HomeMy WebLinkAboutS-1074-L ApplicationThis Document Prepared by:
FRIDAY, ELDREDGE & CLARK, LLP
400 West Capitol Avenue, Suite 2000
Little Rock, Arkansas 72201
Attn: Jay T. Taylor
2006093666
11/38/2686 83:46:24 PH
Filed & Recorded in
Official Records of
PAT O'BRIEH
PULASKI COUNTY
CIRCUIT/COUNTY CLERK
Fees $86.06
SUPPLEMENTAL BILL OF ASSURANCE
FOR
CHEVAUX OFFICE PARK
LITTLE ROCK, PULASKI COUNTY, ARKANSAS
3 1/2, LLC,
an Arkansas limited liability company,
as Declarant
TABLE QE CONT� S
PAGE
I.PRELIMINARY .........................................................................................2
1.1 Incorporation................................................................................2
1.2 Definitions . ........ ......... ......... ......... .............................................. 2
(a) "Access Easements and Common Parking -Easement Areas" ....................... I .. I ....... 2
(b) "Association"........................................................................2
(c) "Bill of Assurance"...................................................................:2
(d) "Buildints Area".......................................................................2
(e) "Common Area"......................................................................2
(f) "Development"........................................................................2
(g) "Drainage Eascmcnis and Utility Easements" ................................................ 2
(h) "Final Plat"..........................................................................2
(i) "Lot"...............................................................................3
(j) "Maiority in Interests of the Owners" ...................................................... 3
(k) "Owner".............................................................................3
(1) "Public Riehts of Way".................................................................3
(m) "Tenant"............................................................................3
II. BUILDING AREA......................................................................................3
2.1 Buildine Area................................................................................3
2.2 Building Heieht..............................................................................3
2.3 Design and Construction of Build in Qs . ................................................... . ........ 3
2.4 B u ild ing D e s i gn and Construction Standards....................................................... 4
2.5 Architectural or Vegetation Screening............................................................. 4
2.6 Architectural Review Committee................................................................. 4
2.7 Maintenance.................................................................................5
2.8 POD.......................................................................................5
III. COMMON AREA......................................................................................5
3.1 Common Area Use...............................................................................5
3.2 Parking.....................................................................................6
3.3 Use........................................................................................6
3.4 Common A rea M aintenance and Repair............................................................ 6
3.5 Lot I R M aintenance and Repair ......................... . .... . .............................. 6
3.6 Lien for Expenses of Administration, Maimcnance_and_Repair.......................................... 7
IV. EASEMENTS....................... ........................... 1—...................................8
4.1 Ingress andEtress. .............. .............. — —..........................................8
4.2 Utilit and Drainage Easements. .............................. _................................ 8
4.3 Parkins..................... ....... .............. ........... ............. — — ..............8
V. RESTRICTIONS ...................... ......... .............................................. — .......8
5.1 Parking Restrictions..........................................................................8
5.2 Building Hei ht Restrictions.................................................................... 8
5.3 Open Space Requirements...........................................I......................8
5.4 Compliance With Laws ........... . ............. . . . ........... . ...... . ......................... 8
5.5 Rules and Rest=lations ........................................................................9
5.6 Assessments.................................. ..................... .......... ............... .9
VI. SIGNS..................................... ............................................ ............. .9
6.1 General...................................._................................................9
VII. INDEMNIFICATION AND INSURANCE................................................................. 9
7.1 Indemnification...............................................................................9
7.2 Insurance................................�.................................................9
73 Wainer of Certain Rights . ............... ...................................................... 10
7.4 Contractor's Insurance. . . . .......... ——................. ............ .............. .......10
VIII. DAMAGE OR DESTRUCTION _ ............. _ .. _ _ .......... _......................................... 10
IX. EMINENT DOMAIN ...........................................................................4 — 4 .11
9.1 Owner's Right to Award. ........................... . . . ... — — ................... 4 .... 4 ........ 11
9.2 Collateral Claims............................................................................11
9.3 Tenant's Claim . .......................... .............. ...................... ...........
....11
9.4 Restoration of Common Area. . 4 .. , , ...... , .... 4 . 4 ....... 4 ....... 4 ............ . ............ — ... l l
9.5 Restoration of Buildin Area . ................... 4 .............................. _ ..... _ .... _ .... 11
X. TAXES..............................................................................................11
XI. DEFAULT..........................................................................................11
11.1 Riehtto Cure................................................................................11
11.2 Iniunctive Relief.............................................................................12
11.3 Breach Shall Not Permit Termination. 4 ........ 4 ................................................ 12
11.4 No Limitation of Remedies .......... . . . . . .. .. . . . ............................................... 12
XII. NOTICES..........................................................................................12
XIII. ATTORNEYS'FEES.... ....... ......... —.......................................... 4.............. 13
XIV. DURATION ........................44 — 4 — ... ................. ....... — — ................ 4...... 13
XV. MODIFICATION ............ — .— .......... — .4.4 —..............................................13
XVI. GENERAL PROVISIONS .................................................. 4 .................... — — . 13
16.1 Not a Public Dedication . ................................. — — . — ...... 44 .................... 13
16.2 Severability...............................................................4.................14
16.3 Pronouns.............................................................. 14
16.4 Captions ...................................................................................14
16.5 _Nata Partnership......................................................4......4.4............14
16.6 GoverningLaw................................................... — .......................14
16.7 No Presumption..................................................................4 —4 ......14
16.8 Inurement..................................................................................14
16.9 Counterparts............................................................. — — ...............14
16.10 Other Aereements............................................................ _ . — .........14
16.11 Subdivision and2anine Ordinances ..................... ......... ......................... — ....14
16.12 Common Area Maintenance• Aypointment of Manager or Aeent .... 4 — 4 4 ............................ 14
16.13 Rights and Obligations of Lenders.......................................................... — ... 14
16.14 Exhibits...................................................................................14
16.15 No Third Party Beneficiaries ................................... . ...... 4 ......... 4 ....... 4 ..... 14
m
EM IBITS
Exhibit"A........................................................................ .................. Site Plan
Exhibit "B................................................................................... Legal Description
Exhibit "C................................ .................................................... Signage Criteria
It
SUPPLEMENTAL BpILL QF, ASSURANCE
FOR CHEVAUX OFFICE PARK
LITTLE ROCK, ARKANSAS
THIS SUPPLEMENTAL BILL OF ASSURANCE (this "Bill of Assurance") is made as of this 29th day of
November, 2006 by 3'/Z, LLC, an Arkansas limited liability company (the "Declarant 7).
RECITALS
WHEREAS, Declarant is the current owner of and is developing an approximately 3.3807 acres parcel of real
property located in the vicinity of the intersection of Chenonceau Boulevard and Arkansas State Highway 10 in Little Rock,
Pulaski County, Arkansas as a six (6) lot commercial office development with each lot containing a single office building,
to be commonly known as "Chevaux Office Park" (the Real Property as developed, including any and all structures,
buildings, and improvements located thereon or to be located thereon, is hereinafter collectively referred to as the
"Development");
WHEREAS, the Real Property comprising the Development is shown on the Site Plan attached hereto as Exhibit "A"
and incorporated herein by this reference (the " i# I "), and the legal description of said real property is contained on
Exhibit "B" attached hereto and by this reference incorporated herein (the "Real P e ");
WHEREAS, Declarant's predecessor subjected the Real Property to that certain Bill of Assurance dated as of
February 21, 2005, which is recorded in the Office of the Circuit Clerk and Ex-Officio Recorder ofPulaski County, Arkansas
on March 4', 2005, as Instrument Number 2005018465 (the "Original BOA");
WHEREAS, the Original BOA anticipated the development of the Real Property by Declarant's predecessor in title
as a single lot development with a single office building not to exceed 33,600 square feet, in compliance with a previous
POD, known as City of Little Rock, Arkansas Ordinance No. 19,098, adopted May 18, 2004, and referred to as the "Chevaux
Planned Office Development" (the "Original POLY'), but Declarant believes it is in the bests interests of the Real Property
and all present and future Owners of the Real Property, or any part thereof, to have a Bill of Assurance in place that
anticipates the scope and design of the current Development for the Real Property;
WHEREAS, Declarant now has successfully re -zoned the Real Property since its previous zoning as the Original
POD; the Real Property now being subject to that certain POD (planned office development) zoning adopted by the Board
of Directors of the City of Little Rock, Arkansas on October 3, 2006, as Ordinance No. 19603, which, along with this Bill
of Assurance and the Final Plat filed along herewith, establishes the "Chevaux Office Park, an Addition to the City of Little
Rock, Pulaski County, Arkansas" (the "POD");
WHEREAS, for the benefit of the Real Property and all present and future Owners of the Real Property, or any part
thereof, Declarant has made the Real Property subject to certain grants of easements set forth in that certain Access and
Common Parking Easements Agreement, made by Declarant, dated as of even date herewith, recorded in the Office of the
Circuit Clerk and Ex-Officio Recorder of Pulaski County, Arkansas ("Access and Common Parldng Easements
Agreement");
WHEREAS, Declarant now believes it is in the best interests of the Real Property and all present and future Owners
thereof, or any part thereof, to formally establish supplemental covenants, conditions, restrictions, and certain easements
applicable to such Real Property and the Development anticipating the current scope and design of the Development, and
Declarant desires to file this Bill of Assurance to protect its interest and the interests of tenants and others which are
presently or which may in the future become Owners of all or some portion of the Real Property;
WHEREAS, Declarant desires to dedicate to the public forever certain Drainage Easements and Utility Easements
and Public Rights of Way, as shown on the Final Plat (as such terms are herein defined);
WHEREAS, the Declarant desires that each of the Lots, parcels, and pieces of property in the Development and every
portion thereof be developed in conjunction with each other for the mutual benefit of the Owners and of each and all of the
Lots, parcels, and pieces of property in the Development and every portion thereof; and
WHEREAS, the Declarant hereby establishes, to the fullest extent permitted by law, a general plan for the
improvement, protection, development, maintenance and use as a commercial office development and for such purposes the
Declarant does hereby establish easements, covenants, restrictions, liens and charges (collectively, the "Restrictions") as
are hereinafter set forth, subject to which all of the Development and every portion thereof, shall be improved, held,
exchanged, leased, sold and/or conveyed. Each of the Restrictions is imposed upon each Lot in the Development as a mutual
equitable servitude in favor of the other Lots and every part thereof. Each of the Restrictions shall create reciprocal rights
and obligations among each of the Owners; they shall further create a privity of contract and an estate between the current
and future Owners of the Lots and their heirs, successors and assigns; and they shall be and operate as covenants running
with the land for the benefit of the Development and each and every part and portion thereof.
NOW, THEREFORE, in consideration of the foregoing, and the covenants and agreements set forth herein, the
Declarant agrees as follows:
I. PRELIMINARY
1.1 Incorporation. The above Recitals are incorporated herein and made a part hereof.
1.2 Definitions.
(a) "Access Easements and Common Parking Easement Areas" shall mean the areas described on
Exhibit "A" for the mutual benefit of the Tenants and Owners within the Development, as "Access Easement" or "Shared
Parking," said areas being deemed Common Area and maintained and repaired in accordance with the terms of this Bill of
Assurance, and said areas being the subject of the Access and Common Parking Easements Agreement.
(b) "Association" shall mean the Chevaux Office Park Property Owners Association, Inc., an Arkansas
non-profit corporation, which Association shall be the administrative body and governing body for the Development, in
accordance with this Bill of Assurance.
(c) "Bill of Assurance" shall mean this Supplemental Bill of Assurance.
(d) "Building Area" shall mean those areas shown as Building Area or Future Expansion Area within
the Lots on the Site Plan.
(e) "Common Area" shall mean those areas shown as Common Area on the Site Plan. No portion of any
enclosed area within a Building Area shall be considered Common Area.
(f) "Development" shall mean all the Real Property depicted on Exhibit "A" and described on Exhibit
"B" as developed as a six (6) lot commercial office development with each lot containing a single office building ,
comprising certain office Tenants and Owners, and commonly known to the public as "Chevaux Office Park" (which shall
include any and all structures, buildings, and improvements located thereon or to be located thereon).
(g) "Drainage Easements and Utility Easements" shall mean the areas so depicted on Exhibit "A" for
the mutual benefit of the Tenants and Owners within the Development.
(h) "Final Plat" shall mean the Final Plat, filed herewith, describing Lots 1R, 2, 3, 4, 5, and 6, Chevaux
Office Park, an Addition to the City of Little Rock, Pulaski County, Arkansas, which is recorded in the Office of the Circuit
Clerk and Ex-Officio Recorder of Pulaski County, Arkansas, as such may now or hereafter be platted, subdivided, replatted
or re -subdivided.
(i) "Lot" shall mean any area separately,drawn.op the Final Plat and designated as a Lot and any property
hereinafter conveyed by any Owner located within the boundaries shown on the Final Plat, as such may now or hereafter
be platted, subdivided, replatted or re -subdivided. New Lots may be designated, or existing Lots may be amended, modified,
reconfigured, reduced, eliminated, or enlarged by Declarant without action on the part of any other party at any time
hereinafter by approval of the Board of Directors of the City of Little Rock, Arkansas, if so required and the recording in
the Pulaski County, Arkansas an amendment hereto and Supplemental Bill of Assurance, signed by Declarant, with a new
plat attached thereto.
0) "Maiority in Interests of the Owners" shall mean the then Owners of Lots representing fifty-one
percent (51%) or more of total square footage of land area in the Development as depicted in the Final Plat, together with
Declarant for so long as Declarant owns or leases any Lot, parcel, or piece of property within the Development.
(k) "Owner" shall mean the Owner of a fee interest in any Lot in the Development and their respective
assigns, grantees, and successors in interest.
(1) "Public Rights of Way' shall mean such street rights of way reserved non -exclusively for use by the
public, now or in the future, as public streets, as shown and identified as such on the Final Plat.
(m) "Tenant" shall mean any lessee, sublessee, tenant, or subtenant of an interest in any part of the
Development and their respective assigns, grantees, and successors in interest.
II. BUILDING AREA
2.1 Budding_Area. No building or other structure shall be constructed upon any Lot in the Development other
than within the Building Area, if any is designated on the attached Site Plan, on each Lot nor shall any building or other
structure be constructed in any area not within the Building Area, if any is designated on the attached Site Plan.
Notwithstanding the foregoing, canopies and roof overhangs (including supporting columns or pillars), foundations, doors,
trash enclosures, required emergency exits (including stairs and landings andfootings and foundations associated therewith),
and doors for ingress and egress may project from any building or structure nearer to the lot lines that the minimum building
setback line show on the Final Plat and Site Plan; provided, any such projection or extension must comply with all applicable
laws, rules, ordinances and regulations of every governmental body havingjurisdiction over the Development; and provided
further, no such extension or projection shall be allowed if it (i) reduces the number of parking spaces or materially alters
the parking configuration or vehicular and pedestrian circulation, and/or access in and through the entire Development as
shown on the Site Plan, or (ii) interferes with or prevents the location, placement or construction of a building or structure
in the Building Area on any Lot. Nothing herein shall permit an Owner to violate any parking ratios required by the City
of Little Rock, Arkansas.
2.2 Building Heigh . No building shall be erected or constructed within the Development which exceeds thirty-
five feet (35') in height, unless otherwise approved by the ARC.
2.3 Desimand Construction ofSuilding . Once initiated, all building construction must be diligently prosecuted
to completion. If an Owner or its tenant commences construction of a building within the Development, but such
construction ceases prior to the completion of the building for a period in excess of one hundred twenty (120) days (subject
to force majeure or causes outside of the control of Owner, but not including failure or inability to pay money), and the
Majority in Interests of Owners in their reasonable discretion determine that such unfinished building creates an unsafe
or unsightly condition detrimental to the Development, following written notice and failure of the Owner to immediately
begin and diligently continue activity necessary to cure such condition, then the Majority in Interests of the Owners or any
one of them may demolish part or all of such building or construct a barricade around such building. Upon completion of
any such demolition or barricade work by the Majority in Interests of the Owners or any one of them, the Owner upon whose
Lot the building was located shall reimburse the Party(ies) who paid for such other work for monies so expended
immediately following demand.
2.4 Building and Construction Standards. The gbjective in building standards is to provide and maintain
harmony and conformity of general external design and location in relation to the surrounding structures and topography,
provide consistency and quality in architectural design, and to protect and enhance values in the Development. Without
constituting a violation or waiver of this Bill ofAssurance, the following requirements may be modified by the Architectural
Review Committee ("ARC") where design and materials submitted for approval are of like quality and design. All building
materials shall be approved in advance by the ARC and Declarant, so long as Declarant owns or leases any property within
the Development.
2.5 Architectural or Vegetation Screening. Architectural or vegetation screening means protective screening
constructed only of building materials permitted hereunder, or of natural living plants, sufficient to completely block the view
of the object or areas screened from streets, public rights of way and other lots.
(a) All mechanical and utility equipment on the side of the building and/or on the ground shall
be screened by architectural screening and/or vegetation if visible from the highway or street right-of-way or
residential property, unless otherwise approved in writing by the ARC. Any rooftop equipment shall be appropriately
screened. Screening of roof -mounted mechanical and utility equipment shall be incorporated into the structure,
utilizing materials compatible with the supporting building, and shall meet the minimum standards required by the City
of Little Rock ordinances. Trash enclosures shall be screened by architectural screening and/or vegetation on three
(3) sides with access not visible from the street.
(b) Storage areas, storage tanks, trucks, equipment, or vehicles based on the premises, materials,
and maintenance facilities shall either be housed in closed buildings or otherwise completely architecturally screened
from public view.
(c) No satellite dish shall be erected on the property or any building thereon without prior written approval
from the ARC. Allowed satellite dishes shall be architecturally screened.
(d) A six (6) foot high brick column and wood privacy fence shall be constructed just inside the East and
South property lines of the Real Property to provide a privacy barrier to the adjacent Chevaux residential
neighborhood.
2.6 Architectural Review Committee. No development plan shall submitted to the City of Little Rock, and no
building or other structure shall be erected, placed or altered on any Lot in the Development except in accordance with the
following, provided however, the ARC review and approval process outlined in the Sections 2.4, 2.5, and 2.6 shall not be
applicable to Lot 1R and the Owner of Lot 1R:
(a) Prior to any construction, the Owner of any Lot (except the Owner of Lot 1R) shown on the Final Plat
shall submit to the Architectural Review Committee (the "ARC"), for the ARC's approval, the exterior building plans,
specifications, exterior elevations, site plan, landscape plans, privacy fence plan, exterior color scheme and proposed
construction materials (collectively the "Plans and Specifications"). The ARC shall be comprised of three (3)
individuals who shall be appointed by the Board of Directors of the Association, provided, however, so long as
Declarant owns any Lot in the Development, Declarant shall have the authority to appoint the members of the ARC.
(b) The ARC shall have the authority to approve plans submitted for construction in the Development if
they comply with this Bill of Assurance, or to disapprove such plans if they do not comply; provided, however, that
the ARC has the discretion to approve plans which are in substantial compliance so long as the aesthetic harmony of
the Development is preserved. The ARC shall have thirty (30) days from and after receipt of the Plans and
Specifications and any other documentation required to be submitted by the Owner to approve or disapprove, in the
ARC's discretion, the design and the Plans and Specifications for any such proposed construction. Any disapproval
shall be in writing and shall specify in detail the basis for such disapproval and, as appropriate, modifications which,
if made will render the proposed construction acceptable. In the event of the death or resignation of any member or
members of the ARC, the remaining member or members shall have full authority to approve or disapprove such plans,
4
or to designate a representative with like authority to fill any vacancy or vacancy created by the death or resignation
of any of the aforesaid members, and said newly appointed members or member shall have the same authority
hereunder as their predecessors as above set forth.
(c) Failure to Approve. In the event that the ARC neither approves nor disapproves any proposed
construction within thirty (30) days, excluding Sundays and legal holidays, of receipt of the required documentation,
the proposed construction shall be deemed to be acceptable and the provisions of this instrument shall be deemed fully
complied with and the construction may be commenced.
(d) - Powers and Limitations. The ARC shall not be liable for any approval given hereunder, and any
approval given to one party shall not be considered as a waiver of any requirement of this Bill of Assurance by another
party. Nothing herein contained shall in any way be deemed to prevent any of the Owners of Lots in the Development
from maintaining any legal actions relating to the improvements within this Development which they would otherwise
be entitled to maintain. Neither the ARC, nor any Owner shall be liable for damages to anyone submitting Plans and
Specifications to the ARC for approval, and no approval shall be considered a warranty of any nature whatsoever
pertaining to the suitability of such plans.
Notwithstanding anything to the contrary herein contained, no construction of any type or variety shall be commenced
prior to submission of the required documentation, including the Plans and Specifications, and review and written
approval thereof by the ARC. Any proposed construction shall be built and constructed only in substantial conformity
with the Plans and Specifications approved by the ARC.
2.7 Maintenance. Following completion of construction of building and improvements on the Building Area(s),
the Owner thereof shall maintain all buildings and other improvements in a good state of repair and neat and attractive
manner, ordinary wear and tear and the effects of time, excepted.
2.8 POD. The Development shall be developed in strict compliance with the POD, as said POD may be amended
or restated.
III. COMMON AREA
3.1 Common Area Use. Except as specifically otherwise provided herein and subject to Section 4.3 hereof, the
Common Area shall be only used for vehicular access, circulation and parking, pedestrian traffic and the comfort and
convenience of customers, invitees, licensees, agents and employees of the Owners, and business occupants of the buildings
constructed in the Building Area on the Lots in the Development and for the servicing and supplying of such businesses. In
addition, the Common Area may be used (i) on a temporary basis, in connection with the construction and repair of any
buildings or Common Area in the Development so long as such use does not occupy more area than is reasonably required
nor unreasonably restrict access to and from or the conduct of business within the buildings in the Development or access
to and from the adjacent streets; (ii) in connection with the construction and maintenance of utility lines so long as such
activity is undertaken in strict compliance with the requirements of Section 4.2 hereof, and (iii) for any other use required
by any governmental authority having jurisdiction thereof.
During the construction of the building on any Lot and the reconstruction of its parking and the Common Areas located
on its Lot, access, parking and automobile and pedestrian circulation may be temporarily impeded, interrupted or blocked
because of construction activities. The Owner of such Lot under construction agrees to minimize the disruption to the extent
consistent with safety, sound construction procedures and applicable governmental requirements and in furtherance thereof,
to (i) proceed diligently to prosecute all construction to completion, (ii) following initial construction on the Entry Drives
and Services Drive to keep open at all times such Entry Drives and Service Drives, and (iii) keep all construction materials
and equipment within their particular Lot. No building, barricade or permanent structure may be placed, erected or
constructed within an area not within the Build Area, or in the Common Area or any Easement, or on any street or gutter of
any Lot except loading and delivery docks and covered areas attached to such docks, trash enclosures, pylon (to the extent
not herein or by law or regulation prohibited) and directional signs, bumper guards or curbs, paving, landscaping and
landscape planters, lighting standards, driveways, sidewalks, walkways, parking stalls, roof overhangs, and columns or pillars
supporting roof overhangs, and any other improvements as may be required under applicable laws, rules, ordinances and
regulations of any governmental body having jurisdiction over the Development.
3.2 Parkin . Unless otherwise approved in writing by the ARC, parking spaces and the configuration thereof for
each Lot shall as set forth on the attached Site Plan.
3.3 Use. Except as specifically otherwise provided herein, the Owner of each Lot shall use and cause to be used
the Common Area on its Lot exclusively for the uses specified herein and in such manner as will not unreasonably interfere
with the primary purpose of the Common Area, which is to provide for parking and access for the Owners' customers, invitees,
employees, agents and licensees of the businesses located within the buildings in the Development and for the servicing and
supplying of such businesses.
3.4 Cornrnon Area Maintenance and Re air. Except as specifically otherwise provided herein, and except in the
case of Lot 1R, as set forth in Section 3.5 hereinbelow, the Association, or its third party designee, shall cause all Common
Areas located in the Development to be maintained at all times in good and clean condition and repair, which shall include,
but not be limited to the following:
(a) Maintaining the paved surfaces, including the EntryDrives and Service Drives, in a level, smooth and
evenly covered condition with the type of surfacing material originally installed or such substitute as shall in all respects be
equal or superior in quality, use and durability;
(b) Removing all papers, debris, filth and refuse, ice and snow, and thoroughly sweeping the area to the
extent reasonably necessary to keep the area in a clean and orderly condition;
(c) Placing, keeping in repair, and replacing any necessary appropriate directional signs, markers and
lines;
(d) Operating, keeping in repair, and replacing, where necessary, such artificial lighting facilities as shall
be reasonably required, which lighting shall be operated, when needed, during hours when businesses in the Development
are open and for a reasonable period thereafter as may be determined from time to time by a Majority in Interest of the
Owners, but in no event shall this obligation extend past 12:01 a.m., so long as such time is after closing. Provided however,
the foregoing shall not be a prohibition against 24 hour operation of a business;
(e) Maintaining all landscaped areas, to include proper irrigation of all landscaped areas, so that such areas
are kept in a first-class manner and repairing automatic sprinkler systems or water lines and making replacements of shrubs
and other landscaping as is necessary;
(f) Maintaining and repairing any and all Common Area walls, common storm drains, utility lines, sewers
and other services which serve the property owned by each Owner which are necessary for the operation of the buildings and
improvements on the property owned by each Owner; and
(g) Maintaining free and unobstructed access to and from its Lot and the adjoining portions of the
Development and to and from its Lot and the streets adjacent thereto during normal business hours.
3.5 Lot _1_R Maintenance and Repair. The Owner of Lot 1R, as such Lot is indicated on the Final Plat (hereafter
"Lot 1R"), shall, at its sole cost and expense, maintain and repair all portions of Lot 1R except those portions of Lot 1R
identified on the Site Plan as Access Easement or Shared Parking (the "Lot JR Common Areas'). The Lot 1R Owner's
maintenance obligations herein shall include, but not be limited to, those obligations set forth in Section 3.4 hereof. Except
as otherwise provided herein, no part of the maintenance and repair expenses incurred by the Owner of Lot 1 R pursuant to
this Section 3.5 shall pass through to other Owners as common area maintenance expenses. Each Owner of Lot 1R by
acceptance of a deed of conveyance or by entering into a contract of purchase of Lot 1R, whether or not it shall be expressed
in any such deed, contract of purchase or other conveyance, shall be conclusively deemed to covenant and agree to pay all
maintenance and repair expenses of Lot 1R as provided in this Section 3.5. Lot 1R shall at all times be maintained and
conformed in strict accordance with the overall quality and harmony of maintenance standards maintained throughout the
remainder of the Development, including landscaping. In the event that the Lot 1R Owner fails to maintain and repair Lot
1R materially in accordance with the standards herein described, the Association, by decision of its Board of Directors, may
take the necessary actions of maintenance and repair and charge the expenses of such to the Owner of Lot 1R, which charges
shall be considered an assessment against Lot 1R, and shall be collected in accordance with Section 3.6 hereinbelow.
3.6 Lien for Expenses of Administration, Maintenance and Rear.
Common Area Administration, Maintenance and Repair:
Each Owner of any Lot within the Development, excluding the Owner of Lot 1 R, is bound to contribute, based on a
pro rata basis (as determined by the Total Actual Aggregate Building Square Footage for all buildings located on each such
Owner's Lot as compared to the Total Actual Aggregate Building Square Footage of all buildings within the Development)
toward the expenses of administration and of maintenance and repair of the Common Area, excluding the Lot 1R Common
Area, within the Development (the term "Total Actual Aggregate Building Square Footage" with respect to a Lot shall mean
the total actual heated and cooled square footage of all buildings located on such Lot, as reasonably determined by the
Association).
Lot 1R Common Area Administration, Maintenance and Repair:
Each Owner of any Lot within the Development, including the Owner of Lot 1R, is bound to contribute, based on a
pro rata basis (as determined by the Total Actual Aggregate Building Square Footage for all buildings located on each such
Owner's Lot as compared to the Total Actual Aggregate Building Square Footage of all buildings within the Development)
toward the expenses of administration and of maintenance and repair of the Lot 1R Common Area.
Each and all such assessments set forth herein (together with interest, costs and reasonable attorney's fees, if
delinquent) shall be, constitute andremain a continuing lien on the Lot (and all appurtenances) against which such assessment
is made until paid, which lien shall run with the land, and shall be binding as a covenant on present and future Owners, their
heirs, successors and assigns. Each Owner of any Lot by acceptance of a deed of conveyance or by entering into a contract
of purchase of any Lot in the Development, whether or not it shall be expressed in any such deed, contract of purchase or
other conveyance, shall be conclusively deemed to covenant and agree to pay all assessments made against that Lot. Such
lien shall be prior to all other liens excepting only the lien of any first mortgage or similar duly recorded encumbrance. Each
such assessment, together with interest, costs and reasonable attorney's fees, shall be the personal obligation of the Owner
and of his/her/its successor in title. Assessments not paid when due shall be delinquent and, if not paid within twenty (20)
days after the due date, the assessment shall bear interest from the date of delinquency until paid at the rate of ten percent
(10%) per annum, or such lesser amount if dictated by Arkansas law, and may be enforced and collected by an action at law
against those personally obligated to pay same, and/orthe lien securing same maybe enforced by a foreclosure action against
the Lot upon which such assessment was made in the manner provided by law for foreclosure of mortgages, and interest, costs
and reasonable attorneys' fees in any such court action shall be added to and collected as a part of such assessments.
Flake Reciprocal Access Easement Maintenance:
Association, on behalf ofthe Owners of the Development, as current Owners of the Land comprising the Development,
shall be benefitted by and shall assume the maintenance and other responsibilities and obligations of its predecessor under
that certain Reciprocal Access Easement With Covenants and Restrictions Affecting Land, dated as of December 6, 2004,
recorded in the Office of the Circuit Clerk and Ex-Officio Recorder of Pulaski County, as Instrument Number 2004103418
(the "Flake Reciprocal Ac ess Easement"), said Flake Reciprocal Access Easement providing certain access and signage
easements and maintenance obligations affecting the Development and certain property contiguous to the development and
located between the Development and Chenonceau Boulevard.
7
IV. EASEMENTS
4.1 Ingress and_ Egress. The Ingress and Egress Easements serving the Development are granted by the terms of
the Access and Common Parking Easements Agreement.
4.2 Utility and Drainage Easements. Each Owner, as grantor with respect to its Lot, hereby grants to each other
Owner and, to the extent necessary, to the appropriate public utility as grantee, for the benefit of each other Owner and its
property, non-exclusive easements appurtenant to the property owned by the grantee, under, through and across a portion(s)
of the Lots designated for utility and drainage easements as shown on Exhibit "A" owned by the grantor, for the installation,
maintenance, repair and replacement of water drainage systems or structures, water mains, storm drains, sewers, water
sprinkler system lines, telephone or electrical conduits or systems, gas mains and other public utility facilities necessary for
the orderly development and operation of the Development; provided, the rights granted pursuant to such easements shall at
all times be exercised in such manner as to cause the least interference with the normal operation of the Development and
the use of each Lot by each Owner and/or Tenant thereof; and provided further, except in an emergency, the right of any
Owner to enter upon the Lot of another Owner for the exercise of any right pursuant to such easements shall be conditioned
upon obtaining the prior written consent of such other Owner, which consent shall not unreasonably be conditioned, withheld
or delayed. All such systems, structures, mains, sewers, conduits, lines and other public utilities shall be installed and
maintained below the surface or ground level of such easements, all as may be more particularly set forth on Exhibit "A"
attached hereto. In the event an Owner deems it necessary to cause the installation of a storm drain, utility line or sewer
across the Common Area of any other Lot subsequent to the initial paving and improving thereof, the Owner thereof agrees
not to unreasonably with hold, condition or delay the granting of any necessary additional easements; provided, in no event
will such installation be permitted if it would unreasonably interfere with the normal operation of any business of the
Development; and provided further, the Owner making or causing such installation shall, at its expense, completely restore
all Common Area improvements and surfaces disrupted as a result of such installation. In the event it should be necessary
to grant any of the foregoing easements and rights to local utility companies as a condition of their providing or continuing
service, such rights shall be granted so long as the Owners required to execute such instruments deem the terms and
conditions of such a grant to be reasonably acceptable.
4.3 ParkinQ. The Common Parking Easements serving the Development are granted by the terms of the Access
and Common Parking Easements Agreement. Notwithstanding any contrary provision herein, no Owner, other than the
Owner of Lot 1R, shall park or allow their respective Tenants, employees, agents, customers, invitees and licensees of such
Tenants to park upon any parking area or portion thereof located along the North and West boundaries of Lot 1R, said areas
being identified on the Site Plan as "Lot 1R Exclusive Parki ", and said areas herein expressly reserved for use by the
Owner of Lot 1R and its Tenants, employees, agents, customers, invitees and licensees. All the Owners and Declarant
acknowledge and agree that all parking areas located inside Lot 1R identified on the Site Plan as Lot 1R Exclusive Parking
are reserved exclusively for the use of the Owner of Lot 1R, its Tenants, employees, agents, customers and invitees.
V. RESTRICTIONS
5.1 Parking Restrictions. In no event shall the minimum parking ratio for any Lot exceed the maximum parking
ratio allowed by the City of Little Rock, Arkansas.
5.2 Building Hei ht Restrictions. No building or other permanent structure on any Lot, except parking lot lighting
poles, shall exceed thirty-five feet (35') in height, or, in any event, exceed the maximum height restrictions established by
the City of Little Rock, Arkansas applicable to the particular type of building or structure.
5.3 O 'en Space Re uirements. Each Lot within the Development shall be developed in accordance with any and
all open space requirements established by the City of Little Rock, Arkansas, if any, applicable to such Lot.
5.4 Compliance With Laws. No development, use, occupancy, or operation of any Lot within the Development
for any purpose whatsoever may be allowed in violation of applicable Federal, State of Arkansas, Pulaski County, or City
of Little Rock laws, statutes, ordinances, rules, or regulations.
5.5 Rules and Regulations. Rules and regulations applicable to the day-to-day use and operation of businesses
within the Development may be established from time -to -time by a Majority in Interests of the Owners, and shall become
effective upon presentation to all Owners within the Development of a writing containing the rules and regulations which
is executed by said Majority in Interests of the Owners.
5.6 Assessments. Each Owner of any Lot within the Development shall pay or cause to be paid the annual
assessments and special assessments applicable to such Lot including the portion of the Common Areas owned by such
Owner.
VI. SIGNS
6.1 General. Each Owner shall have the right to maintain such signs as are customary for its business on the
interior of buildings located on its Lot as it desires, whether or not such signs are visible from the exterior, and for the
purposes of advertising only the companies located on each Owner's respective property. As permitted by applicable
governmental regulations, each Owner shall have the right to erect, maintain and replace signs on the exterior ofthe buildings
("Building Si na a") located on its Lot; provided, such Building Signage is allowed by the then existing applicable
regulations, ordinances, and rules of the City of Little Rock, Arkansas, and provided such signage complies with the signage
criteria set forth in Exhibit "C" attached hereto and incorporated herein by this reference, unless with the prior written
consent of a Majority in Interests of the Owners. Customary entrance and exit signs which are less than four (4) feet in height
from the ground shall not be considered for the purposes of the foregoing restriction. Notwithstanding the foregoing, any
Owner of a Lot shall at all times comply with the signage requirements established by the City of Little Rock, Arkansas, if
any, applicable to such Lot.
As of the date of the making of this Bill of Assurance, the Declarant understands and believes that the existing
applicable regulations, ordinances, and rules of the City of Little Rock, Arkansas and the POD allow for a single monument
sign to be located in the Development, the precise location and the details and specifications of said monument sign to be in
the sole and absolute discretion of Declarant (the' monument 5ignage"). Declarant proposes that the Monument Signage
be in the general form set forth in Exhibit C°C" attached hereto and incorporated herein by this reference, and said Monument
Signage to generally provide availability for one larger spot on said Monument Signage for the Owner of Lot 1R, and one
smaller spot on said Monument Signage for each of the Owners of the additional five (5) Lots in the Development. So long
as Declarant owns or leases any property whatsoever in the Development, Declarant shall have the sole and absolute
discretion to approve of and determine the size, location, specifications, and listings and locations of listings on said
Monument Signage, thereafter, the ARC having authority for all such matters.
VII. INDEMNIFICATION AND INSURANCE
7.1 Indemnification. Each Owner hereby indemnifies, defends and saves the other Owners and Tenants harmless
from any and all liability, damage, expense, causes of action, suits, claims or judgments arising from personal injury, death,
or property damage occurring on or from its own tract, except if caused by the act ornegligence ofthe other Owner or Tenant.
7.2 Insurance. Each Owner and Tenant agrees to procure or cause to be procured and maintained in full force and
effect throughout the term of this Bill of Assurance general public liability insurance and property damage insurance against
claims for personal injury, death or property damage occurring upon, in or about its property, each Owner's/Tenant's
insurance to afford protection to the limit of not less than $1,000,000.00 for injury or death of a single person, and to the limit
of not less than $5,000,000.00 for any one occurrence, and to the limit of not less than $2,000,000.00 for property damage,
with the Association named as an additional insured thereunder. Such insurance may be written by additional premises
endorsement on any master policy of insurance carried by the Owner or Tenant which may cover other property in addition
to the property owned and subject to this Bill of Assurance.
At all times during the term of this Bill of Assurance, each Owner shall or shall cause the improvements on its Lot to
W
. be insured against loss or damage by fire and other perils and events as may be insured against under the broad form of
Uniform Extended Coverage Clause in effect from time to time in the State of Arkansas, with such insurance to be for the
full replacement value of the insured improvements, with the Association named as an additional insured thereunder.
The Association may require that each Owner/Tenant of each Lot produce evidence satisfactory to Association that
such insurance is maintained and that Association is named as an additional insured thereunder.
The Association, by action of its Board ofDirectors, may elect to maintain a separate policy of general public liability
insurance and property damage insurance against claims for personal injury, death or property damage occurring upon, in or
about the Common Area, and, if such Association elects to do so, the expenses thereof such be a common expense of the
Association payable in accordance with Section 3.6 hereof.
7.3 Waiver of Certain Rights. Each Owner hereby releases all other Owners for itself and its property insurer from
and against any and all claims, demands, liabilities or obligations whatsoever for damage to each other's property or loss of
rents or profits of the other resulting from or in any way connected with any fire or other casualty whether or not such fire
or other casualty shall have been caused by the negligence or the contributory negligence of the Owner being released or by
any agent, associate or employee of the party being released, this release being to the extent that such damage or loss is
covered by the property insurance which the releasing Owner is obligated hereunder to carry, or, if the releasing Owner is
not carrying that insurance, then to the extent such damage or loss would be covered if the releasing parry were carrying that
insurance.
7.4 Contractor's Insurance. Prior to commencing any construction activities within the Development, each Owner
shall obtain or require its contractor to obtain and thereafter maintain so long as such construction activity is occurring, at
least the following minimum insurance coverage:
(a) Workers' compensation - statutory limits;
(b) Employer's liability - One Hundred Thousand Dollars ($100,000);
(c) Comprehensive General and Comprehensive Auto Liability as follows: (i) "Combined Single Limit"
(covering bodily injury liability, death and property damage) in any one occurrence of not less than One Million Dollars
($1,000,000); (ii) Independent Contractors Liability or Owner's Protective Liability with the same coverage as set forth in
(i) above; (iii) Products/Completed Operations Coverage which shall be kept in effect for two (2) years after completion of
work; (iv) "XCU" Hazard Endorsement, if applicable; (v) "Broad Form" Property Damage Endorsements; (vi) "Personal
Injury" Endorsements; (vii) "Blanket Contractual Liability Endorsement. Provided, however, the Majority in Interests of the
Owners may increase the coverage amounts required hereunder.
If the construction activity involves the use of another Owner's Lot, then the Owner of such Lot shall be named as an
additional insured and such insurance shall provide that the same shall not be canceled without at least thirty (30) days prior
written notice to the named insured.
VIII. DAMAGE OR DESTRUCTION
In the event any building in the Development is damaged or destroyed by fire or other casualty or any other cause
whatsoever, the Owner ofthe Lot upon which such building is located may, in its discretion, tear down or rebuild the damaged
building. However, if an Owner determines to tear down a damaged building, that Owner shall either promptly rebuild a new
building on the same location or leave and maintain the parcel of land on which the building was located in a smooth, level
condition, free and clear of all refuse and weeds and continuously sealed against dust by compaction, paving, lawn or other
ground cover. In the event any Common Area of any Lot or any portion thereof shall be damaged or destroyed by fire or other
casualty or any other cause whatsoever, the Owner of the Common Area so damaged or destroyed shall forthwith proceed
with due diligence to restore such Common Area to a condition to permit vehicular parking (in the manner required by this
Bill of Assurance) and free and safe vehicular and pedestrian access and circulation in the Development and to and from all
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streets adjacent thereto.
IX. EMINENT DOMAIN
9.1 Owner's Right to Award. Nothing herein shall be construed to give any Owner any interest in any award or
payment made to any other Owner in connection with any exercise of eminent domain or transfer in lieu thereof affecting
any other Owner's Lot or giving the public or any government any rights in the Lots. In the event of any exercise of eminent
domain or transfer in lieu thereof of any part of the Common Area located within the Development, the award attributable
to the land and improvements of such portion of the Common Area shall be payable only to the Owner in fee thereof and no
claim thereon shall be made by the Owners of any other portion of the Common Area.
9.2 Collateral Claims. All other Owners or persons having an interest in the Common Area so condemned may
file collateral claims with the condemning authority for their losses which are separate and apart from the value of the land
area and improvements taken.
9.3 Tenant's Claim. Nothing in this Article shall prevent a Tenant from making a claim against an Owner pursuant
to the provisions of any lease between Tenant and Owner for all or a portion of any such award or payment. Provided,
however, the terms of any agreement between the Owner and any Tenant shall govern the rights of those parties under
condemnation.
9.4 Restoration of Common Area. The Owner of the fee of each portion of the Common Area so condemned shall
promptly repair and restore the remaining portion of the Common Area so owned as near as practicable to the condition of
the Common Area immediately prior to such condemnation or transfer to the extent that the proceeds of such award are
sufficient to pay the cost of such restoration and repair and without contribution from any other Party.
9.5 Restoration of Building Area. In the event any building or a portion thereof located in the Development is
condemned, the remaining portion of the building shall be demolished or restored by the Owner of the Lot on which it is
located and such Owner shall remove all debris resulting therefrom. Such election shall be made within one hundred eighty
(180) days from the date of taking. In the event the remaining building improvements are removed, thereafter the Owner shall
maintain such building area Lot in the manner provided for in Article VIII above.
X. TAXES
Each Owner shall pay or cause to be paid direct to the tax collector when due, the real property taxes and other special
taxes and assessments assessed against theproperty owned by such Owner, including the portion of the Common Area owned
by such Owner.
In the event any Owner fails at any time to pay or cause to be paid before delinquency its taxes or assessments on any
portion of the property described herein of which such Owner has a fee interest, and which may become a lien on any of the
Common Area, then any other Owner may pay such taxes and/or assessment together with interest, penalties, and costs, and
in any such event the Owner obligated to pay such taxes and/or assessment shall promptly reimburse such other Owner for
all such taxes and/or assessments, interest, penalties, and other charges and until such reimbursement has been made, the
amount thereof shall constitute a lien and charge on the property hereinabove described of the defaulting Owner. Nothing
contained herein, however, shall prevent an Owner from paying its taxes under protest or challenging the validity or amount
of assessment so long as such Owner takes steps to prevent the delinquent taxes from becoming a lien on its Lot or the
occurrence of a tax sale of such Lot.
XI. DEFAULT
11.1 Right to Cure. Should any Owner fail to timely perform any of its obligations hereunder and thereafter fail
to perform or, if such performance cannot be reasonably completed within thirty (30) days, to commence the performance
of and continue to diligently pursue, such obligation within thirty (3 0) days of its receipt of any other Owner's written demand
11
therefor, the Owner giving such notice shall, in addition to any other remedy provided at law or in this Bill of Assurance, have
the right (but not the obligation) to perform such obligation on behalf of the defaulting Owner and the defaulting Owner shall
reimburse the curing Owner for the cost of performing such work within ten (10) days after receipt of billing therefor and
proof of payment thereof. In the event the defaulting Owner does not reimburse the curing Owner within such ten (10) days,
the curing Owner shall have (i) the right to exercise any and all rights which such curing Owner might have at law to collect
the same, and (ii) have a lien on the property owned by the defaulting Owner to the extent of the amount paid by the curing
Owner but not reimbursed by the defaulting Owner, which amount shall bear interest at a rate equal to the greater of (i) the
Prime Rate as published from time to time in the Southwest Edition of the Wall Street Journal, plus four percent (4%), or
(ii) highest legal rate of interest, from the date of billing until paid. Such lien may be filed for record by the curing Owner
as a claim against the defaulting Owner, in the form required by law, in the office wherein mortgages are recorded, which
lien shall contain at least the following information:
(a) The name of the lien claimant;
(b) The name of the defaulting Owner;
(c) A description of the work performed on behalf of such Owner and a statement itemizing the cost
thereof, and
(d) A description of the property being liened. The lien so claimed shall attach from the date of
recordation in the amount claimed by the Owner curing the default and it may be enforced and foreclosed in any manner
allowed by law, including, but not limited to, suits to foreclose a mechanic's lien, trust deed or mortgage under applicable law.
Such lien, when so established against the real property described in such lien, shall be prior and superior to any right, title,
interest, lien or claim which may be or is acquired or attached to such real property after the time of recording the claim of
lien.
11.2 Iniunctive Relief. In the event of any violation or threatened violation of any provision of this Bill of
Assurance, any Owner shall have the right, in addition to any other remedies herein or by law provided, to enjoin such
violation or threatened violation. Notwithstanding the foregoing, Tenants in the Development shall not have the right of
injunction but shall rather be limited to their rights granted by law and by their respective leases.
11.3 Breach Shall Not Permit Termination. No breach of this Bill of Assurance shall entitle any Owner to cancel,
rescind or otherwise terminate this Bill of Assurance, but such limitation shall not affect in any manner any other rights or
remedies which such Owner may have hereunder by reason of any breach of this Bill of Assurance.
11.4 No Limitation of Remedies. The various rights and remedies herein contained and reserved to the Owners,
except as otherwise provided in this Bill of Assurance, shall not be considered as exclusive of any other right or remedy, but
shall be construed as cumulative and shall be in addition to every other remedy now or hereafter existing at law, in equity
or by statute. No delay or omission of the right to exercise any power or remedy shall impair any such right, power or remedy
or be construed as a waiver of any default or nonperformance or as acquiescence therein.
XII. NOTICES
All notices, requests, demands and other communications required or permitted hereunder concerning Declarant shall
be in writing, and either (i) delivered in person, (ii) sent by express mail or other overnight delivery service providing receipt
of delivery, (iii) mailed by certified or registered mail, postage prepaid, return receipt requested or (iv) sent by telex, telecopy
or other facsimile transmission as follows:
Declarant: 3 '/z, L L C
1 Riverfront Place, Suite 800
North Little Rock, Arkansas 72114
Attn: Sam Hilburn
12
Rodney Thomason
Fax No. (501) 372-2028
with a copy to: Orion Capital Partners
2200 North Rodney Parham, Suite 206
Little Rock, Arkansas 72212
Attn: J.C. Halsell
Fax No. (501) 954-9704
with an additional
copy to: Friday, Eldredge & Clark
400 West Capitol Avenue, Suite 2000
Little Rock, Arkansas 72201
Attn: Jay T. Taylor
Fax No. (501) 244-5325
or to such other address as any party may designate by notice.
Any such notice or communication, if properly given or made by prepaid, registered or certified mail or by recorded
express delivery, shall be deemed to have been made when actually received, but not later than three (3) business days after
the same was posted or given to such express delivery service, and if made properly by telex, telecopy or other facsimile
transmission, such notice or communication shall be deemed to have been made at the time of dispatch.
XIII. ATTORNEYS' FEES
In the event legal proceedings are brought or commenced to enforce any of the terms of this Bill of Assurance against
any Owner or other person with an interest in the Development, the successful Owner in such action shall be entitled to
receive and shall receive from the defaulting Owner, a reasonable sum as attorneys, fees and costs, to be fixed by the court
in the same action.
XIV. DURATION
Unless otherwise amended, canceled or terminated as set forth herein, all of the easements granted in this Bill of
Assurance shall continue in perpetuity and all other rights and obligations hereof shall remain in full force and effect until
January 1, 2030, and shall thereafter automatically continue for successive periods of ten (10) years each unless terminated
by a written instrument signed and acknowledgedby Owners of more than seventy-five percent (75%) in area of the total real
property contained within the Development.
XV. MODIFICATION
All negotiations and oral agreements acceptable to the Owners have been incorporated herein. Except as otherwise
provided herein, this Bill of Assurance may not be modified or amended in any respect whatsoever or rescinded, in whole
or in part, except by a writing executed by a Majority in Interest of the Owners.
XVI. GENERAL PROVISIONS
16.1 Not a Public Dedication. Except as otherwise expressly provided herein with respect to Drainage Easements,
Utility Easements, and Public Rights of Way, nothing herein contained shall be deemed to be a gift or dedication of any
portion of the Development to the general public or for any public purposes whatsoever, it being the intention of the Owners
that this Bill of Assurance shall be strictly limited to and for the purposes herein expressed.
16.2 Severability. If any term or provision of this Bill of Assurance or the application of it to any person or
13
circumstance shall to any extent be invalid and unenforceable, the remainder of this Bill of Assurance or the application of
such term or provision to persons or circumstances other than those as to which it is invalid or unenforceable shall not be
affected thereby, and each term and provision of this Bill of Assurance shall be valid and shall be enforced to the extent
permitted by law.
16.3 Pronouns. When required by context, the singular shall include the plural, and the neuter gender shall include
a person, corporation, firm, association, or other business arrangement.
16.4 Captions. The captions in this Bill of Assurance are for convenience only and do not constitute a part of the
provisions hereof.
16.5 Not a Partnership. The provisions of this Bill of Assurance are not intended to create, nor shall they be in any
way interpreted to create, a joint venture, a partnership, or any other similar relationship between the Owners.
16.6 Governing Law. This Bill of Assurance shall be construed and enforced in accordance with, and governed
by, the laws of the State of Arkansas.
16.7 No Presumption. This Bill of Assurance shall be interpreted and construed only by the contents hereof and
there shall be no presumption or standard of construction in favor of or against any Owner.
16.8 Inurement. This Bill ofAssurance and the easements, covenants, benefits and obligations created hereby shall
inure to the benefit and be binding upon each Owner, and their respective successors and assigns; provided, except as
otherwise expressly provided herein, if any Owner conveys any portion or all of its interest in any Lot owned by it, such
Owner shall thereupon be released and discharged from any and all further obligations under this Bill of Assurance accruing
after the date of sale (and upon request, the remaining Owners agree to execute a document so confirming); and provided
further, no such sale shall release any such selling Owner from any liabilities, actual or contingent, existing as of the time
of such conveyance.
16.9 Counterparts. This Bill of Assurance may be executed in counterparts, each of which shall be deemed to be
an original, but all of which together shall constitute one and the same instrument.
16.10 Other Agreements. Nothing herein shall restrict an Owner from imposing upon any tenant of its Lot more
restrictions and/or higher standards than set forth herein.
16.11 Subdivision and Zoning Ordinances. Notwithstanding any provision hereof to the contrary, any lawful
restrictions imposed by the City of Little Rock, Arkansas which is more restrictive on use than the provisions hereof shall
be applicable and shall supersede the provisions hereof.
16.12 Common Area Maintenance: Appointment of Manager or Agent. The Board of Directors of the Association
may appoint or engage a third party agent or manager to maintain or oversee maintenance of the Common Areas.
16.13 Rights and Obligations of Lenders. If by virtue of any right or obligation set forth herein alien shall be placed
upon the Lot of any Owner, such lien shall be expressly subordinate and inferior to the lien of any first lienholder, now or
hereafter placed on such Lot. Any party which is an "Affiliate" (as that term is defined in the Investment Act of 1940, as
amended) to any Owner shall not be deemed a lienholder for the purposes of this provision. Further provided, that except
for the foregoing lien provision, all other provisions hereof shall be superior to the rights of any Lender.
16.14 . Exhibits. To the extent that the terms hereof conflict with the depictions shown on Exh_ ibit_"A", the terms
hereof shall govern.
16.15 No Third Party Beneficiaries. No party, other than the Owners and Declarant, shall have any rights or benefits
of this Bill of Assurance.
14
IN WITNESS WHEREOF, this Supplemental Bill of -Assurance has been executed as of the date first above written.
3'/2, LLC, an Arkansas limited liability company
STATE OF ARKANSAS )
)ss.
COUNTY OF PULASKI )
On this the day of , 2006 before me — the undersigned officer,
personally appeared RODNEY THOMASON, who acknowledged himself to be the Co -Manager of 31h, LLC, an Arkansas
limited liability company, and that he, as such Co -Manager, being authorized so to do, executed the foregoing instrument for
the purposes therein contained, by signing the name of the corporation by himself as Co Manager.
In witness whereof I hereunto set my hand and official seal.
Notary Public
My Commission Expires:
STATE OF ARKANSAS ) ACKNOWLEDGMENT
)ss.
COUNTY OF PULASKI ) ,
On this th day of , 2006 before me undersigned officer,
personally appeared SAM HILBURN, Ao acknowledged himself to be the Co -Manager of 3 %2, LLC, an Arkansas limited
liability company, and that he, as such Co -Manager, being authorized so to do, executed the foregoing instrument for the
purposes therein contained, by signing the name of the corporation by himself as Co -Manager.
In witness whereof I hereunto set my hand and official seal.
My Commission Expires:
6k�
Notary Public
SHARON A. HILL
Saline County
My Commission Expires
May 26, 2015
Reviewad cnly for inclusion of minimum standards
require: I)y the City CI tale Rock subdivision r�uiaGans.
Bill :f Assurance provisions established by t-?o
de.eloper may excez-d minimum regulations of tha
Little Rock subdivision and zoning ordinc! noa3.
City of Little Rock �=M Ccrnmission
Doc## '20060cj31566
SITE-1. PLAN
L OTS I R) 2., 3, 41 5 & 6
C 'A HREVA OFFICE PARK
SHARED' -PARKING COMMON AREA
SPARKING FOR LOT T�R'_ .- BUILDING AREA
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EXHIBIT "B"'
LEGAL DESCRIPTION
Lots IR, 2, 3, 4, 5, and 6, Chevaux Office Park, an Addition to the City of Little Rock, Pulaski County,
Arkansas.
Doc# 2006093666
EXHI NT "C"
SIGNAGE CRITERIA
1. GENERAL
This exhibit outlines the sign criteria for Building Signage and Monument Signage (as such terms are defined in
this Bill of Assurance).
Owners and Tenants will be required to submit detailed and dimensioned shop drawings indicating graphic
content, colors, letter style, construction methods, fastening details and electrical requirements to the ARC and Declarant,
so long as Declarant owns or leases any property within the Development. These documents must be reviewed and
approved in advance by the ARC, the Declarant, so long as Declarant owns or leases any property within the
Development, and the local authority prior to fabrication and installation of any sign. In the event this document conflicts
with the governing authority, the more restrictive shall apply.
"Owner/Tenant Signs" shall be defined as any message that can be read from the exterior of a building. Not
included in the definition are messages used to advertise products, sales, special events, etc. Tenant signage criteria may
also be subject to criteria contained in the individual lease of such Tenant.
The location, character, design, color and layout of all Owner/Tenant Signs shall be subject to approval of the
Declarant, so long as Declarant owns or leases any property within the Development, and the local authority.
All signs are to be fabricated by a licensed and insured sign contractor according to the requirements of local,
state and national codes. All Owner/Tenant Signs are to be fabricated to Underwriters Laboratory Specifications with a
registered UL label attached on the raceway of the sign.
Installation: All signs are to be installed by state, and/or local certified sign contractor according to local, state,
and national codes. All electrical installations and connections are to be made by a licensed electrician.
All materials used in sign fabrication are to be new.
Owners and Tenants with National Logos and/or Registered Trademarks shall be allowed their letter style and
color provided that Declarant, so long as Declarant owns or leases any property within the Development, approves such
letter styles and colors.
The cost of fabrication, installation and maintenance shall be the sole responsibility of the Owner or Tenant.
2. PROHIBITED "SIGNS
Outrigger, moving, flashing, box, rooftop, iridescent, painted, oscillating, animated, exposed neon, intermittent,
noise making, non -illuminated metal, wood or plastic or caricature signs are strictly prohibited.
3. MONUMENT SIGNAGE DIAGRAM
See attached.
This Document Prepared by:
FRIDAY, ELDREDGE & CLARI{, LLP
400 West Capitol Avenue, Suite 2000
Little Rock, Arkansas 72201
Attn: Jay T. Taylor
2006093667
11/30/2006 03:40:25 PM
Filed $ Recorded in
Official Records of
PAT O'BRIEN
PULASKI COUNTY
CIRCUIT/COUNTY CLERK
Fees $26.00
ACCESS AND COMMON PARKING
EASEMENTS AGREEMENT
THIS ACCESS AND COMMON PARKING EASEMENTS AGREEMENT (this "Easement Agreement")
is made as of this 29`h day of November, 2006 by 3 1/2, LLC, an Arkansas limited liability company (the
"DgdglranY').
RECITALS
WHEREAS, Declarant is the current owner of and is developing an approximately 3.3807 acres parcel of
real property located in the vicinity of the intersection of Chenonceau Boulevard and Arkansas State Highway 10
in Little Rock, Pulaski County, Arkansas as a six (6) lot commercial office development to be commonly known
as "Chevaux Office Park" (the Real Property as developed, including any and all structures, buildings, and
improvements located thereon or to be located thereon, is hereinafter collectively referred to as the "Development");
WHEREAS, the Real Property comprising the Development is shown on the Site Plan attached hereto as
Exhibit "A" and incorporated herein by this reference (the "Site Plan"), and the legal description of said Real
Property is contained on Exhibit "B" attached hereto and by this reference incorporated herein (the "Real
Proper ").
WHEREAS, the Real Property is subject to that certain Supplemental Bill of Assurance dated of even date
herewith, made by Declarant, which was recorded in the Office of the Circuit Clerk and Ex-Officio Recorder of
Pulaski County, Arkansas (the `BOA");
WHEREAS, Declarant has caused to be incorporated the Chevaux Office Park Property Owners
Association. Inc., an Arkansas non-profit corporation, the ("Association") for the purpose of administering the
BOA;
WHEREAS, Declarant believes it is in the best interests of all present and future Owners of any part of the
Real Property to formally establish certain common easements applicable to such Real Property and the
Development, for the benefit of all current and future Owners within the Development, and Declarant desires to file
this Easement Agreement to create and memorialize said Easements. ,%•1" "'""++i,,
F:Viomeyiaylor\Chevam Ofrm ParkkCommon.Ea n enLs-2.vryd
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NOW, THEREFORE, in consideration of the foregoing, and the covenants and agreements set forth herein,
the Declarant agrees as follows:
1. Common Access Easements. Declarant does hereby expressly reserve on, over and across those
portions of the Real Property depicted, described, and identified as "Common Access Easement" in Exhibit A
attached hereto and incorporated herein by this reference (the "Comm -on Access Easement Property") and does
reserve unto and for the mutual benefit of each current and future Owner of a Lot within the Development, its heirs,
successors, assigns, employees, agents, customers, invitees, tenants (and their employees, customers, and invitees),
(collectively, the "Benefitted Parties") and for the benefit of the property interest owned by such grantee, and as
a burden on such Common Access Easement Property, a non-exclusive, perpetual easement for the purpose of
vehicular and pedestrian ingress and egress by such B enefitted Parties upon the Common Access Easement Property
and appurtenant to such Common Access Easement Property.
2. Common Parking Easement. Declarant does hereby expressly reserve on, over and across those
portions of the Real Property depicted, described, and identified as "Common Parking Easement" in Exhibit A
attached hereto and incorporated herein by this reference(the "Common Parking EasementProperty") and does
reserve unto and for the mutual benefit of the Benefitted Parties, and as a burden on such Common Parking
Easement Property, and as a burden on such Common Parking Easement Property, a non-exclusive, perpetual
easement for the purpose of vehicular parking by such Benefitted Parties upon the Common Parking Easement
Property and appurtenant to such Common Parking Easement Property.
3. Maintenance and Repair of Easement Property. The Common Access Easement Property and
the Common Parking Easement Property shall be maintained and repaired by the Association in accordance with
the terms and conditions of the BOA.
4. Easements to Run With Title. The rights, title, interests, and obligations set forth herein shall run
with and forever bind the title to the Common Access Easement Property and the Common Parking Easement
Property.
5. GgverningLaw. This Easement Agreement shall be governed by and construed in accordance with
the internal laws of the State of Arkansas.
(Signatures contained on following page.)
F:Viome\jLayioAChev= Once ParMommon.Easements-2.wpd 2
EXECUTED AND EFFECTIVE as of the day and year first above written.
3 V2, LLC, an Arkansas limited liability company
ACKNOWLEDGMENT
STATE OF ARKANSAS )
)Ss.
COUNTY OF PULASKI )
On this the aftt, day of , 2006 before me ��C g �, the undersigned officer,
personally appeared RODNEY THOMAASON, who acknowledged himself to be the Co -Manager of 31/2, LLC,
an Arkansas limited liability company, and that he, as such Co -Manager, being authorized so to do, executed the
foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as Co -
Manager.
In witness whereof I hereunto set my hand and official seal.
My Commission Expires:
a-�CL�� aj�
Notary Public
"i€
S11 A. HILL
§ s
_. '•
Saline County
My co mWon Expires
26, late
F:\]iome\jlayloAChevao Once Pah\Commoo.Easeme t -2.wpd 3
ACKNOWLEDGMENT
STATE OF ARKANSAS )
)ss.
COUNTY OF PULASKI )
On this the (94tk day of r 2006 before me , the undersigned
officer, personally appeared SAM HILBURN, who acknowledged himself to be the Co -Manager of 31/2, LLC, an
Arkansas limited liability company, and that he, as such Co -Manager, being authorized so to do, executed the
foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as Co -
Manager.
In witness whereof I hereunto set my hand and official seal.
-Sbnu� ca, jkU
Notary Public
My Commission Expires:
r� , i ,•.,_ SHARON A. H ILL
ply r
SaWU10 {'Ailf}ty
My Commission Expires
May 26, 2015
FAH=eyieyIoACheveux Office Pwk\Common-Eau ts-2.wpd 4
Doc# 2006093667
EXHIBIT "A"
Site Plan
(depicting and identifying Common Access
Easement Property and the Common Parking Easement Property)
(See attached.)
F:\Ho=Vtaytor\Chmm Olr= Park\Com oo.Ea is 2.wpd
Doc#'
S-1 TE PLAN
10TS I-R, 2, 3
4, 5 & 6
C M V -OFFICE PARK
AUX
SHARED- -PARKI-NG
COMMON AREA
PARKING FOR LOT*-T BUILDING AREA
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Doc# 2006093667
EXHIBIT "B"
Legal Description of Real Property
Lots 1R, 2, 3, 4, 5, and 6, Chevaux Office Park, an Addition to the City of Little Rock, Pulaski County,
Arkansas.
FAHome\jtaytor\Chevaux Ofr= Park\Commoa.Fase rc is-2.wpd 6
CIVIL ENGINEERING DIVISION
FINAL PLAT FILING APPROVALS
FINAL PLAT NAME —CHEVAUX COURT PHASE 5 L-47-501 B-1 T-C,B-1
INSPECTOR REPORT
I have made a final inspection of the improvements and find that:
jC All improvements shown on construction drawings for the development are constructed and in conformance
with City requirements/standards.
Certain Improvements remain uncompleted and a punch list has been prepared and sent.
Engineering Specialist Date: ZAs 1 D
ADD SING SPECIALIST'S REPORT
ave r e e d f . d that the street names and street configuration are acceptable.
Addressing Specialist Date: G
TRAFFIC ENGINEER REPORT
I have reviewed the plat and find that:
All streetlight installation, stripping, signage and other traffic improvements have been constructed and are in
conformance with City requirements/standards.
Work orders have been prepared for signage. Indicate the number of street signs ordered for this plat for
billing to developer:
Certain improvements remain uncompleted and a punch list has been prepared and sent.
Traffic Engineer
CIVIL ENGINEER REPORT
I have reviewed the file for this matter and find that:
Date:
The maintenance bond has been submitted and it is the proper type and amount.
Financial assurance for the uncompleted improvements listed above has been received.
All other requirements for final plat approval have been satisfied. I
Civil Engineer VII Date:
SURVEYOR'S REPORT
I have reviewed the plat and find that:
y 04< All requirem for final lat approval have been satisfied.
Surveyor
MANAGER APPROVAL .-
All Civil Engineering requirements for filing this final plat have been satisfied. f
Date:
Design Review Engineer/Civil Engineering Manager
Date: W z / 6
July 2005
City of Little.Rock
Planning and Development
Ring Fees
Date'_ 20
Annexation
$
Board of Adjustment
$
Co:n,d. Use Permit/T.U.P.
$
Final Plat
$
Planned Unit Dev.
$
Preliminary PIAI
Special Use F rMit
$
Rezoning
$
Site Plans OF W
Street Name Change
Street Name Signs
Numberatea.
$
Public Hearing Signs
Numberatea.
$
Total
$
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