7405RESOLUTION NO. 7,405
A RESOLUTION AUTHORIZING THE MAYOR AND THE
CITY CLERK TO EXECUTE A PARTIAL RELEASE
TO CERTAIN REAL PROPERTY OWNED BY
SYSTEMATICS, INC. LOCATED AT 4001 RODNEY
PARHAM ROAD, LITTLE ROCK, ARKANSAS.
WHEREAS, Systematics, Inc., owns certain real property
situated in Pulaski County, Arkansas, which property is described
in and mortgaged under a certain loan agreement, mortgage dated
September 29, 1981, by and between the City of Little Rock,
Arkansas and Systematics, Inc.; and
WHEREAS, Systematics, Inc. utilized a $1 million
industrial revenue bond issue to assist in financing the first
building in its corporate headquarters complex located at 4001
Rodney Parham Road, Little Rock, Arkansas; and
WHEREAS, Systematics, Inc. is desirous of exchanging a
small parcel of land with a neighboring property owner in order
to adjust certain property line irregularities; and
WHEREAS, in order to convey clear title, it is
necessary for Systematics, Inc. to obtain a partial release of
the mortgage which secures the bond indebtedness; and
WHEREAS, First Commercial Bank, as bond trustee has
executed and properly acknowledged a partial release to said
property; and
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WHEREAS, First Commercial Bank of Little Rock,
Arkansas, as holder of the City of Little Rock Industrial
Development Revenue Bonds has already consented to the execution
of a partial release by the City of Little Rock and of a partial
release by First Commercial Bank as trustee.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The Board of Directors of the City of
Little Rock hereby authorizes the Mayor and the City Clerk to
execute a partial release to certain real property owned by
Systematics, Inc., located at 4001 Rodney Parham Road, Little
Rock, Arkansas, as per the partial release attached hereto.
ADOPTED: May 21, 1985
ATTEST: APPROVED:
I
H P
CIT CLERK J E CZECH MAYOR E
264
PARTIAL RELEASE
KNOW ALL MEN BY THESE PRESENTS:
WHEREAS, Systematics, Inc., an Arkansas corporation
( "Systematics ") owns certain real property situated in Pulaski
County, Arkansas, which property is described in and mortgaged
under a certain Loan Agreement and Mortgage, dated September 29,
1981, by and between the City of Little Rock, Arkansas (the
"City ") and Systematics (the "Agreement "), which Agreement is
recorded in the office of the Circuit Clerk and Ex Officio
Recorder of Pulaski County, Arkansas as Instrument Number
81- 37629, as amended by a Correction Loan Agreement and
Mortgage, dated September 29, 1981, by and between the City and
Systematics (the "Correction Agreement "), which Correction
Agreement is recorded in the office of the Circuit Clerk and Ex
Officio Recorder of Pulaski County, Arkansas as Instrument
Number 81- 41091; and
WHEREAS, the Trustee has executed its Partial Release,
dated 1 1985 and recorded in the Office of the
Circuit Clerk and Ex Officio Recorder of Pulaski County,
Arkansas as Instrument Number ;
NOW, THEREFORE, in consideration of the sum of $1.00
in hand paid by Systematics, and for other valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged, the City does hereby release and discharge from
the lien of the Agreement, as amended by the Correction
Agreement, the following described land situated in Pulaski
County, Arkansas, to wit:
Part of the southeast 1/4 of Section 21,
Township 2 North, Range 13 West, Pulaski
County, Arkansas, described as follows:
Commence at the Southeast corner of the
Southeast 1/4 of said Section 21; thence N
0° 31' 41" E 80.0 feet; thence north 00 35'
00" E 374.39 feet; thence North 880 27' 41"
West 632.70 feet; thence N 880 27' 41" W
627.70 feet; thence N 44° 27' 06" West
264.90 feet to the point of beginning;
thence South 44° 27' 06" E 60 feet; thence
South 450 32' 54" West 50 feet; thence North
440 27' 06" West 60 feet; thence North 450
32' 54" East 50 feet to the point of
beginning.
y l ra
MAY 0 91985
M -Y ATTORNEY �_� �
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265
The City does hereby expressly retain its lien on the remaining
lands described in the Agreement, as amended by the Correction
Agreement, which have not been heretofore released.
IN WITNESS WHEREOF this Partial Release has been
executed and delivered by the City of Little Rock, Arkansas, on
this j—.day of 7n" 1985 by its officers thereunto duly
authorized. "" °� --
ATTEST:
s R _li
(SEAL)
CITY OF LITTLE ROCK, ARK AS
By
Mayor Thomas R. Prince
ACKNOWLEDGEMENT
STATE OF ARKANSAS
COUNTY OF PULASKI
M M r M
0
M
On this 23_M day of 1985, before me, a
Notary Public duly commissioned, qu lified and acting within and
for the State and County aforesaid, appeared in person the
within named
Irk . 2etaA .. and la e Cx g
Mayor and City Clerk, respectively, -,oj the City of Little Rock,
Arkansas, to me personally known, who stated that they were duly
authorized in their respective capacities to execute the
foregoing instrument for and in the name and behalf of the City,
and further stated and acknowledged that they had so signed,
executed and delivered the forgoing instrument for the
consideration, uses and purposes therein mentioned and set
forth.
IN TESTIMONY WHEREOF, I have hereunto set my hand and
official seal.
Notary Public
(SEAL)'
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