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Home My WebLink AboutS-1584 ApplicationROC/, gpR�.ET �7 g f m�e2 om, � i / /ne'pi •. / �� ACCESS & Uilllry e• - / -. rJ/ f+ielR gREA - �'�kERCE STREET cm � F C, r �@rT� A �]a'IS2 f3G.G0' f �r o r 1 x, a L � 06 w y1°cu uu _ _ un rrrrnrew .L U v 0, c, o Sri (C — y I - C, Y A -All 42 :E SD �� i k 1 20@7018391 83/08/2887 18:46:14 AN Filed & Recorded in Official Records of PAT O'BRIEN Pawl COUNTY CIRCUIT/COUNTY CLERK Fees $58.88 'y�.%JJtIIIII .frrrr+,. OF ZAP THIS INSTRUMENT PREPARED BY AND AFTER R)E RDING RETURN TO: ► �� Timothy W. Grooms Quattlebaum, Grooms, Tull & Burrow PLLC = ` 111 Center Street, Suite 1900 Clio.. �� Little Rock, Arkansas 72201 (501) 379-1700 +,rf �� +.r4 XAHSP,I+°,, BILL OF ASSURANCE This BILL OF ASSURANCE (the "Agreement") is entered into on the date written below, by and between RIVER MARKET SOUTH, LLC, an Arkansas limited liability company ("RMS"), TUF-NUT LOFTS LLC, an Arkansas limited liability company; CREATIVE CAPITAL CORP. LLC, an Arkansas limited liability company; and J.A.P. UNLIMITED, INCORPORATED, an Arkansas corporation (collectively, the "Lot 2 Owners"), as follows: --RECITALS-- WHEREAS, RMS is the current owner of Lot 1 as shown on that certain plat (the "Plat") recorded in the office of the Circuit Clerk and Ex-Officio Recorder of Pulaski County, Arkansas, in Plat Book L, Page ("Lot 1 "), the Lot 2 Owners are the current owners of Lot 2 as shown on the Plat ("Lot 2"); and RMS is the current owner of Lot 3 as shown on the Plat ("Lot 3") (collectively, the "Lots"); and WHEREAS, the parties desire that the Lots be subject to the easements, covenants, conditions and restrictions set forth herein; NOW, THEREFORE, for and in consideration of the premises, easements, covenants, conditions, restrictions and encumbrances contained herein, the sufficiency of which is hereby acknowledged, the parties do hereby agree as follows: 1. Description and Conve ance of Pedestrian Access Easement. RMS does hereby immediately grant, bargain, sell and convey, TO HAVE AND TO HOLD the same unto the Lot 2 Owners and future owners of Lot 3 (including without limitation MCKIBBON HOTEL GROUP, INC. a Georgia corporation (collectively, the "Lot 3 Owner")), their successors and assigns, a non-exclusive (RMS reserving the right to use such area) appurtenant easement over, on and across that portion of Lot 1 located and depicted as set forth on the Plat (the "Access Easement Area") solely for pedestrian ingress, egress, and access, by agents, representatives, employees, invitees, licensees, tenants and customers of the Lot 2 Owners and Lot 3 Owner, their successors and assigns (the "Access Easement"). All rights of the Lot 2 Owners and Lot 3 Owner in and to the Access Easement Area are subject and subordinate to all existing or future utility easements or rights -of -way, and the right of RMS (or any future owner or owners of Lot 1 and any replat(s) of Lot 1 ((singularly, if one, and collectively, if more than one, the "Lot 1 Owner")) to construct and maintain landscaping and water fountains within the Access Easement Area, except that such landscaping and water fountains may not materially interfere with the pedestrian access granted by the Access Easement. There are also shown on the Plat certain easements for utilities which RMS hereby acknowledges are for use by public utilities, including without limitation electricity, gas, telephone, water, sewer with the right hereby granted to the persons, firms or corporations engaged in the supplying of such utilities to use and occupy such easements, and to have free 2 ingress and egress therefrom for the installation, maintenance, repair and replacement of such utility services. 2. Agreement to Grant Utility Easement to Lot 2 Owners or Lot 3 Owner. RMS hereby agrees if the Lot 2 Owners or Lot 3 Owner may require an easement for location, construction, maintenance and repair of utility improvements across Lot 1, then RMS shall grant to Lot 2 Owners or Lot 3 Owner, and their successors and assigns, by separate document, an appurtenant express easement for location, construction, maintenance and repair of utility improvements, over, under, through, on and across either that portion of Lot 1 located and depicted as set forth on the attached Exhibit A, or such other location selected by the Lot 1 Owner, at its sole discretion, so that the easement area does not materially interfere with the use or proposed use of Lot 1. 3. Limitation on Use. The parties agree Lot 3 Owner shall be prohibited from constructing any permanent improvements of any type on the surface or into the air space of the north four and one half (4.5) feet of Lot 3, depicted as set forth on the Plat (the 'Building Restriction Area"), at any time during the term of this Agreement, solely except Lot 3 Owner shall have the right to install and maintain a walkway and a rain shielding awning within that portion of the Building Restriction Area as shown on the Plat, with a height of the awning not higher than the bottom of the second floor of the improvements located on Lot 2. Lot 3 Owner shall also be prohibited from installing any windows on the north side of hotel which are located below the highest point of the presently constructed improvements located on Lot 3. 4. R .plat of Lot 1. The parties agree RMS, or any future owner of Lot 1 may replat Lot 1 (and any replats of Lot 1) at any time, without the necessity of consent by the then owners C of Lot 2 or Lot 3, provided such replatting shall not alter or affect any rights of Lot 2 Owners or Lot 3 Owner hereunder. 5. Maintenance: Taxes. The Lot 1 Owner shall maintain the Access Easement Area; provided the parties agree each of the owners of the Lots shall reimburse the Lot 1 Owner for a portion of such reasonable maintenance (the parties hereto agree such maintenance shall not include any items required to be capitalized under federal income tax laws and generally accepted accounting principles), on a pro-rata basis as follows: the owner or owners of Lot 1 (or any replat thereof) shall contribute sixty eight percent (68%) of such maintenance costs (the portion allocted to Lot 1 shall be sub -allocated upon any replat of Lot 1, pro-rata based on the square footage of the replatted area within what will originally be Lot 1); the owner(s) of Lot 2 shall contribute twenty percent (20%) of such maintenance costs; and the owner of Lot 3 shall contribute twelve percent (12%) of such maintenance costs. In the event any owner of a Lot shall not make such payment to the Lot 1 Owner within thirty (30) days of receipt of an invoice by the Lot 1 Owner, then the Lot 1 Owner shall have the right to place a lien on the delinquent owner's Lot, subordinate only to any purchase money or first priority lien financing by such Lot owner. Each party shall be responsible for loss and damage caused to any portion of a Lot or improvements thereon (including without limitation the Access Easement Area), from negligent, accidental or intentional actions of the acting party, or their agents, representatives, employees, invitees, licensees, tenants, customers or contractors. The Lot 1 Owner agrees not to erect barriers or other obstacles to the Access Easement Area that would materially interfere with the rights provided in this Agreement. 4 6. Binding Effect; Duration: Enforcement. The rights of the parties in and to the Access Easement Area, and the covenant of Lot 3 Owner with respect to the Building Restriction Area, shall: (i) touch, concern, encumber and run with Lots for a period of ninety (99) years (to be automatically renewed for a like term thereafter unless terminated by Lot 1 Owner, the Lot 2 Owners and Lot 3 Owner as set forth below); (ii) be binding upon all successors and assigns of RMS, the Lot 2 Owners and Lot 3 Owner; (iii) be enforceable by Lot 1 Owner, the Lot 2 Owners and Lot 3 Owner, and their successors and assigns; and (iv) be modified or terminated only by written agreement executed by all persons or entities benefiting from or having rights pursuant to any portion of this Agreement, such modification thereafter being recorded in the real estate records of Pulaski County, Arkansas. 7. No Adequate Remedy at Law. The parties to this Agreement agree: (i) violation or threatened violation of any provision of this Agreement, or rights in and to the Access Easement Area and the Building Restriction Area cannot be adequately compensated by monetary damages; (ii) any person or entity entitled to enforce this Agreement or rights in and to the Access Easement Area and the Building Restriction Area shall be entitled to equitable relief in the form of specific performance, temporary restraining order, injunction, or otherwise; and (iii) any person or entity entitled to enforce this Agreement shall additionally be entitled to a claim for monetary damages for breach hereof, which includes without limitation damages for lost profits. 8. Not a Public Dedication. This Agreement shall not be deemed a dedication to the general public of any portion of the Access Easement Area or the Building Restriction Area. 9. Severability. If any clause, sentence or other portion of the terms, covenants, or restrictions of this Agreement are or become illegal, null, or void for any reason, or are held by 5 0 any court of competent jurisdiction to be illegal, null, or void for any reason, the remaining portions will remain in full force and effect. 10. Headings. The caption headings of the various sections of this Agreement are for convenience and identification only and shall not be deemed to limit or define the contents of their respective sections. 11. Incorporation of Recitals. The Recitals set forth above are not mere recitals of facts but are contractual in nature and incorporated herein by reference. 12. Construction. This Agreement and all provisions contained herein have been jointly reviewed, negotiated, and agreed to by the parties and their legal counsel and are to be construed accordingly. 13. Governing Law. This Agreement shall be governed by the laws of the State of Arkansas. 14. Warrqply. Each person executing the Agreement warrants that such person has the authority to execute the Agreement. 15. Complete Integration, Termination of Prior Understandings. This Agreement is the entire agreement between the parties with respect to the subject matter hereof and no representations, warranties or promises were made by the parties hereto other than the representations, warranties, and promises made in this Agreement. In addition, this Agreement replaces and terminates any prior written or oral agreement or understanding between RMS, the Lot 2 Owners or Lot 3 Owner, or agents thereof, concerning the subject matter of this Agreement. 0 16. Counterpaas. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 17. Indemnification, _Insurance. Each owner of a Lot (the "Indemintor") shall indemnify, defend and hold the remaining Lot owner(s) harmless from any damages or liability to persons or property caused by the negligence or intentional acts of the Indemnitor, its successors, assigns, customers, suppliers, employees and tenants. The Lot 1 Owner shall, at all times during the duration of this Agreement, maintain and pay for comprehensive general liability insurance affording protection to the Lot 1 Owner and naming the other Lot owners as additional insureds on the policy or policies, for a combined bodily injury and property damage limit of liability of not less than Two Million United States Dollars ($2,000,000.00) for each occurrence. The owners of Lot 2 and Lot 3 shall each reimburse the Lot 1 Owner for a pro-rata portion of the insurance premium costs solely for the insurance Lot 1 Owner is required to purchase with respect to the easement areas set forth herein, in the manner set forth in Section 5 herein regarding maintenance. VA The parties HEREBY AGREE to the terms described herein on this �1� day of March, 2007, Fi�vi�ti^red C-,,y for indLisio7 Of minimum s=andwft�� require Ly tira 1w� � upi 1 .J..0 = ry :n r ttia Rock ,ubdivis,om and x0ning ordinances L PPo ox Little Rock Planning Commission RMS: RIVER MARKET SOUTH, LLC, an Arkansas limited liability company By:h"— Name: FV C TT "[U wf<tz.'Tr _ Title: M14tJiQ CYl jJG MLn'1$Ejk LOT 2 OWNERS: TUF-NUT LOFTS LLC, an Arkansas limited liability company Name: l;NFj?E7 T T U Gkr a, tL Title: fhP&jA6jvJ6 rr E CREATIVE CAPITAL CORP. LLC, an Arkansas limited liability company J.A.P. UNLIMITED, INCORPORATED, an Arkansas corporation 8 STATE OF ARKANSAS ) ACKNOWLEDGMENT COUNTY OF ��_) On this day, before me, a Notary Public duly commissioned, qualified and acting within and for said County and State, appeared in person the within named /t`M4fi&,4k i Mc CknlFc , to me personally well known, who stated that he was duly authorized to execute the Agreement on behalf of CREATIVE CAPITAL CORP. LLC, an Arkansas limited liability company, and had so signed, executed, and delivered said foregoing instrument for the consideration, uses and purposes herein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and seal this day of 2007. W, Notary Public My Commission Expires: NOTARY PUBLIC -ARK. NS,49S GRMT ACKNOWLEDGMENT COUNTY OF On this day, before me, a Notary Public duly commissioned, qualified and acting within and for said County and State, appeared in person the within named kG_ to me personally well known, who stated that he was duly au orized to execute the Agreement on behalf of J.A.P. UNLIMITED, INCORPORATED, an Arkansas corporation, and had so signed, executed, and delivered said foregoing instrument for the consideration, uses and purposes herein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and seal this (D*-' day of 2007. Notary Public My Commission Expires: Qy-oV-iy (SEAL) LISA AINI . PANN NOTARY R;.J,DL1C;4 RKAhfSAS My .10IYi1 .U.SSi��'i V c-II_i 10 STATE OF ARKANSAS ACKNOWLEDGMENT COUNTY OF ) On this day, before me, a Notary Public duly commissioned, qualified and acting within and for said County and State, appeared in person the within named ASV & E i t W GkE /Z r ; to me personally well known, who stated that he was duly authorized to execute the "Agreement on behalf of RIVER NL4RKFT SOUTH, LLC, an Arkansas limited liability company, and had so signed, executed, and delivered said foregoing instrument for the consideration, uses and purposes herein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and seal this l0� day of C , 2007. Notary Public My Commission Expi es: OF r; ,[AL SEAL k WN)SPANN } Nnk Tr' RY PUBLIC-.ARKANSAS GRANT C'M iNrTY STATE -OF ARKANSAS"`" }� - } ACKNOWLEDGMENT COUNTY OF ) On this day, before me, a Notary Public duly commissioned, qualified and acting within and for said County and State, appeared in person the within named QyFWE7F TU t kr,- , i� _ to me personally well known, who stated that he was duly authorized to execute the Agreement on behalf of TUF-NUT LOFTS LLC, an Arkansas limited liability company, and had so signed, executed, and delivered said foregoing instrument for the consideration, uses and purposes herein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and seal this (D day of 2007. Notary Public My Commission Expires: Y-0 H V ( S .) y� OFFICIAL SEAL LISA ANN SPANN NOTARY PUBLIC-ARKANSAS GRANT COUNTY MY COMMISSION EXPIRES: 04-04-14 0 Doc# 2007018391 EXHIBIT A r � STJ4EET t !;Z1 T�r— aoo.ga• I ^��s•»w1� 300.00• I PLAT OF LOTS 1, 2 & 3 RIVER MARKET PLACE AN ADDITION TO THE CITY OF LITTLE ROCK, ARKANSAS OEM A RUW OF l0@ 1i. OLOW 118, 009WA arc Of Uf11L ROCK Mo tOA 1-1L ROCK 1G POPC6 ADMON 10 Yri COY Or Ur1IL HOCK RM9O COUNTY. A WWG ru�maRr. soon CIVIL ENGINEERING DIVISION FINAL PLAT FILING APPROVALS FINAL PLAT NAME _RIVER MARKET PLACE LOTS 1,2 & 3 INSPECTOR REPORT I have made a final inspection of the improvements and find that: 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: ADDRESSING SPECIALIST'S REPORT I have reviewed the plat and find that the street names and street configuration are acceptable. Addressing Specialist Date: 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 and street lights. 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. y z—� 1 Civil Engineer I/II Date: 3/1 /o- , SURVEYOR'S REPORT I have reviewed the plat and find that: [� All requireme for final plat approval have been satisfied. ►�/ q Surveyor MANAGER APPROVAL All Civil Engineering requirements for filing this final plat have been satisfied, > 4"'��-- ` Date: 3I % 1 7 Design Review Engineer/Civil Engineering Manager February 2007 Date: 3/Z le7 City of Little Rock Planning and Development Filing Fees Date: 20 O l Annexation Board of Adjustment C ond. Use Permit/T.U.P. Final Plat Planned Unit Dev. Preliminary Plat Special Use Permit Rezoning Site Plans Street Name Change Street Name Signs Number at ea. Public Hearing Signs Number at ea. Total File Nn_