINGTON ; KNOW ALL MEN BY 77imE PRESENTS: That for an +1 in consideration of ,..., ,....::l........: ........ .......�. and other valuable considerations to the undersigned, ......, He1Pn L0u1sa Outtlaly� ExBCutrix of p R Breen (Estate paid, the receipt; of which it hereby ac&nowled°ged, the i:aia Grantor does hereby GRANT, SELL AND COVEY unto the Cityiof Fayetteville, Arkansas, a municipal corporation!(herein styled Grantee), its auccessois and assigns, the right of way and easenent to.construct, lay, remove, relay, enlarge and operate a water and/or sewer pipe line or lines, ....,...... ma oles, and appurtenances thereto, on, over, across, and under the following described real estate, to -wit: LEGAL ESCRIPTIONt THE EAST HALF OF THE NORTHWEST QUARTER OF SECTION 34, TOUNSHIP 17 NORTH, RANGE 30 WEST, CONTAINING 80 ACRES MORE OR LESS. TWENTY ACMES OF EQUAL AND UNIFORM WIDTH OFF OF THE CAST SIDE or THE WEST HALF OF THE NORTHWEST QUARTER OF SECTION34, TOWN- SHIP 17 NORTH, RANGE 30 WEST. CONTAINING 20 ACRES MORE OR LESS. I R f,TH OF IIAY DESCRIPTIONS A PART OF THE NORTHWEST .QUARTER OF SECTION 34, TOWNSHIP 17 NORTH, RANGE 30.WEST, •lflORE PARTICULARLY DESCRIBED' AS FOLLOWS, TO. —WITS A TWENTY-FIVE FEET WIDE STRIP NORTH OF A LINT, BEGINNING ON THE NORTH RIGHT—OF-WAY LINE HIGHWAY 180 AND SciTHfQS CORNER OF SAID QUARTER SECTION, THENCE N 890 33 W 7772 FE14L L RIGHT-OF—WAY OF 180, ALSO A TWENTY-FIVE WIDE STRIP N0TI A I BEGINNING 115+7,10 FEET N 890 335 U1 OF SOUTHEAST CORNER`I}F ID' QUARTER SECTION, ON NORTH RIGHT-OF-WAY LINE OF HIGHWAY T►VC N 890 i3',N 463.91 FEET ALONG RIGHT-OF-WAY OF HIGHWAY CONTAINING 0.71 ACRES IIORJE OR LESS. TO HAVE AND TO HOLD unto said Grantee, its successors and assigns, iro long as such pipe line o'r 'neslitn- holes and/or appurtenances thereto shall be maintained, with ingress to and egress from the real estate first hereinabov+e described for tho- purpose of constructing, inspecting, maintaining and repairing said lints, manholes and appurtenances of Grantee above described, and the removal, renewal and enlargement of such at will, in whole or in part. The said Grantor it to fully use and enjoy the said premises except for the purposes hereinbefore granted to the said Grantee, which hereby agrees to bury all pipes, where feasible, to i sufficient depth so as not to interfere with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except in bottom lands where they shall be at a height above high water, and to pay any damages which may arise to growing crops or fences from the con. struction, maintenance and operation as determined by three disinterested persons, one thereof to be appointed by the said Grantor; onte by the said Grantee; and the third by the two to appointed as aforesaid, and the written award of such three persons hall be final and conclusive. The Grantor agrees not to erect any buildings or structures in said right of way other than fences and said fences shall not exceed six (6) feet in height. The Grantee shall have the right to construct additional pipe lines upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as sat out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby - granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heir,, legal representatives, successors and assigns of the parties hereto. .' ' It is hereby,'understood and agreed that the party securing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. WITNESS STATE OF COUN'){ ,t3 rw'6i con as the fbr the cold, 4iE i Myi i( execution'hereof this the ...........L' -'................day of ......r- .. ....... 19_2,k ,, ................ ...............f�.�.r� ,:�....2�..t?..:.: .t�..t6 . .. ACKNOWLEDGMENT EM2MBEitED, that on this date, before me, a Notary Public within and for said County and State, duly �dp{I•,tcting, personally appeared .ft'SIC.rt..h4 f. L._awn.laP............................................... to me well )ly segos) who executed the foregoing Right of Way Grant, and that ....�r.�/ G...... had executed the same IergtGnl and purpose, therein mentioned and set forth. stiy, hand and seal on this ......./.—'.................... day of 1d...................................., sr,` expires . 1...... / ...1 :7..tr ............. . Sr tt t', SS ,�p� ,� , s k :,• j,... •�'. t '� ',ti .ttii"1 7 ••' i(rC3` � -:i� `r_. rk �'{, -� .. .. .. t.. RIGHT OF AY GRANT - t TRACT, NO , 'n STATE Cif akkAS t N' I = Cbm OF WASHINGKTtC71tt KNOW ALI MEN ytTkIESE PRESENTS I ThatR for and m consideration of .. Wh and other valuable coitatderations to the undersigned W1liem C_ ttf'meld.. ., .. + III. I .... .. ...,.. ....:.......... 4 i . ... paid, the r"eeelpt'of which is hereby acknowledged;'the .alf " or dines hereby GRANT, SELL At I) COVEY unto the City .of:.Fayettevllle; Arkansas, a mums Ipal corporation therein styled Grantee), its aucceswro and faasigin, the right of way and easement to construct, lay, remove,relay, c f arge and operate a water and/or sewer pipc line or net, s . marholiti, and appurtenances thereto, onovtrAtrots ,='and tu dta the fee11owing,described cal estate, to -wit: "LEGAL DESCR'IPTIONs A PART or ; THEtSOUTHEAST QUARTER .OF._THE NORTHWEST o nTER,or SECTION THIRTY-FOUR ( 4), TOWNSHIP SEVENTEEN (17) NORTH'! RANGE THIRTY (30')WEST, „BEING WORE ;.PARTICULARLY .DESCRIBED AS FOLLOWS, •TO; -WITS 8E.GINNING AT' A POINT ON THE ;NORTH "RIGHT-OF-WAY 7 I'N£,I 0 S1"Al«E HIGHWAY 180, AID POINT BEING N 890 33 iu A DISTANCE OF J7•tw,,.6 EE'VD FROM THiW S€liJTF{EAiSTCORNER OF SA!Q FORTY ACRE TRACT, AN4I T1E4CE N •1° i 571 WA DISTANCE or 450 00 `f ET, THENCE''5 "$7° 45' 7 i I ANGEI or 38 00' FEET,' THENCE S.•0° -423" AA'DISTANCE- OF 431.. 80-FCEtn TQJSAIP NORTH RIGHT-OF-WAY OF HIGHWAY 18l,, THENCE ,S 894 33' E tri,T• `iAf60E O�"I 409`: SO FEET TO THE POINT OF••BEGI N=ING, CONTAINING 4• A' it . OC ltlil'a LE:S S . x r GHTt DF. 1AAY DE5CRIPTIONI- A PARER OF THE SOUTHEAST QUARTER F '1 iE c;ii NORTHWEST QUARTER OF SECTION THIETY-FOUR (34), T 17 N, R 30 w,, ORE,; PARTICULARLY DESCRIBED" `AS FOLLOW tf;: TO-WIT:t TWENTY=FIVE (25)=F£E�I.U1IDE, NORTH OF..A LINE:.BEGINN.ING .AT 'A P 1,NTi;•777Z.6 FEET N 890. 33' W :FROM: THEi- 54UTNtAST'CORNER ,OF: •SAID -FORTY A R£ TRACT;! 4THENCE- N' 89° 33' W-.4B9,5O: E... FEET, ALONG NORTH RIGHT OF WAY O -SAID HIGHWAY 180, CONTAIIy NG 0.4 ACRES WORE OR LESS fir. Tti'HAVE ANI) TO HOLD unto said Grantee, its; euecesspn sits assigns, io'long as such pipe line of linei;.'man•: holes and/or appurtenances thereto shall be maintained nih ingress to and egress from the rest mate first htretnabove described for 'the..parposc of constructing, inspecting, maintaining and repairing said lines, manholes and tippurteiiances- of Grantee above describedand the removal, renewal and nlargement of such at will, in whole or in part. l�'}I The said Grantor is to fully use,and• enjoy the said prises except for the purposes hereinbefore granted .4 the said Grantee;'ivhich hereby agrees to bury all pipes, where featiible, to a sufficient depth so as not to inter Ci ie with cultivation of soil, and that manholes will be constructed flush withha surface of the•ground except in bottitda rlandslwiere they shall be at a height above high water, and to pay any daages which may arise to growing crops or,fences (ron'the' on- structionjmaintenance and operation as'determined by t lse disinterested persons,one thereof to be ppointed by the said Grantor; one,by,the said Grantee; arid the thud bibc two w tappomted 'w.aforaaid, and tli svntteneward of such thtti;ptxtnnsahall bo final and conclusive: .. I ; The Grantor agrees not to erect any $buildings ors returea in said right of way �'"- other than fee ccs'and salad fences shall not exceed sIx (6) feet In height, •1 , ti - The Grantee shall have the right to construct odditidiial"pipe Ames;upon the above described e4setrient at any time in the future and agrees to pay any damages as a result f'such future 'construction 'as set out in this easement. Tile consideration first above recited as being paid tq,Grantor by.Gragei L in full satisfaction of every fright hereby granted. All covenant, and agreements herein contained[eitahl extend to and be binding upon the respective heirs, legal rcprescillatives; successors and assigns of the parties he b. i'' t It is hereby understood and 'agreed that the party ecwlng: this grant to behalf of the Grantee as vrthout jtuthority Ito shake any oovetosttt :or agreement not herein cxprs>a d ( l.e ,WITNESS the execution hereof this the .:..:.. pi !oj Y -;/ . des ; f ifd tl� ACKNO $.EDGM..EN'I""'; `,' STATE OF ARKANSAS ° QVNI1Y'Of)VASHINGTON IP' I�pp B$ Tf RjiREI), that on this date before e,'a Notary Public within and for tied Countq arsd State, duly • p tilanbn rt daot,ii ,pesoTially•sppearc4t4/,... �<r E.Vi 4 wt A I t , to weit ► rtovJtt slt> a a(aj who executed the foregoing Ri.$ht of Way Grant, and that 1 ' . . had executed the 1 •-ff),r the conaideratipr7,firta4 purpose therein mentioned A' pd #ef forth { It {� , WI' tF5 1+'hatid and sell on thisi ,S.,• day.' Fat 'G rx • - 0.v" RIGHT.OF WAY GRANT TRACT NO 4. STATE O> ARKANSAS KNOW ALL MEN BY THESE PRESENTS: CO OF WASIIING'TON�c That for and inconsideration of ..........._... •.•• •• •••.......••••...... r xx d......r1' and other valuable considerations to the undersigned, ... tt��> l�..t+Qus�••,t?utksat+r..:mnr xsekhm�Sr«u-•• mc•••�7•'t' Estate) . paid, the receipt of which is hereby acknowledged, acknowledged, the said Grantor does hereby GRANT, SELL AND CCEYo the City of Fayetteville; Arkansas, a municipal corporation (herein styled Grantee), its successors and assigns, the right of way and easement to Construct, lay, remove, relay, enlarge and operate a water and/or sewer pipe line or lines, manholes, and appurtenances thereto, on, over, across, and under the following described real estate, to -wit: PROPERTY DESCRIPTION: Part of the North half of the Northwest Quarter of Section 34, part of the Southeast Quarter of the Southwest Quarter, of Section 26, and part,of'the Southwest Quarter of the Southeast Quarter of Section 26, all in Township 17 North, Range 30 West, Washington County Arkansas. EASEMENT,. DESCRIPTION t • A•nermane'nt'easemeht of 25 feet of equal and uniform width and a temporary construction easement of.SO feet of equal and uniform width off of that part of the above described real estate running,:parallel with and.contiguous to the south right of way line of U. S. Highway 71 Bypass. •` r TO HAVE AND TO HOLD unto said Grantee, Its esie esors and assigns, so loitg as such pipe line or lines, mans holes and/or appurtenances thereto lha## be maintained with Ingress to and egress from the real estate first hereinabove described for the purposel!cf -constructing, inspecting, "mainthiit#ng and repairing said lines, manholes and appurtenances of Grantee above describes, and the rtmdval, renewal and enlargement of such at will, In whole or in pail - t, The said Grantor is to fully use and enjoy the said premises' except for the purposbs` herelnbefore $ranted ; to the said f)rdntee, which hereby agrees to bury all pipes, where feasible, to a sufficient depth so as not to interfere • with cultivation of soil, and that manholes will be constructed flush with the surface of thegroundexcept in bottom lands where they shall be at a`height above high water, and to pay any damage's which may arise to growing crops or fences from the con struction, snaiiittaes ce and operation as determined by three disinterested persons, one thereof to be appointed by the said Grantor; one Iiy the said Grantee; and the third by the `two so appointed as aforesaid, and kite written award ,of' such three persons shall be final and cosiclusive, The Grantor agrees 'not to erect any buildings or structures in said right of way other than fences and Bald fences shall not exceed six, (6) feet in height. The Grantee shall have the right to construct additional pipe lines upon the; above described easement at any time in the future and agrees to pay any damages as a result of such future construction as sot out in this easement. , The consideration first above recited as being paid to Grantor by Grantee isInfull satisfaction of every right hereby• . gi'aiurd. All covenants and agreements herein contained shall extend to and be binding upon the respectivt heirs; legal teprescntatives, successors and assigns of the parties hereto. - • It Is hereby understood and agreed that tile' party securing this grant in behalf of the Grantee is without authority tb make any covenant or agreement nbt herein express n WITNESS the execution hereof,thia the ........day s••".-•i•••�•� 19.. ....... da .• ..... mod'' ACKNOWLEDGMENT ,` 1, STATE Yi�I']4It#CANSAS L 1 J1 81 J i� 1%slt •i,S>SHING'TON " .B•. 1 ra BE TIrRPAK 5M} iED, that on this date, before me a Notary Public within anti for Arid County and State, duly ,. cnsutfsssssc%ai>d actlhg, personally appeared .... t?'ll .? 1 I • ', "'r d td me well .�, �:. fkno 1as t ti Jterson(a)' who executed the foregoing Right of Way Grant, and that .. ?:t2....... had executed the same '(of tit0fists anpurpose , # :fan d,thereln mentioned ltd tat north, ' 4/ Wd?NE$5 ray hand and teal on this , day o lv ) , 19. . E� •••x My commission txpires ....�✓ .o.✓..•••1 I.7r.......... Notary Public RIGHT OF WAY GRANT TRACT NO. . . ........... . STATE OF ARKANSAS ALL MEN BY THESE PRESENTS: COUNTY OF WASHINGTON } KNOW That for and in consideration of ............ . ...: lfelett Louise Dunlap, �E"xecutr'1K " and other valuable considerations to the undersigned,........:......o.......................... ,...;,.,,.:.,_ ...s' of P. R Green ;fit ........................................................................................... .. ti paid, the receipt of which is hereby acknowledged, the said Grantor dots hereby GRANT; SELL AND CONVEY untr ✓ the City of Fayetteville, Arkansas, a municipal corporation (herein styled Grantee), its successors end assigns, the right of way and easement, to. construct, lay, remove, relay, enlarge and operate a water and/or sewer pipe line or lines, ..............r.... manholes, and appurtenances thereto, on, over, across, and under the following described real estate, to -wit: Easement Description: A permanent easement 25 feet of equal and uniform width and a temporary construction easement of 25 feet of equal and uniform width (parallel with and contiguous to said permanent easement) across a part of lands situated in the NW1/4 of Section 34, Township 17 North, Range 30 West, said lands more specifically described on page of Deed Book of the records of Washington County, Arkansas. The northerly edge of sold permanent easement is described as being the southerly right of way line of U. S. Highway 71 Bypass and further described as beginning at the west line of and 264.7 feet south of the northwest corner of lands • described above, thence north 890 08' east 167.6 feet; thence north 810 47' east 364 feet; thence north 780 43' east 359 feet; thence north 530 26' east 256 feet; thence north 420 24' east 163.5 feet; thence north 260 19' east 518.6 feet; thence north 440 02' east 107.7 feet. TO HAVE AND TO HOLD unto said Grantee, its successors and assigns, so long as such pipe line or lines, man- holes and/or appurtenances thereto shall be maintained, with ingress to and egress from the real estate first hereinabove described for the purpose of constructing, inspecting, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the removal, renewal and enlargement of such at will, in whole or in part, - The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbefore granted to the said Grantee, which hereby agrees to bury all pipes, where feasible, to a sufficient depth so as not to interfere with cultivation of soil, and that manholes will be constructed (lush with the surface of the ground except in bottom lands where they shall be at a height above high water, and to pay any damages which may arise to growing crops or fences from the con- struction, maintenance and operation as determined by three disinterested persons, one thereof to be appointed by the said Grantor; one by the said Grantee; and the third by the two so appointed as aforesaid, and the written award of such three persons shall be final and'conelusive. The Grantor agrees not to erect any buildings or structures in said right of way other than fences and said fences shall not exceed six (6) feet in height. • The Grantee shall have the right to construct additional pipe lines upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as set out in this casement. The consideration first above recited as being paid to Grantor by Grantee is !n full satisfaction of every right hereby granted. All covenants and agreements herein contained shalt extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. . A WITNESS the execution hereof this the .......GC../.....�....._... day of ...... .. 19 ICr,.r, .'?..4.-'.................. ACKNOWLEDGMENT STATE OF ARKANSAS t a210'15- 1157 COUNTY OF WASHINGTON f D8•IT'R'EMEMIIERED, that on this date, b re me, a Notary Public wi bin and for said County and State, duly eorilmissioned a4-heting, personally appeared . ••',"'s`r'+�1 ,,.•, ,,. (�, jwe11 knos�n',Lthe person(s) who executed the foregoing Right of \'ny Grant, and that !� u-" had executed the same for the consid'ratinn'and purpose therein mentioned and set Guth, -.'WITNESS my hand and seat on this .P ? -.J . day of d/ 19 } Iv ram f..i -.: rc.,/ / L12 2� .,.....,..,_....._..•._.._._ �.__.—. .. ____�_ - _.__d_. I nn�;:, i3uhlic_�_. STATE OF ARKANSAS COUNTY OF WASHINGTON f!LED ; OR RECORD; '99 SEP 22 PM 12 11 WASHIHGIUN CO AR A. KOI.LMEYE.R RIGHT OF WAY GRANT 91BVRS TRACT NO. S-134 Project No. 91-5904 Parcel Nos. 765-18155-140 765-15783.000 765-15773-000 BE IT KNOWN BY THESE PRESENTS: That 1 -HELEN LOUISE DUNLAP, TRUSTEE of the P. R. GREEN TRUST, (herein styled Grantor), for and in consideration of the sum of One Dollar ($1.00) and other valuable considerations, cash in hand paid by the City of Fayetteville, the receipt of which is hereby acknowledged, do hereby GRANT, SELL AND CONVEY to the City of Fayetteville, Arkansas, a municipal corporation (herein styled Grantee), its successors and'assigns, the right of way and easement to construct, lay, remove, relay, inspect, enlarge and operate a water transmission line, water and/or sewer pipe line or lines, manholes, and appurtenances thereto, on, over, across, and under the following described real estate, to -wit: tic• : �_ � • The East t'Talf (EA:) of tho Southwest Quarter (SW y) AND the East Hall (EA) or the West Half (WS9) of the Southwest Quarter (SWA4) AND the East Half (Eh) of the Northwest Quarter (NW V) AND the Northwest Quarter (NWI,) of the Northwest Quarter (NW!) AND the East Half (Bt) of the Southwest Quarter (SWAB) of the Northwest Quarter (NWY,) AND All of the West Half (W%) of the Southeast Quarter (SEA.) lying West of the West right of way line of the Arkansas - Missouri Railroad, ALL in Section 27, Township 17 North, Range 30 West; ALSO, the East Half (15'f,) of the Northwest Quarter (NW1.) AND twenty (20) acres off the East side of the West Half (W:S) of the Northwest Quarter (NW'!.) of Section 34, Township 17 North, Range 30 West, Washington Ctlunty,.Arkansas, as described in Deed Book 799 at Pages 81 and 82 of the records of the Office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas. lli NM ►fl u M • . • u t sgm- cat l: A thirty (30) foot wide permanent utility casement of equal and uniform width located across a part of.the above described property and being 2,085 feet, more or less, in length, said casement being fifteen (15) feet on both sides of the centerline of said easement, said centerline being more particularly described as follows; From the Southwest Corner of the SWA of the NW'!, of said Section 27, thence along the South line of said SW'!. of the NWY4 South 88 16' 25" East 594.08 feet; thence North 02' 44' 10' East 95.00 feet to the Point or Beginning of Segment 1 of said centerline, said,point being on the West line of the above described property; thence along said centerline South 85 27' 17' East 1,114.62 feet to a point 15.00 feet North of the South line of an existing 100 foot wide SW EPCO casement which is recorded in Deed Book 682 at Page 344 of the records of the Office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas; thence South 88' 08' 34' East paralleling said South line a distance of 817.03 feet; thence South 36' 49' 10' East 48.97 feet to a point which is South 88 16' 25' West .1.2.76 feet from the Southeast Corner of the SEY4 or the NW% or said Section 27; thence South 36" 49' 10' East 103.83 feet to a point which is 60.00 root South of the South right of way line or Van Aschc Drive, said point being the end of the 30 foot wide portion of the permanent utility casement. Scgmcnt 2: A forty (40) foot wide permanent utility casement of equal and uniform width located across a part of the above described property and being 938 feet, more or less, in length, said casement being twenty (20) feet on both sides of the centerline of said casement, said centerline being more particularly described as follows: Commencing at the Southeast Corner of SEA. or the NW14 of said Section 27; thence South 88' 16' 25" West 12.76 feet; thence South 36 49' 10" East 103.83 feet to a point which is 60.00 feet South of the South right of way line of Van Aschc Drive, said point being the Point of Beginning of said 40 foot wide casement; thence along said centerline, paralleling the South right of way line of Van Asche Drive South 86' 45' 22' East 938.06 feet to the West right of way line of the Arkansas -Missouri Railroad and the end of the 40 foot wide portion of the permanent utility casement. Segments .1 and 2 are 3,023 feet, more or less, in total length and contain 2.30 acres, more or less, in total area. The bearings for this description arc basal on the City of Fayetteville Global Positioning Satellite System, which may vary from the hearing system previously used in describing the subject property. 94057435 T OF WAY GRANT N LOUISE DUNLAP, 'i RUSTEC of the P. R. GREEN TRUST Tact No. S -I34 age 2 of 3 TEMPORARY CONSTRUCTION EASEMENT DESCRIPTION (In two segments): Segment iA temporary construction casement fifty (S0) feet in width being parallel with and contiguous to the above described Segment 1 (30 foot wide portion) or the permanent utility casement and situated on the South side thereof. Segment 2: A temporary construction casement forty (40) feet in width being parallel with and contiguous to the above described Segment 2 (40 foot wide portion) of the permanent utility casement and situated on the North side thereof. These temporary construction casements contain 3.25 acres, more or less, in total area and shall terminate when the hcrcinabovc referenced project has been completed and accepted by the City of Fayetteville, Arkansas. TO HAVE AND TO HOLD unto said Grantee, its successors and assigns, so long as such pipe line or lines, manholes and/or appurtenances thereto shall be maintained, with ingress to and egress from the real estate first hereinabove described for the purpose of constructing, inspecting, maintaining and repairing said lines, manholes and appurtenances of Grantee above described, and the removal, renewal and enlargement of such at will, in whole or in part. The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbefore granted to the said Grantee, which hereby agrees to bury all pipes, where feasible, to a sufficient depth so as not to interfere with cultivation of soil, and that manholes will he constructed flush with the surface of the ground except in bottom lands where they shalt be at a height above high water, and to pay any damages which may arise to growing crops or fences from the construction, maintenance and operation as determined by three disinterested persons, one thereof to he appointed by the said Grantor; one by the said Grantee; andithe third by the two so appointed as aforesaid, and the written award of such three persons shall he final and conclusive. The Grantor agrees not to erect any buildings or structures in said right of way other than fences and said fences shall not exceed six (6) feet in height. It is the understanding of all parties to this agreement that the Grantor shall not he required to remove or modify any permanent structure or building located within the above described temporary construction easement at the time of the execution of this Right of Way Grant. The Grantee shall have the right to construct additional pipe lines upon the above described permanent easement at any time in the future and agrees to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this grant in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. WITNESS the execution hereof this the I day of.199,.• HELEN LOUISE DUNLAP, TRUSTEE of the P. R. GREEN TRUST Gerald B. Jones, in Fact for Helen Louise Dunlap, rustce 9405'7436 '( T OF WAY GRANT LEN LOUISE DUNLAP, TRUSTEE of the P. R. GREEN TRUST *act No. S-134 Page 3 of 3 ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON ) ss BE IT REMEMBERED, that on this date, before me, a Notary Public within and for said County and State, duly commissioned and acting, personally appeared Gerald B. Jones. Attorney Eacl for Miele nthcJJt Qr n to me well known as the person who executed the foregoing document, and stated that fie had executed the same for the consideration and purposes therein mentioned and set forth. WITNESS my hand and seal on this L7 day of �, 199 . MY COMMISSION EXPIRES: 05 —o%7c 94057437 l:orm Ito Rev. 7.68 K.STATE OF ARKANSAS County of _ WASH • KNOW ALL MEN BY THESE PRESENTS: C,RATT Cf) 3KUSS'S . THAT IKl1�1NiIE V'iNL? t iA1iTt3 MAS0t MD Ntt.5 _ 1.iNx1Cr ARKANSAS of ROSS P _ sf l t --- - Dollars, GRANTOR, for and in consideration of• the sum of --- --- —ratio GRANTEP the receipt csash in hand paid by Southwasterri Electric power coTpanyold and , a and coareity corporationand by these presents da grant of whldt la hereby ac;cnriwledgad, have granted, bargained, say a hereinafter described for the bargain, sell and convey unto said Grantee an easement and right of "°y distribution ihyas consistN� of nrtnatn,nrtrn. noeretlon, maintenance end use of. electric LLenfatlk96•kC�x�fCK�[ ,.Yi no 5 end related facilities on, over, along, across and under __ r to wit: An easement anright of way- 15 130 feet In width and approximately__ —feet d — In length over end across: located in A part of the NW Aa of section 34, Townsbip 17 North, Range 30 West, Washington County, Arkansas described as follows: from the Southeast corner of the NW '/• of said Section 34, thence N 89° 47'21" W 778,31 feet; thence n 01° 5826" W450.30 feet to the POINT' OF BEGINN1Nf3, thence S 87° 37'53" W 130 feet, thence N 01°58' 266"W 15 feet; thence N 87°37'53" E 130 feet; thence S 01° 58'26!' E 15 feet back to the POINT OF BEGINNING. Grantee shall have. the right of Ingress and egress over, along and across adjacent lands owned, leased, or controlled by Grantor, to or from said right of way for any and all purposes relating to or in any way connected with the construction, operation, maintenance and use of lines, wires, structures, fatuities and other property of Grantee located on the easement and right of way above described. Grantee ahailihall have and Is hereby granted the right of constructing , reconstructing , locating, relocating , Inspecting , p g. hanging now wires on existing facilities or such additional facilities anti appurtenances as may be required in the future. and maintaining, and removing said lines and appurtenances. Grantee shall have aand Is hereby nted the further right at all times to remove from sold lands all tsls8 3� oarnmdroofxadrtxiSxd Rre Obstructions, which in the opinion of Grantee: constitute a hazard or endencer the safety and/or the reliability of said lines or their appurtenances and/or the public. No buildings, structures, or other improvements (other than fences) maybe constructed above grouna, end no trees (except fruit trees.which do not endanger sold line/ shall be planted or permitted by Grantor on said right of way. Grantee will repair or pay for any actual damages to land, crops, fences and bridges which might be sustained during the construction and maintenance of said trfnitni�sidtt or distribution lines, lndl V l t jfaKtlf* xpfavettit rr6rketprice lbr70xy trees out outside thexalsett�Dterga as abase dasodbaf. The cash consideration hereinabove mentioned is paid by•Grentee and accepted by Grantor as full and .total payment for the easement and right of way, all trees, undergrowth. or other obstructions, trimmed or rerhoved from said lands during the construction and maintenance of Company's facilities; end for all other rights and privileges herelnebove set forth. TO HAVE AND TO HOLD the ebove described easement. and rights unto said Grantee, its successors end assigns, forevet or until said right of way is finally abandoned. And Grantbr agrees to warrant and forever defend all and singular the above described easement and rights unto said Grantee, its successors and assigns, against every person whomsoever lawfully claiming or to claim the same or any part thereof. Ari l.-�C---i---�cr—"ic---C-----'--'---z'rr-^__..,'v�..�.-.�Xy._._.� _--2Pc---''c-• wlfXofXhe said- Xfor art) in c nsldOjatlo of s$trf suti of rKoneytto h(eby fleas nd > lingilish ur)to edit Gre�tee slimy +f(ht X xot dttXvar aid hopesteRd In gpd to)peid g emispts to {{te ex)ent oXthotiphts f*rh1JeS gr4tt�s{l > prytb'X !N W N WHEREOF, the hand and seal of Grantor Is hereunto set, this---»-.-G�•--f--- day 2001098119 Wo 2 z6O R4a7 •! JOINT ACKNOWLEDGMENT THE STATE OF ARKANSAS, County of • BE IT REMEMBERED, that on this day cone before me, the undersigned, a Notary Public within and for the County a aseId, duly comrrriceioned and and -—= - _—, X'p? , tome well known as the Grantors In the foregoing irsstntrnent, and acknowledged that they each had executed the same for the consideration and purposes therein mentioned and set forth. WITNESS myband and seal as sudh Notary Public, on (his 2i _ day of -- - • Notary Public,+ County, Arkansas. Mycommisuonexpises. WASHINGTON tw IN�'l Nn t70AtMI$91ort tJ PZO DGMENT BY CORPORATION ;THE StATE OF ARKANSAS, County of On this---- day of----- -------- _ —, 19 —,before a NotaryPublic duly cormitissioned, qualified and:actlag, within and for the said County and State, appeared in person the within named -and — — to me personally well known, who stated that they were the and the ______ of the --------.----- a corporation,; and were duty authorized in their respective capacities to execute the foregoing Instrument for and in the name and behalf of said corporation, 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 sot forth. IN TESTIMONY WHBkEOF, I have hereunto set my hand and official seal this day of-____-__..._____, 19—. ,.� Notary Public My eanriittsslomexptr»s CERTIFICATE OF RECORD STATE OF--------; _ __ --_ _ _ County of—_______--. ) • I,_--- — Clerk of the Circuit Court and•Ex-Officio Recorder for the County aforesaid, do hereby certify that the within and foregoing instrument of writing was filed for record in my office. on this —____--_day of --_ __—___—__— , 19—, at — - - _ o'clock________— M., and the same is now duly recorded, with the acknowledgments and certificates thereon, in "Record Book _ _ _ _ _," Page_,_______ IN' TESTIMONY WHEREOF, 1 have hereunto set my hand and affixed the seal of said Court this. —_-- day of____________.� , I9_—. __— Clerk. By __ _-__D4 C. N S' O tzi O 0 2001098120 AEP/S W EPCO 2109 S. 8'" Street Rogers, AR 72758 RIGHT-OF-WAY AND EASEMENT KNOW ALL MEN BY THESE PRESENTS: 000 ID: 011190510003 Nest REL eooded: 11126/2007 at 12;81:48 Alt Pus Amt: *28.00 P508 i of 3 waahlnotoe County. AR notte 8taseos cirouit olerk F11-2007- 00043905 That Neal Pendergraft, Donnie D. Pendergraft and Lauri A. Mason, Co -Trustees of the Ross Pendergraft Trust u/t/d 9/30/93, (hereinafter referred to as "Grantors", whether one or more), for and in consideration of the sum of TEN DOLLARS ($10.00) and other good and valuable consideration, in hand paid and given by Southwestern Electric Power Company (hereinafter referred to as "Grantee"), a Delaware corporation, whose address 428 Travis Street, P.O. Box 21106, Shreveport, LA 71156, the receipt and sufficiency of which is hereby acknowledged, have granted, bargained, sold and conveyed, and by these presents do grant, bargain, sell and convey unto said Grantee art easement and right of way as hereinafter described for the perpetual right, privilege and authority to construct, operate,maintain, reconstruct and remove a line or lines of structures with wiles and fixtures and other equipment related thereto (whether located in or on the ground or on said structures) for the transmission and distribution of electrical current and other forms; of energy and for the transmission or communication of data, audio and video information upon, over, under and across the following described lands located in Section 34, Township 17 North, Range 30 West, Washington County, Arkansas to -wit: An easement and right of way over and across a tract or parcel of land as described on Exhibit "A", attached and made a part hereof. Grantee shall have the right of ingress and egress over, along and across adjacent lands owned, leased, or controlled by Grantors, to or from said right of way for any and all purposes relating to or in any way connected with the construction, operation, maintenance and use of lines, wires, structures, facilities and other property of Grantee located on the,easement and right of way above described. Grantee shall have and is hereby granted the right to install gates in existing fences and culverts where needed to facilitate access to said right of way. Said gates and culverts shall be left in place and become landowner's property upon completion of Grantee's construction and right of way restoration activities, unless Grantor requests that they be removed before said restoration is completed. Grantee shall have and is hereby granted the right of constructing, reconstructing facilities and appurtenances as may be required in the future, and maintaining and removing said lines and appurtenances. Grantee shall have and is hereby granted the further right at all times to remove from said lands all undergrowth, trees and parts thereof (whether within or outside of said right of way), or other obstructions, which in the opinion of Grantee, constitute a hazard or endanger the safety and/or the reliability of said lines or their appurtenances and/or the public. No building, structures or other improvements (other than fences which do not interfere with Grantee's use of the easement and right of way) may be constructed by Grantors above ground, and no trees (except fruit trees which do not endanger said line) shall be planted or permitted by grantors on said right of way. Grantee will repair or pay for any actual damages to crops, fences and bridgds which might be sustained during construction and maintenance of said transmission or distribution lines, and will pay the prevailing market price for any trees cut outside the easement area as above described. The cash consideration hereinabove mentioned is paid by Grantee and accepted by Grantor's as full and total payment for the easement and right of way, all trees, undergrowth or other obstructions, trimmed or removed from said lands during the construction and maintenance of Company's facilities, and for all other rights and privileges hereinabove set forth. Both parties understand that this easement is being granted to allow SWEPCO to relocate the existing transmission line that crosses Grantors' property. When that line has been removed, the right-of-way for it has been abandoned, and the new line rebuilt and energized, SWEPCO will release it's easements over the then unused portion of right-of-way. TO HAVE AND TO HOLD the above described easement and rights unto said Grantee, its successors and assigns, forever or until said right of way is fully abandoned. Grantors agree to warrant and forever defend all and singular the above described easement and rights unto said Grantee, its successors and assigns, against every person whomsoever lawfully claiming or to claim any part thereof. Grantors for and in consideration of the said sum of money do hereby release and relinquish unto the said Grantee, all of Grantors rights of dower, curtesy and homestead in and to the said premises to the extent of the rights and privileges granted hereby. Neal Pendergraft, Co- ru. Donnie D. Pendergraft, Co- ee uri A. Mason, Co -Trustee IN WITNESS WHEREOF, the hands and seals of Grantors are hereunto set, this " day of t0 , 2007. Acknowledgement On this the 2k"day of r 2007, before me, a Notary Public, personally appeared, Neal Iendergraft, Donnie D. Pendergraft, and Lauri A. Mason, known to me (or satisfactorily proven) to be the persons whose names are subscribed to the foregoing instrument and acknowledged that they executed the same for the purposes herein set forth. in witness whereof I hereunto set my hand and official seal, (WP1 IAL Ste. LISA A. ROMAN r oTAnv Pt10UC-AAKANSAS WASHINGTON COUNTY MY t WMISS14N tI to 'VZ 11.t442007 Fayetteville —North Fayetteville LINE# 154D1 W/O N 40829115 Notary Public Exhlbtt "A" PLAT SHOWING AN ELECTRIC TRANSMISSION LINE CROP-. ING THE. PROPERTY OF PONNIE D. PENDERE,RAIT, ET AL., OOH -TRUSTEES OF THE ROSS FENDERSRA!T TRUST, U/T•/D 9/3O/S ', LOCATED IN THE E/ OF THE NW/4 or SEGTto,4, TI7N, R3OW, PIPT-H PRINCIPAL MERIDIAN, WASHINGTON COUNTY, ARKANSAS j l . I /4 I /. \f• 1J' / A _ ----------- ; I i I Ills F'RGPP.�in a •3D `3. Cs, L1.G, P. Ps.v RRM'1", j COG. ZOD5--0000•9IZ1 T}i 7`i�11-1PR4�-_ 8 i s I4 4.& Pi T. - IX i sZ A -& 4A. AG. I S$IA'�,,wl I A,la 1rH ii i i o� wN RBREON ARE AMERICAN ELECTRIC POWER/SWEPCO SCALE: 1'-400' W T"ARKANSAS 89 M (CO(C0BSBS 98), 9 SHREVEPORT, LOUISIANA DATE: TRACT NO.: 11/•1/2007 3 SURVEY AND JL4PPINO DY W. 0. NO.: 40829116 JOHN M. WEBB AND ASSOCIATES, INC, UNE NO.: FAYETTEMLE—NORTH P. 0. BOX 1149, BRANSON, ,WfSSOURI, 85615 rAYETTE1LLE (19401) .Rx /alt #rs pr5 cP fi ftty rj . i s, i A �''i rrS +[�f rye f .Y •t z 1 . g a le01�IYftl'C. — _ ��•.'— •—..,131733' F tt 1, 4 _____________._____ rn. r�nu .NSF§ ,y�y3 : �tfri r�4r„1 1111VJJJIJIIJJ _$3������ � ��ijRs'�R §�b��R��a��S+'y$�(r3�1}d Rg. y�i'�y�y �4,1ii 'qu]Jiijfl ___ ___ ait:.b 8 r MDR«. y„ n 3 x a ap z xg_ 000 Xp 006078180001 TVus::1 u'_ Raonrdad; 06/26/2003 ®t 09:00:12 Alt . �µ� < gg Waahitscton CoOnty. AR S�# Batt® 8tamae Circuit Clerk F1102003- 00033924 S 8775'9g" F X5028" I 3� 3 a ' NELMS, LLLP NW CORNER PARCEL NO. 765-15847-000 1 /4 \ \ ' RECORD DEED.• FILE 99— 0602 71 SECTION 33, T -17-N, R -30-W NE 1/4, NE 1/4 I o 33-17-30 \\ L1 PROPOSED 3 `� EASEMENT 25 --FOOT UTILITY p XSEMENT PLAT 023A-000000 // 12H I I \i v1 I -_--Y Y� LEGEND PL PL EXISTING PROPERTY LINE M GRAPHIC SCALE R/W EXISTING RIGHT OF WAY LINE I' 50 0 25 50 R/W PROPOSED RIGHT OF WAY LINE I - - _ s PROPOSED EASEMENT LINE EXISTING EASEMENT LINE � THIS EXHIBIT IS A SKETCH DESCRIP77VE ONLY OF THE SIZE. SHAPE BEARINGS - GRID ( IN FEET AND LOCATION OF THE PROPOSED EASEMENTS AND DOES NOT ARKANSAS NORTH ZONE 1 inch = 50 ft. CONSTITUTE A PLAT OR SURVEY OF THE GRANTORS PROPERTY 2049 EAST JOYCE B0ULVARD CITY OF FAYETTEVILLE JOB NO. .DATE SUITE 400 FAYETTEVILLE, ARKANSAS 14048160 APRIL 14, 2015 FAYETTEVILLE,ARKANSAS72704 AHTD NO. BB0414 nn� ,vs „ „ TRACT 479527-9100 WATER & SEWER RELOCATIONS EXHIBIT A 10 AREA CALCULATIONS SQ. FT. ACRES PROPOSED EASEMENT 2,156 0.05 LINE ANGLE DISTANCE L1 S 8726'45" E 26.53 L2 S 4226'45" E 20.06 L3 S 17'57'54" E 31.08' L4 S 06'42'54" E 9.91 L5 S 8508'06" W 42.18 L6 N 0621'lg" W 18.69 L7 N 0923'47" W 40.95 Polyline Report Thu Mar 19 15:19:20 2015 Northing Fasting [fearing Distance 653564.831 668920.633 S 87°26'45" E 26.526 653563.649 668947.133 S 422645" E 20.063 653548.843 668960.674 S 17°5754" E 31.084 653519.275 668970.261 S 064.2.54" E 9.912 653509.431 668971.420 S 85°08'06" W 42.184 653505.853 668929.388 N 06°21'19" W 18.687 653524.42.5 568927.320 N 09°23'47" W 40.955 6.53564.831 668920.633 Closure Error Distance> 0.00000 Total Distance> 189.411 Polyline Area: 2156.2 sq. ft, 0.049 acres Tract: 10 Parcels: 765-15847-000 Owner: Nelms, LLLP Record: 99060271 WATER/SEWER EASEMENT A part of the NE'/4 of the NE '/4 of Section 33,Township 17 North, Range 30 West, Washington County, Arkansas, being more particularly described as follows: Commencing at the Northwest corner of the NE '/4 of the NE '/4 of said Section 33; thence 587°15'19"E a distance of 250.28 feet along the North line of said NE'/4 of the NE'/4 of Section 33; thence S02°44'41 "W a distance of 348.63 feet to a point on the East line of an existing 25 foot utility easement shown on survey Plat 023A-00000093 Said point also being the POINT OF BEGINNING; thence S87°26'45"E a distance of 26.53 feet; thence S42°26'45"E a distance of 20.06 feet; thence SI7°57'54"E a distance of 31.08 feet; thence S06°42'54"E a distance of 9.91 feet to the North line of an existing utility easement shown on survey Plat 023A-00000093; thence S85°08'06"W a distance of 42.18 feet to a point on said East line of an existing 25 foot utility easement shown on survey Plat 023A- 00000093; thence along said East line N06°21' 19"W a distance of 18.69 feet; thence N09°23'47"W a distance of 40.95 feet to the POINT OF BEGINNING, containing 2,156 square feet or 0.05 acres, more or less. https://www.actdatascout. Parcel: 765-15847-000 Prev. Parcel: 148843-000-00 As of: 2/9/2015 ID: 53111 Washington County Report Property Owner Name: NELMS LLLP Mailing PO BOX 1649 Address: BENTON, AR 72018 Type: (CI) - Comm. Impr. Tax Dist: (011) - FAYETTEVILLE SCH, FAY Millage 53.75 Rate: Legal: PT E/2 NE 15.91 AC. Market and Assessed Values: Property Information 1310 W SHOWROOM DR, 1352 W SHOWROOM DR, 1384 W SHOWROOM DR, 1384 W SHOWROOM DR, 1418 W Physical SHOWROOM DR, 1320 W Address: TRANSPORT RD, 1380 W TRANSPORT RD, 1394 W TRANSPORT RD, 1400 W TRANSPORT RD, 1450 W TRANSPORT RD Subdivision: 33-17-30 FAYETTEVILLE OUTLOTS Block / Lot: -- / -- S-T-R: 33-17-30 Size (in 15.910 Acres): Estimated Full Assessed Taxable Market Value (20% Market Value) Value Land $1,153,500 $230,700 $230,700 Building $7,698,600 $1,539,720 $1,539,720 Total $8,852,100 $1,770,420 $1,770,420 Homestead 0.00 Note: Tax amounts are estimates only. Contact the county/parish tax Credit: collector for exact amounts. Land: Land Use Size Units 15.910 Acres Deed il-ansfers: l of8 2/11/20152:38 PM https ://www. actdatascout. com/CountyHome/ParcelView ?county= Washi... Document Images brought to you by your County Circuit Clerk, Kyle Sylvester Date View Book Page Dee d Stamps Est. Sale Grantee Code Type d ype 6/28/1999 99 60271 Quit 0.00 $0 NELMS, LLLP Additional ClaimProperties 7/3/1995 95 32971 Wan.Deed 1732.50 $525,000 NELMS, ROBERT D & Inc. Land Additional Onl y MILLIE S Prop. CALABRIA, 1/1/1985 92 68859 132.00 $120,000 MERIAM JET Unval. Deed AL Details for Commercial Card 1 Business Name(s): LANDERS TOYOTA Number of Units: 1 Total Floor Area: 58,566 Site Work: Excavate ; Fill ; Prep Floor Cover: None Foundation: Concrete Ceilings: None Floor Struct: Elevated Slab Interior Finish None Struct Frame: Conc.Blk Insulation Walls Exterior Wall: Conc.Blk : DryvTile Appliances: None Ext. Wall Load: NonLoadB Plumbing: Water.Cl : WaterHtr : Lavatory Roof Struct: Steel.JC Electrical: Avg.B Roof Cover: Tar&Grav Misc: 01, 02, 05, 08, 09 2 of 8 2/11/2015 2:38 PM https ://www. actdatascout. com/CountyHome/ParcelView?county=Washi.,. DataScout, LLg311 1 I.i a 5 Il t it 1 A 4-a S Ilirµi i 0 i'II,il ( is 7?81 r 1312≥052 ) 4 2 8 I_.b0. Building: Age/YC: 2000 Condition: G Effective Age: 10 Grade: C2 Occupancy Heating/Cooling Sprinkler Primary: Automotive Showrooms (65%) H/A-NZ (65%) Part.Dry (65%) Secondary: Garages - Service (35%) Steam (35%) (0%) Avg. Floor Area: 7,962 Avg. Perimeter: 432 No. Floors: 1 Avg. Floor Hgt: 20 Common Wall: Total Floor Area: 7,962 Total Height: 20 Unit Multiplier I Outbuildings and Yard Improvements Item Type Size/Dim. Unit Multi. Quality Age Canopies STEEL 972 Building: 2 Age/YC: 2000 Condition: G Effective Age: 10 Grade: C2 Occupancy Heating/Cooling Sprinkler 3 of 8 2/11/2015 2:38 PM https://www.actdatascout.com/CountyHome/Parcel View?county=Washi .,. Primary: Automotive Showrooms (40%) H/A-NZ (60%) Part.Dry (60%) Secondary: Garages - Service (60%) Steam (40%) (0%) Avg. Floor Area: 31,220 Avg. Perimeter: 930 No. Floors: 1 Avg. Floor Hgt: 20 Common Wall: Total Floor Area: 31,220 Total Height: 20 Unit Multiplier 1 Outbuildings and Yard Improvements Item Type Size/Dim. Unit Multi. Quality Age Canopies ALUM 580 Canopies STEEL 1472 Building: 3 Age/YC: 2000 Condition: G Effective Age: 10 Grade: C2 Occupancy Heating/Cooling Sprinkler Primary: Garages - Service (55%) Steam (55%) Part.Dry (45%) Secondary: Automotive Showrooms (45%) H/A-NZ (45%) (0%) Avg. Floor Area: 13,736 Avg. Perimeter: 538 No. Floors: I Avg. Floor Hgt: 20 Common Wall: Total Floor Area: 13,736 Total Height: 20 Unit Multiplier I Outbuildings and Yard Improvements Item Type Size/Dim. Unit Multi. Quality Age Canopies STEEL 972 Canopies STEEL 820 Building: 4 Age/YC: 2004 Condition: G Effective Age: 6 Grade: C3 Occupancy Heating/Cooling Sprinkler 4 of 8 2/11/2015 2:38 PM https://www.actdatascout.com/CountyHome/ParcelV ew?county=Washi.,. Primary: Garages - Service (100%) Steam (100%) (0%) Secondary: (0%) (0%) (0%) Avg. Floor Area: 5,648 Avg. Perimeter: 408 No. Floors: 1 Avg. Floor Hgt: 18 Common Wall: Total Floor Area: 5,648 Total Height: 18 Unit Multiplier 1 Outbuildings and Yard Improvements Item Type Size/Dim. Unit Multi. Quality Age Car Wash DRVTEQ 2 Car Wash WDEQBY 9 Details for Commercial Card 2 Business Name(s): LANDERS AUTO PARK<br />BODY SHOP,CHEVROLET,USED CARS Number of Units: I Total Floor Area: 40,462 Site Work: Excavate ; Fill ; Prep Floor Cover: None Foundation: Concrete Ceilings: None Floor Struct: Elevated Slab Interior Finish None Struct Frame: Conc.Blk Insulation Walls Exterior Wall: Conc.Blk : DryvTile Appliances: None Ext. Wall Load: NonLoadB Plumbing: Water.Cl : WaterHtr : Lavatory Roof Struct: Steel.JC Electrical: Avg.B Roof Cover: Tar&Grav Misc: 01, 02, 05, 08, 09 5 of 8 2/11/2015 2:38 PM https://www.actdatascout.com/CountyHome/Parcel View?county--Washi... DataScout, LtC ° 6 4<111;';li p (U194) C :;l 3 i� i4ii —45— --45--� Building: I Age/YC: 2000 Condition: G Effective Age: 10 Grade: C3 Occupancy Heating/Cooling Sprinkler Primary: Garages - Service (85%) Steam (85%) Part.Wet (15%) Secondary: Office Buildings - Comm. (15%) H/A-NZ (15%) (0%) Avg. Floor Area: 14,194 Avg. Perimeter: 514 No. Floors: 1 Avg. Floor Hgt: 16 Common Wall: Total Floor Area: 14,194 Outbuildings and Yard Improvements Total Height: 20 Unit Multiplier 1 Item Type Size/Dim. Unit Multi. Quality Age Fence, Chain Link #9WIRE 6x380 Building: 2 Age/YC: 2000 Condition: G Effective Age: 10 Grade: C2 Occupancy Heating/Cooling Sprinkler 6 of 8 2/11/2015 2:38 PM https ://www.actdatascout.com/CountyHomefParcelVi ew?county=Washi ... Primary: Garages - Service (65%) Steam (65%) Part.Dry (35%) Secondary: Automotive Showrooms (35%) H/A-NZ (35%) (0%) Avg. Floor Area: 22,800 Avg. Perimeter: 820 No. Floors: 1 Avg. Floor Hgt: 20 Common Wall: Total Floor Area: 22,800 Total Height: 20 Unit Multiplier 1 Outbuildings and Yard Improvements Item Type Size/Dim. Unit Multi. Quality Age Canopies STEEL 1360 Canopies STEEL 760 Pumps, Gas MECHDB 1 Tanks, Under, Fuel, Fiberglass 12000 Signs, Plastic Ilium. SFACEF 36 Signs, Plastic Ilium. SFACEF 12 Building: 3 Age/YC: 2000 Condition: G Effective Age: 10 Grade: C2 Occupancy Heating/Cooling Sprinkler Primary: Automotive Showrooms (100%) H/A-NZ (100%) (0%) Secondary: (0%) (0%) (0%) Avg. Floor Area: 3,468 Avg. Perimeter: 290 No. Floors: 1 Avg. Floor Hgt: 16 Map: Common Wall: Total Floor Area: 3,468 Total Height: 16 Unit Multiplier 1 7of8 2/11/20152:38 PM ≥TEA DEED r > (FIUSBAND AND WIFE) Av f� KNOW ALL MEN BY THESE PRESENTS: That we, Robert Don Nelms and Millie Sue Nelms, also known as Don Nelmsand Millie Nelms, husband and wife, hereinafter called Grantors, for and in consideration of the sum of One Dollar ($I.00) and other good and valuable consideration to us in hand paid by Nelms, LLLP, an Arkansas limited liability limited partnership c� hereinafter called Grantee, do hereby grant, sell and quitclaim unto the said Grantee, and 'i-' -rt Grantee's heirs and assigns, the following described land, situate in r S O Whl(l(pglOn County, State of Arkansas, to -wit: :no rn TRACT 1 cNn o a cn A tract of land located within the NEt/sof the NE'A of Section 33 and the NW'ti of the NW'% of Section 34, Township 17 North, Range 30 West in Washington County, Arkansas, being more particularly described as follows: Beginning at a 3/8" rebar found at the common corner of Sections 27, 28, 33, 34; thence along the common line of Sections 27 and 34 S87°00'52"B 336.13 feet to a found '/2' rebar with plastic cap (L51263) on the westerly right-of-way line of US Highway 71; thence along said westerly right-of-way line of US Highway 71 the following courses and distances; S13 °26'17"W 145.14 feet to a found rebar with cap; thence S02°52'20"E 194.00 feet to a found rebar with cap; thence S14°3003E 150.77 feet to a found rebar with cap; thence S20°32'54"E 189.87 feet to a found rebar with cap; thence S54° 17'37"W 155.31 feet to a found rebar with cap; thence $68°58'46"W 103.92 feet to a concrete post; thence $69°17'31"W 247.55 feet to the line common to said Sections 33 and 34; thence $69° 1731 "W 303.05 feet to a concrete post; thence $66° 10'50"W 358.57 feet to a concrete post; thence S71 °03'37"W 213.47 feet to a concrete post; thence N70°55'36"W 97.20 feet to a found rebar with cap on the easterly right-of-way line of Arkansas Highway 112; thence along said easterly right-of-way line the following courses and distances: N15°46'57"W 204.33 feet to a found rebar with cap; thence N15 °48'44"W 204.20 to afound rebar with cap; thence N06°16' 15"W 200.00 feet toa found highway right-of-way marker, thence N06°21'33"W 249.22 feet to a found 'h" rebar with cap; thence N09°24'28"W 159.05 feet; thence N16°50' 10"W 104.37 feet to a found i/z" rebar with cap; thence N23°08'21 "W 163.39 feet to a found ½" rebar on the common line of Sections 28 and 33; thence leaving the said easterly right-of-way line of Arkansas Highway 112 S86°56' 18"E 1226.73 feet to the Point of Beginning and containing 1,462,089 Square Feet or 33.5649 Acres, more or less. TRACT II A part of the SE'/, of the SW t/ of Section 35, Township 17 North, Range 30 West, of the Fifth Principal Meridian, and being more particularly described as follows: Commencing at the SW corner of the SB'k of the SW'A of said Section 35, said point being a 5/8 inch iron pin; thence along the South line of said Section 35, East 97.67 feet, to a 5/8 inch iron pin at the SE Comer of Plat DRI-631, for the Point of Beginning; thence along the East line of said plat DR1-631, North 325.38 feet to a 5/8 inch iron pin as shown on plat DR1-631, also being on the South line of Lot 5 of the Preliminary plat of Sunbridge East; thence along said South line, East 429.00 feet, to a 518 inch iron pin; thence S0°29'08"W 130,55 feet, to a 5/8 iron pin on the West right of way of College Avenue; thence along said right of way, 99�6U2'71 S 12°06'24"W 199.27 feet, to a 5/8 inch iron pin on the South line of said Section dl 35; thence along the South line of said Section 35, West 386.10 feet, to the Point of Beginning, containing 3.10 acres more or less and being subject to the right of way of Township Road on the South side thereof and to, any and all easements of record or fact. TRACT III A tract of land in the ixast Half (B'h) of the Southeast Quarter (SE"4) of Section 28, and the West Half (W'h) of the Southwest Quarter (SW') of Section 27, Township 17 North, Range 30 West in Washington County, Arkansas, being more fully described`as follows. Commencing at the Northwest Corner of the Northeast Quarter (NE'4) of the Southeast Quarter (SB'A);: thence North 89 degrees 42'32"fsast, along the North line thereof, 911.89 feet; thence South 00 degrees 40'00" East, 448.81 feet; thence South 02 degrees 45'56"East, along an existing fence, 300.00 feet to the Point of Beginning thence South 02 degrees 45'56" East, 1884.24 feet to a point on the South line of Section 28; thence South 89 degrees 49'09"East; along said line, 649.51 feet to a point on the West right -of -Way line of Highway 71; thence following said right-of-way North 10 degrees 32'48" East, 367.70 feet; thence,'North 04 degrees 37`13' Bast, 238.29 feet-, thence North 08 degrees O0' 11" West, 372.85 feet; thence North 14 degrees 1S'13" West, 206.22 feet; thence North 26 degrees 5445" West, 399.56 feet; thence North 34 degrees 03'53" West, 301.66 feet; thence North 29 degrees 33'06" East, 126.30 feet;. thence leaving said right-of-way West, 311.95 feet to the Point of Beginning. Containing 27.81 acres, more or less. No Stamps Required. Transfer is by Gift. TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and Grantee's heirs and assigns forever. ICI WITNESS our bands and seals on this day of , 1999. THIS INSTRUMENT PREPARED BY: Davis, Cox & Wright PLC c YriiJ LC Attorneys at Law 1 Robert Don ?*iehtns, a/k/a Don Nehns 19 East Mountain Street P.O. Drawer 1688 1 Fayetteville, AR 72702-1688 I Millie Sue Nelms, a/k/a Millie Nelms . ACttNOWldiDt'9MENT . STATE OF ARKANSAS COUNTY OF WASHINGTON ) j 1, the undersigned, a Notary Public in and for the jurisdiction aforesaid in the State of Arkansas, do hereby certify that Robert Don Nelms, alts Den Nelm r, and Miilie Sue 2dalms, aka Millie Nelms, husband and wife, whose names are signed to the foregoing writing bearing date on the ,,_ day of 1999, has this day acknowledged _ the same before ma in my Jurisdiction aforesaid. SUBSCRIBED AND SWORN tq before me this AZ - day of ' 1999. My Commission Expires: Notary Publi o SEAL S AC.EY CANNA:DT Notary puflfic - AR. Wasl 1ngtOn Caw ty MT CO I X's 894505 { 99660272 L 7 t hereby authorize Ozarks Electric to build, maintain. enlarge. and operate • an electrical power line an my property as shown on this Work Order. Should it become necessary to change the location or ex- tend the line., no construction • will be done without my permiosion. I understand that Ozarks Electric is to have reasonable access to their line and have the right to cut. trim and control any trees and shrubbery which may interfere with or endanger the operation of the line. ACKNOWLEDG ENT STATE OF ) SS COUNTY OF ) • 8 f f / .eat aotaryu - rmeF P bl's du l commissioned y . i qualified and acting wit n an or �1i4.3 County, Arkansas. en this day personally appeared ) -L. -tUT and wife to me was own as the grantors in the fore- going instrument and stated that they had executed the same for the con- sideration and purposes .cherein mentioned and set forth. And on the same day also voluntarily aapeared before me the said wife of the said, -y ` �, co me wall known, and in the absence of her luigsadeclats4 chat she had of her own free will signed and sealed the.;bl nqui'shemf .of dower and homestead in said instrument for the tonsil rani;on end'pur'pses therein contained and set forth without compulsion jr 4 ius,in£iuence 4, her said husband. n tes;#fdin, of;4V* hereunto set y hand and official this 2.tk.-CJ. ,,,�._ of ry Pu Ici:n ado ° f —� qq (c County.�cci�usl �y� 120 Hy Commission expires oc'fO- 1O . J THIS INSTRUMENT PREPARED BY: Timothy W. Grooms, Esq. QUATTLEBAUM. GROOMS, TULL & BURROW PLLC III Center Sited, Suite 1900 Little Rock, Arkansas 72201 501-379-1700 11111111 II�II�NIIII�IIII�>I��III��NII 9 III Y Doe ID: 0004$8700009 TVice: REL Reoordedt 22/03/2006 at 11:17:07 AM Fee Amt: $32.90 Paae 1 of 9 kaehinaton County. AR Bette 8tatnos Oircuit Clerk Fiie2005-00055425 Fayetteville, Arkansas (Store #8209) TEMPORARY CONSTRUCTION EASEMENT This Temporary Construction Easement ("Agreement") is entered into by and between LANDERS AUTO SALES, LLC, a Delaware limited liability company and successor in interest to Landers Auto Sales, Inc. ("Landers") and NELMS, LLLP, an Arkansas limited liability company ("Nelms") (Landers and Nelms, collectively, "Dealership") and SAM'S WEST, INC., an Arkansas corporation ("Sam's"). WHEREAS, Nelms owns certain real property depicted on Exhibit 1 and more particularly described on Exhibit 2 (the "Dealership Tract"); WHEREAS, Landers leases the Dealership Tract from Nelms; WHEREAS, Dealership wishes to grant to Sam's a temporary construction easement over and across the Dealership Tract for the purpose of relocating a driveway pursuant to a separate written agreement between Dealership and Sam's. NOW THEREFORE, for Ten and No/100 United States Dollars ($10.00) and other good and valuable consideration including the terms, conditions, covenants, and provisions contained herein, the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: 1. Incorporation of Recitals. The recitals set forth in this Agreement are not mere recitals of fact but are contractual in nature and incorporated into this Agreement by reference, except in the event of a conflict between the incorporated recitals and the numbered sections of this Agreement, the numbered sections of this Agreement shall control. 2. Dealership Grant of Temporary Construction Easement. For and in consideration of Ten and No/100 Dollars ($10.00) and subject to the terms and conditions set forth herein, Dealership grants, bargains, sells and conveys to Sam's, TO HAVE AND TO HOLD the same unto Sam's, its successors and assigns, the right of ingress, egress and access on, across and over the Dealership Tract for purpose relocating a driveway pursuant to a separate written agreement between Dealership and Sam's. Notwithstanding the foregoing, Sam's shall use of 2257I8450rremporary Coostmction Easement 1 of 9 this temporary construction easement shall be substantially confined to the area indicated on Exhibit 3. Binding Effect; Duration; .Enforcement. The Easement shall (a) touch, concern, encumber and run with the Dealership Tract in favor of the Sam's, its successors and assigns, (b) bind Dealership and all successors and assigns of Dealership, (c) be enforceable by Sam's, its successors and assigns, (d) expire on a date which is the earlier of (i) thirty-six (36) months from the date this Agreement is placed of record in the real estate records of Washington County, Arkansas, or (ii) twelve (12) months from the date Sam's opens a new store on along Arkansas State Highway 112 and commences sales of merchandise and groceries to the general public and a traffic light is installed at the intersection of Arkansas State Highway 112 and Truckers Drive, and (e) remain in effect until the expiration date referenced in subparagraph 3(d), unless sooner terminated by written agreement executed by all persons or entities benefiting from or having rights pursuant to any portion of this Agreement or the Easement as provided herein and recorded in the real estate records of Washington County, Arkansas. No Adequate Remedy at Law. Dealership agrees (i) violation or threatened violation of any provision of the Easement or this Agreement by Dealership cannot be adequately compensated solely by monetary damages; (ii) Sam's shall be entitled to equitable relief in the form of a temporary restraining order, injunction or otherwise for the sole and exclusive purpose of enforcing Sam's rights in and across the Dealership Tract, and (iii) Sam's shall additionally be entitled to a claim for monetary damages for breach hereof. In no event whatsoever shall Dealership, or any other party, have the right to prevent Sam's from using the easement for access purposes as set forth herein, the parties agreeing Sam's use of the access easement can never be enjoined or terminated for any reason whatsoever. Counterp arts. This Agreement, including all attached exhibits, may be executed at different times and in any number of originals or counterparts and by each party on a separate counterpart, each of which shall be deemed an original but all of which together shall constitute only one agreement, notwithstanding all the parties shalt not have signed the same counterpart. In proving this Agreement, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. Facsimile and email signatures shall be deemed valid on all documents related to this Agreement, Any signature page from one counterpart may be appended to another counterpart to create a fully executed counterpart hereof. Governing Law. This Agreement shall be governed by the laws of the State of Arkansas and any disputes arising hereunder shall be adjudicated in the State of Arkansas. 22578450/Temporary Construction Easement 2 of 9 No Modificatloii. This agreement is specifically subject to, and does not contravene or modify, the separate written agreement between Sam's and Dealership concerning the relocation of the driveway. [Signatures on following pages] 2257/8450/ ompomry Construction Easement 3 of 9 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of this day of rry 1w, 2005. SAM'S WEST, INC., an Arkansas corporafon Approved as to legal terms ony By: WAL-M 7 LEGAL DEPT Title: Assistant Vice President Date:J a STATE OF ARKANSAS ) )ss. ACKNOWLEDGMENT COUNTY OF BENTON On this day, before me, a Notary Public, duly commissioned, qualified and acting, with and for said County and State, appeared in person the within named Robert W. Stoker to me well known, who stated he/she was the clstent\laePreeldent of Sam's West, Inc., an Arkansas corporation, and was duly authorized in such capacity to execute the foregoing instrument for and in the name and on behalf of the corporation, and further stated and acknowledged he/she had so signed, executed and delivered the foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this day of Yn6VeJN+bw , 2005. Notary Public My commission expires: �iC • Cam' %Ott✓ (SEAL) MARIUM SEIDEL NOTARY PUBLIC' Stele of Arkansas. Benton County My Commission Expires HJt3120tss 2257/8450ri' mporary Construction Basement 4 of 9 STATE OF d,5) )ss: COUNTY OFtt Q) LANDERS AUTO SALES, LLC, a Delaware limited liability company and sue ssor in interest to Landers Auto Sales, Inc. > y: Name- 1 a Title: ACKNOWLEDGMENT On this day, before me, a Notary Public, duly commissioned, qualified and acting, with and for said County and State, appeared in person the within named to me well known, who stated that he/she was the ... _ of LAIYDERS AUTO SALES, LLC, a Delaware limited liability company, and was duly authorized in that capacity to execute the foregoing instrument for and in the name and on behalf of said company, and further stated and acknowledged that he/she had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth, J IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this day of _L—jDL o irrhtA , 2005. t No Public My Commission Expires: (SEAL) 2257/8450/remporary Construction Casement 5of9 STATE OF ARKANSAS ) )ss. COUNTY OF -'o) NELMS, LLLP, an Arkansas limit ed liability limited partnership Ey:- Robert general partner ACKNOWLEDGMENT On this day, before me, a Notary Public, duly commissioned, qualified and acting, with and for said County and State, appeared in person the within named Robert D. Nelms, to me well known, who stated that he/ was the general partner of NELMS, LLLP, an Arkansas limited liability limited parternship, and was duly authorized in that capacity to execute the foregoing instrument for and in the name and on behalf of said partnership, and further stated and acknowledged that he had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this 2$ day of rC'tnhi _., 2005. Notary Public My commission expires: ��nnwro�x„ 1-1 -tit h.+`' (SEAL)e,+�},,.....>� pt)RiaC t i r 2257/8450/Temporary Construction Easement 6 of 9 EXHIBIT I TO TEMPORARY CONSTRUCTION EASEMENT [DEPICTION OF PROPERTY] 2257/8450Iremporary Constmction Easement 7 of 9 t EXHIBIT 2 TO TEMPORARY CONSTRUCTION EASEMENT LEGAL DESCRIPTION OF DEALERSHIP TRACT A tract of land located within the NE/4 of the NEJ4 of Section 33 and the NW/4 of the NtV/4 of Section 34, Township 17 North, Range 30 West in Washington County, Arkansas, being more particularly described as follows: Beginning at a 3'8" rebar found at the eonuuon comer of Sections 27, 28 33.34; thence along the common line of Sections 27 and 34 S87°00'52"E 336.13 feet to a found 1/2° saber wdth plastic cap (1.51263) on the westerly Right -of-W.ty line of U.S. Highway 11 thee along said westerly Right -of -Way lute of U.S. 8sg1sway 71 the following courses and distances; S13'2617"W 145.14 feet to a found rebar with cap; thence S02°5220"E 194.00 feet .too found rebut with cap; thence S14°30'03"E 150.77 fret to a found tebar with cap; thence 520°32'54"E 18987 feet to a found sebar with cap; thence S5497 155.31 feet to n found rebar with cep; thence 568°5846"W 103.92 feet to a concrete posh thence $69°17'31"W 247.55 Ibet to the hue common to said Sections 33 and 34; thence $69°17'31 "fir 303.03 feet to a concrete post ; thence $66°1050"W 358.57 feat to a concrete post; thence 571°0337"W 213.47_ feet tort concrete post; thence 2170°55'36`1V 9720 feet to a. found tebar with cap onthe easterly Right -of WVay line ofArkansas Highway 112; thence along said easterly Right -of Way line the following courses and distances: Nt5°46'57" W 204.33 feet to a found rebar with cap; thence N1S°48'44"W 204.20 feet to a found rebarWitli cap; thence NO6°i6'15"W 200,00 feet to a found highway right-of-way marker; thence N06°21"33"'\V 249.22 feet to a found 1/2" rebar with cap; thence N09°24`28 W 159.05 feet; thence N16°50'10 W 104.37 feet to a found 1/2" rebar with cap; thence N23°OS'21"W 163.39 feet to a found 1/2" rebar on the common lane of Sections 28 and 33; thence leaving the said easterly Right -of•Way line of Arkansas Highway 112 S86°56'18"E 1226.73 feet to the Point of R3egintung and containing 1,462,089 Square Feet or 33.5649 Acres, more or less. LESS AND EXCEPT THAT PARCEL DEEDED TO THE CITY OF FAYETTEVILLE, ARKANSAS, AS SHOWN IN WARRANTY DEED FILED FOR RECORD AS DOCEJMENTNO. 2004-0010893 AND DESCRIBED AS FOLLOWS; A tract of latxl located within the NE1/4ofthc NE114 of Section 33, Township 17 North, Range 30 West in Washington County, Arkansas, being more particularly described as follows: Cotnntencing,at a 3/8 inch rebar found 'it the Northeast corner of Section 33; thence along the North line of Section 33,11865618W 1226.73 feet to a point on the existing East right -of way line of t3.S. Highway 112 for the'Point of leginning; thence along the North line of Section 33, 586°56"18"E 36,99 feet to a point on the proposed East tight -of way line of U.S. Highway 112 thence continuing along the proposed East right-of-way line of U.S. Highway 112, S18 °33'59E 90:53.feet' thence 321.06 feet along a curve to the tight, said cunrehaving a ridsas of 120128 feet, a delta angle of 251S48 and a tong chord of S10°54'29 "E 32021 feet; thence S0351459 11 118.14 feet to a point on the existing Eaatright-of-tvaylitte of U.S. Highway 112; thence along the existing East nght•of--way line oft) S Highway 112, N06°21'33"W 1,75 feet; thence NOd 21'33"W 111.96 feet; thenceN09°2 t 28''W 159.05 feet; thence N16°50"10"W 104 37 feet; thence N23"0821"147163.39 feet to the Point of Beginning containing approximately 8,259 sq. ft. or 0.190 acres, more or less. 2257/8450/Temporary Construction Easement 8 of 9 EXHIBIT 3 TO TEMPORARY CONSTRUCTION EASEMENT [LIMITS OF TEMPORARY CONSTRUCTION EASEMENT] } ;{ CONNECT TO EXISTING WROUGHT \s'' IRON FENCE UMITS OF CONSTRUCTION \ + ~ t } ACTIVITY ON LANDERS PROPERTY Rt-1 .,,,. I AUTOMATIC GATE 7 tt •C" 5 ' Sates,\ \ #!Y- 5.DO .� ..�• _... t _ \ f,x £ f 1• \ 1. ,� )I I - 11 l i S "Xt f N t CONNE T J o t �yI RON IN NJ OUTr' - ` • 4 TYPICAL" 90' PARKtNG t O MENSIONS I !1 2257/8450/Fempomry Construction Enscment 9 of 9 01111114' `. Doo ID: `O1D280#10014 TVDs: *00 �4�' iksdart#ed: 06!1712006 8L 12:�0�00 PM f �8e Aett: b32,0O P'00 1 sf t0 R Bette9emoClr v.1t clerk .1le2006-00033724 , THIS INSTRUMENT PREPARED BY: J. Cliff McKinney, Esq. QUATTLEBAUM, GROOMS, TULL & BURROW PLLC III Center Street, Suite t 900 Little Rock,Arkensas 72201 501-379-1700 Fayetteville, Arkansas (Store #8209-06) AMENDED AND RESTATED TEMPORARY CONSTRUCTION EASEMENT (Terminating the Temporary Construction Easement recorded on December 13, 2005 in the real estate records of Washington County, Arkansas at File 2005-00055425) This Amended and Restated Temporary Construction Easement ("Agreement") is entered into by and between LANDERS AUTO SALES, LLC, a Delaware limited liability company and successor in interest to Landers Auto Sales, Inc. ("Landers") and NELMS, LLLP, an Arkansas limited liability limited partnership ("Nelms") (Landers and Nelms, collectively, "Dealership") and SAM'S WEST, INC., an Arkansas corporation ("Sam's"). WHEREAS, Nelms owns certain real property depicted on Exhibit 1 and more particularly described on Exhibit2t2 (the "Dealership Tract"); WHEREAS, Landers leases the Dealership Tract from Nelms; WHEREAS, Dealership wishes to grant to Sam's a temporary construction easement over and across the Dealership Tract for the purpose of relocating a driveway pursuant to a separate written agreement between Dealership and Sam's. NOW THEREFORE, for Ten and No/100 United States Dollars ($10.00) and other good and valuable consideration including the terms, conditions, covenants, and provisions contained herein, the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: 1, Incorporation of Recitals. The recitals set forth in this Agreement are not mere recitals of fact but are contractual in nature and incorporated into this Agreement by reference, except in the event of a conflict between the incorporated recitals and the numbered sections of this Agreement, the numbered sections of this Agreement shall control. 2. Termination of Easement. The parties agree that the Temporary Construction Easement recorded on December 13, 2005 in the real estate records of Washington County, Arkansas at File 2005-00055425 is hereby terminated and is of no further force or effect. Instead, the parties agree that this Amended and Restated Temporary Construction Easement shall control the intentions of the parties. t of 9 3. Dealership Grant of Temporary Construction Easement. For and in consideration of Ten and No/100 Dollars ($10.00) and subject to the terms and conditions set forth herein, Dealership grants, bargains, sells and conveys to Sam's, TO HAVE AND TO HOLD the same unto Sam's, its successors and assigns, the right of ingress, egress and access on, across and over the Dealership Tract for the purpose of relocating a driveway pursuant to a separate written agreement between Dealership and Sam's. Notwithstanding the `foregoing, Sam's use of this temporary construction easement shall be substantially confined to the area indicated on Exhibit 3, 4. llindinp Effect; Duration; Enforcement. The Easement shall (a) touch, concern, encumber and run with the Dealership Tract in favor of Sams, its successors and assigns, (b) bind Dealership and all successors and assigns of Dealership, (c) be enforceable by Sam's, its successors and assigns, (d) expire on a date which is the earlier of: (i) thirty-six (36) months from the date this Agreement is placed of record in the real estate records of Washington County, Arkansas, or (ii) twelve (12) months from the date Sam's opens a new store on Arkansas State Highway 112 and commences sales of merchandise and groceries to the general public and a traffic light is installed at the intersection of Arkansas State Highway 112 and Truckers Drive, and (e) remain in effect until the expirationdate referenced in subparagraph 4(d), unless sooner terminated by written agreement executed by all persons or entities benefiting from or having rights pursuant to any portion of this Agreement or the Easement as provided herein and recorded in the real estate records of Washington County, Arkansas. No Adeunate Remedy at Law. Dealership agrees (i) violation or threatened violation of any provision of the Easement or this Agreement by Dealership cannot be adequately compensated solely by monetary damages;. (ii) Sam's shall be entitled to equitable relief in the form of a temporary restraining order, injunction or otherwise for the sole and exclusive purpose of enforcing Sam's rights in and across the Dealership Tract; and (iii) Sam's shall additionally be entitled to a claim for monetary damages for breach hereof. In no event whatsoever shall Dealership, or any other party, have the right to prevent Sam's from using the Easement :for access purposes as set forth herein, the parties agreeing Sam's use of the access Easement can never be enjoined or terminated for any reason whatsoever. 6. Counterparts. This Agreement, including all attached exhibits, may be executed at differenttithes and in any -number of originals or counterparts and by each party on a separate counterpart, each of which shall be deemed an original but all of which together shall constitute only one agreement, notwithstanding all the parties shall not have signed the, same counterpart. In proving this Agreement, it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. Facsimile and email signatures shall be deemed valid on all documents related to this Agreement. Any signature 2 of 9 page from one counterpart may be appended to another counterpart to create a fully executed counterpart hereof. 7, Governing Law. This Agreement shall be governed by the laws of the State of Arkansas and any disputes arising hereunder shall be adjudicated in the State of Arkansas. 8, No Modification. This agreement is specifically subject to, and does not • contravene or modify, the separate written agreement between Sam's and Dealership concerning the relocation of the driveway. [SIGNATURES ON FOLLOWING PAGE] 3 of9 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of this f ay of , 2006. SAM'S WEST, INC., an Arkansas corporation By: Nam4: Title: STATE OF ARKANSAS ) }ss. ACKNOWLEDGMENT COUNTY OF On this day, before me, a Notary Public, duly commissioned, qualified and acting, with and for said County and State, appeared in person the within named Robert W. Stoker . to me well known, who stated he/she was the Assistant Vice President of Sam's West, Inc., an Arkansas corporation, and was duly authorized in such capacity to execute the foregoing instrument for and in the name and on behalf of the corporation, and further stated and acknowledged he/she had so signed, executed and delivered the foregoing instrument for the consideration, uses and purposes therein mentioned and set forth, IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this day of 2006. - Notary Public My commission expires: M11AR'IUM SEIDEL S(a /�kan IBtlt gentoCounty My Commission Expiros 8/1312015 Appftvad atlr to t ar1 for by WAL-MART L,,EGAL DEPT. Date:ZE of 9 cP STATE OF ARd el4gAS )ss COUNTY OF A ) LANDERS AUTO SALES, LLC, a Delaware limited liability company and successor in interest to Landers Auto Sales, Inc. Tide: ht. ACKNOWLEDGMENT On this day, before me, a Notary Public, duly commissioned, qualified and acting, with and for said County and State, appeared in person the within named' og /Lg../116_/1 y , to me well known, who stated that he/she was the YS/ A >✓A> of LANDERS AUTO SALES, LLC, a Delaware limited liability company, and was duly authorized in that capacity to execute the foregoing instrument for and in the name and on behalf of said company, and further stated and acknowledged that he/she had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth; IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this '7 day of _c6 &SL , 2006. Notary Public My Commission Expires; -ate (SEAL) 0Silry sPubltc 6ktairome OFFICIAL : SEAl. ELUE I.ADUSAU 7t3LBA COUNTY CU�di#y$6;oN /6RQui26 Comm. Es . 05.24.2008 5 of9 NELMS, LLLP, an Arkansas limited liability limited partnership �Rocft. Nelms, general partner STATE OF ARKANSAS ) )ss. ACKNOWLEDGMENT COUNTY OF -) On this day, before me, a Notary Public, duly commissioned, qualified and acting, with and for said County and State, appeared in person the within named Robert D. Nelms, to me well known, who stated that he/ was the general partner of NELMS, LLLP, an Arkansas limited liability limited partnership, and was duly authorized in that capacity to execute the foregoing instrument for and in the name and on behalf of said partnership, and further stated and acknowledged that he had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this IA day of A s -I i, cT , 2006. Notary Public My commission expires: (SEAL) 6 of 9 EXHIBIT I TO TEMPORARY CONSTRUCTION EASEMENT [DEPICTION OF PROPERTY] 7 of 9 EXHIBIT 2 TO TEMPORARY CONSTRUCTION EASEMENT LEGAL DESCRIPTION OF DEALERSHIP TRACT A tract of land located within the NE'4 oftite .NE(4 of.3ection 33 and the NW/4 of the NW/4 of Section 34, Township 17 North. Range 30 West in Washington County, Aabusus, being more particularly described as follows; Beginning at a 318" rebar found at the common comer of Sections 27, 28, 33, 34; thence along the common line of Sections 27 and 34 S 87°00'52"E 336.13 feet to a found 112" rebar with plastic cap. (1.5126 on the westerly Right-of-Wny line of U.S. Highway 7'1; thence along said wesstarly Rig ht cf-Way line of U.S. Bighcuay 7l the following courses and die tans es; 813'26'17"W 145.14 feet to a found mbar with cap; thence 802°52'20"E 194.00 feet to a forum rebarwith cap; thence .S14°30'03"E 150.17 feet to a found retrar with cap; thence S20°32'54"E 189.87 feet to a found rebne with cap; thence S54°17'37"W 155.31 feet to a found rebarwith cap; thence S68°5846"W 103.92 feetto a concrete post; thence S69°1731"W 247.55 feet to the line conuuon to acid Sections 33 and 34; thence 569°1731"W 303.05 feet to n concrete post; thence 566°10'50"W 358.57 feet to a cottcrate post; thence 87103'37'W213 47 feet to a concrete post; thenceN70°55'36"W 97.20 feet to a found rebar with cap on the easterly Right -of Way line of Arkansas Highway 113, thence along said easterly Riglst-of-Way line the foUowlug courses and distances: N15°4657"W 20433 feet to a found rebar with cap; thence N15°48'44" Vt 204.20 feat to a found rebar with cap, thence N06 1615"4) 200.00 feet to a found highwayrt ht-ofwav marker. thence N06°21'33"W 249.22 feet to a ibund 11'2" rebar with cap; thence N09"24'28 IV 159.05 Feet; thence N16"S0't0"W 104.37 feet to a found 1/2" iebar with cap; thence. N23°0821"W 163.39 feet to a found 112" rebar on the conunon line of Sections 28 and 33; thence leaving the said easterly Right -of -Way line of Arkansas Highway 112 886"56'18'E 1226.73 feet to thePoint of Beginning and containing 1,462,089 Square Feet or 33.5649 Acres, more or less. LESS AND EXCEPT THAT PARCEL DEEDED TO THE CITY OF FAYETTEVILLE,ARR:ANSAS, AS SHOWN IN WARRANTY DEED FILED FOR RECORD AS DOCUMENT NO. 2004-0010893 AND DESCRIBED AS FOLLOWS: A tract. of land located within the NEI/4oflhe NE114 of Section 33, Township 17 North, Range 30 West in Washington County, Arkansas, being more particulariy desetibed asfollows: Commencing at a 318 bleb rebar found at the Northeast corner of Section 33; thence along the North line of Section33. N86°56 18'W 1226.73 feet to a point onthe existing East right-of-way line of U.S. Highway 112 for the Point of Beguuting; thence along the North line of Section 33, S86°5618".E 36.99 feet to a point on theproposed Eastnight-offs ay line ofU S. Hights ay 112; thence continuing along the proposed East right of way line ofU.S. Highway 112, SI S"33'S9"E 90.33 feet; thence 321.06 feet along st curve to the right, said curve having a radius of 1201.281 et, a delta angle of 15° 1848" acrd a Iong chord of S t 0°54`29"E 320.11 feet; thence 803`1459"E 118.14.feet to a point on the existing East right -of way litre of U . Highway 11.2; thence along file existing Ehst rig1st of v ty line of i7.S. Highway 112, N06'21'33"1'J 1.75 feet; thence I',06*2133" Nr 111.96 fret', thence N09"24'28" tiV 159.05 feet; thence N16°S0' 10"W 104.37 feet; thence N23°08'21" W 163.39 feet to the Point ofBegituting, containing appmxirnately 8,289 sq. ft. or 0.190 acres, more or less. 8 of 9 EXHIBIT 3 TO TEMPORARY, CONSTRUCTION BASEMENT [LIMITS OF TEMPORARY CONSTRUCTION EASEMENT] R7- 4N 9 of 9 Mayor Patrick Henry Hays City Hall 300 Main Street North Little Rock, AR 72114 Phone: 501-340-5301 Fax: 501-340-5333 E-mail: mayor@northlittlerock.ar.gov ox m. xWaroo*At r - A,c wvruz9awwux tn. F Oeet 9tbrr bwTW .•I.Vr C+AQd 'AA AA l7 mA A. NQ 95 f >�• . S+r U MX A A d d &sAb+ H 4M M d 1M 50`1 d 1!ti1D5;fi 4d M SLt d.Lti4 K� u'•�,. - l 4.`+fi C1.A s5R SAas41 V. 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R -30-W sn .r \\\ 9n' ./ 't twnwon vum a M aTt "0j � 1�.� 4 �, an aF fAYsTli:A.'a1.tE, WASM4?GiiX4 GGt1N1Y, AR_ Sae \\ 3s S. �' 4 SErm" IirE Cliff ASS SFRYI.C Qa11Ar r T & 11Ameiabs. 6s . Al y f �.F CON57RUC9a1 PHASE uuE b3 TE 1"=''� .e.nAnAo•....r.. m. 'L'AjA r ._..._��. '• DR6'SSiSl: Rf1:t1T-Sfi'^!AT Yera A n14e E 9,n, Aee 6 Su.r. _5• wre t •�5`" r�5r+ REL67D 800CT16. PACE a P1A15 lC CXR{ R1L1•`Xa •••... ORAAak ¢A - PAQECE 140. " — — — — — — ^ PROPOSED VTAatt EA1El"T r r LGD 2/02/U4 4"` aI (,At 955a-a40D9UM SACK lNE �' a AxE�E"�E «a, sf ; Tr4 021054—D3 ..T — OMNI'cGou C: AGM i 4 Y jRTAC2 '\^ 4.. .♦ O Y R l *`-.ems-.=......r-.....� ... o..... m. C472 a ATA/AGSM LAUD Unl 91RYEY �17TENALLZ AUTO PARK i ARKANSAS t < 4 1 , .... ,..-_.�._.....- (�. LOCATION MAP 4/q�— _ . f9_' r4 R? f.. ._, .. .. HAS 5, !'t. -is 'o .. 4'k .r!38 • ---.3E �^ 5670W-93.4• e/r, •:-•- n'^ iv .ter r.•.. a I v •• wZ _ ft 43S 34W — 062.8' 90 t -' t\ \ )____*• 4t;: C,49t -' .y quo fl o99 'iOC1 I }5t 7 'tl C � i9 -Y4D It_E%G?S. T.. Plat of Survey ... ,..,._. .. FOR Mcriam Calahrla Oal Ias . We FAYETTEVILLE ARKANSAS JENKINS SURVEYING PARTIAL TAKING FROM THREE TRACTS OF LAND 1-49 & Highway 1 12 Fayetteville, Washington County, Arkansas 72703 CBRE, Inc. File No. 16-361 HO -2354 Client Reference No. 16-0000256-001 Holly Jones CITY OF FAYETTEVILLE 4500 S School Ave Fayetteville, Arkansas 72701 w-wwr.cbre.comr`valuotion VALUATION & ADVISORY SERVICES 438 E. Millsap, Suite 204 Fayetteville, AR 72703 T 479-442-7401 F 479-442-7806 www.cbre.com August 4, 2016 Holly Jones CITY OF FAYETTEVILLE 4500 S School Ave Fayetteville, Arkansas 72701 RE: Appraisal of Partial Taking from Three Tracts of Land 1-49 & Highway 112 Fayetteville, Washington County, Arkansas CBRE, Inc. File No. 16-361 HO -2354 Client Reference No. 16-0000256-001 Dear Ms. Jones: At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. Our analysis is presented in the following appraisal report. The subject property of this appraisal consists of a partial taking. The parent tract is a 92.83 - acre (4,043,675 sq. ft.) tract of land located near the intersection of Interstate 49 and State Highway 1 12 in Fayetteville, Arkansas. Although titled under three ownerships, all are reportedly beneficially owned by the same person(s) and we have therefore considered the property as one. The partial taking by the City of Fayetteville (the condemning authority) consists of 2.49 acres and is located along the northern property boundary. As of the effective date of this analysis, the property was currently zoned as a combination of residential -office and residential -agricultural designations. However, the future land use map for the city of Fayetteville indicates that the property is intended for mixed -use type of project and, in fact, the City of Fayetteville Council did approve a rezoning to Urban Thoroughfare on June 20, 2016. We have taken this new zoning into account in our analysis. Based on the analysis contained in the following report, the due the owner as a result of the imposition of the partial taking as described in this report is as follows: JUST COMPENSATION CONCLUSION Appraisal Premise Interest Appraised Date of Value Value Conclusion Just Compensation - Drake St Property, LLC Fee Simple Estate May 4, 2016 $100,000 Just Compensation - 1155 Properties, LLC Fee Simple Estate May 4, 2016 $100,000 Just Compensation - RPM1 Properties, LLC Fee Simple Estate May 4, 2016 $300,000 Compiled by CBRE The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. O 2016 CBRE, Inc. Holly Jones August 4, 2016 Page 2 The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP), the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the report. No other use or user of the report is permitted by any other party for any other purpose. Dissemination of this report by any party to non -client, non -intended users does not extend reliance to any other party and CBRE will not be responsible for unauthorized use of the report, its conclusions or contents used partially or in its entirety. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contact us. Respectfully submitted, CBRE - VALUATION & ADVISORY SERVICES Jeff Ford, MAI , APB,"�- Vice President i�T1F�fiq%a,��' STATE�. AR State Certified General CG2798 - GENERAL ;ww.cbre,wc tKIfG.r� • CG2798 :' PhoFax: + 1 479 442 7806` E�' E `` Email: jeLtvrci; �%cbre.cer , Stephen Cosby, MAI, MRICS Executive Vice President Managing Director AR State Certified GeneraA�praaser.N,o CG0197 www.chrecom/tephencosb. Phone: +14794427401.3 Fax: +1 479 442 7806 Email: steve,cosby@Lbre.com. ......z ti James' Tanner Ray ✓Y Appraiser i §(It3l if117 AR State Certified Residential Appraiser Nei. CR2952 ="'' STATE Phone: +1 479 442 7401 x. 227 Fax: +1 479 442 7806 Email: jarres.ray@cbre.c«ter % . © 2016 CBRE, Inc. Certification Certification We certify to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial and unbiased professional analyses, opinions, and conclusions. 3. We have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. 4. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 5. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 6. This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. 7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the requirements of the State of Arkansas. 8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. As of the date of this report, Jeff Ford, MAI and Stephen Cosby, MAI, MRICS have completed the continuing education program for Designated Members of the Appraisal Institute. 11 .As of the date of this report, James T Ray has completed the Standards and Ethics Education Requirements for Candidates/Practicing Affiliates of the Appraisal Institute. 12.James T Ray, Jeff Ford, MAI and Stephen Cosby, MAI, MRICS have made a personal inspection of the property that is the subject of this report. 13. No one provided significant real property appraisal assistance to the persons signing this report. 14. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc. Although employees of other CBRE, Inc. divisions may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy were maintained at all times with regard to this assignment without conflict of interest. 15. Within this report, "CBRE", "CBRE, Inc.", and similar forms of reference refer only to the appraiser(s) who have signed this certification and any persons noted above as having provided significant real property appraisal assistance to the persons signing this report. © 20) 6 CBRE, Inc. Certification 16. James T Ray, Jeff Ford, MAI and Stephen Cosby, MAI, MRICS have not provided any services, as appraisers or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. i? James Tanner Ray AR State Certified Residential Appraiser No. CR2952 Jeff Ford, MAI AR State Certified General Appraiser No. CG2798 STATE : CERTIFIED GENERAL CG2798 IJJtita�Ril�tt4� Stephen Cosby, MAI, MRICS AR State Certified General Appraiser No. CGO197 © 20) 6 CBRE, Inc. Subject Photographs Subject Photographs © 2076 CB;RE, Inc. Executive Summary Property Name Partial Taking from Three Trails of Land Location 1-49 & Highway 112, Fayetteville, Washington County, Arkansas 72703 Client Reference Number 16-0000256-001 Highest and Best Use As If Vacant Mixed -use development Property Rights Appraised Fee Simple Estate Date of Report August 4, 2016 Date of Inspection May 4, 2016 Estimated Exposure Time 24 Months Estimated Marketing Time 24 Months Land Area 92.83 AC 4,043,675 SF Buyer Profile Developer JUST COMPENSATION BY ENTITY Drake St Property, LLC $100,000 1155 Properties, LLC $100,000 RPM1 Properties, LLC $300,000 Compiled by CBRE EXTRAORDINARY ASSUMPTIONS An extraordinary assumption is defined as "an assumption directly related to a specific assignment, as of the effective date of the assignment results, which if found to be false, could alter the appraiser's opinions or conclusions." ' • The subject site is currently improved with residential and agricultural structures. Although significant, these structures do not conform to the highest and best use of the subject site as though vacant. Because of the distance from the partial taking and the fact that the property already lies along 1-49, the imposition of the City's proposed partial taking should not have a detrimental effect on the existing improvements. We have therefore assumed this to be the case and have not addressed the contributory value of the improvements. • The use of this extraordinary assumption might have affected the assignment results. HYPOTHETICAL CONDITIONS A hypothetical condition is defined as "a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purposes of analysis." 2 • None noted. 1 The Appraisal Foundation, USPAP, 2016-2017 ed. 3. 2 The Appraisal Foundation, USPAP, 2016-2017 ed. 3. 2016 CBRE, Inc. Table of Contents Table of Contents Certification.......................................................................................................................... i SubjectPhotographs............................................................................................................iii ExecutiveSummary .............................................................................................................vi Tableof Contents...............................................................................................................vii Introduction........................................................................................................................ 1 AreaAnalysis........................................................................_...._........................................ 6 NeighborhoodAnalysis....................................................................................................... 9 SiteAnalysis...................................................................................................................... 14 PartialTaking.................................................................................................................... 17 Zoning.............................................................................................................................. 22 Taxand Assessment Data..................................................................................................24 MarketAnalysis................................................................................................................. 25 Highest and Best Use — Before the Taking.......................................................................... 36 AppraisalMethodology..................................................................................................... 38 Overall Land Value — Before the Taking............................................................................. 40 Highest and Best Use - After the Taking............................................................................ 46 Overall Land Value - After the Taking............................................................................... 47 DrakeSt Property, LLC....................................................................................................... 49 1155 Properties, LLC......................................................................................................... 51 RPM1Properties, LLC........................................................................................................ 53 Reconciliation of Just Compensation.................................................................................. 55 Assumptions and Limiting Conditions................................................................................ 56 ADDENDA A Land Sale Data Sheets Legal Description :. Subject Property Information D Precis METRO Report - Moody's Analytics, Inc. Client Contract Information Qualifications Vii CBRE © 2076 CBRE, Inc. Introduction ImrFIItT• OWNERSHIP AND PROPERTY HISTORY The subject is made up of three different tracts which are owned by different, but related, entities. Parcel Nos. 765-15840-000 and 765-15889-010 are vested in the name of Drake ST Property, LLC who acquired title to the property on June 20, 2013 for the recorded price of $3,147,000 which amounts to $4.50 per square foot($196,075 per acre). According to the buyer's representative, the purchase was arm's length but the purchase price is considered to be above market which is likely due to the fact that the buyer also owned the adjacent property. No other transactions are known to have occurred within the past three years. Parcel Nos. 765-15908- 000 and 765-15889-000 are vested in the name of 1155 Properties, LLC who has owned the property for at least the past three years. Parcel No. 765-15887-000 is vested in the name of RPM1 Properties, LLC who has also owned the property for at least the past three years. It should also be mentioned that the true owner of all three entities is the same. The property is not known to be offered for sale at this time nor is it known to be under contract at this time. The original cumulative size of all three tracts was 1 1 1.06 acres; however, the Arkansas Highway Transportation Department (AHTD) recently condemned 18.23 acres along the northern part of the property as part of the right-of-way taking for the Interstate 49 highway expansion. Thus, the cumulative size of the tracts is now 92.83 acres (pre -taking). The partial taking by the city of Fayetteville consists of a 30 foot utility easement containing a total of acres which basically runs parallel to the new right-of-way along the northern boundary. The size of the property after the taking will be (post -taking). INTENDED USE OF REPORT This appraisal is to be used for possible litigation purposes, and no other use is permitted. INTENDED USER OF REPORT This appraisal is to be used by City of Fayetteville, and no other user may rely on our report unless as specifically indicated in the report. Intended Users - the intended user is the person (or entity) who the appraiser intends will use the results of the appraisal. The client may provide the appraiser with information about other potential users of the appraisal, but the appraiser ultimately determines who the appropriate users are given the appraisal problem to be solved. Identifying the intended users is necessary so that the appraiser can report the opinions and conclusions developed in the appraisal in a manner that is clear and understandable to the intended users. Parties who receive or might receive a copy of © 2016 CBRE, Inc. Introduction the appraisal are not necessarily intended users. The appraiser's responsibility is to the intended users identified in the report, not to all readers of the appraisal report. a PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the just compensation due the owner as a result of the imposition of the partial taking described in this report. DEFINITION OF JUST COMPENSATION Just Compensation is defined as follows: In condemnation, the amount of loss for which a property owner is compensated when his or her property is taken. Just compensation should put the owner in as good a position as he or she would be if the property had not been taken.4 In the State of Arkansas, the measure of Just Compensation is the difference in the fair market value of the whole property immediately before the taking and the fair market value of the remaining property immediately after the taking.5 The following is the Model Jury Instruction promulgated by the Arkansas Supreme Court Committee on Jury Instructions: In arriving at the amount of just compensation to which (the property owner) is entitled, you first determine the fair market value of the whole property immediately before the taking, and then you determine the fair market value of the remaining property immediately after the taking. The compensation (the property owner) is entitled to recover is the difference, if any, between the fair market value of the whole property immediately before the taking and the fair market value of the remaining property immediately after the taking. In determining the fair market value of the remaining property immediately after the taking, you should consider the remaining property as if (the condemning authority's) project was completed and permanently in place according to the construction plans now on file. The current economic definition of market value agreed upon by agencies that regulate federal financial institutions in the U.S. (and used herein) is as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 3 Appraisal Institute, The Appraisal of Real Estate, 14'h ed. (Chicago: Appraisal Institute, 2013), 50. 4 Appraisal Institute, The Dictionary of Real Estate Appraisal, 5th ed. (Chicago: Appraisal Institute, 2010). 5 Pope v. Overton, 2011 Ark. 11, 376 S.W.3d 400; Arkansas State Highway Commission v. Littlefield, 247 Ark. 686, 447 S.W.2d 146 (1969); and Property Owners Improvement District No. 247 v. Williford, 40 Ark. App. 172, 843 S.W.2d 862 (1992). © 2016 CBRE, Inc. Introduction 2. both parties are well informed or well advised, and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. 6 In Arkansas, however, the definition of value is termed "Fair Market Value" and it is different than the above Market Value definition. The following is the Model Jury Instruction promulgated by the Arkansas Supreme Court Committee on Jury Instructions for Fair Market Value: When I use the expression "fair market value," I mean the amount of money which a purchaser who is willing but not obligated to buy the property would pay to an owner who is willing but not obligated to sell it, taking into consideration all uses to which the land is adapted and might reasonably be applied. Fair market value is not necessarily based on the use to which the property was being put at the date of taking, but is to be based on the fair market value of the land put to its highest and best use. This appraisal is concerned with the development of the Just Compensation due the owner as a result of the partial taking. As the subject property is located in Arkansas, the appraisal must conform to the court instructions. Therefore, the definition of Fair Market Value stated in the Jury Instruction above is applicable. Further, Just Compensation is the difference between the Fair Market Value of the subject property before the taking and the Fair Market Value after the taking, again as directed by the court. This appraisal therefore proceeds under this framework and definitions. INTEREST APPRAISED The value estimated represents the Fee Simple Estate and is defined as follows: Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. ' EXPOSURE/MARKETING TIME The exposure/marketing time associated with the value indications before and after the taking is a function of price, time, and use. It is not an isolated estimate of time alone. In consideration of these factors, we have analyzed the following: 6 Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237, Page 77472. 7 Dictionary of Real Estate Appraisal, 78. 3 © 2016 CBRE, Inc. Introduction EXPOSURE/MARKETING TIME DATA Exposure/Mktg. (Months) Investment Type Range Average Local Market Professionals 12.0 - 36+ 24.0 CBRE Exposure Time Estimate 24 Months CBRE Marketing Period Estimate 24 Months CBRE National Investor Survey & PwC Real Estate Survey SCOPE OF WORK This Appraisal Report is intended to comply with the reporting requirements set forth under Standards Rule 2 of USPAP. The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered and analysis is applied. CBRE, Inc. completed the following steps for this assignment: Extent to Which the Property is Identified The property is identified through the following sources: • assessor's records • legal description Extent to Which the Property is Inspected CBRE, Inc. observed the subject site and its surrounding environs on the effective date of appraisal. Our inspection included viewing the site from public roads. We did not walk the entire site or drive the entire interior of the site and have assumed that the portions of the site not actually observed are in similar condition to the areas observed. Type and Extent of the Data Researched CBRE reviewed the following: • applicable tax data • zoning requirements • flood zone status • demographics • comparable data Type and Extent of Analysis Applied CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal methodology to arrive at a probable value indication via each applicable approach to value. For vacant land, the sales comparison approach has been employed for this assignment. CBRE © 2016 CBRE, Inc. Introduction Data Resources Utilized in the Analysis DATA SOURCES Item: Source(s): Site Data Size Combination of legal descriptions and surveys for the proposed right-of-way. Area Breakdown/Use CBRE Observation Other Demographic Data Claritas Zoning Map City of Fayetteville, GIS Flood Map FEMA Compiled by CBRE © 2016 CBRE, Inc. Area Analysis t41 wii111 . FAYETTEVILLE-SPRINGDALE-ROGERS, AR -MO - ECONOMIC INDICATORS Indicators 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Gross Metro Product (CSB) 18,1 18.3 18.9 19.7 20.5 21.1 22.2 23.3 24.3 25.0 25.6 26.4 % Change 4.2 1.2 3.0 4.5 4.0 2.7 5.1 5.4 3.9 3.0 2.6 3.0 Total Employment (Ths) 200.2 204.2 209.5 214.8 224.4 235.5 243.4 248.1 252.5 256.1 258.2 260.3 % Change 0.4 2.0 2.6 2.5 4.5 5.0 3.4 1.9 1.8 1.4 0.8 0.8 Unemployment Rate (%) 6.7 6.4 5.8 5.5 4.5 4.0 3.7 3.8 4.0 4.1 4.2 4.3 Personal Income Growth (%) 3.3 14.1 15.9 2.1 4.9 5.2 2.8 4.3 5.3 3.9 3.4 3.8 Median Household Income (S Ths) 44.8 45.3 46.2 47.9 50.1 51.5 51.7 52.8 54.2 55.2 55.8 56.5 Population (Ths) 465.7 474.2 483.1 492.2 501.7 511.9 522.4 533.0 543.8 556.8 570.5 584.6 % Change 2.3 1.8 1.9 1.9 1.9 2.0 2.0 2.0 2.0 2.4 2.5 2.5 Net Migration (000) 6.6 4.7 5.1 5.4 5.6 6.3 6.6 6.7 7.0 9.1 9.9 10.2 Single -Family Permits 1,081.0 1,289.0 1,906.0 2,391.0 2,639.0 3,313.0 3,099.4 3,441.2 3,627.4 3,587.1 3,553.4. 3,747.0 Multifamily Permits 140.0 48.0 160.0 133.0 965.0 990.6 1,667.5 1,512.4 1,664.2 1,664.7 1,769.8 1,903.0 Fhfa House Price (1995Q1 =100) 152.1 145.1 146.2 152.6 159.2 166.0 171.9 176.8 180.7 185.2 191.0 197.7 Source: Moody's Economy.com 6 CBRE © 2076 CBRE, Inc. Area Analysis RECENT PERFORMANCE The Northwest Arkansas economy is expanding rapidly and is easily outperforming the rest of the Natural State as well as the nation. Payroll employment is already 16% above its prerecession peak, and job growth since the turn of the decade has consistently exceeded that in other Arkansas metro areas. Private services are on fire; the only parts of the economy not adding jobs are manufacturing and transportation. Population -dependent industries are shouldering the load, but office -using industries are growing at an above -average rate. With the jobless rate closing in on a low 3%, there should be upward pressure on wages. Average hourly earnings have struggled to grow, however, because job creation has been greatest in low -wage industries. Still, with so many new jobs, total incomes are growing at an above -average rate. House prices have rebounded back to their late -2007 levels, and greater real estate wealth is a positive for spending as credit quality improves. FOOD PROCESSING Food processors will expand and lead a turnaround effort in manufacturing. In particular, local chicken processors will expand as growing national poultry demand increases the need for additional productive capacity. U.S. households are consuming more chicken than beef these days because of beef's higher cost. U.S. per capita chicken consumption hit an all-time high of 90.1 pounds in 2015, according to the National Chicken Council. Tyson Foods and Ozark Mountain Poultry are constructing new chicken processing facilities to keep up with rising demand. Feed costs have also declined for local chicken processors over the past several years, boosting profits and encouraging investment in property, plant and equipment. Foreign chicken demand will also be a source of long-term growth. In particular, China's rapidly growing middle class will be targeted by local producers. Southeast Asian countries will provide producers with additional opportunities. HEALTH SERVICES Healthcare will provide further fuel to the expanding northwest Arkansas economy. Industry job growth will exceed the state and national averages over the medium term because of superior demographic gains. Population growth in Northwest Arkansas is nearly three times the national average, and multiple healthcare providers are responding to surging demand by expanding their facilities. Washington Regional Medical Center is constructing a new medical plaza that will open in early 2017 that will provide urgent and specialty healthcare. Arkansas Children's Hospital System is building a new $184 million hospital in Springdale that will be complete in early 2018. In addition to capital investments in healthcare, the recent veto by the governor of a bill that would have ended the Arkansas Medicaid expansion takes a downside risk to the near - term healthcare outlook off the table. 7 r I. 1. G 2016 CBRE, Inc. Area Analysis ADVANTAGES Northwest Arkansas will also retain key competitive advantages that will enable it to outperform the rest of Arkansas over the long term. First, population growth will be much stronger than in the rest of the state thanks to outsize natural increases as well as robust in -migration as younger, more educated workers are attracted to Northwest Arkansas's better -paying jobs. Jobs in high - wage industries account for one -fifth of employment, almost twice the share statewide. STRENGTHS AND WEAKNESSES Strengths • Headquarters of several industry leaders, including Walmart. • Home to large research university. • Support to private research firms from Arkansas Research and Technology Park. • Strong in -migration and favorable age structure. Weaknesses • Above -average employment volatility. • Less broad -based job creation compared with the national average. FORECAST RISKS Upside • Chicken exports rise, providing extra income for local producers. • Out -of -area firms boost hiring of white-collar staff to take advantage of low business costs and a comparatively well-educated workforce. • Strong population growth generates more healthcare jobs than expected Downside • Grain prices rebound, compressing margins at local food processors and restraining hiring. CONCLUSION The Northwest Arkansas economy will perform better than average this year thanks to gains in food processing, healthcare and other services, but job growth will be slower than 2015's breakneck pace. Longer term, growth will outpace that of the state and nation. Consumer - related industries and housing will perform better than average because of its strong demographics. 8 CBRE © 2016 CBRE, Inc. Neighborhood Analysis Johnson © 2016 CBRE, Inc. Neighborhood Analysis LOCATION The subject is in the city of Fayetteville and is considered a suburban location. Fayetteville is situated in north -central Washington County, about 25 miles south of the Wal-Mart Home Offices BOUNDARIES The neighborhood boundaries for the subject are ill-defined — but, loosely they are considered to be the corridor of Interstate 49 extending north from Martin Luther King Jr. Boulevard to AR Highway 112. Natural extensions of the neighborhood would be northeasterly along U.S. Highway 71 Business/John Paul Hammerschmidt Highway which runs in a general easterly/northeasterly direction from its intersection with Interstate 49. The highway turns northerly and connects with North College Avenue a short distance easterly from Interstate 49. Basically, this extension of the neighborhood encompasses the Northwest Arkansas Mall, CMN Business Park, Steele Crossing, etc. LAND USE Land uses in the subject neighborhood consist of primarily commercial at the intersections along Interstate 49 with the exception of the Porter Road intersection. Porter Road has more light industrial, residential and special-purpose uses at its intersection with Interstate 49. At the intersection of Martin Luther King Jr. Boulevard and Interstate 49 is an established area of commercial use with hotel/motel, retail, fast-food restaurants, etc. Martin Luther King Jr. Boulevard runs westerly from Fayetteville and turns to U.S. Highway 62 and connects Farmington, Prairie Grove, etc. with Fayetteville. These areas are growing as people move outward to smaller communities and commute further distances to work. With the completion of a Wal-Mart Supercenter a short distance westerly from Interstate 49, this has given renewed emphasis on commercial development in and around the Supercenter. Al the intersection of Arkansas Highway 16/Wedington Drive with Interstate 49 is a newer area of commercial development as this area is being developed to service the rapid residential development just to the west of this intersection along Wedington Drive. Commercial uses in this area include Harps Grocery Store, retail strip centers, branch banks, hotels, fast-food restaurants, etc. At the intersection of Arkansas Highway 112 with Interstate 49 is a newer area of commercial development with a Sam's Club and the Fayetteville Auto Park. This area is primed for further commercial development with Meadow Field Commercial Subdivision developed to the south of Sam's Club and the future development of Park West (commercial and residential) to the north of Sam's Club. As previously indicated, the natural extension to the subject market includes the Northwest Arkansas Mall and surrounding commercial uses primarily to the south. The Mall was developed in early 1970's. The area to the south of the Mall has been developed for commercial uses 10 CBRE © 2016 CBRE, Inc. Neighborhood Analysis encompassing the CMN Business Park II/Steele Crossing area as well as the areas along Joyce Boulevard between the Mall and CMN including the Home Depot and the Wal-Mart Supercenter. The area to the south of the Mall has been developed with a Target, Kohls, PetsMart, Best Buy, Mattress Firm, Malco Movie Theatre, strip centers, Wal-Mart Supercenter, Home Depot, etc. as well as regional and national restaurant chains and a Courtyard by Marriott. Steele Crossing, which is located in the western part of this area, has the most vacant commercial acreage still available. In addition, Van Asche Drive has been extended westerly to Gregg Avenue, which opens up this area of the development with an additional ingress/egress point. There are a couple of apartment complexes which are currently under construction. The area to the south of the Mall and surrounding commercial development, along the south side of U.S. Highway 71 Business/John Paul Hammerschmidt Highway is improved with the Washington Regional Hospital and adjacent North Hills Medical Park (medical offices, rehabilitation hospital, etc.) and professional offices along Millsap Road. Closer to the intersection of Millsap Road and North College Avenue, two hotels and two restaurants along with office space was noted. GROWTH PATTERNS In general, the economic trend of this area is good with retail and office development continuing at a steady pace. Property values are mostly increasing as developable land becomes scarce and intensity of development increases. ACCESS Primary access to the subject neighborhood is provided by Interstate 49. This is the major north - south thoroughfare in Northwest Arkansas. This arterial connects the subject neighborhood with the City of Bentonville to the north, and the City of Fort Smith to the south. DEMOGRAPHICS Selected neighborhood demographics in 1-, 3-, and 5 -mile radii from the subject are shown in the following table: © 2076 CBRE, Inc. Neighborhood Analysis SELECTED NEIGHBORHOOD DEMOGRAPHICS 1-49 & Highway 112 Fayetteville, Arkansas 1 Mile 3 Miles 5 Miles Population 2021 Population 4,240 59,825 116,168 2016 Population 4,051 56,346 108,306 2010 Population 3,760 51,011 96,289 2000 Population 4,763 43,890 77,002 Annual Growth 2016-2021 0.92% 1.21% 1.41% Annual Growth 2010 - 2016 1.25% 1.67% 1.98% Annual Growth 2000-2010 -2.34% 1.51% 2.26% Households 2021 Households 2,353 25,394 48,334 2016 Households 2,224 23,768 44,879 2010 Households 2,023 21,255 39,635 2000 Households 2,320 18,017 31,010 Annual Growth 2016-2021 1.13% 1.33% 1.49% Annual Growth 2010 - 2016 1.59% 1.88% 2.09% Annual Growth 2000-2010 -1.36% 1.67% 2.48% Income 2016 Median Household Income $25,343 $38,568 $40,838 2016 Average Household Income $39,688 $66,144 $66,578 2016 Per Capita Income $21,790 $27,901 $27,588 Age 25+ College Graduates - 2016 805 14,807 25,890 Age 25+ Percent College Graduates - 2016 31.8% 45.8% 40.4% Source: Nielsen/Claritas CONCLUSION The neighborhood appears to be in the growth phase of its life cycle. We do note the growth for both population and households is indicated as being negative from 2000-2010 within a one mile radius of the subject. But, this is rather difficult to accept because the area has generally been growing. Growth is indicated as positive from 2010-2016 and this growth in forecast to continue into the future (albeit at a slightly slower but still healthy pace). The subject is a large tract of land that is highly visible from Interstate 49 and it should benefit from the increase in population as this contributes to the demand for real estate. The recent growth in the neighborhood has primarily been related to both residential and commercial development, which appears to be supported by the neighborhood demographics and the primary traffic carriers within the neighborhood. 12 CBRE © 2016 CBRE, Inc. Site Analysis PARCEI MAP - PRE_TAKIN(, RY THE AHTD AND THE CITY C/F FAYETTEVILLE The subject parcels are outlined in red. In total, the above area reflects approximately 11 1.06 acres; however, the AHTD recently acquired 18.23 acres for the expansion of the Interstate 49. The gross site area for the subject is actually 92.83. i6) 2016 CBRE, Inc. Site Analysis Site Analysis The following chart summarizes the salient characteristics of the subject site before the taking. SITE SUMMARY AND ANALYSIS - BEFORE THE TAKING Physical Description Gross Site Area 92.83 Acres 4,043,675 Sq. Ft. Net Site Area 92.83 Acres 4,043,675 Sq. Ft. Primary Road Frontage Interstate 49 3,553 Feet Secondary Road Frontage W Drake Street 2,531 Feet Excess Land Area None n/a Surplus Land Area None n/a Shape Irregular Topography Undulating to gently sloping from south to north Primary Traffic Counts (24 hrs.) Interstate 49 85,000 @ N Garland Ave Year: 2015 Secondary Traffic Counts (24 hrs.) W Drake St 9,600 @ N Gregg Ave Year: 2015 Zoning District UT, Urban Thoroughfare Flood Map Panel No. & Date 05143CO210F 16 -May -08 Flood Zone Zone X Adjacent Land Uses Commercial, residential and agricultural uses Comparative Analysis Rating Visibility Good Functional Utility Assumed adequate Traffic Volume Average/Good (W Drake Street vs. Interstate 49) Adequacy of Utilities Assumed adequate Landscaping Average Drainage Assumed adequate Utilities Provider Adequacy Water City of Fayetteville Yes Sewer City of Fayetteville Yes Natural Gas Black Hills Energy Yes Electricity SWEPCO/Ozarks Electric Yes Telephone Various Providers Yes Other Yes No Unknown Detrimental Easements X Encroachments X Deed Restrictions X Reciprocal Parking Rights X Source: Various sources compiled by CBRE INGRESS/EGRESS The subject site has an ample amount of roadway frontage along W Drake Street which is a two- lane thoroughfare running in an east -west direction. Currently there are three access points along the northern right-of-way W Drake Street. 14 c 2016 CBRE, Inc. Site Analysis The subject also has a significant amount of roadway frontage along the southern right of way of Interstate 49; however, by its nature this is a controlled access commercial thoroughfare and the subject is not accessible from it. ENVIRONMENTAL ISSUES CBRE, Inc. is not qualified to detect the existence of potentially hazardous material or underground storage tanks which may be present on or near the site. The existence of hazardous materials or underground storage tanks may affect the value of the property. For this appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous materials that may be present on or near the property. ADJACENT PROPERTIES The adjacent land uses are summarized as follows: North: Interstate 49 with a mix of commercial uses and vacant land beyond. South: W Drake Street with agricultural property utilized by the University of Arkansas beyond. East: Vacant land. West: Commercial uses. CONCLUSION The site is well located and afforded good visibility and adequate access from roadway frontage. The size of the site is not uncommon for the area and use; however, it is on the larger side which may preclude developing the entire site all at once. There are no known detrimental uses in the immediate vicinity. Overall, there are no known factors which are considered to prevent the site from development to its highest and best use, as if vacant, or adverse to the existing use of the site. © 2016 CBRE, Inc. Site Analysis FLOOD PLAIN MAP D212 ZONE R ZONE AE DR 33 27 uhuuou Scull Creel ZONE X ZONE X -- ZONE IN CULVERT ZONE X 4 MAP SCALE 1" =1000' 500 0 1000 200FEE PANEL 0210F FIRM FLOOD INSURANCE RATE MAP WASHINGTON COUNTY, ARKANSAS AND INCORPORATED AREAS PANEL 210 OF 575 (SEE MAP INDEX FOR FIRM PMIEL LAYOUT) CONTAINS: RIINIIY NR PANEL 5 fly ba.U�a� eF. O. e20 MAP NUMBER ® Miff 05143CO210F y MAP REVISED +o. MAY 16, 2008 Federal Emergency Management Agency cow of a I%od1On ortne abmc reromacetl I maP. n sing F.MITOniine. ltu ap tloaa �w,anagt gnapaga w been made subsequent to tnc date on tae ct iMormaEon about Nailonal Flood I�ttvrarc aaram nootl maps ctneck lbe FEMA Floatl Mao Stam at wrvr. mac.fema.{ Based on the FEMA flood map it appears that a smaller part of the northwest portion of the subject site could be located in the floodplain. But, it appears that this area has been acquired by the AHTD as part of the Interstate 49 expansion project. 16 © 2016 CBRE, Inc. Partial Taking The Arkansas Highway and Transportation Department recently acquired 18.23 acres along the northern boundary of the subject for the expansion of the Interstate 49. Now, the City of Fayetteville is seeking to acquire a new 30 -foot wide utility easement which will run along the southern boundary of the new Interstate 49 right-of-way. The easement will contain a total of acres and traverse the property in an east-northeast direction (basically comprising the northern boundary of the property). The proposed layout of the new easement is illustrated in the following surveys. Note that the surveys do note illustrate the entire tract but rather, they emphasize the location of the proposed easement. We have highlighted the proposed easement in yellow. The areas to the north of the easement have already been acquired by the AHTD and are highlighted in red — also note that the areas highlighted in red do not necessarily represent legal boundaries. © 2016 CBRE, Inc. Partial Taking CI IRVFY - fRAKF ST PRC)PFRTY I i C NE 1/ L2 N 78:p 996 L PROPOSED 08, .EASEMENT SE 1/4, NE 1/4 33-17-30 12 -!-FOOT. TO FPHONE E - ENT 1OO2- 84 DRAKE ST PROPERTY, LLC PARCEL NO. 765-15840-000 & 765-15889-010 RECORD DEED: 2013-00027050 1/2" REBAR LS1415 SW CORNER SW 1/4 NW 1/4 SECTION 34, T -17-N. R -30-W 11 S 88`67'16" W 209.20" 1 SW 1/4, NW 1/4 34-17-3O a iW ^ , n 0 z .AREA CALCULATIONS 50. PT. ACRES PROPOSED EASEMENT 14,952 0.34. lam PL PL EXISTING PROPERTY LINE -- - R/w EXISTING RIGHT OF WAY LINE P1w PROPOSED RIGHT OF WAY LINE EXISTING EASEMENT LINE "- -~' - -- - - - - -- - PROPOSED EASEMENT LINE TKIS £XMS/T IS A SKETCH O£5CR1P17IE ONLY O/ THE SIZE SNAP£ BEARINGS - GRIO AND LOCATNXJ OF THE PROPOS£O CASEM2;'JYS AND DS NOT ARKANSAS NORTH ZON CON5lrl7E A PLAT OR S1IRt'£Y OF 77d£ G/ZANTCR4 F PROPERTY. wo49EASTJOYCEsouivARQ OCITY OF FAYETTEVILLE SUITE 400 FAYETTLVfLIE ARKANSAS PAYEMMLIS,ARKANTAS 72704 A1'iT© NO. 8.0414 479527.910 WATER & SEWER RELOCATIONS 1.,4.9' LS Is 79'.35'29 W 80 3 (J L3 S G6 1:6'50 ' 'Vl 111,28 L4' . 020„ 4.'.E .44. N '7 •.•3.6:29 89.E L7 N: Si'40::58 W Q5$ GRAPHIC SCALE 100 0 50 100 ( IN FEET) E S inch' 10011.. JOB NO, 'OAT£ 14048180 APRIL 14. 2015 1;"EXHI'81T A" rRncT 5 HE © 2016 CBRE, Inc. Partial Taking SURVEY - 1155 PROPERTIES, LLC R, wy,", rFrys5•,•.+'.'5..5i. AtiYh'1 � � j� 4 � t i.::'5'' � �s�b P,ROPOSEO 4Y Y a e• o• a EASEMENT ` 1/2" REBAR LS14151 S''1 CORNER SW 1/4, NW 1/4 SW 1/4 NW 1/4 1 34-17--30 SECTION 34, T -17--N, R -3O --W AREA CALCLIi AT1ONS SO. F7 : ARES LINE ANGLE�. ` I ' A S $724'/7" E PROPOS D EASEMENT 11,967 0.27 L1 N 0Z27'41" E 30.116 12 : S 81'40'58" El 149.89: L3 S 02'31'22 30.43 209,32' 14 : N81'40'5 145,80 L G -N PL ---- P1. EXISTING PROPERTY LINE GRAPHIC SCALE R/wEXISTING RIGHT OF WAY LINE 9 100 50 100 R/w' PROPOSED RIGHT OF WAY LINE - ---- EXISTING EASEMENT LINE PROPOSED EASEMENT LINE THIS FXN/R71..S A SKETCH DESCR/P>JV£ ONLY OF TN£ SIZE, SHAPE BEARINGS - GRID ( IN FEET AND LOCA170/V OF THE PROPOSED EASEMENTS AND DOES NOT ARKANSAS NORTH ZONE I inch = 100 IL CGNS1Z7U7£. A FLAT,O,R SURVEY CI" 1H£ CRAYTOR'S PROPERTY. 2919 EASTJOYCB BOU&VARD CITY OF FAYET'TEVILLE '` JOB No. DATE SU1tE400 FAT TT HLt,1:,ARKANSAs 14048160 Ai�FI1L 14, 2075 fA'fE_T YXLE.ARKANSA;72T04 At1TD NO. 880444 , ye« «TRCTWATER&SEWER RELOCATIONS sFz EXHIBIT A iK © 2016 CBRE, Inc. Partial Taking JUKVLY - I I55 rKUrtKl Its, LLL (C:UN I INUt 20.14FASrJ0Y0EII0IAVAR0 CITY OF FAYETTEVILLE ,%M400 FAYE17EBNAE, ARKANSAS fAYE77EMUR. ARKANSAS 12101 AHTD NO. BB0414 41s521•a10U WATER & SEWER RELOCATIONS JOB NO. 0A.i1 14048180 APRIL 14, 2015 "EXHIBIT A" `tancr 7 20 © 2016 CORE, Inc. Partial Taking .1 IRVFY - RPM1 PRC)PFRTIFS I I C LINE ANGLE 0IS'CE L1 N 0229'38' £ 30.00 L2 $ 87'06'30" E 127.05 L3 N 79'28'03" E 223.05' !4 N 72'16'47" E 102.47 L5 N 5349'31"E 170.40' L6 N 43'18'52" 123.92 L7 N 51'32'44" E 273.79 18 N 55'0'30" E 138.50 19 N 49'44'01" E 140.32 110 N 39'02'57 E 211.18 11 N 38'31 42 E 243.33 L12 N 20'15'19" 195.51 L13 N 34'35'25" E 160.58 L14 N 43'06'54" E 89.59' L15 N 69'01'00 E 68.68 116 S 4Y06'54" W 149.13' AN L DIS N S 34'35 25 W 154.57 ELINE S 20'1519 W 196.57S 38'31 32 Vl 24705 S 39'02'57 W 215.37 L21 S 49'44'01 W 144.53 122 S 5505'30 VV1 138.98 L23 S 51'32'44" W 114-91 L24 S 45'15'53" 45.70 L25 S 51'32'44" W 110.00 L26 S 4316'52" 124.62 L27 S 5349'31"W 179.30 L28 S 72'l6'47 W 110.04' L29 S 86'17'59" 41.70 L30 S 79'28'03 W 187.69 131 N 8706'30" W 130.37` '`pry° 100 -FOOT SWEPC0 EASEL \ 2n07-nn439 yv NE 1/4, NW 1/4 34-17-3O L1 SE 1/4, NW 1/4 18 34-17-30 RPM! PROPERTIES, LLC PARCEL Na 765-15887-000 RECORD DEED: 2013-00000127 o n, GRAPHIC SCALE S 8724'17" E 2 300 0 150 300 971.73' ( IN FEET) 1 inch = 300 (1 LEG NO 1/2" REBAR LS1415 Pi PL-- EXISTING PROPERTY LINE SW CORNER "R'W -----R/W EXISTING RIGHT OF WAY LINE NW 1/4 PROPOSED RIGHT OF WAY LINE SECTION 34, ^R/W BEARINGS - GRID EXISTING EASEMENT LINE iT-17-N, R -30-W ARKANSAS NORTH ZO------------PROPOSED EASEMENT LINE TN/S EXHIBIT IS A SK£TCN DESCRiPJ7YE- ONLY Or JNE SIZE, SHAPE 1 AREA CALCULATIONS 1 SQ. FT. -ACRES AND LOCA77QY OF THE PROPOSED EASEMENTS AND DOES NOT CONSTIR/T£ A PLAT OR SUR4EY AF THE CRANJORS PROPERTY. PROPOSED EASEMENT 70,139 1.61 SMEAsrJOrcE nrnxvaan CITY OF ANSASFAYETTEVILLE fAHTEVNO. le Jos NO. 1404Si60 PATE NOV. 30, 2015 f•"ArETTEwIIe, ARiW15ASTZT44 AHTD NO. BB0414 BS04 e 4795270100 WATER & SEWER RELOCATIONS {Nrlllu$ $ .. , EXHIBIT A' TRncTp 8 R 21 © 2016 CBRE, Inc. Zoning Zoning The following chart summarizes the subject's zoning requirements. ZONING SUMMARY Current Zoning UT, Urban Thoroughfare Legally Conforming Yes Uses Permitted See comments below. Zoning Change See comments below. Source: Planning & Zoning Dept. On June 20, 2016, the City of Fayetteville Planning Commission approved a request to have the property rezoned from R -O, Residential Office and R -A, Residential Agricultural to UT, Urban Thoroughfare. The Urban Thoroughfare District is a commercial zone designed to provide goods and services for persons living in the surrounding communities. This district encourages a concentration of commercial and mixed use development that enhances function and appearance along major thoroughfares. Automobile -oriented development is prevalent within this district and a wide range of commercial uses is permitted. The intent of this zoning district is to provide standards that enable development to be approved administratively 7^?.1I t.I!'_ AAA D © 2016 CBRE, Inc. Zoning rI II In I A wirl I Ire AA A n According the City of Fayetteville's future land use map, the subject is designated for Urban Center use which is consistent with its recent rezoning. According to documents from the city planning office, Urban Center Areas contain the most intense and dense development patterns within the City, as well as the tallest and greatest variety of buildings. They accommodate row - houses, apartments, local and regional retail, including large-scale stores, hotels, clean tech industry and entertainment uses. These areas are typified by their location adjacent to major thoroughfares with high visibility, usually automobile -dependent customers and large areas dedicated to parking. Although Urban Center Areas recognize the conventional big -box and strip retail centers developed along major arterials, it is expected that vacant properties will be developed into traditional mixed -use centers, allowing people to live, work and shop in the same areas. Additionally, infill of existing development centers should be strongly encouraged, since there is greater return for properties already served by public infrastructure. ANALYSIS AND CONCLUSION The current zoning of the subject appears to accommodate its current use as tract of agricultural land. According to the city's future land use map the site is intended for mixed -use development. Thus, we assume that the property could be rezoned (with minimal effort) to accommodate a variety of uses. Additional information may be obtained from the appropriate governmental authority. For purposes of this appraisal, CBRE has assumed the information obtained is correct. 23 s O 2016 CBRE, Inc. Market Analysis Tax and Assessment Data The following summarizes the local assessor's estimate of the subject's market value before the taking, assessed value, and taxes, and does not include any furniture, fixtures or equipment. The CBRE estimated tax obligation before the taking is also shown. AD VALOREM TAX INFORMATION Assessor's Market Value 2015 Current Pro Forma 765-15840-000 $103,200 $91,500 765-15889-010 1,450 1,595 765-15908-000 3,050 3,355 765-15889-000 44,985 47,900 765-15887-000 58,150 60,400 Subtotal $210,835 $204,750 $204,750 Assessed Value @ 20% 20% 20% $42,167 $40,950 $40,950 General Tax Rate (per $100 A.V.) 5.375000 5.475000 5.475000 Total Taxes $2,266 $2,242 $2,242 Source: Assessor's Office The local Assessor's methodology for valuation is the cost approach supplemented by sales data. Arkansas requires property be assessed at its fee simple market value although this is not always properly done. Some Assessors describe the values as "bricks, sticks, and mortar". The exclusion of the effects of leasing or operation of the property is the key point. Washington County recently re -assessed its real estate in 2015 and the next re -assessment is scheduled for 2020. Arkansas is a disclosure State and Assessors have knowledge of the sale price of properties. CONCLUSION Based on the foregoing, the total taxes for the subject have been estimated as $2,242 for the base year of our analysis, based upon an assessed value of $40,950 or $441 per acre. This is marginally lower than the historical assessment, but it is consistent with the current assessment. For purposes of this analysis, CBRE, Inc. assumes that all taxes are current. 24 CBRE © 2016 CBRE, Inc. Market Analysis Market Analysis The market analysis forms a basis for assessing market area boundaries, supply and demand factors, and indications of financial feasibility. The subject is large tract of development land and could support a variety of uses ranging from residential (high density/multi-family) to commercial (both office and retail). In reality the most probable use would be a combination. Based on this we have analyzed the multi -family, retail, and office markets for the Fayetteville area. Primary data sources utilized for this analysis include the Arvest Bank funded Skyline Report by the University of Arkansas, Streetsmart Data Services, Inc (formerly The Reed Report), Real Capital Analytics, primary research by CBRE, and interviews with market participants and professionals. APARTMENT MARKET Market Overview The following discussion illustrates some general observations in the surrounding apartment market. MARKET SUMMARY CBRE/Northwest Arkansas began publishing a semi-annual market study as of 2012. Prior to the end of 2014, CBRE/Northwest Arkansas and CBRE, Inc. were separate entities. CBRE, Inc. Valuation & Advisory Services assisted in the collection and analysis of data for this study. CBRE/Northwest Arkansas (whose parent was CBRE/Oklahoma) was acquired in late 2014 by CBRE, Inc. and we are now part of the same corporate umbrella. The Year -End 2015 report included the following market statistics. APARTMENT MARKET Category Fayetteville MSA Fayetteville Sample Size (Units) 22,276 9,622 Average Occupancy 98.5% 98.5% Range of Occupancy 83% - 100% 90% - 100% Average Rent PSF (2BR/2BA Units) $0.73 $0.70 Date of Survey Year -End 2015 Source: CBRE Streetsmart provided the following market statistics for the Fayetteville -Springdale -Rogers, AR -MO MSA area as of the Third Quarter, 2014 (the most recent data available). Note that this information has become dated. APARTMENT MARKET Category Fayetteville MSA Fayetteville Existing Supply (Units) 27,086 12,777 New Construction (Units) 271 264 Average Occupancy 98.1% 97.9% Average Rent PSF (2BR Units) $0.69 $0.69 Date of Survey 3rd Q-2014 Source: Streetsmart Data Services 25 © 2016 CBRE, Inc. Market Analysis Within the past few years, the housing crisis has driven households back to apartments and the University of Arkansas student population continues to grow. The rather dramatic increase in occupancy is primarily a result of these two events. It is anticipated that the apartment market in Fayetteville could once again face high supply with the introduction of a large number of student apartment complexes to the market in the next 12-18 months. But, for now, it is obvious that apartment occupancies are quite good and a general increase in rents has also occurred. Market Trends The following provides an indication of apartment trends in the area based on Streetsmart data. APARTMENT MARKET TRENDS Fayetteville MSA Fayetteville Date Rent PSF Occ. Rent PSF Occ. Q3 2007 $0.61 87.2% $0.61 92.3% Q1 2008 $0.61 86.1% $0.61 90.2% Q3 2008 $0.61 88.4% $0.62 90.9% Q1 2009 $0.60 86.6% $0.62 86.2% Q3 2009 $0.61 85.1% $0.62 82.7% Q1 2010 $0.60 85.6% $0.62 83.2% Q3 2010 $0.60 87.5% $0.62 86.5% Q 1 2011 $0.63 88.8% $0.63 87.0% Q3 2011 $0.62 93.5% $0.63 94.1% Q1 2012 $0.63 95.0% $0.64 94.8% Q3 2012 $0.64 97.3% $0.64 98.0% Ql 2013 $0.65 97.4% $0.65 97.7% Q3 2013 $0.65 97.3% $0.66 97.5% Q1 2014 $0.66 97.4% $0.66 97.3% Q3 2014 $0.69 98.1% $0.69 97.9% Source: Streetsmart Data Services (Rent PSF is 2BR rent) Fayetteville MSA Rent PSF and Occupancy SO.67 SO.66 SO.65 '^ 50.64 50.63 50.62 SO.61 2 SO.60 50.59 SO.58 SO.57 SO.56 SO.55 CO CO 0. P OO N N M 0Q' ct O O O O O .— r O O O O O CC O OO O O O O N N N N N N N N N N N N C3 O O G3 d d O d d o d d O O C Rent PSF Occupancy 99.0% 97.0% 95.0% 93.0% 91.0% 89.0% U 87.0% 85.0% 83.0% 81.0% © 2016 CBRE, Inc. 26 r Market Analysis As can be seen, the market reached a low occupancy in the third quarter of 2009 but improved dramatically from that point. Since that time, the combination of the recession forcing people from homeownership as well as increasing University of Arkansas enrollment has combined to improve occupancy levels. Occupancy in the MSA has basically reached a level that it cannot improve further since there are always rollover periods for tenants. Of course, at this occupancy level, there simply has to be new development going on. Fayetteville Rent PSF and Occupancy $0.67 50.66 SO.65 $0.64 SO.63 SO.62 SO.61 SO.60 $0.59 SO.58 SO.57 SO.56 $0.55 c0 OJ 0 0. O O N N CD O O O O O cc O O O O O O 000 O O O N N N N N N N N N N N N N N M M M M M M M Q 000000 O Q Q O Q Q Q O ® Rent PSF Occupancy 99.0% 97.0% 95.0% 93.0% 91.0% t 89.0% 87.0% 85.0% 83.0% 81.0% All cities have experienced significantly dramatically improving occupancies over 2011. Because Fayetteville is the location of the majority of the apartment units (47% of the MSA), it has the greatest impact on overall occupancy. The major segment of the market, comprising over 10,000 units within Northwest Arkansas, is apartment complexes developed by Lindsey Multifamily Group. RETAIL MARKET Market Overview The following discussion illustrates some general observations in the surrounding retail market. MARKET SUMMARY — © 2016 CBRE, Inc. Market Analysis Market statistics for the Fayetteville -Springdale -Rogers, AR -MO MSA area and the subject submarket are shown in the following table summarizing Xceligent data as of the Fourth Quarter of 2015:8 RETAIL MARKET Category Fayetteville MSA Fayetteville Existing Supply (SF) 8,236,226 5,612,640 Leasing / Absorption (SF) 177,116 96,314 Average Occupancy 94.3% 94.9% Date of Survey 4th Q-2015 Source: Xceligent Xceligent provides a type of space cut to their occupancy data. The following provides an indication of occupancy data in different categories of retail space. RETAIL MARKET Regional / Convenience Fayetteville Community / Nei. Strip Freestanding Big Box Retail Category MSA Centers Centers Retail Stores Stores Existing Supply (SF) 8,236,226 4,470,080 4,813,314 1,835,906 2,531,073 Leasing / Absorption (SF) 177,116 116,220 63,276 -2,380 0 Average Occupancy 94.3% 95.6% 90.7% 94.1% 99.9% Date of Survey 4th Q-2015 Source: Xceligent The following is Costar's reporting on the various market segments as of the Fourth Quarter of 2015: RETAIL MARKET Category Fayetteville MSA Fayetteville Existing Supply (SF) 27,785,819 8,333,018 YTD New Construction (SF) 365,282 75,686 YTD Leasing / Absorption (SF) 534,697 130,655 Average Occupancy 95.4% 95.7% Average Rent PSF (Quoted Rates) $14.37 $15.25 Date of Survey 4th Q-2015 Source: Costar CBRE Econometrics Advisors refers to a "natural rate" of vacancy which is an indication of the equilibrium point at which a market undergoes some form of change. If vacancy is increasing and passes this number, this is usually the point at which rental rates begin to decline. If vacancy is declining, though, additional supply is brought into a market in addition to increases in rental rates. The CBRE-EA "Natural Rate" for retail is 9-10%. As Northwest Arkansas and the subject submarket are both below this level, this implies the introduction of new supply and increasing 8 For all of the following tables, not all submarkets may be shown so total for submarkets will not equal to the MSA total. 28 CBRE © 2016 CBRE, Inc. Market Analysis rental rates. So far, there has been an uptick in new supply with 365,282 square feet under construction as of the fourth quarter of 2015). Market Trends The table below presents the quarterly trends in rental rates and occupancy for the Fayetteville - Springdale -Rogers, AR -MO MSA area since the first quarter of 2007 through the end of 2014 as reported by Streetsmart: RETAIL MARKET TRENDS Rent PSF Date Class A Class B A Total A Vac B Total B Vac Occupancy Q1 2007 $24.15 $18.16 2,915,625 201,333 2,072,561 228,398 91.4% Q3 2007 $20.66 $12.75 3,103,705 232,983 2,527,381 357,132 89.5% Q1 2008 $20.91 $14.05 3,097,887 205,487 2,741,214 364,940 90.2% Q3 2008 $22.54 $13.27 3,113,993 222,485 2,762,274 357,156 90.1% Q1 2009 $21.53 $12.56 3,329,968 429,667 2,766,296 510,650 84.6% Q3 2009 $21.50 $13.32 3,301,465 434,110 2,910,277 540,628 84.3% Q1 2010 $19.71 $13.28 3,296,877 402,211 2,957,907 526,419 85.2% Q3 2010 $21.27 $13.02 3,308,091 398,369 2,980,843 534,613 85.2% Q1 2011 $20.75 $12.90 3,338,513 362,460 2,964,539 442,464 87.2% Q3 2011 $20.02 $13.02 3,342,890 341,575 3,013,040 505,383 86.7% Q1 2012 $20.11 $12.60 3,343,670 329,612 3,072,359 473,073 87.5% Q3 2012 $20.11 $12.23 3,348,748 268,587 3,112,647 450,691 88.9% Q1 2013 $19.96 $12.29 3,348,748 215,870 3,112,647 426,484 90.1% Q3 2013 $20.02 $12.21 3,343,748 184,444 3,108,772 395,577 91.0% Q1 2014 $19.46 $11.97 3,343,748 245,738 3,149,383 356,754 90.7% Q3 2014 $19.47 $12.68 3,343,748 235,179 3,254,926 430,266 89.9% Source: Streetsmart Data Services S30.00 S25.00 S20.00 U- 515.00 cv S10.00 55.00 50.00 O O O O O O O O M V O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N 00 00 d O O O O d O O O a a Class A Rent PSF mmz Class B Rent PSF —u--Occupancy 92.0% 90.0% 88.0% c 86.0% a. 84.0% 82.0% 80.0% Occupancy was relatively reasonable at the start of this survey but declined significantly during the 2008 into 2009 period. Since then, overall market retail occupancy began climbing and has returned to the pre -recession levels. Prior to the start of this survey data, the typical vacancy level was in the range from 5-10% across all cities of Northwest Arkansas. The amount of available © 2016 CBRE, Inc. Market Analysis space has continued to climb until latter 2009 and remains excessive — basically 600,000 square feet. The data is slightly misleading in that large single tenant buildings such as the new Academy Sports and Cabela's stores are not included in this particular survey. It is significant to note that there has been significant activity in that sector and that it demonstrates a faster retail space absorption pace. These recent projects include the new Target store in Rogers, Cabela's in Rogers, and two Harp's grocery stores. There are also new Wal-Mart Neighborhood Markets in the area plus a recently completed Wal-Mart Supercenter in Springdale. An Academy Sports store was added in Fayetteville near the NWA Mall. Class B rents have been declining while Class A rents have been basically stable. In most markets, a vacancy level exceeding 10% would typically result in substantially declining rents. This did occur to an extent but not to the levels seen in other markets out of the recession. That stated, we are aware of significant concessions in some areas which would not necessarily show up directly in the survey data. The rental data is not reflective of "effective rents" which would be inclusive of these concessions. As noted previously, the Streetsmart data ends with 2014. So far, there is no other comprehensive survey with sufficient reliability past that point. Costar does provide the following view including their expectations of future growth in supply and absorption: 10 140 120 100 so 60 i LR 40 20 L 0 -20. This data does have limitations and should not be viewed to the minute level. The general trends are useful, however, and demonstrate the improving occupancy with muted supply additions. Net Delreeries = Net Absorption vacancy Rate 30 CBRE © 2016 CBRE, Inc. Market Analysis OFFICE MARKET Market Overview The following discussion illustrates some general observations in the surrounding North Fayetteville office market with near -term trending. Basic market statistics for the Fayetteville -Springdale -Rogers, AR -MO MSA area and various defined submarkets are shown in the following table summarizing Xceligent data as of the First Quarter of 2016:9 OFFICE MARKET Category Fayetteville MSA Fayetteville Springdale Rogers/Lowell Bentonville Existing Supply (SF) 10,677,115 1,978,448 763,451 3,048,864 4,886,352 YTD Leasing / Absorption (SF) 143,216 17,856 0 86,026 39,334 Average Occupancy 88.6% 94.1% 97.3% 87.7% 92.2% Date of Survey 1st Q-2016 Source: Xceligent Xceligent provides a class cut to their occupancy data. The following provides an indication of Class A and Class B occupancy data in the major submarkets. Note that the definitions of "Class A" and "Class B" at the local level do not conform with the national investment classification viewpoints. OFFICE MARKET Rogers / Rogers! Fayetteville Lowell and Lowell and MSA Class A Bentonville Bentonville Fayetteville Fayetteville Category and B Class A Class B Class A Class B Existing Supply (SF) 8,809,756 2,834,276 3,696,290 557,676 1,069,777 YTD Leasing /Absorption (SF) 149,116 70,180 61,080 380 17,476 Average Occupancy 86.9% 86.3% 91.0% 93.6% 94.3% Date of Survey 1st Q-2016 Source: Xceligent The following is Costar's reporting on the various market segments as of the First Quarter of 2016: OFFICE MARKET Bentonville / Benton Category Fayetteville MSA Fayetteville Springdale Rogers/Lowell County Existing Supply (SF) 14,373,053 3,636,555 1,878,734 3,299,068 5,309,903 YTD New Construction (SF) 37,584 5,384 0 3,731 28,469 YTD Leasing /Absorption (SF) 79,714 -2,560 -1,290 61,229 22,335 Average Occupancy 90.2% 93.1% 94.6% 84.7% 89.7% Average Rent PSF (Quoted $16.51 $14.63 $13.95 $17.44 $17.08 Rates) Date of Survey 1st Q-2016 Source: Costar 9 For all of the following tables, not all submarkets may be shown so total for submarkets will not equal to the MSA total. CI © 2016 CBRE, Inc. Market Analysis Comparison to Other Markets It is useful to consider the Northwest Arkansas office market against other surrounding areas. This provides an indication of the relative health of the market. The following table uses data from Costar for the market areas noted. Costar covers all of these markets whereas the other services may not. OFFICE MARKETS Category Fayetteville MSA Little Rock MSA Fort Smith MSA Tulsa MSA Springfield MSA Existing Supply (SF) 14,373,053 33,800,693 4,536,489 51,545,135 8,601,378 YTD New Construction (SF) 37,584 0 0 21,032 0 YTD Leasing /Absorption (SF) 79,714 -116,502 2,884 135,649 -8,451 Average Occupancy 90.2% 94.4% 95.4% 89.7% 92.0% Average Rent PSF (Quoted $16.51 $15.22 $9.54 $14.33 $12.91 Rates) Date of Survey 1st Q-201 6 Source: Costar The following is a graph of the occupancy levels. 96.0% 95.0% 94.0% 93.0% 92.0% 91.0% 90.0% 89.0% 88.0% 87.0% 86.0% Fayetteville MSA Little Rock MSA Fort Smith MSA Average Occupancy Tulsa MSA Springfield MSA As can be seen, the subject market tracks with Tulsa and Springfield in terms of occupancy level. Tulsa is a nearly four times larger office market while Springfield is smaller than Northwest Arkansas. The higher occupancy of the Little Rock MSA can be traced to its State government influence as well as the fact that it is the largest city, and center, of the State along with all the State and corporate owned office space. The high occupancy of Fort Smith may be more a function of Costar not tracking all available space and/or excluding obsolete space. Market Trends The table below presents the quarterly trends in occupancy for the Fayetteville -Springdale -Rogers, AR -MO area over the period from 2010 to the First Quarter of 2016: 32 CBRE c 2016 CBRE, Inc. Market Analysis OFFICE MARKET TRENDS Rent PSF Overall Date Class A Class B Occupancy 2010 $18.02 $14.59 87.6% 2011 $17.70 $14.39 87.3% 2012 $18.15 $13.82 88.7% Q1 2013 $18.24 $14.49 88.9% Q2 2013 $18.18 $14.74 88.9% Q3 2013 $17.56 $14.69 89.1% Q4 2013 $17.97 $14.29 89.3% Q1 2014 $18.11 $14.90 89.7% Q2 2014 $18.16 $15.17 89.7% Q3 2014 $17.36 $14.66 90.1% Q4 2014 $18.20 $14.69 90.2% Q1 2015 $19.25 $15.24 91.2% Q2 2015 $21.74 $15.61 91.2% Q3 2015 $21.61 $15.96 90.6% Q4 2015 $21.44 $16.55 89.9% Q1 2016 $21.03 $16.52 90.2% Source: Costar The following is a graph of this data. S22.00 S20.00 _ ................................................... S18.00 ...... _............ ....... ....... N � - S16.00 -— —.1. c as 514.00 512.00 92.0% 91.0% 90.0% 89.0% 88.0% 87.0% 86.0% Sl 0.00 . ® ® . a ® ® ® m . : 85.0% O c4 0000 v v v v Ln u'i in u-i 0 0 0 0 0 0 O O 0 0 0 0 0 0 O O 0 N N N N N N N N N. N N N N N tV N N M C' N M C' N M d O 00000 O 00000 Class A Rent PSF 5505C2n Class B Rent PSF +n Occupancy As demand increased into 2014 and 2015, rent levels also began increasing. The introduction of new product into the market has simultaneously caused occupancy to decline slightly. Note that Costar tracks many owner -occupied buildings such as the Wal-Mart, JB Hunt, and Tyson 33 © 2016 CORE, Inc. Market Analysis Foods headquarters complexes and this tends to overstate the occupancy somewhat over the occupancy of strictly tenant occupied properties. Nevertheless, general trends are visible — most specifically the increasing occupancy out of 2011 to 2015. CONCLUSION The area apartment market experienced shocks in the 2007 period from both the movement from the area of the construction trades workers and the introduction of Class A product that was proven to be of very low demand initially. Occupancy rates remained impaired into 2010. This reversed itself and occupancy levels are now quite good in most areas. The introduction of additional student housing complexes could result in an increase in vacancy levels in the near term, however. Apartment demand has been very good as economic conditions continue to improve in Northwest Arkansas. Continued employment growth translates to apartment demand. The fear has been that the introduction of significant numbers of student housing complexes would depress occupancy. To date, this has not occurred as non -student complexes have actually seen improved occupancy levels. Sales activity has been significant in the local area and reflects some degree of compression of capitalization rates. The same has been true of the national market. Because of the availability of FNMA and FHLMC financing (as well as HUD), sales activity nationally has been able to continue at significant levels. This type of secondary funding is now focusing on the smaller markets because the large markets have essentially been exhausted in terms of refinances and sales activity. As for the retail market, Northwest Arkansas has been experiencing good absorption levels since the low point in 2009. According to Streetsmart data, the lowest recorded market occupancy was in the third quarter of 2009 at 84.3%. According to Xceligent, occupancy is now at 94.9%. At this level, it can be expected that new construction will occur and that is, in fact, what is happening. Rental rates are also increasing The retail property investment market in Northwest Arkansas is beginning to come back with a number of sales occurring in 2013, 2014, and 2015. Until recently, the only properties selling were impaired and were frequently bank owned properties being divested. The credit single - tenant retail market continues to be very active both regionally and nationally. There is strong investor appetite for these properties. The Northwest Arkansas office market has improved dramatically out of the recession. Occupancy levels are above what was seen pre -recession and continue to improve. Rent levels are climbing as well. Absorption was positive through 2013 with additions to supply generally well occupied upon completion. Supply additions are noted, however, which could have a dampening effect on recent trends. Oc 2076 CBRE, Inc. Market Analysis Outside of the Wal-Mart oriented office market, continuing population growth (which has been strong) is driving the office market. The additions to building stock to Fayetteville created what appeared to be an overbuilt condition for the better classes of office space but this has effectively cleared. The introduction of the Park Centre development did not vacate as much space as was added but it put a shock on the market which has apparently been overcome. Sales activity returned in 2013 and this trend continued into 2014 and 2015. There is a very large office building in play for sale right now. Northwest Arkansas lagged national pricing trends (due to the dominance of what would be considered Class B or less product when compared to the national level) but recent transactions reflected lower capitalization rates. Since the recent transactions are more similar to national trends, the upper price range product may be near a top in terms of value unless rent growth continues and/or national pricing trends continue to push higher. With regard to the subject in particular, the property is well located for a mixed -use type project. The property has good visibility from Interstate 49 and is easily accessible from other areas of Fayetteville. All market segments have been improving over the past couple of years and this has led to some additions in the market. The size of the property would likely preclude development the entire site all at once and with regard to retail or office development any potential project should be carefully targeted to demand. 35 r s © 2016 CBRE, Inc. Highest and Best Use — Before the Taking Highest and Best Use - Before the Taking in appraisal practice, the concept of highest and best use represents the premise upon which value is based. The four criteria the highest and best use must meet are: • legally permissible; • physically possible; • financially feasible; and • maximally productive. The highest and best use analysis of the subject before the taking is discussed below. AS VACANT Legally Permissible The legally permissible uses were discussed in the Site Analysis and Zoning Sections. As mentioned, the property was recently rezoned to UT, Urban Thoroughfare which is consistent with the future land use map for the city of Fayetteville. Physically Possible The subject is adequately served by utilities, and has an adequate shape and size, sufficient access, etc., to be a separately developable site. There are no known physical reasons why the subject site would not support any legally probable development (i.e. it appears adequate for development). Existing structures on similar sites provides additional evidence for the physical possibility of development. Financially Feasible The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the legally probable land uses versus the cost to create the uses. With respect to the legal uses for the subject site, the local apartment, retail and office market segments are stabilized and have generally been improving. There are two large apartment facilities that are under construction to the north of the subject. With regard to retail and office properties, there have been additions to the market but most of these have either been owner occupied or pre - leased prior to construction. Thus any potential retail or office project should be carefully targeted to demand. Maximally Productive - Conclusion The final test of highest and best use of the site as if vacant is that the use be maximally productive, yielding the highest return to the land. Based on the information presented above and upon information contained in the market and neighborhood analysis, we conclude that the highest and best use of the subject as if vacant would be the development of a mixed use project. Our analysis of the subject and its respective ■ © 2016 CBRE, Inc. Highest and Best Use — Before the Taking market characteristics indicate the most likely buyer, as if vacant, would be an investor (land speculation) or a developer. 37 2016 CBRE, Inc. Appraisal Methodology In appraisal practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality and quantity of information available. Depending on a specific appraisal assignment, any of the following four methods may be used to determine the market value of the fee simple interest of land: • Sales Comparison Approach; • Income Capitalization Procedures; • Allocation; and • Extraction. The following summaries of each method are paraphrased from the text. The first is the sales comparison approach. This is a process of analyzing sales of similar, recently sold parcels in order to derive an indication of the most probable sales price (or value) of the property being appraised. The reliability of this approach is dependent upon (a) the availability of comparable sales data, (b) the verification of the sales data regarding size, price, terms of sale, etc., (c) the degree of comparability or extent of adjustment necessary for differences between the subject and the comparables, and (d) the absence of nontypical conditions affecting the sales price. This is the primary and most reliable method used to value land (if adequate data exists). The income capitalization procedures include three methods: land residual technique, ground rent capitalization, and Subdivision Development Analysis. A discussion of each of these three techniques is presented in the following paragraphs. The land residual method may be used to estimate land value when sales data on similar parcels of vacant land are lacking. This technique is based on the principle of balance and the related concept of contribution, which are concerned with equilibrium among the agents of production--i.e. labor, capital, coordination, and land. The land residual technique can be used to estimate land value when: 1) building value is known or can be accurately estimated, 2) stabilized, annual net operating income to the property is known or estimable, and 3) both building and land capitalization rates can be extracted from the market. Building value can be estimated for new or proposed buildings that represent the highest and best use of the property and have not yet incurred physical deterioration or functional obsolescence. The subdivision development method is used to value land when subdivision and development represent the highest and best use of the appraised parcel. In this method, an appraiser determines the number and size of lots that can be created from the appraised land physically, legally, and economically. The value of the underlying land is then estimated through a discounted cash flow analysis with revenues based on the achievable sale price of the finished product and expenses based on all costs required to complete and sell the finished product. The ground rent capitalization procedure is predicated upon the assumption that ground rents can be capitalized at an appropriate rate to indicate the market value of 38 © 2016 CBRE, Inc. Appraisal Methodology a site. Ground rent is paid for the right to use and occupy the land according to the terms of the ground lease; it corresponds to the value of the landowner's interest in the land. Market -derived capitalization rates are used to convert ground rent into market value. This procedure is useful when an analysis of comparable sales of leased land indicates a range of rents and reasonable support for capitalization rates can be obtained. The allocation method is typically used when sales are so rare that the value cannot be estimated by direct comparison. This method is based on the principle of balance and the related concept of contribution, which affirm that there is a normal or typical ratio of land value to property value for specific categories of real estate in specific locations. This ratio is generally more reliable when the subject property includes relatively new improvements. The allocation method does not produce conclusive value indications, but it can be used to establish land value when the number of vacant land sales is inadequate. The extraction method is a variant of the allocation method in which land value is extracted from the sale price of an improved property by deducting the contribution of the improvements, which is estimated from their depreciated costs. The remaining value represents the value of the land. Value indications derived in this way are generally unpersuasive because the assessment ratios may be unreliable and the extraction method does not reflect market considerations. METHODOLOGY APPLICABLE TO THE SUBJECT For the purposes of this analysis, we have utilized the sales comparison approach only. The other methodologies are used primarily when comparable land sales data is non-existent. Therefore, these approaches have not been used. We have conducted an analysis of the overall taking as well as the individual takings. The overall analysis is presented first with the individual takings presented subsequently. © 2016 CBRE, Inc. Overall Land Value — Before the Taking Overall Land Value - Before the Taking The following map and table summarize the comparable data used in the valuation of the subject site. A detailed description of each transaction is included in the addenda. JL Rogers Osage Mills a4 Cave Springs Lowell Accident Elm Springs 412 -_Tontitown Jg Harmon Shady Grove ohnson Wheeler /;!av `Wyman FayetteviiiEMap data 02016 Google 40 © 2016 CBRE, Inc. Overall Land Value — Before the Taking SUMMARY OF COMPARABLE LAND SALES Transaction Actual Sale Adjusted Sale Size Price No. Property Location Type Date Proposed Use Price Price ' (SF) Per SF 1 NW/C W Monroe Ave & N Sale Sep -15 Harp's Food Store $2,622,720 $2,622,720 780,160 $3.36 Goad Springs Rd, Lowell, AR 2 Oliver Dr & S Promenade Blvd, Sale Mar -15 Bentonville, AR 3 5555 W Sunset Ave, Sale Feb -15 Springdale, AR Office Park $8,300,000 $8,300,000 3,483,493 $2.38 Commercial $12,407,885 $12,407,885 3,071,058 $4.04 4 N Shiloh Dr & Foxglove Dr, Sale Oct -13 Auto Dealership $2,268,000 $2,268,000 494,842 $4.58 Fayetteville, AR 5 2455 W Wedington Dr, Available/ Jun -16 Mixed -use $28,225,000 $28,225,000 4,704,480 $6.00 Fayetteville, AR Listing commerical 6 1502 S Mills PI, Available/ Jun -16 Mixed -use $37,700,000 $37,700,000 8,371,796 $4.50 Rogers, AR Listing Commerical Subject 1-49 & Highway 112, --- --- --- --- 4,043,675 --- Fayetteville, Arkansas Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE The sales utilized represent the best data available for comparison with the subject and were selected from the greater Northwest Arkansas area with an emphasis on the Interstate 49 Corridor stretching from Fayetteville to Bentonville. These sales were chosen based upon location and physical characteristics. DISCUSSION/ANALYSIS OF LAND SALES Land Sale One This comparable represents 17.91 acres at the northwest corner of W Monroe Avenue and N Goad Springs Road. The site has a rectangular shape with generally level topography. At the time of the sale, the property was vacant/agricultural land. The site is zoned for commercial use and the proposed use is to build a Harp's Food Store. All utilities were available to the site. The property sold in September 2015 for $2,622,720, or $3.36 per square foot ($146,439 per acre). The downward adjustment for size reflects this comparable's superior feature with respect to economies of scale regarding parcel size. Typically, a smaller parcel will sell for a higher price per unit of measure and vice versa. The adjustment is not readily noticeable from the available data set but it does fall within a commonly observed range of 5% to 15% for every doubling or halving of size. This property is located back off of Interstate 49, thus it doesn't have frontage on 1-49 and is less visible from the interstate than the subject which renders it inferior in terms of location. Therefore, an upward adjustment was deemed appropriate for this comparable. Overall, this comparable was deemed inferior in comparison to the subject and an upward net adjustment was warranted to the sales price indicator. © 2016 CBRE, Inc. Overall Land Value — Before the Taking Land Sale Two This comparable represents the sale of 7 contiguous office park lots plus an unimproved tract of land for a combined total of 79.97 acres at the intersection of Oliver Drive and S Promenade Boulevard. The lots are part of the Farms development and Promenade Boulevard bisects the site. The lots are located on the east side of the street and the unimproved tract of land is located on the west side of the street. The site has an irregular shape with rolling topography. The site is zoned A-1, C-2, C-3, and R -O; the property was purchased for speculative holding for future development. All public utilities were available to the site. The property sold in March 2015 for $8,300,000, or $2.38 per square foot ($103,789 per acre). This was a lender driven transaction. The property was nearing foreclosure. A portion of the undeveloped land will, in the future, be dedicated to the construction of an east -west street and bridge over 1-49 connecting the Metro Park development to this side of 1-49. Because of the lack of demand to this point, the fact that the eastern part of this property was platted and included subdivision improvements was not a primary motivation to this sale. Rather, it was the combination of a large tract of land within an area with proven commercial demand and growth. It is anticipated by the buyer that changes to the subdivision layout and improvements will be needed. As mentioned this sale was a lender driven transaction because the property was nearing foreclosure. Thus, an upward adjustment for conditions of sale is considered appropriate based against Comparables One and Three. An adjustment for topography was considered appropriate for this comparable given its rolling nature - we do note that the eastern portion is more level but the frontage portion along 1-49 is not and the topography would contribute to higher development costs, thus an upward adjustment was considered appropriate. Overall, this comparable was deemed inferior in comparison to the subject and an upward net adjustment was warranted to the sales price indicator. Land Sale Three This comparable represents 67.5566 acres at 5555 W Sunset Avenue. The site has an irregular shape with generally level topography and exhibits frontage along both W Sunset Avenue as well as Interstate 49. At the time of the sale, the property was vacant land. The site is zoned C-5; Commercial, and the proposed use is to build a Sam's Club retail store. All public utilities were available to the site. The property sold in February 2015 for $11,707,886, or $3.98 per square foot ($173,305 per acre). Due to its highly similar features, no net or absolute adjustments were required for this comparable when compared to the subject property. Land Sale Four This comparable represents 1 1 .36 acres at N Shiloh Drive and Foxglove Drive. The site has an irregular shape with generally level topography. At the time of the sale, the property was part of a vacant commercial subdivision. The site is zoned CPZD, and the proposed use is to build an 42 CBRE © 2016 CBRE, Inc. Overall Land Value — Before the Taking auto dealership. All public utilities were available to the site. The property sold in October 2013 for $2,268,000, or $4.58 per square foot ($199,648 per acre). The upward market conditions (time) adjustment reflects the improved market conditions since the date of sale. The downward adjustment for size reflects this comparable's superior feature with respect to . Overall, this comparable was deemed superior in comparison to the subject and a downward net adjustment was warranted to the sales price indicator. Land Listing Five This comparable represents the listing of 108 acres at 2455 W Wedington Drive. The site has an irregular shape with generally level to gently sloping topography and exhibits frontage along W Wedington Drive as well as Interstate 49. At the time of our research, the property was vacant/agricultural land. The site is zoned RSF-4, but based on the future land use map from the city of Fayetteville, the intended use is for mixed development of commercial and residential properties. All public utilities were available to the site. The property has been listed off and on for the past several years. The most recent listing dates back to November of 2013; as of June 2016 the listing price was $28,225,000, or $6.00 per square foot ($261,343 per acre). Note that there has been no reduction in the listing price. In terms of conditions of sale, this comparable was considered superior and received a downward adjustment for this characteristic due to the fact that it is a current listing and as such has not tested the price discovery method that occurs between a knowledgeable buyer and seller. The downward adjustment is generally based against Comparable Three. Overall, this comparable was deemed superior in comparison to the subject and a downward net adjustment was warranted to the sales price indicator. Land Listing Six This comparable represents the listing of 192.19 acres at 1502 S Mills Place in Rogers, AR. The site has an irregular shape with rolling (undulating) topography and primary frontage along both Pleasant Grove Road and Interstate 49. At the time of the sale, the property was vacant/agricultural land; we do note that there were some older residences and agricultural related site improvements but they were not considered to be any contributory value. The site is zoned A-1, Agricultural, but it is being marketed for mixed use development. All public utilities are available to the site. As of June 2016 the property was listed for $37,700,000, or $4.50 per square foot ($196,160 per acre). This listing dates back to February of 2016, but the property is believed to have been for sale at other times over past few years. Similar to Comparable Listing Five, a downward adjustment for conditions of sale was considered appropriate due to the fact that this data point represents a current listing. This data point is a more recent listing as compared to Comparable Listing Four and there it is adjusted downward at a lessor rate. The upward adjustment for size reflects this comparable's inferior feature with respect to economies of scale regarding parcel size as discussed with Comparable One. Overall, © 2016 CORE, Inc. Overall Land Value — Before the Taking this comparable was deemed superior in comparison to the subject and a downward net adjustment was warranted to the sales price indicator. SUMMARY OF ADJUSTMENTS Based on our comparative analysis, the following chart summarizes the adjustments warranted to each comparable. LAND SALES ADJUSTMENT GRID - BEFORE THE TAKING Comparable Number 1 2 3 4 5 6 Transaction Type Sale Sale Sale Sale Available/Listing Available/Listing Transaction Date Sep -15 Mar -15 Feb -15 Oct -13 Jun -16 Jun -16 Proposed Use Harp's Food Office Park Commercial Auto Mixed -use Mixed -use Store Dealership commerical Commerical Actual Sale Price $2,622,720 $8,300,000 $12,407,885 $2,268,000 $28,225,000 $37,700,000 Adjusted Sale Price t $2,622,720 $8,300,000 $12,407,885 $2,268,000 $28,225,000 $37,700,000 Size (Acres) 17.91 79.97 70.50 11.36 108.00 192.19 Size (SF) 780,160 3,483,493 3,071,058 494,842 4,704,480 8,371,796 Price Per SF $3.36 $2.38 $4.04 $4.58 $6.00 $4.50 Price ($ 'SF) $3.36 $2.38 $4.04 $4.58 $6.00 $4.50 Property Rights Conveyed 0% 0% 0% 0% 0% 0% Financing Terms t 0% 0% 0% 0% 0% 0% Conditions of Sale 0% 50% 0% 0% -30% -10% Market Conditions (Time) 0% 0% 0% 10% 0% 0% Subtotal $3.36 $3.57 $4.04 $5.04 $4.20 $4.05 Size -15% 0% 0% -15% 0% 5% Shape 0% 0% 0% 0% 0% 0% Corner 0% 0% 0% 0% 0% 0% Frontage 0% 0% 0% 0% 0% 0% Topography 0% 25% 0% 0% 0% 0% Location 50% 0% 0% 0% 0% 0% Zoning/Density 0% 0% 0% 0% 0% 0% Utilities 0% 0% 0% 0% 0% 0% Highest & Best Use 0% 0% 0% 0% 0% 0% Total Other Adjustments 35% 25% 0% -15% 0% 5% Value Indication for Subject $4.54 $4.47 $4.04 $4.29 $4.20 $4.26 Absolute Adjustment o5"/0 /5//o 0% 25% 30% 15% 1 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION Subject 92.83 4,043,675 Based on the preceding analysis, Comparable Three is a closed sale and was considered to be the most representative of the subject as it required the least amount of total adjustment, thus it was given additional consideration. In conclusion, a price per square foot indication towards the upper end of the range was most appropriate for the subject. The following table presents the valuation conclusion: © 2016 CBRE, Inc. Overall Land Value — Before the Taking CONCLUDED LAND VALUE - BEFORE THE TAKING $ PSF Subject SF Total $4.04 x 4,043,675 = $16,337,511 $4.54 x 4,043,675 = $18,351,791 Indicated Value: $17,400,000 (Rounded $ PSF) $4.30 Compiled by CBRE The value equates to approximately $4.30 per square foot. This falls within the range of $2.38 PSF to $6.00 PSF indicated by the comparable sales and listings before adjustment, thereby lending support to our value conclusion. 45 ■ © 2016 CBRE, Inc. Highest and Best Use — After the Taking Highest and Best Use - After the Taking In appraisal practice, the concept of highest and best use represents the premise- upon which value is based. The four criteria the highest and best use must meet are: • legally permissible; • physically possible; • financially feasible; and • maximally productive. The highest and best use analysis of the subject after the taking is discussed below. AS VACANT Previously, the concluded highest and best use of the subject property before the taking would be for the development of a mixed use type project. The partial taking consists of 2.49 acres (108,464 SF) along the northern boundary which itself is along the frontage of 1-49 / Fullbright Expressway. The partial taking does not change the potential uses for the subject and, further, it does not appear to result in a change to the highest and best use as though vacant. It is simply slightly smaller. Therefore, the highest and best use of the subject property after the taking remains for the development of a mixed use type project. The difference is simply that the property is slightly smaller. 46 CBRE © 2016 CBRE, Inc. Overall Land Value — After the Taking In the absence of severance damage or enhanced value, the valuation of the subject property after the imposition of the taking is a rather simple undertaking and is simply reapplication of the applicable sales to the new size of the subject property. The difficulty arises, of course, if there exists some element of severance damage or even enhancements as a result of the easement. This has not occurred in this case. SEVERANCE DAMAGE Severance damage only arises where the remainder is in some way suffers a further loss in value than when it was part of the whole. Severance damage arises when there is a significant negative change in the highest and best use of the remainder tract. As previously stated, the highest and best use of the subject property before the taking was considered to be for a mixed use type of development project. With the partial taking, this is still considered to be the case; therefore, no severance damage occurs. ENHANCEMENT There are cases in which the remainder property is actually enhanced. These enhanced values have to be specific to the property itself and cannot consist of general benefits which accrue to the property. In the cases of electric transmission lines, for example, this general benefit usually occurs from an improvement in electric service to the individual customers. The following summarizes the two types of benefits which can accrue to a property. General Benefits a. result from the extension of utility services to an area, improved highways b. basically things that benefit more than the subject property itself II. Special Benefits a. Specific to the subject property b. Benefits "which arise from the peculiar relation of the land in question to the public improvement" In this case, the purpose of the taking is for the relocation of an existing easement due to the expansion of Interstate 49. Based on our analysis, there are no enhancements to the subject property by the taking of the proposed right of way. LAND VALUATION — AFTER THE TAKING Given that no severance damage or enhancement is considered to be present, the development of the "after" fair market value of the subject property is fairly simple. The only consideration is simply that the subject property is smaller. As shown in the prior land value before the taking section of this report, size adjustments are necessary when significant size differences exist. © 2016 CBRE, Inc. Overall Land Value — After the Taking However, in this case the taking is not overly significant and no additional size adjustments were considered to be necessary. The following is then the concluded value of the subject property after the taking. CONCLUDED LAND VALUE - AFTER THE TAKING $ PSF Subject SF Total $4.04 x 3,935,210 = $15,899,287 $4.54 x 3,935,210 = $17,859,537 Indicated Value: $16,900,000 (Rounded $ PSF) $4.29 Compiled by CBRE 48 © 2016 CBRE, Inc. Drake St Property, LLC . • • • Note that the same set of data which was used in the analysis of the overall tract will also be utilized in the analysis of those parcels vested in the name of Drake St Property, LLC. As such a detailed discussion is not necessary. The adjustments are also similar with the exception of size. The following table summarizes the comparable data used in the valuation of those parcels vested in the name of Drake St Property, LLC. DRAKE ST PROPERTY - SUMMARY OF COMPARABLE LAND SALES Transaction Actual Sale Adjusted Sale Size Price No. Property Location Type Date Proposed Use Price Price (SF) Per SF 1 NW/C W Monroe Ave & N Sep -15 Harp's Food Store $2,622,720 $2,622,720 780,160 $3.36 Goad Springs Rd, Lowell, AR 2 Oliver Dr & S Promenade Blvd, Sale Mar -15 Office Park $8,300,000 $8,300,000 3,483,493 $2.38 Bentonville, AR 3 5555 W Sunset Ave, Sale Feb -15 Commercial $12,407,885 $12,407,885 3,071,058 $4.04 Springdale, AR 4 N Shiloh Dr & Foxglove Dr, Sale Oct -13 Auto Dealership $2,268,000 $2,268,000 494,842 $4.58 Fayetteville, AR 5 2455 W Wedington Dr, Available/ Jun -16 Mixed -use $28,225,000 $28,225,000 4,704,480 $6.00 Fayetteville, AR Listing commerical 6 1502 S Mills Pl, Available/ Jun -16 Mixed -use $37,700,000 $37,700,000 8,371,796 $4.50 Rogers, AR Listing Commerical Subject Drake St Property, LLC --- --- --- --- 614,196 --- i Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE SUMMARY OF ADJUSTMENTS Based on our comparative analysis, the following chart summarizes the adjustments warranted to each comparable. 2016 CBRE, Inc. Drake St Property, LLC DRAKE ST PROPERTY LAND SALES ADJUSTMENT GRID - BEFORE THE TAKING Comparable Number 1 2 3 4 5 6 Transaction Type Sale Sale Sale Sale Available/Listing Available/Listing Transaction Date Sep -15 Mar -15 Feb -15 Oct -13 Jun -16 Jun -16 Proposed Use Harp's Food Office Park Commercial Auto Mixed -use Mixed -use Store Dealership commerical Commerical Actual Sale Price $2,622,720 $8,300,000 $12,407,885 $2,268,000 $28,225,000 $37,700,000 Adjusted Sale Price t $2,622,720 $8,300,000 $12,407,885 $2,268,000 $28,225,000 $37,700,000 Size (Acres) 17.91 79.97 70.50 11.36 108.00 192.19 Size (SF) 780,160 3,483,493 3,071,058 494,842 4,704,480 8,371,796 Price Per SF $3.36 $2.38 $4.04 $4.58 $6.00 $4.50 Price ($ PSF) $3.36 $2.38 $4.04 $4.58 $6.00 $4.50 Property Rights Conveyed 0% 0% 0% 0% 0% 0% Financing Terms' 0% 0% 0% 0% 0% 0% Conditions of Sale 0% 50% 0% 0% -30% -10% Market Conditions (Time) 0% 0% 0% 10% 0% 0% Subtotal $3.36 $3.57 $4.04 $5.04 $4.20 $4.05 Size 0% 15% 15% 0% 15% 20% Shape 0% 0% 0% 0% 0% 0% Corner 0% 0% 0% 0% 0% 0% Frontage 0% 0% 0% 0% 0% 0% Topography 0% 25% 0% 0% 0% 0% Location 50% 0% 0% 0% 0% 0% Zoning/Density 0% 0% 0% 0% 0% 0% Utilities 0% 0% 0% 0% 0% 0% Highest & Best Use 0% 0% 0% 0% 0% 0% Total Other Adjustments 50% 40% 15% 0% 15% 20% Value Indication for Subject $5.04 $5.00 $4.65 $5.04 $4.83 $4.86 Absolute Adjustment 50% 90% 15% 10% 45% 30% ' Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION The following fable presents the valuation conclusion: CONCLUDED LAND VALUE - BEFORE THE TAKING $ PSF Subject SF Total $4.65 x 614,196 = $5.04 x 614,196 = Indicated Value: (Rounded $ PSF) $2,853,741 $3,097,182 $3,000,000 $4.88 Compiled by CBRE CONCLUDED LAND VALUE - AFTER THE TAKING $ PSF Subject SF Total $4.65 x 599,386 = $5.04 x 599,386 = Indicated Value: (Rounded $ PSF) $2,784,927 $3,022,498 $2,900,000 $4.84 Compiled by CBRE DRAKE ST PROPERTY JUST COMPENSATION Fair Market Value before the taking Fair Market Value after the taking Indicated Just Compensation: $3,000,000 $2,900,000 $100,000 Compiled by CBRE Subject 14.10 614,196 50 © 2016 CBRE, Inc. 1155 Properties, LLC 1155 Properties, LLC Note that the same set of data which was used in the analysis of the overall tract will also be utilized in the analysis of those parcels vested in the name of 1155 Properties, LLC. As such a detailed discussion is not necessary. The adjustments are also similar with the exception of size. The following table summarizes the comparable data used in the valuation of those parcels vested in the name of 1 155 Properties, LLC. 1155 PROPERTIES - SUMMARY OF COMPARABLE LAND SALES Transaction Actual Sale Adjusted Sale Size Price No. Property Location Type Date Proposed Use Price Price' (SF) Per SF 1 NW/C W Monroe Ave & N Sep -15 Harp's Food Store $2,622,720 $2,622,720 780,160 $3.36 Goad Springs Rd, Lowell, AR - 2 Oliver Dr & S Promenade Blvd, Sale Mar -15 Office Park $8,300,000 $8,300,000 3,483,493 $2.38 Bentonville, AR 3 5555 W Sunset Ave, Sale Feb -15 Commercial $12,407,885 $12,407,885 3,071,058 $4.04 Springdale, AR 4 N Shiloh Dr & Foxglove Dr, Sale Oct -13 Auto Dealership $2,268,000 $2,268,000 494,842 $4.58 Fayetteville, AR 5 2455 W Wedington Dr, Available/ Jun -16 Mixed -use $28,225,000 $28,225,000 4,704,480 $6.00 Fayetteville, AR Listing commerical 6 1502 S Mills Pl, Available/ Jun -16 Mixed -use $37,700,000 $37,700,000 8,371,796 $4.50 Rogers, AR Listing Commerical Subject 1155 Properties, LLC --- --- --- --- 925,214 --- I Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE SUMMARY OF ADJUSTMENTS Based on our comparative analysis, the following chart summarizes the adjustments warranted to each comparable. a © 2016 CBRE, Inc. 1155 Properties, LLC 1155 PROPERTIES LAND SALES ADJUSTMENT GRID - BEFORE THE TAKING Comparable Number 1 2 3 4 5 6 Transaction Type Sale Sale Sale Sale Available/Listing Available/Listing Transaction Date Sep -15 Mar -15 Feb -15 Oct -13 Jun -16 Jun -16 Proposed Use Harp's Food Office Park Commercial Auto Mixed -use Mixed -use Store Dealership commerical Commerical Actual Sale Price $2,622,720 $8,300,000 $12,407,885 $2,268,000 $28,225,000 $37,700,000 Adjusted Sale Price 1 $2,622,720 $8,300,000 $12,407,885 $2,268,000 $28,225,000 $37,700,000 Size (Acres) 17.91 79.97 70.50 11.36 108.00 192.19 Size (SF) 780,160 3,483,493 3,071,058 494,842 4,704,480 8,371,796 Price Per SF $3.36 $2.38 $4.04 $4.58 $6.00 $4.50 Price ($ PSF) $3.36 $2.38 $4.04 $4.58 $6.00 $4.50 Property Rights Conveyed 0% 0% 0% 0% 0% 0% Financing Terms ' 0% 0% 0% 0% 0% 0% Conditions of Sale 0% 50% 0% 0% -30% -10% Market Conditions (Time) 0% 0% 0% 10% 0% 0% Subtotal $3.36 $3.57 $4.04 $5.04 $4.20 $4.05 Size 0% 15% 15% 0% 15% 20% Shape 0% 0% 0% 0% 0% 0% Corner 0% 0% 0% 0% 0% 0% Frontage 0% 0% 0% 0% 0% 0% Topography 0% 25% 0% 0% 0% 0% Location 50% 0% 0% 0% 0% 0% Zoning/Density 0% 0% 0% 0% 0% 0% Utilities 0% 0% 0% 0% 0% 0% Highest & Best Use 0% 0% 0% 0% 0% 0% Total Other Adjustments 50% 40% 15% 0% 15% 20% Value Indication for Subject $5.04 $5.00 $4.65 $5.04 $4.83 $4.86 YV7o IJ"/o IU"/o 4J"/o .S M. Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION The following table presents the valuation conclusion: CONCLUDED LAND VALUE - BEFORE THE TAKING $ PSF Subject SF Total $4.65 x 925,214 = $5.04 x 925,214 = Indicated Value: (Rounded $ PSF) $4,298,826 $4,665,542 $4,600,000 $4.97 Compiled by CBRE CONCLUDED LAND VALUE - AFTER THE TAKING $ PSF Subject SF Total $4.65 x 901,692 = $5.04 x 901,692 = Indicated Value: (Rounded $ PSF) $4,189,534 $4,546,927 $4,500,000 $4.99 Compiled by CBRE 1155 PROPERTIES JUST COMPENSATION Fajr Market Value before the taking Fair Market Value after the taking Indicated Just Compensation: $4,600,000 $4,500,000 $100,000 Compiled by CBRE Subject 21.24 925,214 52 2016 CBRE, Inc. RPM1 Properties, LLC Note that the same set of data which was used in the analysis of the overall tract will also be utilized in the analysis of those parcels vested in the name of RPM1 Properties, LLC. As such a detailed discussion is not necessary. The adjustments are also similar with the exception of size. The following table summarizes the comparable data used in the valuation of those parcels vested in the name of RPM1 Properties, LLC. RPM1 PROPERTIES - SUMMARY OF COMPARABLE LAND SALES Transaction Actual Sale Adjusted Sale Size Price No. Property Location Type Date Proposed Use Price Price t (SF) Per SF 1 NW/C W Monroe Ave & N Sep -15 Harp's Food Store $2,622,720 $2,622,720 780,160 $3.36 Goad Springs Rd, Lowell, AR 2 Oliver Dr & S Promenade Blvd, Sale Mar -15 Office Park $8,300,000 $8,300,000 3,483,493 $2.38 Bentonville, AR 3 5555 W Sunset Ave, Sale Feb -15 Commercial $12,407,885 $12,407,885 3,071,058 $4.04 Springdale, AR 4 N Shiloh Dr & Foxglove Dr, Sale Oct -13 Auto Dealership $2,268,000 $2,268,000 494,842 $4.58 Fayetteville, AR 5 2455 W Wedington Dr, Available/ Jun -16 Mixed -use $28,225,000 $28,225,000 4,704,480 $6.00 Fayetteville, AR Listing commerical 6 1502 S Mills PI, Available/ Jun -16 Mixed -use $37,700,000 $37,700,000 8,371,796 $4.50 Rogers, AR Listing Commerical Subject RPM1 Properties, LLC --- --- --- --- 2,504,264 --- ' Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE SUMMARY OF ADJUSTMENTS Based on our comparative analysis, the following chart summarizes the adjustments warranted to each comparable. 2016 CBRE, Inc. RPM1 Properties, LLC RPM1 PROPERTIES LAND SALES ADJUSTMENT GRID - BEFORE THE TAKING Comparable Number 1 2 3 4 5 6 Transaction Type Sale Sale Sale Sale Available/Listing Available/Listing Transaction Date Sep -15 Mar -15 Feb -15 Oct -13 Jun -16 Jun -16 Proposed Use Harp's Food Office Park Commercial Auto Mixed -use Mixed -use Store Dealership commerical Commerical Actual Sale Price $2,622,720 $8,300,000 $12,407,885 $2,268,000 $28,225,000 $37,700,000 Adjusted Sale Price 1 $2,622,720 $8,300,000 $12,407,885 $2,268,000 $28,225,000 $37,700,000 Size (Acres) 17.91 79.97 70.50 11.36 108.00 192.19 Size (SF) 780,160 3,483,493 3,071,058 494,842 4,704,480 8,371,796 Price Per SF $3.36 $2.38 $4.04 $4.58 $6.00 $4.50 Price ($ PSF) $3.36 $2.38 $4.04 $4.58 $6.00 $4.50 Property Rights Conveyed 0% 0% 0% 0% 0% 0% Financing Terms' 0% 0% 0% 0% 0% 0% Conditions of Sale 0% 50% 0% 0% -30% -10% Market Conditions (Time) 0% 0% 0% 10% 0% 0% Subtotal $3.36 $3.57 $4.04 $5.04 $4.20 $4.05 Size -5% 0% 0% -5% 10% 15% Shape 0% 0% 0% 0% 0% 0% Corner 0% 0% 0% 0% 0% 0% Frontage 0% 0% 0% 0% 0% 0% Topography 0% 25% 0% 0% 0% 0% Location 50% 0% 0% 0% 0% 0% Zoning/Density 0% 0% 0% 0% 0% 0% Utilities 0% 0% 0% 0% 0% 0% Highest & Best Use 0% 0% 0% 0% 0% 0% Total Other Adjustments 45% 25% 0% -5% 10% 15% Value Indication for Subject $4.87 $4.47 $4.04 $4.79 $4.62 $4.66 Absolute Aolustment ao 7o ID7o U'o t5"/o 4010 2S"/o ' Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE CONCLUSION The following table presents the valuation conclusion: CONCLUDED LAND VALUE - BEFORE THE TAKING $ PSF Subject SF Total $4.04 x 2,504,264 = $4.87 x 2,504,264 = Indicated Value: (Rounded $ PSF) $10,117,888 $12,207,217 $12,000,000 $4.79 Compiled by CBRE CONCLUDED LAND VALUE - AFTER THE TAKING $ PSF Subject SF Total $4.04 x 2,434,133 = $4.87 x 2,434,133 = Indicated Value: (Rounded $ PSF) $9,834,538 $11,865,355 $11,700,000 $4.81 Compiled by CBRE RPM1 PROPERTIES JUST COMPENSATION Fair Market Value before the taking Fair Market Value after the taking Indicated Just Compensation: $12,000,000 $11,700,000 $300,000 Compiled by CBRE 54 Subject 57.49 2,504,264 c 2016 CBRE, Inc. I. > Reconciliation of Just Compensation Reconciliation of Just Compensation In the sales comparison approach, the subject is compared to similar properties that have been sold recently or for which listing prices or offers are known. The sales used in this analysis are considered comparable to the subject, and the required adjustments were based on reasonable and well -supported rationale. In addition, market participants are currently analyzing purchase prices on other properties as they relate to available substitutes in the market. Therefore, the sales comparison approach is considered to provide a reliable value indication. As was previously discussed, in the State of Arkansas the measure of Just Compensation is the difference between the Fair Market Value of the property before the taking and the Fair Market Value of the property after the taking. This is a simple subtraction. If the property is enhanced after the taking, it is possible that the owner would receive no Just Compensation. This has not occurred here as the appraisal analysis has found that the Fair Market Value of the property after the taking is less than the Fair Market Value of the property before the taking. The following depicts the derivation of the Just Compensation due the owner for the imposition of the Partial Taking: OVERALL JUST COMPENSATION Fair Market Value before the taking Fair Market Value after the taking Indicated Just Compensation: $17,400,000 $16,900,000 $500,000 Compiled by CBRE JUST COMPENSATION BY ENTITY Drake St Property, LLC 1155 Properties, LLC RPM1 Properties, LLC $100,000 $100,000 $300,000 Compiled by CBRE Based on the foregoing, the just compensation due the owner for the imposition of the partial taking has been concluded as follows: JUST COMPENSATION CONCLUSION Appraisal Premise Interest Appraised Date of Value Value Conclusion Just Compensation - Drake St Property, LLC Fee Simple Estate May 4, 2016 $100,000 Just Compensation - 1155 Properties, LLC Fee Simple Estate May 4, 2016 $100,000 Just Compensation - RPM1 Properties, LLC Fee Simple Estate May 4, 2016 $300,000 Compiled by CBRE © 2016 CBRE, Inc. Assumptions and Limiting Conditions Assumptions and Limiting Conditions 1. Unless otherwise specifically noted in the body of the report, it is assumed that title to the property or properties appraised is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value. CBRE, Inc. is not aware of any title defects nor has it been advised of any unless such is specifically noted in the report. CBRE, Inc., however, has not examined title and makes no representations relative to the condition thereof. Documents dealing with liens, encumbrances, easements, deed restrictions, clouds and other conditions that may affect the quality of title have not been reviewed. Insurance against financial loss resulting in claims that may arise out of defects in the subject's title should be sought from a qualified title company that issues or insures title to real property. 2. Unless otherwise specifically noted in the body of this report, it is assumed: that the existing improvements on the property or properties being appraised are structurally sound, seismically safe and code conforming; that all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; that the roof and exterior are in good condition and free from intrusion by the elements; that the property or properties have been engineered in such a manner that the improvements, as currently constituted, conform to all applicable local, state, and federal building codes and ordinances. CBRE, Inc. professionals are not engineers and are not competent to judge matters of an engineering nature. CBRE, Inc. has not retained independent structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. Unless otherwise specifically noted in the body of the report: no problems were brought to the attention of CBRE, Inc. by ownership or management; CBRE, Inc. inspected less than 100% of the entire interior and exterior portions of the improvements; and CBRE, Inc. was not furnished any engineering studies by the owners or by the party requesting this appraisal. If questions in these areas are critical to the decision process of the reader, the advice of competent engineering consultants should be obtained and relied upon. It is specifically assumed that any knowledgeable and prudent purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems. Structural problems and/or building system problems may not be visually detectable. If engineering consultants retained should report negative factors of a material nature, or if such are later discovered, relative to the condition of improvements, such information could have a substantial negative impact on the conclusions reported in this appraisal. Accordingly, if negative findings are reported by engineering consultants, CBRE, Inc. reserves the right to amend the appraisal conclusions reported herein. 3. Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the appraisers. CBRE, Inc. has no knowledge of the existence of such materials on or in the property. CBRE, Inc., however, is not qualified to detect such substances. The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. We have inspected, as thoroughly as possible by observation, the land; however, it was impossible to personally inspect conditions beneath the soil. Therefore, no representation is made as to these matters unless specifically considered in the appraisal. 4. All furnishings, equipment and business operations, except as specifically stated and typically considered as part of real property, have been disregarded with only real property being considered in the report unless otherwise stated. Any existing or proposed improvements, on or off -site, as well as any alterations or repairs considered, are assumed to be completed in a workmanlike manner according to standard practices based upon the information submitted to CBRE, Inc. This report may be subject to amendment upon re -inspection of the subject subsequent to repairs, modifications, alterations and completed new construction. Any estimate of Market Value is as of the date indicated; based upon the information, conditions and projected levels of operation. 5. It is assumed that all factual data furnished by the client, property owner, owner's representative, or persons designated by the client or owner to supply said data are accurate and correct unless otherwise specifically noted in the appraisal report. Unless otherwise specifically noted in the appraisal report, CBRE, Inc. has no reason to believe that any of the data furnished contain any material error. Information and data referred to in this paragraph include, without being limited to, numerical street addresses, lot and block numbers, Assessor's Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any material error in any of the above data could have a substantial impact © 2016 CBRE, Inc. Assumptions and Limiting Conditions on the conclusions reported. Thus, CBRE, Inc. reserves the right to amend conclusions reported if made aware of any such error. Accordingly, the client -addressee should carefully review all assumptions, data, relevant calculations, and conclusions within 30 days after the date of delivery of this report and should immediately notify CBRE, Inc. of any questions or errors. 6. The date of value to which any of the conclusions and opinions expressed in this report apply, is set forth in the Letter of Transmittal. Further, that the dollar amount of any value opinion herein rendered is based upon the purchasing power of the American Dollar on that date. This appraisal is based on market conditions existing as of the date of this appraisal. Under the terms of the engagement, we will have no obligation to revise this report to reflect events or conditions which occur subsequent to the date of the appraisal. However, CBRE, Inc. will be available to discuss the necessity for revision resulting from changes in economic or market factors affecting the subject. 7. CBRE, Inc. assumes no private deed restrictions, limiting the use of the subject in any way. 8. Unless otherwise noted in the body of the report, it is assumed that there are no mineral deposits or subsurface rights of value involved in this appraisal, whether they are gas, liquid, or solid. Nor are the rights associated with extraction or exploration of such elements considered unless otherwise stated in this appraisal report. Unless otherwise stated it is also assumed that there are no air or development rights of value that may be transferred. 9. CBRE, Inc. is not aware of any contemplated public initiatives, governmental development controls, or rent controls that would significantly affect the value of the subject. 10. The estimate of Market Value, which may be defined within the body of this report, is subject to change with market fluctuations over time. Market value is highly related to exposure, time promotion effort, terms, motivation, and conclusions surrounding the offering. The value estimate(s) consider the productivity and relative attractiveness of the property, both physically and economically, on the open market. 11. Any cash flows included in the analysis are forecasts of estimated future operating characteristics are predicated on the information and assumptions contained within the report. Any projections of income, expenses and economic conditions utilized in this report are not predictions of the future. Rather, they are estimates of current market expectations of future income and expenses. The achievement of the financial projections will be affected by fluctuating economic conditions and is dependent upon other future occurrences that cannot be assured. Actual results may vary from the projections considered herein. CBRE, Inc. does not warrant these forecasts will occur. Projections may be affected by circumstances beyond the current realm of knowledge or control of CBRE, Inc. 12. Unless specifically set forth in the body of the report, nothing contained herein shall be construed to represent any direct or indirect recommendation of CBRE, Inc. to buy, sell, or hold the properties at the value stated. Such decisions involve substantial investment strategy questions and must be specifically addressed in consultation form. 13. Also, unless otherwise noted in the body of this report, it is assumed that no changes in the present zoning ordinances or regulations governing use, density, or shape are being considered. The property is appraised assuming that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, nor national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report is based, unless otherwise stated. 14. This study may not be duplicated in whole or in part without the specific written consent of CBRE, Inc. nor may this report or copies hereof be transmitted to third parties without said consent, which consent CBRE, Inc. reserves the right to deny. Exempt from this restriction is duplication for the internal use of the client -addressee and/or transmission to attorneys, accountants, or advisors of the client -addressee. Also exempt from this restriction is transmission of the report to any court, governmental authority, or regulatory agency having jurisdiction over the party/parties for whom this appraisal was prepared, provided that this report and/or its contents shall not be published, in whole or in part, in any public document without the express written consent of CBRE, Inc. which consent CBRE, Inc. reserves the right to deny. Finally, this report shall not be advertised to the public or otherwise used to induce a third party to purchase the property or to make a "sale" or "offer for sale" of any "security", as such terms are defined and used in the Securities Act of 1933, as amended. Any third party, not covered by the exemptions herein, who may possess this report, is advised that they should rely on their own independently secured advice for any decision in connection with this property. CBRE, Inc. shall have no accountability or responsibility to any such third party. 15. Any value estimate provided in the report applies to the entire property, and any pro ration or division of the title into fractional interests will invalidate the value estimate, unless such pro ration or division of interests has been set forth in the report. ry © 2016 CBRE, Inc. Assumptions and Limiting Conditions 16. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. Component values for land and/or buildings are not intended to be used in conjunction with any other property or appraisal and are invalid if so used. 17. The maps, plats, sketches, graphs, photographs and exhibits included in this report are for illustration purposes only and are to be utilized only to assist in visualizing matters discussed within this report. Except as specifically stated, data relative to size or area of the subject and comparable properties has been obtained from sources deemed accurate and reliable. None of the exhibits are to be removed, reproduced, or used apart from this report. 18. No opinion is intended to be expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that customarily employed by real estate appraisers. Values and opinions expressed presume that environmental and other governmental restrictions/conditions by applicable agencies have been met, including but not limited to seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, licenses, etc. No survey, engineering study or architectural analysis has been made known to CBRE, Inc. unless otherwise stated within the body of this report. If the Consultant has not been supplied with a termite inspection, survey or occupancy permit, no responsibility or representation is assumed or made for any costs associated with obtaining same or for any deficiencies discovered before or after they are obtained. No representation or warranty is made concerning obtaining these items. CBRE, Inc. assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance. 19. Acceptance and/or use of this report constitutes full acceptance of the Contingent and Limiting Conditions and special assumptions set forth in this report. It is the responsibility of the Client, or client's designees, to read in full, comprehend and thus become aware of the aforementioned contingencies and limiting conditions. Neither the Appraiser nor CBRE, Inc. assumes responsibility for any situation arising out of the Client's failure to become familiar with and understand the same. The Client is advised to retain experts in areas that fall outside the scope of the real estate appraisal/consulting profession if so desired. 20. CBRE, Inc. assumes that the subject analyzed herein will be under prudent and competent management and ownership; neither inefficient nor super -efficient. 21. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report. 22. No survey of the boundaries of the property was undertaken. All areas and dimensions furnished are presumed to be correct. It is further assumed that no encroachments to the realty exist. 23. The Americans with Disabilities Act (ADA) became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable barrier removal construction items in this report, CBRE, Inc. has not made a specific compliance survey and analysis of this property to determine whether it is in conformance with the various detailed requirements of the ADA. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the ADA could reveal that the property is not in compliance with one or more of the requirements of the ADA. If so, this fact could have a negative effect on the value estimated herein. Since CBRE, Inc. has no specific information relating to this issue, nor is CBRE, Inc. qualified to make such an assessment, the effect of any possible non-compliance with the requirements of the ADA was not considered in estimating the value of the subject. 24. Client shall not indemnify Appraiser or hold Appraiser harmless unless and only to the extent that the Client misrepresents, distorts, or provides incomplete or inaccurate appraisal results to others, which acts of the Client approximately result in damage to Appraiser. Notwithstanding the foregoing, Appraiser shall have no obligation under this Section with respect to any loss that is caused solely by the active negligence or willful misconduct of a Client and is not contributed to by any act or omission (including any failure to perform any duty imposed by law) by Appraiser. Client shall indemnify and hold Appraiser harmless from any claims, expenses, judgments or other items or costs arising as a result of the Client's failure or the failure of any of the Client's agents to provide a complete copy of the appraisal report to any third party. In the event of any litigation between the parties, the prevailing party to such litigation shall be entitled to recover, from the other, reasonable attorney fees and costs. © 2016 CBRE, Inc. Addenda ADDENDA G 2016 CBRE, Inc. Addenda Addendum © 2016 CBRE, Inc. Sale Land Retail/Commercial No.1 - ..fllIt � • County Govt./Tax ID Land Area Net Land Area Gross Site Development Status Utilities Maximum FAR Min Land Bldg Ratio Shape Topography Flood Zone Class Flood Panel No./ Date Zoning Entitlement Status Benton 12-00229-010,12-00229-011 17.910 ac/ 780,160 sf 17.910 ac/ 780,160 sf Platted All to Site N/A N/A Rectangular Generally Level N/A N/A C N/A £3 , Type Sale Primary Verification Purchase Contract Interest Transfered Fee Simple Transaction Date 09/08/2015 Condition of Sale None Recording Date 09/08/2015 Recorded Buyer Harp's Food Stores Inc. Sale Price $2,622,720 Buyer Type Corporation Financing Cash to Seller Recorded Seller REO Holdngs II LLC / Arkansas Real Estate Cash Equivalent $2,622,720 and Development Marketing Time N/A Captial Adjustment $0 Listing Broker N/A Adjusted Price $2,622,720 Doc # 2015/50538-50531 Adjusted Price / ac and / sf $146,439 / $3.36 Adjusted Price/ FAR N/A Adjusted Price/ Unit N/A This is the multi -parcel sale of 17.91 acres of vacant land located at the northwest corner of W. Monroe Avenue and N. Goad Springs Road about a half mile west of Interstate Highway 49 in Lowell, Arkansas. The site is rectangular in shape, zoned for commercial use, with generally level topography and all utilities available. The property sold in September 2015 for $2,622,720 or $146,438 per acre. © 2O16 CBRE, Inc. i • i Property Name Oliver & Promenade - Land Sale Address Oliver Dr & S Promenade Blvd Bentonville, AR 72758 County Govt./Tax ID Land Area Net Land Area Gross Site Development Status Utilities Maximum FAR Min Land Bldg Ratio Benton 02-01671-001; 02-22379-000; 02-22380-000; 02-22381-000; 02-22382-000; 02-22380-000; 79.970 ac/ 3,483,493 sf 79.970 ac/ 3,483,493 sf Semi -Finished All on site N/A N/A Shape Irregular Topography Rolling Flood Zone Class N/A Flood Panel No./ Date N/A Zoning A-1, C-2, C-3, R -O Entitlement Status Fully Entitled/Planning Permissions Type Sale Primary Verification Seller Representative Interest Transfered Fee Simple Transaction Date 03/06/2015 Condition of Sale Arm's -Length Recording Date 03/06/2015 Recorded Buyer EF Capital AR, LLC Sale Price $8,300,000 Buyer Type Private Investor Financing Cash to Seller Recorded Seller Oliver Haynes, LLC Cash Equivalent $8,300,000 Marketing Time 7 Month(s) Captial Adjustment $0 Listing Broker Mac Tatman;409.443.8002 Adjusted Price $8,300,000 Doc # 2015-10265 Adjusted Price / ac and! sf $103,789 / $2.38 Adjusted Price/ FAR N/A Adjusted Price/ Unit N/A The property is located along Promenade Boulevard north of the Home Depot and south of the Walnut corridor. This property consists of seven completed commercial / office park lots plus a tract of unimproved land. The office park lots are part of the Farms development. The site is bisected by Promenade Boulevard and the lots are on the east side of this street. There are additional lots on the north side of this property which are also part of the same development. To date, no development has occurred in this subdivision. This was a lender driven transaction. The property was nearing foreclosure. The purchaser was a 1031 Exchange investor. A portion of the undeveloped land will, in the future, be dedicated to the construction of an east -west street and bridge over 1-49 connecting the Metro Park development to this side of 1-49. Because of the lack of demand to this point, the fact that the eastern part of this property was platted and included subdivision improvements was not a primary motivation to this sale. Rather, it was the combination of a large tract of land within an area with proven commercial demand and growth. It is anticipated by the buyer that changes to the subdivision layout and improvements will be needed. © 2016 CBRE, Inc. Property Name Sam's W Sunset - 70 Acres Address 5555 W Sunset Ave ! �a� Springdale, AR 72762 County Govt./Tax ID Land Area Net Land Area Gross Site Development Status Utilities Maximum FAR Min Land Bldg Ratio Shape Topography Flood Zone Class Flood Panel No./ Date Zoning Entitlement Status Washington 815-36511-000; 815-36512-000 70.502 ac/ 3,071,058 sf 70.502 ac/ 3,071,058 sf Raw Available N/A N/A Irregular N/A N/A N/A C-5; Thoroughfare Commercial N/A Type Sale Primary Verification Deed, Reliable 3rd Party (Brian Shaw) Interest Transfered Fee Simple Transaction Date 02/27/2015 Condition of Sale Arm's -Length Recording Date 02/27/2015 Recorded Buyer Sam's Real Estate Business Trust Sale Price $12,407,885 Buyer Type N/A Financing Cash to Seller Recorded Seller Shaw Holdings Limited Partnership Cash Equivalent $12,407,885 Marketing Time N/A Captial Adjustment $0 Listing Broker N/A Adjusted Price $12,407,885 Doc # 2015-00005318 Adjusted Price / ac and / sf $175,994 / $4.04 Adjusted Price/ FAR N/A Adjusted Price/ Unit N/A Legal Description: SW Quarter of Section 4, Township 17 North, Range 30 West, 5th Principal Meridian, Washington County, Arkansas © 2016 CBRE, Inc. Property Name Address County Govt./Tax ID Land Area Net Land Area Gross Site Development Status Utilities Maximum FAR Min Land Bldg Ratio Shape Topography Flood Zone Class Flood Panel No./ Date Zoning Entitlement Status Crain Hyundai of Fayetteville N Shiloh Dr & Foxglove Dr Fayetteville, AR 72704 Washington 765-25757-000+ 11.360 ac/ 494,842 sf 11.360 ac/ 494,842 sf N/A Typical City N/A N/A Irregular Generally Level N/A N/A CPZD N/A Type Sale Primary Verification Loopnet, Public Record Interest Transfered N/A Transaction Date 10/01/2013 Condition of Sale None Recording Date 10/01/2013 Recorded Buyer Crain Investments LP Sale Price $2,268,000 Buyer Type End User Financing Cash to Seller Recorded Seller Springwoods Investments, LLC Cash Equivalent $2,268,000 Marketing Time N/A Captial Adjustment $0 Listing Broker Marshall Saviers - Sage Partners Adjusted Price $2,268,000 Doc # 2013-33539 & 2013-33548 Adjusted Price / ac and / sf $199,648/$4.58 Adjusted Price/ FAR N/A Adjusted Price/ Unit N/A Buyer's Primary Analysis N/A Occupancy at Sale N/A Static Analysis Method N/A Underwritten Occupancy Static Analysis -N/A Source Static Analysis -N/A Potential Gross Income Static Analysis -N/A NOI / sf Static Analysis -N/A Vacancy/Collection Loss Static Analysis -N/A IRR N/A Effective Gross Income Static Analysis -N/A OER Static Analysis -N/A Expenses Static Analysis -N/A Expenses /sf Static Analysis -N/A Net Operating Income Static Analysis -N/A Cap Rate Static Analysis -N/A Crain Investments purchased this group of parcels in October 2013 for a reported price of $2,268,000. The assemblage is made up of seven lots (Lots 13-19) that are part of the Springwoods commercial subdivision that occupies the area along 1-540 just south of Highway 112. Crain Investments currently owns 7 franchised dealerships in Arkansas and recently purchased the Hyundai stores in both Springdale and Bentonville and also the former Steve Smith Buick GMC in Springdale. Crain plans to relocate the Springdale Hyundai store to this +11 -acre parcel. Reportedly the dealership will have an approximately 6 -acre footprint and will also have room for an inventory of about 500 vehicles. A representative of Crain Investments said the move is prompted by the site's high visibility and close proximity to similar businesses, such as the Fayetteville Autopark and Adventure Subaru. They intend to have the site operational by December 2014. © 2016 CBRE, Inc. CBRE Property Name Marinoni Land g :„Y Address 2455 W Wedington Dr, a� Fayetteville, AR 72701 County Washington Govt./Tax ID 765-13736-000, 765-13732-000, 765 -13737 - Land Area Net 108.000 ac/ 4,704,480 sf Land Area Gross 108.000 ac/ 4,704,480 sf Site Development Status Raw Utilities All public Maximum FAR N/A Min Land Bldg Ratio N/A Shape Irregular Topography Rolling Flood Zone Class Zone X (Unshaded) Flood Panel No./ Date 05143CO205F/ May 2008 Zoning RSF-4 Entitlement Status N/A Type Sale Primary Verification Broker, MLS# 694000 Interest Transfered Fee Simple Transaction Date 06/23/2016 Condition of Sale None Recording Date N/A Recorded Buyer N/A Sale Price $28,225,000 Buyer Type N/A Financing N/A Recorded Seller Paul Marinoni Cash Equivalent $28,225,000 Marketing Time 32 Month(s) Captial Adjustment $0 Listing Broker Ramsay Ball Adjusted Price $28,225,000 Doc # N/A Adjusted Price / ac and / sf $261,343 / $6.00 Adjusted Price/ FAR N/A Adjusted Price/ Unit N/A © 2016 CBRE, Inc. Property Name Mills Landt, Address 1502 S Mills PI Rogers, AR 72758 r l County Benton Govt./Tax ID 02-14350-001, 02-14350-115, 02-14352-000, 02-14350-100, 02-14351-000+ at Land Area Net 192.190 ac/ 8,371,796 sf Land Area Gross 192.190 ac/ 8,371,796 sf Site Development Status Raw Utilities All Public Maximum FAR N/A Min Land Bldg Ratio N/A Shape Irregular Topography Rolling Flood Zone Class Zone X (Unshaded) Flood Panel No./ Date 05007C0270K/ Jun 2012 Zoning A-1, Agricultural Entitlement Status N/A Type Sale Primary Verification Broker, MLS# 1007480, Public Records Interest Transfered Fee Simple Transaction Date 06/23/2016 Condition of Sale None Recording Date N/A Recorded Buyer N/A Sale Price $37,700,000 Buyer Type N/A Financing N/A Recorded Seller Mills Farm Cash Equivalent $37,700,000 Marketing Time 5 Month(s) Captial Adjustment $0 Listing Broker Pat Morrison Adjusted Price $37,700,000 Doc # N/A Adjusted Price / ac and / sf $196,160 / $4.50 Adjusted Price/ FAR N/A Adjusted Price/ Unit N/A This property has been offered for sale off and on for the past several years, But this most recent listing has only been on the market for about 5 months. Some residences and agricultural related improvements that are of no contributory value. © 2016 CBRE, Inc. Addenda Addendum ''' C© 2016 CORE, Inc. AHTD BB0414-W/S Relocation Parcel No. 765-15840-000 & 765-15889-000 GENERAL UTILITY EASEMENT BE IT KNOWN BY THESE PRESENTS: THAT Drake ST Property, LLC, an Arkansas limited liability company, hereinafter called GRANTOR, for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, does hereby GRANT, SELL and CONVEY unto the City of Fayetteville, Arkansas, a municipal corporation, hereinafter called GRANTEE, and unto Grantee's successors and assigns, a permanent easement for the purpose of construction, maintenance, repair and/or replacement, enlargement and operations of roadway, drainage, sidewalks, and general utilities including water and/or sanitary sewer pipe line or lines, manholes, natural gas, electrical power, telephone, fiber optic cable(s) and television communication line or lines, and appurtenances thereto, on over, across, and under the following described land situated in the County of Washington, State of Arkansas, to -wit: PROPERTY DESCRIPTION: Deed Ref: 2013-00021050 Part of the East half of the Northeast Quarter of Section 33 and a part of the West half of the Northwest Quarter of Section 34, all in Township 17 North, Range 30 West, Washington County, Arkansas, being more particularly described as follows, to -wit: beginning at an existing rebar on the North right of way of Arkansas HWY #180 which is S89°56'45"E 209.48' and N00°02'53"W 36.49' from the Southwest corner of the Northwest Quarter of said Section 34 and running thence along said right of way the following: N89°48'32"W 382.99', N61 °20'32"W 118.80', N39°12'43"W 10.05', thence leaving said right of way North 1252.08' to the Southern right of way of interstate 540, thence along said Southern right of way N65°33'03"E 111.21', thence continuing along said right of way N66°45'20"E 425.61', thence leaving said right of way S00°02'53"E 1532.12' to the point of beginning, containing 16.05 acres, more or less. Subject to all easements and rights of way of record. LESS AND EXCEPT: Part of the East Half of the Northeast Quarter of Section 33 and part of the West Half of the Northwest Quarter of Section 34, Township 17 North, Range 30 West, Washington County, Arkansas, more particularly described as follows: Commencing at a Half Inch Rebar found at the Quarter Comer of said Sections 33 and 34; thence North 02°27'51" East along the East Line of said Section 33 a distance of 1277.49 feet to a point on the Southern Right of Way of Interstate 49 as established by AHTD Job BB0414 for the POINT OF BEGINNING; thence North 78°02'42"West along said right of way line a distance of 198.48 feet to a point; thence South 79°36'29" West along said right of way line a distance of 89.73 feet to a point on the East line of Lot 6, Block 1, North Point Subdivision; thence North 02°30'44" East along said East line a distance of 65.79 feet to a point on the Southern Right of Way of Interstate 49 as established by AHTD Job 9447; thence North 68°04'33" East along said right of way line a distance of 91.70 feet to a point; thence North 69°21'14" East along said right of way line a distance of 444.60 feet to a point; thence South 02°27'41" West a distance of 276.86 feet to a point on the Southern Right of Way of Interstate 49 as established by AHTD Job BB0414; thence South 88°37'16" West along said right of way line a distance of 209.73 feet to the POINT OF BEGINNING and containing 1.95 acres (84,765 sq. ft.) more of less as shown on AHTD plans referenced as Job BB0414. PERMANENT EASEMENT DESCRIPTION: A 30 foot easement South of and adjacent to the Easterly right-of-way for Interstate 49 as shown on Arkansas Highway Transportation Department plans for Job No. BB0414. Being more particularly described as follows: A part of the SE'/4 of the NE'/ of Section 33, and a part of the SW'/ of the NW'/ of Section 34, all within Township 17 North, Range 30 West, and Washington County, Arkansas: Commencing at the Southwest corner of the NW% of said Section 34; thence N02°27'51 "E a distance of 1247.42 feet along the West line of said SW'/ of the NWY4 of Section 34 to the POINT OF BEGINNING; thence S88°37'16"W a distance of 1.49 feet; thence N78°02'42"W a distance of 196.06 feet; thence S79°36'29"W a distance of 80.30 feet; thence S66°16'50"W a distance of 11.28 feet to the West property line as described in File 2013-00021050; thence N02°30'44"E a distance of 33.44 feet along said West property line to a point on the Easterly right-of-way for Interstate 49 as shown on AHTD plans for Job No. BB0414; thence along said Easterly right-of-way N79°36'29"E a distance of 89.73 feet; thence S78°02'42"E a distance of 198.48 feet; thence N88°37'16"E a distance of 209.73 feet to the East line of said property; thence along said East property line S02°27'41 "W a distance of 30.16 feet; thence leaving said East property line N81 °40'58"W a distance of 0.53 feet; thence S88°37'16"W a distance of 209.20 feet to the POINT OF BEGINNING, containing 14,952 square feet or 0.34 acres, more or less. Together with the rights, easements, and privileges in or to said lands which may be required for the full enjoyment of the rights herein granted. © 2016 CBRE, Inc. GENERAL UTILITY EASEMENT Page 2 of 2 TO HAVE AND TO HOLD unto said Grantee, its successors and assigns, until the use of said permanent easement is relinquished, abandoned or vacated and so long as such pipe line or lines, electrical power, telephone and/or television lines or cables, manholes and/or appurtenances thereto shall be maintained, together with free ingress to and egress from the real estate first herein above described for the uses and purposes herein above set forth. The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbefore granted to the said Grantee, which hereby agrees to bury all pipes, lines and/or cables where feasible, to a sufficient depth so as not to interfere with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except in bottom lands where they shall be at a height above water. The Grantor agrees no to erect any buildings or structures in said permanent easement. The Grantee shall have the right to construct additional pipe lines, electric power lines, telephone and/or television lines or cables upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this document in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. WITNESS the execution hereof on this the day of , 2015. Drake ST Property, LLC, an Arkansas limited liability company BY: [Please print or type Name and Title] ATTEST: [Please print or type Name and Title] 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 and ,tome%el known as the persons who executed the foregoing document, and who stated and acknowledged that they are the and , respectively, of Drake ST Property, LLC, an Arkansas limited liability company, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said 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 , 2015. MY COMMISSION EXPIRES: Notary Public 2016 CBRE, Inc. AHTD 860414-W/S Relocation Parcel No. 765-15908-000 GENERAL UTILITY EASEMENT BE IT KNOWN BY THESE PRESENTS: THAT 1155 Properties, LLC, an Arkansas limited liability company, hereinafter called GRANTOR, for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, does hereby GRANT, SELL and CONVEY unto the City of Fayetteville, Arkansas, a municipal corporation, hereinafter called GRANTEE, and unto Grantee's successors and assigns, a permanent easement for the purpose of construction, maintenance, repair and/or replacement, enlargement and operations of roadway, drainage, sidewalks, and general utilities including water and/or sanitary sewer pipe line or lines, manholes, natural gas, electrical power, telephone, fiber optic cable(s) and television communication line or lines, and appurtenances thereto, on over, across, and under the following described land situated in the County of Washington, State of Arkansas, to -wit: PROPERTY DESCRIPTION: Deed Ref: 2004-00000965 A part of Section 34, T-1 7-N, R -30-W, Washington County, Arkansas, being more particularly described as follows: Beginning at a point on the North Right -of -Way of State Highway No. 180, said point being 620.80 feet East of the West line of said Section 34 and running thence North 1,695.00 feet to the South Right -of -Way of US Highway No. 71 By-pass; thence S65°59'00"W along said Right -of -Way 446.90 feet; thence South 1,523.00 feet to the North Right -of -Way of State Highway No. 180; thence East along said Right -of -Way 411.33 feet to the point of beginning, containing 15.19 acres, more or less, LESS AND EXCEPT: A part of the NW'/4 of the NW1/ of Section 34, T-1 7-N, R- 30 -W, Washington County, Arkansas, more particularly described as follows: Starting at the NW corner of the NW'/4 of the NW'/4 of Section 34; thence N88°34'00"E along the North line 964.00 feet to a point; thence S01°0700"E 769.70 feet to a point on the Southeasterly existing Right -of -Way line of U.S. Highway No. 71 By-pass; thence S65°51'00"W along said existing Right -of -Way line 201.50 feet to the point of beginning; thence S01 °05'00"E 106.20 feet to a point on the Southeasterly proposed Right -of -Way line of relocated U.S. Highway No. 71; thence S89°08'00"W along said proposed Right -of -Way line 171.80 feet to a point; thence S76°55'00"W along said Right -of - Way line a distance of 152.90 feet to a point on the Southeasterly existing Right -of -Way line of U.S. Highway No. 71 By-pass; thence N65°48'00"E 298.20 feet to the point of beginning, containing 0.33 acres, more or less. Subject to easements and rights of way of record, if any. ALSO: A part of Section 34, T-1 7-N, R -30-W, Washington County, Arkansas, being more particularly described as follows: Beginning at a point on the North Right -of -Way of State Highway No. 180, said point being 990.00 feet East of the West line of said Section 34 and running thence North 1,850.00 feet to the South Right -of -Way of US Highway No. 71 By-pass; thence S65°59'00"W along said Right -of -Way 401.14 feet; thence South 1,695.00 feet to the North Right -of -Way of State Highway No. 180; thence East along said Right -of -Way 369.20 feet to the point of beginning, containing 15.02 acres, more or less, LESS AND EXCEPT: A part of the NW% of the NW'/ of Section 34, T-1 7-N, R- 30 -W, Washington County, Arkansas, more particularly described as follows: Starting at the NW corner of the NW'/4 of the NWV4 of Section 34; thence N88°34'00"E along the North line 964.00 feet to a point; thence S01 °07'00"E 769.70 feet to a point on the Southeasterly existing Right -of -Way line of U.S. Highway No. 71 By-pass for the point of beginning; thence S01 °07'00"E 264.70 feet to a point on the Southeasterly proposed Right -of -Way line of relocated U.S. Highway No. 71; thence S89°08'00"W along said proposed Right -of -Way line 368.40 feet to a point; thence N01 °0500W 106.20 feet to a point on the Southeasterly Right of Way line of US Highway No. 71 By -Pass; thence N65°47'00"E along said Right -of -Way line 201.50 feet to a point; thence N65°51'00"E 198.80 feet to the point of beginning, containing 1.57 acres, more or less. Subject to easements and rights of way of record, if any. LESS AND EXCEPT: Part of the West Half of the Northwest Quarter of Section 34, Township 17 North, Range 30 West, Washington County, Arkansas, more particularly described as follows: Commencing at a Half Inch Rebar found at the Quarter Corner of Sections 33 and 34; thence North 0227'51" East along the West line of Section 34 a distance of 1479.12 feet to a point on the Southern Right of Way of Interstate 49 as established by AHTD Job 9447; thence North 69°21'14" East along said right of way line a distance of 227.50 feet to the POINT OF BEGINNING; thence continue North 69°21'14" East along said right of way line a distance of 79.97 feet to a point on the Southern Right of Way of Interstate 49 as established by AHTD Job 1534 Section 1; thence North 80°30'22" East along said right of way line a distance of 152.85 feet to a point; thence South 87°16'41" East along said right of way line a distance of 540.24 feet to a point; thence South 02°29'38" West a distance of 503.64 feet to a point on the Southern Right of V/ay of Interstate 49 as established by AHTD Job BB0414; thence North 87°06'30" West along said right of way line a distance of 77.97 feet to a point; thence North 66°50'23" West along said right of way line a distance of 302.08 feet to a point; thence North 77°47'117" West along said right of way line a distance of 257.10 feet to a point; thence North 81 °4058 " West along said right of way line a distance of 149.89 feet to a point; thence North 02°27'41" East a distance of 276.86 feet to the POINT OF BEGINNING and containing 7.07 acres (308,105 sq. ft.) more of less as shown on AHTD plans referenced as Job BB0414. c 2016 CBRE, Inc. GENERAL UTILITY EASEMENT Page 2 of 3 PERMANENT EASEMENT DESCRIPTION: A 30 foot easement South of and adjacent to the Easterly right-of-way for Interstate 49 as shown on AHTD plans for Job No. BB0414, Being more particularly described as follows: A part of the SW'/ of the NWY of Section 34, Township 17 North, Range 30 West, Washington County, Arkansas: Commencing at the Southwest corner of the NW'/ of said Section 34; thence S87°24'17"E 209.32 feet along the South line of said SW'/ of the NW'/ to the West property line as described in File 2004-00000965; thence along said West property line N02°27'41 "E 1261.87 feet to the POINT OF BEGINNING; thence continuing along said West property line N02°27'41 "E 30.16 feet to a point on the Easterly right-of-way for Interstate 49 as shown on AHTD plans for Job No. BB0414; thence along said Easterly right-of-way S81 °40'58"E 149.89 feet; thence S77°47'17"E 249.00 feet to the East line of said property; thence along said East property line S02°31'22"W 30.43 feet; thence leaving said East property line N77°47'17"W 253.10 feet; thence N81 °40'58"W 145.80 feet to the POINT OF BEGINNING, containing 11,967 square feet or 0.27 acres, more or less. ALSO: A 30 foot easement South of and adjacent to the Easterly right-of-way for Interstate 49 as shown on AHTD plans for Job No. BB0414, Being more particularly described as follows: A part of the SW'/4 of the NW'/ of Section 34, Township 17 North, Range 30 West, Washington County, Arkansas: Commencing at the Southwest corner of the NW% of said Section 34; thence S87°24'17"E a distance of 602.51 feet along the South line of said SW'/ of the NW'/ to the West property line as described in File 2004-00000965; thence along said West property line N02°31'22"E 1205.05 feet to the POINT OF BEGINNING; thence continuing along said West property line N02°31 '22"E 30.43 feet to a point on the Easterly right-of-way for Interstate 49 as shown on AHTD plans for Job No. B80414; thence along said Easterly right-of-way the following courses: S77°4717"E 8,10 feet, $66°50'23"E 302.08 feet, S87°06'30"E 77.97 feet to the East line of said property; thence along said East property line S02°29'38"W 30.00 feet; thence leaving said East property line N87°06'30"W 83.54 feet; thence N66°50'23"W 304.56 feet; thence N77°47'17"W 0.11 feet to the POINT OF BEGINNING, containing 11,646 square feet or 0.27 acres, more or less. Together with the rights, easements, and privileges in or to said lands which may be required for the full enjoyment of the rights herein granted. TO HAVE AND TO HOLD unto said Grantee, its successors and assigns, until the use of said permanent easement is relinquished, abandoned or vacated and so long as such pipe line or lines, electrical power, telephone and/or television lines or cables, manholes and/or appurtenances thereto shall be maintained, together with free ingress to and egress from the real estate first herein above described for the uses and purposes herein above set forth. The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbefore granted to the said Grantee, which hereby agrees to bury all pipes, lines and/or cables where ₹easible, to a sufficient depth so as not to interfere with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except in bottom lands where they shall be at a height above water. The Grantor agrees no to erect any buildings or structures in said permanent easement. The Grantee shall have the right to construct additional pipe lines, electric power lines, telephone and/or television lines or cables upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this document in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. WITNESS the execution hereof on this the day of , 2015. © 2016 CBRE, Inc. GENERAL UTILITY EASEMENT Page 3 of 3 1155 Properties, LLC, an Arkansas limited liability company ATTEST: [Please print or type Name and Title] STATE OF ARKANSAS COUNTY OF WASHINGTON [Please print or type Name and Title] ACKNOWLEDGMENT ss. 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 and _______________________,tome4d known as the persons who executed the foregoing document, and who stated and acknowledged that they are the and , respectively, of 1155 Properties, LLC, an Arkansas limited liability company, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said 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 , 2015. MY COMMISSION EXPIRES: Notary Public © 2016 CBRE, Inc. AHTD BB0414-W/S Relocation Parcel No. 765-15887-000 GENERAL UTILITY EASEMENT BE IT KNOWN BY THESE PRESENTS: THAT RPM1 Properties, LLC, an Arkansas limited liability company, hereinafter called GRANTOR, for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, does hereby GRANT, SELL and CONVEY unto the City of Fayetteville, Arkansas, a municipal corporation, hereinafter called GRANTEE, and unto Grantee's successors and assigns, a permanent easement for the purpose of construction, maintenance, repair and/or replacement, enlargement and operations of roadway, drainage, sidewalks, and general utilities including water and/or sanitary sewer pipe line or lines, manholes, natural gas, electrical power, telephone, fiber optic cable(s) and television communication line or lines, and appurtenances thereto, on over, across, and under the following described land situated in the County of Washington, State of Arkansas, to -wit: PROPERTY DESCRIPTION: Deed Ref: 2013-00000127 Part of the Northwest Quarter (NW'/) of Section Thirty-four (34), Township Seventeen (17) North, Range Thirty (30) West, Washington County, Arkansas, described as follows, to -wit: Beginning at the Southeast corner of the said Northwest Quarter (NW'/) and running thence N00 Degrees 05'21 "W 2565.78 feet to the South line of the Arkansas State Highway Commission Right of Way; thence along said Right of Way line S66 Degrees 33'41"W 145.31 feet, S45 Degrees 02'15"W 107.74 feet, S27 Degrees 2844" W 517.93 feet, S43 Degrees 37'19" W 163.19 feet, S54 Degrees 2238W 256.17 feet, S79 Degrees 47'51 "W 358.46 feet, S82 Degrees 5350W 364,0 feet, S89 Degrees 53'44"W 167.44 feet; thence leaving said Right of way fine and running S00 Degrees 00'01 "E 1588.21 feet; thence S89 Degrees 39'28"E 466.92 feet; thence N01 Degree 30'39"E 431.40 feet; thence N87 Degrees 37'53"E 383.01 feet; thence S01 Degree 58'26"E 450.30 feet; thence S89 Degrees 47'21 "E 778.31 feet to the point of beginning, and being subject to easements and rights of way of record. LESS AND EXCEPT: Part of the Northwest Quarter of Section 34, Township 17 North, Range 30 West, Washington County, Arkansas, more particularly described as follows: Commencing at a Half Inch Rebar found at the Quarter Corner of Sections 33 & 34: thence South 87°24'17" East along the South line of the Northwest Quarter of Section 34 a distance of 1317.66 feet to a point being used as the Center West Sixteenth Corner of said Section 34; thence North 02°25'01" East along the East line of the Southwest Quarter of the said Northwest Quarter a distance of 1,177.62 feet to a point on the Southern Right of Way of Interstate 49 as established by AHTD Job 880414 and the POINT OF BEGINNING; thence South 79°28'03" West along said right of way line a distance of 223.05 feet to a point; thence North 87°06'30"'West along said right of way line a distance of 127.05 feet to a point; thence North 02°29'38" East a distance of 503.64 feet to a point on the Southern Right of Way of Interstate 49 as established by AHTD Job 1534 Section 1; thence South 87°16'41" East along said right of way line a distance of 167.50 feet to a point; thence North 85°21'44" East along said right of way line a distance of 364.01 feet to a point; thence North 82°17'31" East along said right of way line a distance of 359.03 feet to a point; thence North 57°00'34" East along said right of way line a distance of 255.98 feet to a point; thence North 45°59'17" East along said right of way line a distance of 163.48 feet to a point; thence North 29°53'39' East along said right of way line a distance of 518.56 feet to a point; thence North 47°36'56" East along said right of way line a distance of 107.70 feet to a point; thence North 69°00'43" East along said right of way line a distance of 71 .89 feet to a point on the Southern Right of Way of Interstate 49 as established by AHTD Job BB0414; thence South 43°06'54" West along said right of way line a distance of 146.83 feet to a point; thence South 34°35'25" West along said right of way line a distance of 160.58 feet to a point; thence South 27°04'56" West along said right of way line a distance of 219.23 feet to a point; thence South 33°46'36" West along said right of way line a distance of 214.85 feet to a point; thence South 39°02'57" West along said right of way line a distance of 211.18 feet to a point; thence South 49°44'01"'West along said right of way line a distance of 140.32 feet to a point; thence South 55°05'30" West along said right of way line a distance of 138.50 feet to a point; thence South 51°32'44" West along said right of way line a distance of 273.79 feet to a point; thence South 43°1852" West along said right of way line a distance of 123.92 feet to a point; thence South 53°49'31" West along said right of way line a distance of 170.40 feet to a point; thence South 72°16'47" West along said right of way line a distance of 102.47 feet to the POINT OF BEGINNING and containing 9.21 acres (401,067 sq. ft.) more or less as shown on AHTD plans referenced as Job BB0414. PERMANENT EASEMENT DESCRIPTION: A 30 foot easement South and East of and adjacent to the Easterly right-of-way for Interstate 49 as shown on AHTD plans for Job No. BB0414, Being more particularly described as follows: A part of the SW'/ of the NW1/ and SE'/ of the NW'/ and NE'/ of the NW'/ of Section 34, Township 17 North, Range 30 West, Washington County, Arkansas. Commencing at the Southwest corner of the NW'/ of said Section 34; thence S87°24'17"E a distance of 971.73 feet along the South line of said SWY of the NW'/ to the West property line as described in File 2013-00000127; thence along said West property line N02°29'38"E 1097.61 feet to the POINT OF BEGINNING; thence continuing along said West property ►ine N02°29'38"E 30.00 feet to a point on the Easterly right-of-way for Interstate 49 as shown on AHTD plans for Job No. BB0414; thence along said Easterly right-of-way the following courses: S87°06'30"E 127.05 feet, c 2016 CBRE, Inc. GENERAL UTILITY EASEMENT Page 2 of 3 N79°28'03"E 223.05 feet, N72°16'47"E 102.47 feet, N53°49'31 "E 170.40 feet, N43°18'52"E 123.92 feet, N51 °32'44"E 273.79 feet, N55°05'30"E 138.50 feet, N49°44'01 "E 140.32 feet, N39°0257E 211.18 feet, N33°46'36"E 214.85 feet, N27°04'56"E 219.23 feet, N34°35'25"E 160.58 feet, N43°06'54"E 89.59 feet to a point on the South line of an existing 25 foot Water & Sewer easement described in Book 1045 Page 115; thence along said South line of an existing 25 foot Water & Sewer easement N69°01'00"E 68.68 feet; thence leaving said South line of an existing 25 foot Water & Sewer easement S43°06'54"W 149.13 feet; thence S34°35'25"W 156.37 feet; thence S27°04'56"W 219.02 feet; thence S33°46'36"W 217.99 feet; thence S39°02'57"W 215.37 feet; thence S49°44'01 "W 144.53 feet; thence S55°05'30"W 138.98 feet; thence S51 °32'44"W 114.91 feet; thence S45°15'53"W 45.70 feet; thence S51 °32'44"W 110.00 feet; thence S43°18'52"W 124.62 feet; thence S53°49'31 "W 179.30 feet; thence S72°16'47"W 110.04 feet; thence S86°17'59"W 41.70 feet; thence S79°28'03"W 187.69 feet; thence N87°06'30"W 130.37 feet to the POINT OF BEGINNING, containing 69,995 square feet or 1.61 acres, more or less. Together with the rights, easements, and privileges in or to said lands which may be required for the full enjoyment of the rights herein granted. TO HAVE AND TO HOLD unto said Grantee, its successors and assigns, until the use of said permanent easement is relinquished, abandoned or vacated and so long as such pipe line or lines, electrical power, telephone and/or television lines or cables, manholes and/or appurtenances thereto shall be maintained, together with free ingress to and egress from the real estate first herein above described for the uses and purposes herein above set forth. The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbefore granted to the said Grantee, which hereby agrees to bury all pipes, lines and/or cables where feasible, to a sufficient depth so as not to interfere with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except in bottom lands where they shall be at a height above water. The Grantor agrees no to erect any buildings or structures in said permanent easement. The Grantee shall have the right to construct additional pipe lines, electric power lines, telephone and/or television lines or cables upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this document in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed. WITNESS the execution hereof on this the day of 2015. RPM1 Properties, LLC, an Arkansas limited liability company BY: ATTEST: [Please print or type Name and Title] [Please print or type Name and Title] © 2016 CBRE, Inc. GENERAL UTILITY EASEMENT Page 3 of 3 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 and ,tomewei known as the persons who executed the foregoing document, and who stated and acknowledged that they are the and , respectively, of RPM1 Properties, LLC, an Arkansas limited liability company, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said 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 , 2015. MY COMMISSION EXPIRES: Notary Public © 2016 CBRE, Inc. Addenda Addendum O 2016 CBRE, Inc. f Rlvt / NE 1/4, NE 1/4 NW 1/4, NW 1/4 34-17-30 3 3-17-30 PROPOSED t RiGHT�oF WAY AHTD JOB BB0414 ,- K`I J r's:•:t;,....,...;^�:':.�i`.:e:;'«�i�... ;�""?.;-,..�;.,;::hi�'�:_ N $ '37'18" E 209.73' L2 N 1'v . 2 PROPOSED 136.06'_:=:.:'.. LI 5 EASEMENT r SE 1/4, NE 1/4 SW 1/4, NW 1/4 33-17-3O 34-17--30 IQ a '\J -FOOT. TELEPHONE EASEMENT 1002884 v� �� a. DRAKE ST PROPERTY, LLC PARCEL NO. 765-15840-000 ° & 765-15889-010 RECORD DEED: 2013-00021050 1/2" REBAR LS1415 SW CORNER SW 1/4 NW 1/4 SECTION 34, T -17-N, R -30-W AREA CALCULATIONS SQ. FT. ACRES PROPOSED EASEMENT 14,952 0.34 1_ FGENO PL PL EXISTING PROPERTY LINE N R/W EXISTING RIGHT OF WAY LINE R/w PROPOSED RIGHT OF WAY LINE EXISTING EASEMENT LINE -- -- -- ^- - - -- - - PROPOSED EASEMENT LINE TMs EXH/R/T /S A SKETCH OESCR/PTJVE ONLY OF THE SLZE, SHAPE BEARINGS - GR19 AND LOCAT70N OF THE PROPOSED CASEMENTS AND DOES NOT ARKANSAS NORTH ZONE CONS'TT.TUTE A PLAT OR SURVEY OF THE" GRANTORS PROPERTY 2049 Ens) JOYCE BOULVARI) CITY OF FAYETTEVILLE • SUITE 400 -FAYETTGVILLC, ARKANSAS FAYEITEVILLE,ARKANSAS72704 AHTD NO. 880414,y, 47ssz7.stoo WATER &'SEWER RELOCATIONS ! DIS: A . ' L1 S 88'37'16'V J; 1..4.9' .: S: 79'36'29" W .8D.31J Lv :S 6616`50 W. 11.28 L4:. N 02"30:44 E 3.3.44' L5• N 793629 E 89.73 L6: S 4}" 2"27 41" `W 00,1:6 L7 N 81'7+0 58 W 0.;53 GRAPHIC SCALE 100 0 50 100 (IN FEET) 1 inch = 100 ft. * •JOB NO. 'PATE 14048160 APRI[. 14, 2015 "EXHBIT A" TRACT 'A'AAA NSAi 5 © 2016 CBRE, Inc. 1155 PROPERTIES, LLC 'ARCEL NO. 765-15908-000 CORD DEED: 2004-00000965 NW 1/4, NW 1/4 34-17-30 C- 209. J2 LEG NQ PL------ PL EXISTING PROPERTY LINE R/W EXISTING RIGHT OF WAY LINE • R/W PROPOSED RIGHT OF WAY LINE - - TM` EXISTING EASEMENT LINE PROPOSED EASEMENT LINE Th'IS EXHIBIT IS A SK£7CH DESCRIPTIVE ONLY OF THE SIZE; SHAPE BEARINGS - GRID AND LOCA71O/I OF 7NE PROPOSED EASE,'ENTS AND DOES NOT ARKANSAS NORTH ZONE CONST7.7TJT4 A PLAT OR SURVEY Of ..7HE .ORAN.TDR S PROPERTY. 2049EASTJOYCE BOUI.vAoD 'CITY OF FAYETTEVILLE SUITE 400 FAYETTEVILLE, ARKANSAS 72704 479 527.9100 NO. 880414 R & SEWER RELOCATIONS LINE ;;ANG.L ISTANCE L1 N 0Z2741 E 30.16 L2 S 8V4058 E 149.89 L3 !S 0231 22 W 30.43 L4 N 814O58 W 145.80 GRAPHIC SCALE 100 0 50 100 ( IN FEET ) 1 inch = 10O ft. JOB NO. DATE t4048150 APRIL 14, 2015 "EXHIBIT A" c 2016 CBRE, Inc. 1155 PROPERTIES, LLC b PARCEL NO. 765- 1,5889-000 r RECORD DEED: 2004-00000965 NW 1/4, NW 1/4 34-17---30 Ti/IS EXH/D/T IS A SKETCH OESCRIP17VE ONLY OF THE SITE, SHAPE" BEARINGS - GRID AND LOCATION OF ?HE PROPOSED EASEMENTS AND DOES NOT ARKANSAS NORTH ZONE CONSTITUTE A PLAT OR SURVEY OF THE GRANTORS PROPERTY. .. . .2049 EASYJOYCEI3OULVARD CITY OF FAYETTEVILLE • SUITE400 FAYETTEVILLE,ARKANSAS FAYETTEVILLE, ARKANSAS 12704 AHTD NO. BB0414 4T952T•9i0o WATER & SEWER RELOCATIONS A r1 KAI ( IN FEET ) 1 inch = 100 ft. Ii = J06 NO. "DAl6 14048160 APRIL 14, 2015 "EXHIBIT A" TRACT AS 7 © 2016 CBRE, Inc. I LINE ANGLE DISTANCE L1 N 02'29'38" E 30.00' L2 S 87'06'30" E 127.05 L3 N 79'28'03" E 223.05' L4 N 7216'47" E 102.47 L5 N 5349'31" E 170.40 L6 N 43'18'52" E 123.92 L7 N 51'32'44" E 273.79 L8iT N 55'05'30" E 138.50 L9 N 4944'Ol" E 140.32 L10 N 39'02'57" E 211.18' L11 N 38'31'42" E 243.33 L12 N 20'15'19" E 195.51 L13 N 34'35'25" E 160.58' L14 N 43'06'54" E 89.59 L15 N 69'01 OO' E 68.68' L16 S 43'06'54" W 149.13 943-617 & 1045-115 LINE ANGLE DISTANCE L17 S 34'35'25" W 154.57' L18 S 20'15'19" W i37 L19 S_38'31'32" W 247.05' L20 S 39 2 57 W 215.37 L21 S 49'44'01" W 144.53 L22 S 55'05'30" W 138.98 L23 S 51'32'44' W 114.91 L24 S 45'15'53" W 45.70 L25 S 51'32'44" W 110.00 L26 S 43'18'52" W 124,62 L27 S 53'49'.3f" W 179.30' L28 S 72'16'47" W 110.04' L29 S 86'17'59" W 41.70' L30 S 79'28'03" W 187.69 L31 N 8T06'30" W 130.37' W PROPOSED NW 1/4,NW 1/4 RIGHT OF WAY AHTD JOB 880414 34-17—,3O I SW 1/4, NW 1/4 34-17-3O ' �--•-- L2 L-3 .... btu L31 ~tad H NIO °I N S 8724' E 977.73' �Z$ PROPOSED EASEMENT % 7., 7 100 -FT SWEPCO EASEMENT SEMENT 2007-0043905 NE 1/4, NW 1/4 34-17-30 SE 1/4, NW 1/4 34-17-30 RPM! PROPERTIES, LL C' PARCEL NO. 765-15887-000 RECORD DEED: 2015-00000127 GRAPHIC SCALE 300 O 150 300 Ij IN FEET) 1 inch = 300 ft. LEGEND 11/2" REBAR LS1415 PL PL EXISTING PROPERTY LINE SW CORNER R/W 14/W EXISTING RIGHT OF WAY LINE NW 1/4 R/W -R1w PROPOSED RIGHT OF WAY Lif SECTION 34, BEARINGS - GRID --- EXISTING EASEMENT LINE ARKANSAS NORTH ZONE ------------PROPOSED EASEMENT LINE T -17-N, R -30-W THIS EXHIBIT IS A SK£1CH DESCRIPT/VE ONLY OF THE SIZE SHAPE ANO LOCA17ON OF THE PROPOSED EASEMENTS AND DOES NOT CONST77UTE A PLAT OR SURVEY OF THE GRANTORS PROPERTY. 2049 EAST JOYCEBOULVARD CITY OF FAYETTEVILLE SUITE 400 FAYETTEVILLE. ARKANSAS FAYETTEVILLE, ARKANSAS 72704 AHTD NO. BB0414 479527.9100 WATER & SEWER RELOCATIONS AREA CALCULATIONS SQ. FT. ACRES 1 PROPOSED EASEMENT 70,139 1.61 JOB NO. DATE wY n ' 14048160 NOV. 30, 2015 �h,s;:3ns {�'✓ 'EXHIBIT A" TRACTS R © 2016 CBRE, Inc. Addenda Addendum D INC. © 2016 CBRE, Inc. EXPANSION IIIRecovery At Risk Moderating Recession slid In Recession STRENGTHS Headquarters of several industry leaders. » Home to large research university. » Support to private research firms from Arkansas Research and Technology Park. » Strong in -migration and favorable age structure. WEAKNESSES » Above -average employment volatility. » Less broad -based job creation compared with the national average. SHORTTERM LONGTERM RISK 2016-2021 QSURE 1.,G 3 3rd quintil UPSIDE >> Chicken exports rise, providing extra income for local producers. » Out -of -area firms boost hiring of white-collar staff to take advantage of low business costs and a comparatively well-educated workforce. Strong population growth generates more healthcare jobs than expected. DOWNSIDE >> Grain prices rebound, compressing margins at food processors and restraining hiring. N COUNTY AS OF AUG 03, 2010 Recent Performance. The Fayetteville - Springdale -Rogers economy is expanding rap- idly and is easily outperforming the rest of the Natural State and nation. Payroll employment is already 16% above its prerecession peak, and job growth since the turn of the decade has con- sistently exceeded that in other Arkansas metro areas. Private services are on fire; the only parts of the economy not adding jobs are manufactur- ing and transportation. Population -dependent industries are shouldering the load, but office - using industries are growing at an above -average rate. With the jobless rate closing in on a low 3%, there should be upward pressure on wages. Aver- age hourly earnings have struggled to grow, how- ever, because job creation has been greatest in low -wage industries. Still, with so many new jobs, total incomes are growing at an above -average rate. House prices have rebounded back to their late -2007 levels, and greater real estate wealth is a positive for spending as credit quality improves. Food manufacturing. Food processors will expand and lead a turnaround effort in manufac- turing. In particular, local chicken processors will expand as growing national poultry demand in- creases the need for additional productive capacity. U.S. households are consuming more chicken than beef these days because of beef's higher cost. U.S. per capita chicken consumption hit an all-time high of 90.1 pounds in 2015, according to the National Chicken Council. Tyson Foods and Ozark Mountain Poultry are constructing new chicken processing fa- cilities to keep up with rising demand. Feed costs have also declined for local chicken processors over the past several years, boosting profits and encour- aging investment in property, plant and equipment. Foreign chicken demand will also be a source of long-term growth. In particular, China's rapid- ly growing middle class will be targeted by local producers. Southeast Asian countries will provide producers with additional opportunities. Health services. Healthcare will provide fur- ther fuel to the expanding northwest Arkansas economy. Industry job growth will exceed the state and national averages over the medium term because of superior demographic gains. Population growth in FAY is nearly three times the national average, and multiple healthcare providers are responding to surging demand by expanding their facilities. Washington Regional Medical Center is constructing a new medical plaza that will open in early 2017 that will pro- vide urgent and specialty healthcare. Arkansas Children's Hospital System is building a new $184 million hospital in Springdale that will be complete in early 2018. In addition to capital investments in healthcare, the recent veto by the governor of a bill that would have ended the Arkansas Medicaid expansion takes a down- side risk to the near -term healthcare outlook off the table. Advantages. FAY will also retain key competi- tive advantages that will enable it to outperform the rest of Arkansas over the long term. First, population growth will be much stronger than in the rest of the state thanks to outsize natu- ral increases as well as robust in -migration as younger, more educated workers are attracted to FAY's better -paying jobs. Jobs in high -wage industries account for one -fifth of employment, almost twice the share statewide. The Fayetteville -Springdale -Rogers econo- my will perform better than average this year thanks to gains in food processing, healthcare and other services, but job growth will be slower than 2015's breakneck pace. Longer term, growth wil[ outpace that of the state and nation. Consumer -related industries and housing will perform better than average be- cause of its strong demographics. Brent Campbell 1-866-275-3266 March 2016 he/p@econorny orn 18.1 18.3 18.9 19.7 20.5 21.1 Gross metro product (C09$ bit) 22.2 23.3 24.3 25.0 25.6 26.4 4.2 1.2 3.0 -' 4.5 4.0 2.7 %change 5.1 5.4 3.9 3.0 2.6 3.0 200.2 204.2 209.5 214.8 224.4 235.5 Total employment (ths) 243.4 248.1 252.5 256.1 258.2 260.3 0.4 2.0 2.6 2.5 - 4.5 5.0 %change 3.4 1.9 1.8 1.4 0.8 0.8 6.7 6.4 5.8 5.5 4.5 4.0 Unemployment rate (%) 3.7 3.8 4.0 41 4.2 4.3 3.3 14.1 . 15.9 2.1 4.9 5.2 Personal income growth (%) 2.8 4.3 5.3 3.9 3.4 3.8 44.8 45.3 46.2 47.9 50.1 51.5 Median household income ($ ths) 51.7 52.8 54.2 55.2 55.8 56.5 465.7 474.2 483.1 492.2 `' 501.7 511.9 Population (ths) 522.4 533.0 543.8 556.8 570.5 584.6 2.3 1.8 1.9 1.9 1.9 2.0 % change 2.0 2.0 2.0 2.4 2.5 2.5 6.6 4.7 5.1 5.4 5.6 6.3 Net migration (ths) 6.6 6.7 7.0 9.1 9.9 10.2 1,081 1,289 1,906 2,391 2,639 3,313 Single-family permits (#) 3,099 3,441 3,627 3,587 3,553 3,747 140 '' 48 160 133 965 991 Multifamily permits (#) 1,667 1,512 1,664 1,665 1,770 1,903 152.1 145.1 146.2 152.6 159.2 166.0 FHFA house price (1995Q1=100) 171.9 176.8 180.7 185.2 191.0 197.7 MOODY'S ANALYTICS / Precis® U.S. Metro / South / March 2016 2016 CBRE, Inc. PRECIS® U.S. METRO SOUTH Fayetteville-Springdale-RogersAR-MO 3 -MO MA Employment, change, the Unemployment rate, o/d Labor force participation rate, % Employment -to -population ratio, % Average weekly hours, # Industrial production, 2007=100 Residential permits, single-family, # Sources: BLS, Census Bureau, Moody's Analytics JAN 2002=100 Feb.16 135 130 125 120 115 110 105 100 95 06 09 12 FAY ® AR U.S. Source: Moody's Analytics % CHANGE YR AGO I % CHANGE YR AGO, 3 -MO MA I 1998Q1=100, NSA 8 6 4 2 0 -2 -4 -6 -8 Jun;15 Oct 15 Feb ib 200 Total ......... ......... 4.8 5.2 4.7._ 180 Construction ............. 9.8 .............13.1 9.1....... Manufacturing -11 .1 _.----3.6 160 Trade 9.1 7.2 6.2 140 Trans/Utilities ........ 61 6.3 5.3 Information .........._ 5.2 9.4 4.8..... 120 Financial Activities 2.5 2.7 2.3..,,.. ._.................................................................................... Prof & Business Svcs. 5.1 __.... 5.0 .. 5.7 100 Edu &_,Health Svcs. 4.2 5.3 4.8 80 11 12 13 14 15 16 Leisure _&.Hospitality 5.5 8.4 117 gg 01 04 07 10 13 — Government ,. Goods producing Other Services 6.9 6 5.1 1.6 Private services ____ Government 3.2 3.9 2.9 FAY ® AR U.S. Sources: BLS, Moody's Analytics Sources: BLS, Moody's Analytics Sources: FHFA, Moody's Analytics JAN 2006=100 140 130 120 110 100 90 HOMEOWNER, % HOUSES FOR SALE 15 0 1 2 3 4 RENTAL. % INVENTORY FOR RENT 06 07 08 09 10 11 12 13 14 15 16F 17F 18F 19F 20F 21F 22F 23F 24F 25F 0 2 4 6 8 10 12 FAY AR " U.S. FAY AR 1 U.S. Sources: BLS, Moody's Analytics Sources: Census Bureau, ACS, Moody's Analytics, 2014 U.S: 100 Total Unit labor Energy State and local taxes Office rent 0 20 40 60 80 100 120 2009 %; 2014 Source: Moody's Analytics % OF ADULTS 25 AND OLDER 100% 80% 60% 40% �yt ry �� so%�%� eCYrl 20% ryf5 rry_�>a 0% FAY AR U.S. a High school -ii High school Some college College Graduate school Sources: Census Bureau, Moody's Analytics, 2014 ≥75 70-74 65-69 60-64 55-59 50-54 45-49 40-44 35-39 30-34 25-29 20-24 15-19 10-14 5-9 0-4 0 1 2 3 4 5 6 7 8 FAY U.S. Sources: Census Bureau, Moody's Analytics, 2014 M00DY'S ANALYTICS / Precis® U.S. Metro / South / March 2016 © 2016 CBRE, Inc. PRECIS® U.S. METRO SOUTH Fayetteville -Springdale -Rogers AR -MO TOP EMPLOYERS Wal-Mart Stores Inc. 25,400 University of Arkansas 6,750 J.B. Hunt Transport Services Inc. 2,593 Washington Regional Medical Center 2,200 Tyson Foods. Inc. 4,300 Northwest Medical Center 1,600 Twin Rivers Group 1,600 Mercy Health System of NWA 1,400 Pinnacle Healthcare ........ 1,100 Cargill Corp. 1,000 Northwest Arkansas Community College 975 Arvest Bank and Trust 968 Rockline Industries 930 Crossland Construction 870 DanaherToolGroup 800 ..... ... ....... .... ........_ Pinnacle Foods, International .... ......... 718 .......... ............. Rogers Tool Works v 700 Ozark Mountain Poultry 650 KawneerCo. 600 Glad Manufacturing 590 Sources: Fayetteville Economic Development Council, August 2008, Rogers Chambero/Commerce, 2074, Springdale Chamber of Commerce, June 2009 PUBLIC Federal 2,586 20 State 12,369 Local 18,064 0% 2015 NotduetoU U5I KIAL UIVEKSITY INTO FAYETTEVILLE AR Most Diverse (U.S.) Number of .00- Migrants Springfield MO 1,287 80 Little Rock AR 873 Fort Smith AR 679 60- Joplin MO 637 0.42 Dallas TX 428 40 Tulsa OK 303' Chicago IL 287 20 Los Angeles CA 235 00 Kansas City MO 230 Least Diverse Phoenix AZ 186 Total in -migration 19,658 DYMENT VOLATILITY tuations : Relative to U.S. FROM FAYETTEVILLEAR Little Rock AR 819 Joplin MO 565s Fort Smith AR 540 Dallas TX 491 Tulsa OK 365 HoustonTX 245 Los Angeles CA 210 Oklahoma City OK 209 Kansas City MO 192 Springfield MO 185 Total out -migration 16,397 DuetoU.S. FAY U.S. Net migration 3,261 COMPARATIVE EMPLOYMENTAND INCOME Sector % of Total Employment Average Annual Earnings FAY AR U.S. FAY AR U.S. Mining 0.0% 0.5% 0.5% $28,985 $57,004 $108,705 Construction 4.0 / 41°/ 45 / $43,763 $45 702 $61 655 Manufacturing .$50,164 11.5% 12.8% 8.7% $56,307 $78,447 _...... ......... Durable 29.3% . 49.3% 63.0% nd $58,215 $80,476 Nondurable 70.7% ....... 50.7% 37.0% nd $54,384 $75052 . ... Transportation/Utilities 6.9% .........._.... 5.3% 3.8% nd $60,925 $65,427 WholesaleTrade 5.0% 3.9% 4.1% $103,978 $72,975 $83,751 Retail Trade 11.0% 11.6% 11.0% $30,397 $30,020 $33,494 Information .. .... 0.9% . ...... .............. 11/0 19/° $49,420 .... $60,425 $108,937 ........ Financial Activities 2.9% 4.1% 5.7% $36,455 $36,075 $54,020 ... Prof. and Bus. Services 19.9% 11.5% 13.9% nd $51,573 $65,204 Educ. and Health Services .... .. ...... 10.9 / ......... ...._......... 14 5% 15.5% $47,291 $44,955 $52,501 Leisure and Hosp. Services 10.0% 9.2% 10.7% nd $18,298 $26,128 ... Other Services ... 3.0% 3.6% 4.0% $29,542 $30,188 .. .. $35,611 Government ..... .. 14.0% ....... .................. . 17.6% ......_....... 15.5% $54,567 $53,822 .. $73,862 Sources: Percent of total employment — BLS, Moody's Analytics, 2015, Average annual earnings — BEA, Moody'sAnalytics, 2014 53 47 41 35 29 $THS 06 07 08 09 10 11 12 13 14 15 Sources: BEA, Moody's Analytics NET MIGRATION, # 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 12 13 14 15 2012 2013 2014 2015 Domestic 3,738 4,099 4,346 5,769 Foreign 1,321 1,467 1,702 1,705 Total 5,059 5,566 ..... 6,048 ...... 7,474 Sources: IRS (top), 2011, Census Bureau, Moody's Analytics HIGH-TECH EMPLOYMENT Location Employees NAILS Industry Quotient (ths) Ths % of total 5511 Management of companies & enterprises 70 251 FAY 4.8 2.0 = 6211 Offices of physicians 1.0 41 = 4251 Wholesale elect. mrkts, agents & brokers 2.7 3.9 U.S. 6,767.6 4.8 GVF Federal Government 0.6 '« 2.6 GVL Local Government 0.8 17.9 HOUSING -RELATED o 4841 Generalfreighttrucking EMPLOYMENT F 6221 ..........................................................6:_.........................._9.7 General medical and surgical hospitals 0.7 5.0 ' 2382 Building equipment contractors 11 3.3 Ths % of total 7225 Restaurants and other eating places 1.0 16.7 FAY 191 $1 3 GVS State Government 1.4 12.0 "' OJ 3116 Animal slaughtering and processing ...... 12 2r ............ 9.6 U.S. s 13,151.2 9.3 FR Farms 1,6 6.6 Source: Moody'sAnalytics, 2075 I Source: Moody'sAnalytics, 2015 MOODY'S ANALYTICS / Precis® U.S. Metro / South / March 2016 © 2016 CBRE, Inc. 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If you are not the intended recipient, you are directed not to read, disclose, distribute or otherwise use this transmission. If you have received this email in error, please notify the sender immedia₹ely and delete the transmission. Delivery of this message is not intended to waive any applicable privileges. From: Cosby, Stephen @ Fayetteville Sent: Wednesday, April 13, 2016 9:14 AM To: Ramsey, Kristi @ Fayetteville; Ford, Jeff @ Fayetteville Subject: FW: Condemnation Appraisal Bid This is coming in and I'll want Jeff's team to handle it. There will be a PO later today. One report, three tracts. One property/one event should be sufficient. Stephen Cosby, MAI, MRICS Executive Vice President ; Managing Director CBRE I Valuation & Advisory Services 438 E Millsap Ste 204 i Fayetteville, AR 72703 Primary/Fayetteville: T +1 479 4427401 x. 3 1 F +1 479 4427806 425 v`W Capitol Ste 780: Little Rock, AR 72201 Little Rock: T + 1 501 3702955 J F +1 501 2742853 steve.cosby cbre.com I www.cbre.com I Profile Click here to meet the South Central VAS team and view our capabilities Connect with me on Linkedin Follow CBRE: Facebook I cbre I Goople+ Please consider the environment before printing this email. This message and any attachments may be privileged, confidential or proprietary. If you are not the intended recipient of this email or believe that you have received this correspondence in error, please contact the sender through the information provided above and permanently delete this message. From: Jones, Holly [mailto:hiones@favetteville-ar.gov] Sent: Tuesday, April 12, 2016 2:45 PM To: Cosby, Stephen @ Fayetteville <Steve.Cosby@cbre.com> Subject: RE: Condemnation Appraisal Bid Steve, Congratulations on your winning bid. I'll forward you all the Assessment Records, Deeds, proposed easements and their exhibits tomorrow and I'll be requesting a PO for you as well. Looking forward to working with you all again, 10 f/ Jones Land.Agen.t, Engineering Division City of FayetteviCCe, .Arkansas 47.9-444-3414 From: Cosby, Stephen @ Fayetteville [mailto:Steve.Cosby@cbre.coml Sent: Wednesday, March 30, 2016 2:24 PM To: Jones, Holly <hjones@favetteville-ar.gov> Subject: RE: Condemnation Appraisal Bid Thank you Holly — the requested fee would be $3,800 on a four week turnaround time. © 2016 CBRE, Inc. Court time is billed at the rate of $400 per hour. I generally only bill for formal meetings, depositions, and actual court time. I would presume no travel expenses would be incurred given the court will probably be here in Fayetteville. Out of the area travel or other unusual expenses will be billed. Thanks for the opportunity! Stephen Cosby, MAI, MRICS Executive Vice President I Managing Director CBRE I Valuation & Advisory Services 438 E Millsap Ste 204 Fayetteville, AR 72703 Primary/Fayetteville: T +1 479 4427401 x. 3 1 F +1 479 4427806 425 W Capitol Ste 780 1 Little Rock. AR 72201 Little Rock: T + 1 501 3702955 1 F +1 501 2742853 steve.cosby(a�cbre.com j www.cbre.com I Profile Click here to meet the South Central VAS team and view our capabilities Connect with me on Linkedln Follow CBRE: Facebook I cbre I Goo lc�e+ Please consider the environment before printing this email. This message and any attachments may be privileged, confidential or proprietary. If you are not the intended recipient of this email or believe that you have received this correspondence in error, please contact the sender through the information provided above and permanently delete this message. From: Jones, Holly [mailto:hiones@fayetteville-ar.gov] Sent: Wednesday, March 30, 2016 2:03 PM To: Cosby, Stephen @ Fayetteville <Steve.Cosby@cbre.com> Subject: Condemnation Appraisal Bid Good Afternoon, The City has been requested to relocate utilities in association with the Arkansas State Highway and Transportation Department's widening and improvement project (AR BB0414) in the 1-49 and Highway 112 interchange area. Offers have been presented to all our property owners affected by this project and it appears that one property owner will be a condemnation. I will need a before and after appraisal of the easement areas as shown on the attached exhibits for 4 tracts of land in 3 different LLCs, represented by one gentleman. Drake ST Property, LLC 765-15840-000 & 765-15889-010 1155 Properties, LLC 765-15908-000 & 765-15889-000 RPM1 Properties, LLC 765-15887-000 With this bid please consider possible court appearance. I will need a price for the appraisals and your completion time in writing please. The winner of the bid will receive the remaining ownership information at the time of the award. Please let me know if you have any questions. g-Io[Rj Jones £antL4gent, Engineering Division City of FayetteviCCe, .Arkansas 479-444-3414 O 2016 CBRE, Inc. Addenda Addendum F © 2016 CBRE, Inc. TANNER RAY ,.,:., r3 �a�,,�iu3? 1r't A�1ai�� Sv . ..� T. + 1-(479) 442-7401 Ext. 227 F. +1-(479) 442-7806 tanner.ray@cbre.com www.cbru.com/tanner.roy CLIENTS REPRESENTED — Arvest Bank — Bancorp South — Bank of the Ozarks — Bank of Oklahoma — Benefit Bank — Chambers Bank — Centennial Bank — First Security Bank — Iberia Bank — liberty Bank of Arkansas — Signature Bank — Regions Financial — Today's Bank — US Bank Tanner Ray is an appraiser in the Valuation & Advisory Services Group's Northwest Arkansas Office in the South Central Region of CBRE. His primary geographical focus is Arkansas and eastern Oklahoma. His experience extends across both commercial and residential properties with specialization in residential subdivision development. He has additional experience regarding a variety of properties including suburban office developments, retail centers, and garden apartment complexes. Mr. Ray is a Practicing Affiliate of the Appraisal Institute. Prior to joining CBRE in 2011, Mr. Ray was a residential appraiser with Cowden Appraisal & Consulting firm, a regional appraisal services company based in Fayetteville, AR. CREDENTIALS ProfessionalAffiliations! /Ce tiificotions ■ Practicing Affiliate of the Appraisal Institute I.D. No. 571576 • Certified Residential Appraiser Arkansas — No. CR2952 EDUCATION • University of Arkansas, Fayetteville, Arkansas, Bachelor of Science &Business Administration; Finance Major with an emphasis in Real Estate • Appraisal Institute Courses • General Appraiser Site Valuation & Cost Approach • General Appraiser Sales Comparison Approach • General Appraiser Income Approach / Part 1 • General Appraiser Income Approach / Part 2 • General Appraiser Market Analysis and Highest & Best Use • General Appraiser Report Writing and Case Studies • Subdivision Valuation Rev. January 2016 © 2016 CBRE, Inc. ARKANSAS APPRAISER LICENSING & CERTIFICATION BOARD Thie ie to rortif, , That James Tanner Ray : CR 2952 has complied with th §17-14-201 etsec This card i 6/30/2017 Expiration Date STATE OF ARKANSAS APPRAISER LICENSING & CERTIFICATION BOARD Attest That yx'tNNER. MT On this date was certified as a STATE CERTIFIED RESIDENTIAL APPRAISER The Arkansas Appraiser Licensing and Certification Board hereby affirms that this Certificate is issued in accordance with all the requirements of Arkansas Code Annotated, Section § 17-14-101 et seq., and subsequently adopted "Rules and Regulations" and shall remain in force when properly supported by a current pocket identification card. ,ly9VE 30, 2010 Date Issued Chairman, AM. & B CV2952 Certificate Number w U N V u, JEFF FORD, MAI Vice Fresdlen` VuVja: on rind Advisory Jere s T. +14794427401 F. +14794427806 leff.ford@cbre.com www.cbre.corn/jeff.ford CLIENTS REPRESENTED — Arbor Commercial Mortgage — Arvest Bank — BoncorpSouth — Bank of America Merrill Lynch — Bank of Oklahoma — Bank of the Ozarks — Benefit Bank — Centennial Bank — Chambers Bank — CWCapital — Dougherty Mortgage LLC — Fannie Mae — First Security Bank — Freddie Mac — Grandbridge Real Estate Capital — Great Southern Bank — HFF — Iberia Bank — LNR Partners LLC — M&T Bank/M&T Realty Capital Corp. — Regions Financial — Signature Bank — US Bank JEFF FORD, MAI — MULTI —HOUSING SPECIALIST Jeff Ford is Vice President in the Valuation & Advisory Services Group's Northwest Arkansas office in the South Central Region. His geographical focus includes Arkansas, eastern Oklahoma, and southern Missouri. He has also completed appraisal assignments in Texas and Kansas. Mr. Ford specializes in multi -housing residential properties, both existing and proposed. He has experience with a variety of multi -family properties including garden -style apartments, mid -/high-rise apartments, rent - controlled projects, and mixed -use apartment/commercial properties. His additional experience includes a wide variety of property types such as residential subdivisions, retail, office, industrial, and other special purpose - type properties. His clients include financial institutions, developers, individual and corporate property owners, and attorneys. CREDENTIALS Professional Affiliations/Accreditatio s/ ertifications • Appraisal Institute, Designated Member (MAI) • Certified General Real Estate Appraiser Arkansas — CG2798 Oklahoma — 12857CGA Missouri —2011031612 EDUCATION ■ University of Arkansas, Fayetteville, AR — Bachelor of Science in Business Administration — Marketing Management and Real Estate Finance ■ Appraisal Institute Courses © 2016 CBRE, Inc. O 2016 CBRE, Inc. STEPHEN COSBY, MAI, MRICS Executive Vice rresn eur ac Managing Direct;=, Valuation coo =., or `vfi'.._ti T. +1 479 4427401 ext. 3 F. +1 479 4427806 Steve.coshy@cbre.com www.cbre.com/Steve.Cosby REPRESENTATIVE CLIENTS — Arvest Bank — AR Capital Corp. — AR Federal Credit Union — BancorpSouth — Bank of Oklahoma — Bank of the Ozarks — Barclays — Burke die — BoANrL — CaIPERS — Centennial Bonk — (bombers Bank — Fannie Moe — First Community Bank — First Horizon — First Security Bank — First Western Bank — Grandbridge Real Estate Capital — Great Southern Bank — iBERIABANK — Inland REIT — M&T — Regions Financial — Relyance Bank — SBA — Signature Bank — Simmons First Bank — UBS Rev.Jonuory, 2016 rJ 2016 CBRE, Inc. Stephen Cosby, MAI, MRICS, is an Executive Vice President and Managing Director overseeing the Northwest Arkansas and Little Rock offices of the South Central Region of CBRE. He has over 30 years of professional experience in real estate appraisal and consulting. He has completed real estate appraisals, feasibility studies, rent analyses, litigation and market studies of commercial and residential properties in over a dozen states. Mr. Cosby holds the MAI and MRICS designations and was one of the first appraisers in Arkansas to be certified as a Certified General Real Estate Appraiser. Mr. Cosby is an approved Appraisal Institute Instructor. Mr. Cosby's experience extends across commercial and residential real estate appraisals and consulting as well as small business valuation and personal property appraisals. Prior to joining CBRE in 2006, Mr. Cosby was President of Cosby & Associates, Inc., a regional appraisal firm headquartered in Fayetteville, Arkansas. His geographic focus with CBRE is on all of Arkansas, eastern Oklahoma including Tulsa, southwestern Missouri including Joplin, Springfield, and Branson, and southeastern Kansas. He has experience in over a dozen additional states as well. Mr. Cosby is co -leader of the CBRE Self -Storage Valuation Group and is also a leader of the Hospitality & Gaming Group. But, his practice covers a wide variety of property types including hospitals (general, critical access, surgical, LTACH), senior housing, high-rise office, residential subdivisions, golf courses, and condominium projects. Over the course of his career, Mr. Cosby has analyzed such diverse properties as timeshare condominiums, malls, amusement parks, and live performance venues. He also has expertise in equipment valuation and is found on the Appraisal Institute SBA Going Concern Registry. CREDENTIALS Professional Affil iatiiruns/ c r dit tkons/Cer ffic tf ns ■ Appraisal Institute, Designated Member (MAI), Certificate No. 1 1769; Appraisal Institute approved instructor • Royal Institute of Chartered Surveyors, Designated Member (MRICS), Member No. 5682805 • Certified General Real Estate Appraiser ■ Arkansas —No. CG0197 ® Texas --No. TX -1338559-G • Missouri —No. 2002005745 ■ Oklahoma—No.11350CGA • Kansas —No. G-2280 ■ Tennessee —No. CG 4989 EDUCATION ■ Louisiana —No. G2907 ® Mississippi —No. GA -1 119 ■ University of Arkansas, Fayetteville, Arkansas, Bachelor of Business Administration; Finance 4�K era ARKANSAS APPRAISER LICENSING & CERTIFICATION BOARD This is to certify that Stephen Cosby License#• CG 0197 O ' is complied with the requirements of Arkansas Code Section §17-14-201 et seq,; and is the holder of a valid certificate. ThiAcard is for identification purposes only. i/30/2017 le' AY✓iK Expiration Date Chaiinndri STATE OF ARKANSAS APPRAISER LICENSING & CERTIFICATION BOARD Attest That STEPHEN COSBY On this date was certified as a STATE CERTIFIED GENERAL APPRAISER The Arkansas Appraiser Licensing and Certification Board hereby affirms that this Certificate is issued in accordance with all the requirements of Arkansas Code Annotated, Section § 17-51-101 et seq., and subsequently adopted "Rules and Regulations" and shall remain in force when properly supported by a current pocket identification card. DECEMBER 12, 1991 Date Issued CG0197 Certificate Number CASE HISTORY Drake ST Property LLC AR BB0414 Utility Relocation 7-31-15 Neal Pendergraft contacted the city after AHTD had contacted him regarding this project. He set up a meeting with Jim B. and Holly J. to discuss future water/sewer improvements at W/S 12-2-15 HJ met with Mr. Pendergraft at his office along with a rep from AHTD. Hand delivered offer packet with easements to NP at that meeting. He indicated he would likely be getting his own appraisal. $19,625.00 (14,952 sf) (Based on AHTD appraisal of $5.25/sf) 1-7-16 Reminder Letter mailed 1-11-16 Email from NP to HJ indicating he'd received my reminder but that he'd not yet settled with AHTD and didn't wish to negotiate with me until that had happened. 2-18-16 HJ emailed him to see if there had been any leeway in their discussions, he emailed back that he would be out of town until the 231d but would call. 2-23-16 NP indicated that his appraisal work was moving slow via email. 3-8-16 HJ email NP to check timeline of appraisal work. No response received. 4-13-16 Appraisal bidder chosen for these tracts. 8/5/16 Emailed NP to discuss final negotiations before construction bids, he emailed me John Everett's contact information. 8-5 thru19-16 Mr. Everett and HJ seemed to be on different schedules playing phone tag. Finally on 8/19 the easements were discussed and the offered value of 25% of AHTD appraisal. He asked if we were prepared to make an offer based on our appraisal and I confirmed we were. He asked for a copy of that appraisal and the entire file was emailed to him on 8/19/16. 9/8/16 Notification Letter emailed to both JE and NP with final appraised value offer and date of 9/20/16 Council meeting for resolution as well as a copy mailed to NPs office address. $100,000.00 new appraised value CASE HISTORY 1155 Properties, LLC AR BB0414 Utility Relocation 7-31-15 Neal Pendergraft contacted the city after AHTD had contacted him regarding this project. He set up a meeting with Jim B. and Holly J. to discuss future water/sewer improvements at W/S 12-2-15 HJ met with Mr. Pendergraft at his office along with a rep from AHTD. Hand delivered offer packet with easements to NP at that meeting. He indicated he would likely be getting his own appraisal. $26,565.00 (23613 sf) (Based on AHTD appraisal of $4.50/sf) 1-7-16 Reminder Letter mailed 1-11-16 Email from NP to HJ indicating he'd received my reminder but that he'd not yet settled with AHTD and didn't wish to negotiate with me until that had happened. 2-18-16 HJ emailed him to see if there had been any leeway in their discussions, he emailed back that he would be out of town until the 231d but would call. 2-23-16 NP indicated that his appraisal work was moving slow via email. 3-8-16 HJ email NP to check timeline of appraisal work. No response received. 4-13-16 Appraisal bidder chosen for these tracts. 8/5/16 Emailed NP to discuss final negotiations before construction bids, he emailed me John Everett's contact information. 8-5 thru19-16 Mr. Everett and HJ seemed to be on different schedules playing phone tag. Finally on 8/19 the easements were discussed and the offered value of 25% of AHTD appraisal. He asked if we were prepared to make an offer based on our appraisal and I confirmed we were. He asked for a copy of that appraisal and the entire file was emailed to him on 8/19/16. 9/8/16 Notification Letter emailed to both JE and NP with final appraised value offer and date of 9/20/16 Council meeting for resolution as well as a copy mailed to NPs office address. $100,000.00 new appraised value CASE HISTORY RPM1 Properties, LLC AR BB0414 Utility Relocation 7-31-15 Neal Pendergraft contacted the city after AHTD had contacted him regarding this project. He set up a meeting with Jim B. and Holly J. to discuss future water/sewer improvements at W/S 12-2-15 HJ met with Mr. Pendergraft at his office along with a rep from AHTD. Hand delivered offer packet with easements to NP at that meeting. He indicated he would likely be getting his own appraisal. $48,300.00 (70,139 sf) (Based on AHTD appraisal of $120,000/acre) 1-7-16 Reminder Letter mailed 1-11-16 Email from NP to HJ indicating he'd received my reminder but that he'd not yet settled with AHTD and didn't wish to negotiate with me until that had happened. 2-18-16 HJ emailed him to see if there had been any leeway in their discussions, he emailed back that he would be out of town until the 23rd but would call. 2-23-16 NP indicated that his appraisal work was moving slow via email. 3-8-16 HJ email NP to check timeline of appraisal work. No response received. 4-13-16 Appraisal bidder chosen for these tracts. 8/5/16 Emailed NP to discuss final negotiations before construction bids, he emailed me John Everett's contact information. 8-5 thru19-16 Mr. Everett and HJ seemed to be on different schedules playing phone tag. Finally on 8/19 the easements were discussed and the offered value of 25% of AHTD appraisal. He asked if we were prepared to make an offer based onour appraisal and I confirmed we were. He asked for a copy of that appraisal and the entire file was emailed to him on 8/19/16. 9/8/16 Notification Letter emailed to both JE and NP with final appraised value offer and date of 9/20/16 Council meeting for resolution as well as a copy mailed to NPs office address. $300,000.00 new appraised value CASE HISTORY Nelms, LLLP AR BB0414 Utility Relocation 12-14-15 Easement Packet Mailed $2,190.00 (2,156sf) (Based on AHTD appraisal of $175,000/acre) 1-14-16 Met on site with Jim B and Chris Buntin of Garver Engineering 3-1-16 Reminder email sent to DN 3-30-16 DN emails to request compensation for fence affected by construction and let us know that Penske would like contractor to work after hours and on weekends 4-14-16 HJ met with Shay @ Modern Fence for bid for removing fence panels, placing temporary fencing during construction and replacing panels at the end of construction. ($3500) 4-25-16 DN called to let me know he was meeting with planning to discuss shifting the pre -owned improvements south to "get out of our way". That end of our construction is within an existing easement at the edge of the parking lot associated with the pre -owned property. The shift was approved by planning and Mr. Nelms came to HJ office with his Engineer Vernon Williams to discuss the cost savings to the City by not having to work within their parking lot. They decided it would behoove us to pass the AHTD re-imbursement on to DN. 5-20-16 DN emailed a quote from Commerce Construction for the cost to saw -cut a 200x20' area and the amount of asphalt to repair said 200x20' area from Tomlinson in the amount of $23,000.00 and asked us to pay that forward as part of their settlement. HJ sent that to JB and TN. 6-20-16 Offer mailed to DN (copy emailed 6/28/16) for $2190 plus $3500 for fence replacement $5690.00 9-7-16 HJ emailed DN to let him know that appraisal had been ordered, bids had been completed, contractors had been selected and dates for Resolutions set. He would be receiving his Notification letter later this week. If he'd like to present a valid counter offer, we'd review it or he was welcome to accept the offers as presented. 9/8/16 Notification Letter emailed to DN and mailed to his Henbest Drive address (Adventure Subaru). The letter will state that an appraisal for condemnation has been ordered and let him know the date of Council. City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar) Budget Year Division WATER SEWER (720) /Org2 Adjustment Number 2016 Requestor: Cheryl Partain BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION: A BA is needed within the Water/Sewer Relocations -Bond Projects for the 1-49 Interchange/Hwy 112 Relocates project for possession by condemnation of easements on portions of properties necessary for this construction project. The water/sewer relocations are required for the construction of the new highway interchange by the Arkansas Hwy and Transportation Dept. This water/sewer relocation project is 87.06% reimbursable from the Arkansas Highway and Transportation Department. COUNCIL DATE: 9/20/2016 LEGISTAR FILE ID#: 201 6-041 9 $ c,r'bvww FeW 9/8/2016 8:55 AM Budget Director Date TYPE: DESCRIPTION: GLDATE: RESOLUTION/ORDINANCE POSTED: / TOTAL 457,848 457,848 v.20160722 Increase / (Decrease) Proiect.Sub# Account Number Expense Revenue Project Sub AT Account Name 5400.720.5700-5810.00 525,900 - 11011 1501 EX Easements - Easements 5400.720.5700-4309.00 - 457,848 11011 1501 RE **Federal Grants - Capital 5400.720.5600-5314.04 (3,074) - 11011 2 EX Services - Engineering Contra 5400.720.5700-5815.00 (64,978) - 11011 1401 EX Sewer Improvements - Sewer Improveme C:\Users\Ismith\AppData\Roaming\L5\Temp\a50ee3e0-89d2-4fd9-8755-b7c4f9af8a46 1 of 1 OFFICE OF THE CITY ATTORNEY TO: Mayor Jordan City Council CC: Don Marr, Chief of Staff Paul Becker, Finance Director FROM: Kit Williams, City Attorney DATE: September 14, 2016 Kit Williams City Attorney Blake Pennington Assistant City Attorney Patti Mulford Paralegal RE: Removal of Nelm's Easement from Condemnation Authorization Resolution The City has now received the signed General Utility Easement from Nelms, LPP so we will prepare an amended Resolution which removes the authority to seek condemnation from Nelms, LLP. At the beginning of this item, please move to amend the Resolution in your packet to the one we will supply you with at the meeting. We appreciated Nelms being willing to setle with the City. AHTD 9BO414-W/S Relocation Parcel No. 765-15847-000 GENERAL UTILITY EASEMENT BE iT KNOWN BY THESE PRESENTS: THAT Nelms, LLLP, an Arkansas limited liability limited partnership, hereinafter called GRANTOR, for and in consideration of the sum of One Dollar ($1.00) and other good and valuable consideration, the receipt of which is hereby acknowlledged, does hereby GRANT, SELL and CONVEY unto the City of Fayetteville, Arkansas, a municipal corporation, hereinafter called GRANTEE, and unto Grantee's successors and assigns, a; permanent easement for the purpose of construction, maintenance, repair and/or replacement, enlargement and operations of roadway, drainage, sidewalks, and general utilities including water and/or sanitary sewer pipe line or lines, manholes, natural gas, electrical power, telephone, fiber optic cable(s) and television communication line or lines, and appurtenances thereto, on over, across, and under the following described land situated in the County of Washington, State of Arkansas, to -wit: PROPERTY DESCRIPTION: Deed Ref: 99060271 Tract I A tract of land within the NEY4 of the NE'/4 of Section 3.3 and the NW% of the NW% of Section 34, Township 17 North, Range 30 West in Washington County, Arkansas, being more particularly described as follows: Beginning at a 3/8" rebar found at the common comer of Sections 27 28 33, 34; thence along the common line of Sections 27 and 34 S87°0052"E 336.13 feet to a found W' rebar with plastic cap (L51263) on the westerly right of way line of US Highway+ 71; thence along said westerly right of way line of US Highway 71 the following courses and distances; S13°26 17"W 145.14 feet to a found rebar with cap; thence S02°52'20 E 194.00 feet to a found rebar with cap; thence S14°30'03E 150.77 feet to a found rebar with cap; thence 620°32'64"E 189.87 feet to a found rebar with cap; thence S54°17'37"W 155.31 feet to a found rebar with cap; thence 868°58`46"W 103.92 feet to a concrete post; thence $69°1731 PW 247.55 feet to the line common to Sections 33 and 34: thence 569°17'31*W 303.05 feet to a concrete post; thence $66°10'50"W 358.57 feet to a concrete post; thence 571°03'37'W 213.47 feet to a concrete post; thence N70°55'36"W 97,20 feet to a found rebar with cap on the easterly right of way line of Arkansas Highway 112; thence along said easterly right of way tine the following courses and distances: N 1.a°46'57' W 204.33 feet to a found rebar with cap; thence N 15 4844"W204 20 feet to a found rebar with cap thence N06°16'15 "W 200.00 feet to a found highway right of way marker; thence h106°21'33"W 249.22 feet to a found 'A" rebar with cap; thence N09°24'28"W 159.05 feet; thence N18°50'10 "W 104.37 feet to a found `l" rebar with cap; thence N23°08 21'W 163.39 feet to a found Y2 rebar on the common line of Sections 28 and 33; thence leaving the said easterly right of way line of Arkansas Highway 112 886°56 18"E 1226.73 feet to the Point of Beginning and containing 1,462,080 square feet or 33.5649 acres, more or less. PERMANENT EASEMENT DESCRIPTION: A part of the NE Y4 of the NE /4 of Section 33,Township 17 North, Range 30 West, Washington County, Arkansas, being more particularly described as follows: Commencing at the Northwest corner of the NE %4 of the NE'/ of said Section 33; thence S87°15'99"E a distance of 250,28 feet along the North line of said NE 1/4 of the NE '/ of Section 33; thence S02°44'41"W a distance of 34863 feet to a point on the East line of an existing 25 foot utility easement shown on survey Plat 023A-00000093 Said point also being the POINT OF BEGINNING; thence S87°26'45"E a distance of 26.53 feet; thence S42°26'45"E a distance of 20.06 feet; thence S17°5754 "E a distance of 31.08 feet; thence S06°42'54"E a distance of 9.91 feet to the North line of an existing utility easement shown on survey Plat 023A-00000093; thence S85°08'06"W a distance of 42. 1.6 feet to a point on said East line of an existing 26 fool utility easement shown on survey Plat 023A-00000093; thence along said East line N06°21'19"W a distance of 18.69 feet; thence N09°23'47"W a distance of 40.95 feet to the POINT OF BEGINNING, containing 2,156 square feet or 0.05 acres, more or less. Together with the rights, easements, and privileges in or to said lands which may be required for the full enjoymentof the rights herein granted. TO HAVE AND TO HOLD unto said Grantee, its successors and assigns, until the use of said permanent easement is relinquished, abandoned or vacated and so long as such pipe line or lines, electrical power, telephone and/or television lines or cables, manholes and/or appurtenances thereto shall be maintained, `together with free ingress to and egress from the real estate first herein above described for the uses and purposes herein above set forth. The said Grantor is to fully use and enjoy the said premises except for the purposes hereinbefore granted to the said Grantee, which hereby agrees to bury all pipes, lines and/or cables where feasible, to a sufficient depth so as not to interfere with cultivation of soil, and that manholes will be constructed flush with the surface of the ground except In bottom lands where they shall be at a height above water. GENERAL UTILITY EASEMENT Page 2 of 2 The Grantor agrees no to erect any buildings or structures in said permanent easement. The Grantee shall have the right to construct additional pipe lines, electric power lines, telephone and/or television lines or cables upon the above described easement at any time in the future and agrees to pay any damages as a result of such future construction as set out in this easement. The consideration first above recited as being paid to Grantor by Grantee is in full satisfaction of every right hereby granted. All covenants and agreements herein contained shall extend to and be binding upon the respective heirs, legal representatives, successors and assigns of the parties hereto. It is hereby understood and agreed that the party securing this document in behalf of the Grantee is without authority to make any covenant or agreement not herein expressed I . j WITNESS the execution hereof on this the ""i day of St° € ( , 2016. Nelms, LLLP, an Arkansas limits . liability limited partnership BY: -- [Please print or type Name and ATTEST: Sjc,rr Pc ce IPeease print or typ4Na a and Title) ACKNOWLEDGMENT STATE OF ARKANSAS } ss. COUNTY OF W G H eTON FJ N } BE IT REMEMBERED, that on this date, befo a the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared ; pbut P. h/t.A J and mevtel known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Prix -A4' and , respectively, of Nelms, LLLP, an Arkansas limited liability limited partnership, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said 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 & 2016, MY COMMISSION EXPIRES: a Robertson 6entoe Coura t268995$ tly My CCot & 1 t3 S BT15f9:£ 250228' NW CORNER NE 1/4 NE 1/4 SECTION 33, T -17--N, R -30- NELMS LLLP PARCEL NO. 76.5-15847-000 RECORD DEED: FILE 99-060277 NE 1/4, NE 1/4 33-17-30 cs AREA CALCULATIONS SQ, FT. • ACRES PROPOSED EASEMENT T TM 2.156 0S .L1 <. S 87245`E 23. Ste_ —0.& L.3 S 1757 5# E <;:3 8. Lit S O642'54" E; 9.91 . LS g WO6.: W ..:... -. .: 8 , N 621'1 6.69 6 c > ' OS` 3 A7 P1 PL EXISTING PROPERTY LINE GRAPHIC SCALE -•Rlw• EXISTING RIGHT OF WAY LINE 41Nrs© 25 50 itJvt PROPOSED RIGHT OF WAY LINF ----- �-- EXISTING EASEMENT LINE — — PROPOSED EASEMENT LINE IFAS A7n6'iT /S A SKE7Cri' !)t•'$G7P'P77LY' oA Y Or 7NE S/Z£, SNAPflI ARINC5 - GRID ( IN Fm ANO LX.4710y Of' 7NC PRCPOS?D EASEMENTS AND DUE'S NOT ARKANSAS NORTH ZONE 1 filch - 50 fk CONS717LTE A MAT OP SWPYEY OF 7N£ 6 AN1OR S PRA°£RTY. 2040 EJ15T.byCE BouvARD CITY OF FAYETTEVILLE 0.. • -NO, IPAt' SI/RE4O FAYET1EVIU.E AfAS4A J. I t 1Y I j 14048I6D ' ; NPKIt. 14, 20I,, F�YEt1EvpLe,nR�w+snsrrra AHTD NO. 860414` ij „ „. Yaz tTqurvloo WATER & SEINER RELOCATIONS x1.,»snt EXHIBITA 1 0