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Home My WebLink AboutS-1076 ApplicationBILL of ASSURANCE HASTINGS INDUSTRIAL PARK KNOW ALL MEN BY THESE PRESENTS: THAT, WHEREAS, Moon Realty, a subsidiary of Moon Distributors, Inc. is the owner of the following described property: LOTS 6 AND 7, BLOCK 40, OF BRAGG'S SECOND ADDITION TO THE CITY OF LITTLE ROCK AND THAT PART OF WEST 26TH. STREET (CLOSED BY ORDINANCE #5224), ADJACENT TO THE SOUTH LINE OF SAID LOTS 6 AND 7 AND THAT PART OF VANCE STREET ADJACENT TO THE WEST LINE SAID LOT 6,AND A 20 FOOT ALLEY ADJACENT TO SAID LOTS 6 AND 7 (CLOSED BY ORDINANCE #13,239) AND PART OF LOT 1, RAPLEY ESTATES TO THE CITY OF LITTLE ROCK MORE PARTICULARY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF LOT 7, BLOCK 40, BRAGG'S SECOND ADDITION TO THE CITY OF LITTLE ROCK, THENCE S02 4315911W 230.00 FEET ALONG THE EAST LINE OF SAID LOT 7 AND EXTENDED TO A POINT IN THE CENTERLINE OF A PRIVATE STREET, THENCE N88 0010111W 330.03 FEET ALONG SAID CENTERLINE TO A POINT IN THE CENTERLINE OF A PRIVATE STREET RUNNING NORTH AND SOUTH, THENCE NO2 43'59"E 235.06 FEET ALONG SAID NORTH SOUTH CENTERLINE TO A POINT ON THE SOUTH R/W LINE OF ROOSEVELT ROAD, THENCE S87 0711811E 330.00 FEET ALONG SAID SOUTH R/W LINE TO THE POINT OF BEGINNING, in Little Rock, Arkansas containing 1.7616 acres, more or less. AND, WHEREAS, it is desireable that all of the above described property be subdevided into lots, tracts, and private streets: NOW THEREFORE WITNESSETH: THAT, the said Moon Realty, a subsidiary of Moon Distributors, Inc., hereinafter termed Grantor, have caused said tract of land to be surveyed by James L Phillips,Registered Land Surveyor, and a plat thereof made which is identified by the title TRACT 1 HASTINGS INDUSTRIAL PARK, Pulaski County, Arkansas and executed JUNE 27, 1995 and by the signature of the Grantor and is recorded in the Circuit Plat Book Page and Grantor do hereby make thli—s—B-1= of Assurance. AND, the Grantor do hereby certify that they have replated said real estate in accordance with said plat. The lands embraced in said plat shall be forever known as designed on said plat; and every deed of convance for said property shall use this designation. The lots in said subdivision shall be sold by Grantor and shall be purchased by buyers thereof to be used for commercial use only, subject to the following covenants, to -wit: 1. PROPORTIONATE RIGHTS: For the purpose of this instrument and the purpose of rules, by-laws, monatery assesments, or any other matters of consern to the subdivision, the proportionate rights shall be based on the percentage of acreage ownership of each lot in the subdivision as follows: Lot# Acreage Percentage of Proportionate Proportioate subdivision Rights Vote 1 1.7616 100% 100% 100% The owners of the lots are bound to contribute pro rata in the percentage computed above towards the expenses of administration and of maintenance and repair of the generial common elements and in any proper case of the limited common elements of the emprovements and toward any other expenses lawfully agreed upon by fifty percent (51%) of the proportionate vote. No lot owner may exempt himself from contributing toward such expenses by waiver of the use or enjoyment of the general or limited common elements or by abondonment of the lot belonging to him. 2. PRIVATE STREETS: All streets shown on the recorded plat are hereby dedicated by the Grantor for the use by the lot owners in the subdivision and their guest. As a private street, it is not open to the public generially and an appropriate sign or signs at the enterances to the subdivision will denote the same as a "Private Street" and that it may be closed at any time. The maintenance, upgradeing, and/or potential construction to city standards of said private streets will be at the expense of the lot owners at a rate equal to each lot owners proportionate right, as defined above. A property owners association will maintain the private streets and assess each property owner at a rate of of $20.00 (twenty dollars) per acre, per year, payable annually. As each tract is sold this money shall be placed in a bank account at Eagle Bank and Trust Co.in Little Rock, Arkansas, entitled "Hastings Industrial Park Road Maintenance Account". Funds may be withdrawn for street maintenance only by a majority approval of the proportionate vote, as defined above. 3. SUBDIVISION: No lot shall be re -subdivided or replated without the approval of at least seventy-five percent (75%) of the proportionate vote, as defined above. 3. BUILDING STANDARDS: All buildings constructed on said lots shall be constructed no nearer to the property line than the building line shown on the plat, and all buildings shall be constructed in conformance with the Building Code and Zoning Ordinance of the City of Little Rock, Arkansas. No building shall be located below elevation 258.00 msl as indicated on said plat dated June 27, 1995. 4. AMENDMENTS: These covenants and restrictions may be amended, cancelled or supplemented at any time by an instrument agreeing to change the covenants and restrictions in whole or in part which is signed by the owners of lot's totalling at least seventy-five percent (75%) of the proportionate vote, as defined above. 5. DURATION: These covenants and restrictions are to run with the land and shall be binding on all parties and all persons claiming under them for a period of twenty (20) years form the date these covenants and restrictions are recorded, after which time said covenants and restrictions shall be automatically extended for successive periods of ten (10) years, unless an instrument signed by persons representing at least seventy-five (75%) of the proportionate vote, as defined above, agree to change said covenants and restrictions in whole or in part, as of the next extension date. 6. SEVERABILITY: The invalidation of any one of these covenants or restrictions by judgement or court order shall in no way affect any of the other provisions, which shall remain in full force and effect. EXECUTED this 27th day of June, 1995. ReViP ed cnly for inOuvcn of mi'rimun c., swards requirad by the ft; of :iltf3 rzau!dcrt,:. of Fssumrrn p; ;�vls;arFs r�, w i„!^ri 4,r iI davr, ,n:r m. y oxo%ed�i! citytif Teiod, Plo:nninq Comrnissicn Hastings Industrial Park Successor to Moon Realty a subsidary of Moon Distributors, Inc. By: EL Stan "-- tangs STg E,OF ARKANSAS) COUNTY ":07- PULASKI ) SUBSCRIBED -r dory a-6f, �O wE A .') My Commission Expres: and SWORN to before me this Off , 1995. —A-��+Z. grAd� N ary Public EAGLE BAND 1 = and TRUST COMPANY P.O. Box 22120. little Rock. Arkansas 72221 (501) 223-2000 Irrevocable Letter of Credit No. 071295-1067-071296 The City of Little Rock Office of the City Manager 500 West Markham, Third Floor Little Rock, AR 72201 Dear Sirs: We hereby open our irrevocable letter of credit in your favor available by your drafts at sight on us for a sum not exceeding $50,000.00 from the account of Moon Distributing DBA Hastings Realty ("Developer"), to be accepted by your signed statement that drawing is due to default or failure to perform by Developer with respect to the following improvements on or before July 12, 1996 in the Hastings Industrial Park subdivision, a subdivision of the City of Little Rock, Arkansas. The master street plan completed on this date are for Roosevelt Road frontage of Hastings Industrial Park Subdivision. Acting through the City Attorney, you will notify us that: 1. The improvements have been timely completed and the warranty period has terminated and the credit may be released, or -1- 2. The Developer has failed to perform or is in default thereunder. Any such notice must be by affidavit signed by the City Attorney or the City Attorney's designee. The City need only present a sworn document that the Developer is in default and, default, or provide statements from any other party. All drafts hereunder must be by sight draft marked: "Drawn under Eagle Bank and Trust Company Credit No. 071295-1067-071296, dated July 12, 1995." The original of the credit must be presented along with any such draft. The amount of any draft drawn under this credit must, concurrently with negotiation, be endorsed on the revers side . hereof by the Citv Attorney, and the presentment of any such endorsement was endorsed and that documents have been forwarded as herein required. Except so far as otherwise expressly stated herein, this credit is subject to the Uniform Customs and Practices for Commercial Documentary Credits fixed by the 13th Congress of the International Chamber of Commerce. -2- We hereby agree with the drawers, endorsers, and bona fide holders of drafts under and in compliance with the terms of this credit that the same will be duly honored and payment made no later than three days after due presentment of the credit and delivery of documents as specified if negotiated on or before July 12, 1996 as the same may be extended from time to time. (Corporate Seal) EAGL BANK AND TRUST COMPANY BY: George P 4, Senior Vice President -3- CITY OF -LITTLE ROCK, ARKANSAS DEPARTMENT OF NEIGHBORHOOD REVITALIZATION AND PLANNING FILING FEES NO-- DATE —7_/Z/ 1 Annexation . . . . . . . . . . . . . . . . . /$ Board of Adjustment Application. . . . . . . $� Conditional Use Permit $_ �� . Final Plat K •� $ �L)� n Planned Unit De Preliminary Plat •- ;yu • - $ Rezoning Application Site Plan (Multiple Build *'Zoning) $ Special Use Permit . . . . . . . . $ Street, Alley, of Easement Closure . . . . $ Street Name Change . . . . . . . . . . . . . $ Street Name Signs: # Signs at ea. $ TOTAL $ File No.: S / OZ 6 Address: App1icant:J�,.� /��° �� By: