EXHIBIT 10.7
COMMERCIAL GROUND LEASE
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This is a ground lease of commercial real estate (the "Lease") made and
entered into as of this Lease Date by the following parties as to the property
described herein ("Property"), to-wit:
I. BASIC PROVISIONS
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1. LESSOR: Serendipity, Inc., an Arkansas Corporation,
The Xxxxxxx Family Trust, dated April 28, 1992, Xxxxx
X. Xxxxxxx, Trustee, Xxxxx Xxxxxx Xxxxx (nee Xxxxxxx)
and her husband, Xxxxxxx Xxxxxx Xxxxx, Xxxxxxx Xxxx
Xxxxxxx and his wife, Xxxxxx Xxxx Xxxxxxx, and Xxxxxxx
Xxx Xxxxxxx, P.O. Box 1876, Harrison, Arkansas.
2. LESSEE: Bank of the Ozarks, NWA.,
An Arkansas Bank Corporation
X.X. Xxx 000
Xxxxxx, Xxxxxxxx 00000
3. PROPERTY: The Property is located along the Easterly
Side of U. S. Highway No. 62-65, at the intersection of
said Highway and Xxxxx Street, Harrison, Arkansas;
located in the Southwest Quarter of the Southwest
Quarter of Section 00, Xxxxxxxx 00 Xxxxx, Xxxxx 00
Xxxx, Xxxxx Xxxxxx, Xxxxxxxx. Minimum Xxxxxxx Xxxxxxxx
000 feet beginning at the intersection of Xxxxx Street
and Highway 62-65; Approximate Shape of Premises:
Parallelogram; Approximate Amount of Acreage: one (1)
acre. Common Street Address, if any:
________________________________________. Lessee shall,
at its expense, furnish a legal survey of the premises.
In the event that such survey indicates that there are
any encroachments of any improvements adjoining the
premises upon the premises, then Lessee may at its sole
option and discretion terminate this Lease. Said
option to terminate must be exercised in writing within
Sixty (60) days of completion of the survey or it shall
expire.
4. LEGAL DESCRIPTION: See Exhibit "A" to be completed
upon completion of survey.
5. LEASE DATE: December 22, 1994.
6. LEASE COMMENCEMENT: (a) This Lease shall commence
when Lessee takes possession of the property, but no
more than thirty (30) days after Lessee receives
notification that its applications to the Arkansas Bank
Department and Federal Deposit Insurance Corporation
for approval of the Property as a branch bank site have
been approved. Lessee agrees to pursue such approvals
with due diligence. Provided, however, that if those
approvals have not been received within 180 days of the
date hereof, Lessee shall have the option to withdraw
those applications, which shall effect cancellation of
this Lease. Notwithstanding any provisions contained
herein to the contrary this Lease shall not commence
prior to January 1, 1995.
(b) Whether or not the applications have been
withdrawn, if the approvals have not been received in
the aforesaid 180-day period, Lessor may give Lessee
five days to waive that condition and set a
commencement date, failing which Lessor may cancel this
Lease.
(c) The commencement date shall be noted on
Exhibit "A", upon determination of the commencement
date. At that time the parties agree to execute in
recordable form a notice of lease which may be recorded
in the real estate records of Xxxxx County, Arkansas,
at the expense of Lessee.
7. CONTINGENCIES: This Lease is contingent upon and
subject to the following special pre-conditions:
(a) Verification of sewer, water, electric, natural
gas and telephone utilities available at the property
line.
(b) Verification of commercial zoning which would
permit construction and operation of a branchbank.
(c) Approval by Xxxxxxxx Planning Commission,
Board of Zoning Adjustment, and all other necessary
authorities for
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construction, operation, maintenance and use of the
premises as a branch banking facility, adequate parking
areas, driveways and means of access, at Lessee's
expense.
(d) Determination by Lessee's engineers and
architects that the anticipated construction is
feasible at this site, at Lessee's expense.
(e) Approval by Arkansas Highway Department for
necessary ways of Highway access to and from the
property, from X.X. Xxxxxxx 00-00 and other appurtenant
roadways, at Lessee's expense.
(f) Verification that the premises are not located
on a flood plain, at Lessee's expense.
(g) Receipt of soil tests satisfactory to Lessee
and indicating that the property is suitable for the
anticipated construction and use, at Lessee's expense.
(h) Receipt of regulatory approvals of the
purchase and construction plans, including approval by
the State Bank Department, at Lessee's expense.
(i) Receipt of a satisfactory environmental audit
and archaeological study, at Lessee's expense.
If any of the aforesaid contingencies are not
satisfied or waived, then Lessee may at its sole option
and election terminate this Lease. Provided however,
if the aforesaid contingencies are not satisfied or
waived within one-hundred eighty (180) days of the
execution of this Lease then Lessor may cancel this
Lease.
8. COOPERATION: Lessor agrees to cooperate fully with all
of the above referenced applications for permits and
approvals by the various legal authorities, in
connection with Lessee's construction, operation,
maintenance and use of the premises as a
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branch banking facility, adequate parking areas,
driveways and means of access, and shall file such
applications and execute such documents as are deemed
by Lessee to be necessary to accomplish its purpose.
9. IMPROVEMENTS: Lessee intends to construct a branch banking facility
on the property and shall be limited to the uses set
out in Section VI hereof during the term of this Lease
unless the written consent of the Lessor is obtained
otherwise, which consent shall not be unreasonably
withheld.
10. LEASE TERM: The Term of this Lease shall be six (6) full years,
subject to renewal as set forth herein, beginning on
the commencement date referred to in Section 6 above.
11. RENEWAL OPTION: This Lease shall be subject to one renewal option of
six (6) years, said renewal to be automatic, absent
notice of non-renewal, said notice of non-renewal to be
given in writing by Lessee no less than ninety (90)
days, nor more than one (1) year, prior to the then
current expiration date. References herein to "term"
shall include any such renewal.
12. BASE RENT: The first and last month's monthly rental shall be paid
in advance on the Lease commencement date. All other
monthly rentals shall be paid in advance on the same
day of the month thereafter for the initial six year
term in the amount of $1,800.00 per month.
13. RENEWAL RENT: Monthly rentals for the six year renewal shall be
$2,300.00.
14. PURCHASE OPTION: So long as Lessee is not in default of any of its
obligations under the Lease and has continued the Lease
through the renewal period, the Lessee is granted the
option to purchase the real estate which is the subject
hereof for the sum of Three Hundred Thousand Dollars
($300,000.00) cash, on the terms and conditions set
forth in Exhibit "B"
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hereto, provided Lessee shall give Lessor notice in
writing of its election to exercise said option to
purchase. Notice of exercise shall be given to Lessor
any time during the original Lease term or any
extension or renewal thereof, except that such notice
shall be given not less than ninety days prior to the
expiration of the renewal term. In any event,
regardless of when such notice of exercise is given,
the closing of the transaction shall not take place
prior to the last day of the renewal period (twelve
years after the commencement of the original lease
term).
15. DRIVEWAY: The Lessee agrees to pay the sum of Two Thousand
Dollars ($2,000.00) towards the construction of a
driveway on Lessor's adjoining property. Such sum
shall be paid together with the first month's rent.
Any easements, permits and any other formalities
required in connection with the construction of such
driveway shall be the Lessor's sole responsibility.
The Lessee shall not be obligated to furnish labor or
materials, nor shall Lessee's contractors, builders or
agents be obligated to participate in the construction
of such driveway.
II. GRANT AND ACCEPTANCE
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Lessor agrees to lease to Lessee and Lessee agrees to accept from Lessor
the Property, which consists of real estate legally described in Article I-4,
for the Lease Term described above. The Property has been inspected by Lessee
and is accepted in its present condition, with any and all defects, apparent or
otherwise.
III. ADDITIONAL RENT
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1. Taxes: As additional rent Lessee shall pay annually, before any fine or
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penalty is added thereto for the non-payment
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thereof, all real estate taxes and special assessments which are levied and
assessed against the Property during the Lease Term. If the Lease Term commences
other than on the first day of the tax year, the real estate taxes and special
assessments for the first partial tax year shall be prorated, and Lessee shall
pay only that portion related to the portion of the tax year after the
commencement of the Lease Term. Upon request, Lessee shall promptly deliver to
Lessor duplicate receipts or photostatic copies thereof, showing payment of the
real estate taxes and special assessments.
2. Insurance: Lessee shall carry casualty insurance on its improvements in
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such amounts as it deems appropriate, which insurance shall be for Lessee's sole
benefit. In addition Lessee shall carry liability insurance as set out hereafter
in Paragraph IX. INDEMNIFICATION, Subparagraph 1.
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3. Maintenance: After taking possession of the Property, and completion of
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its improvements, Lessee shall make all necessary repairs and maintenance at its
expense to keep the Property in a good and usable condition and state of repair.
In no event shall Lessor ever be deemed to have any responsibility whatsoever
for such repairs or improvements, including street improvements.
4. Net Lease: It is mutually agreed and acknowledged between Lessor and
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Lessee that this is a Net Lease. For the purpose of this clarification, the term
"Net Lease" shall mean that Lessee shall pay all taxes, insurance, repairs and
maintenance (including reconstruction), and all other costs and expenses of
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every kind and nature in connection with the Property during the Lease Term and
that Lessor shall not be required to expend any sums whatsoever after delivery
of possession.
IV. SUBLEASES AND ASSIGNMENTS
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Lessee may not assign this Lease or sublet any portion of the Property
without Lessor's written consent, not to be unreasonably withheld; provided,
however, that Lessee may assign or sublet on written notice to Lessor to any
business entity or financial institution affiliated with or under common control
with Lessee, and to any financial institution into which Lessee may be merged,
to which Lessor hereby consents. Lessor and Lessee acknowledge that Lessor will
continue to own real estate adjoining the Property and that the protection of
the value of the adjoining property as well as the financial responsibility of
any assignee or subtenant shall be considered in determining the reasonableness
of any consent withheld hereunder by Lessor. It is further provided that if the
Property is vacated or remains closed for business for more than 182 days in any
one year period then the monthly rental shall be doubled for any subsequent
periods of vacancy or closure and if such increased rent be not paid then the
Lessee shall be in a state of default.
V. COVENANT OF TITLE
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Lessor covenants that Lessor has good, right and lawful authority to lease
the Property subject to all easements and restrictions of record, and that
Lessor will at all times, while
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this Lease remains in effect, protect and preserve Lessee's right to possession
and use of the Property pursuant to the terms of this Lease. Lessee's obligation
to accept possession of the Property and to commence the Lease Term shall be
dependent on Lessor's ability to provide to Lessee, at Lessee's expense, a title
insurance policy insuring Lessee's leasehold interest in the Property in an
amount, with an insurer, and on terms acceptable to Lessee, and evidence of the
appropriate zoning, as set forth herein.
VI. USE
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Lessee shall use the Property as a branch banking facility during the term
of this Lease. In addition to the use of the property as a branch banking
facility the Lessee shall be entitled to use the property as business offices,
so long as such use does not attract undesirable clientele (i.e. substance
abusers, brawlers, etc.), or such other uses as may be specifically permitted by
Lessor in writing. In the event of Lessee exercising its option to purchase,
provided for hereunder, then upon its purchase of the Property, Lessee may use
the Property free of any restriction created herein. Lessee shall conduct its
business, insofar as the same relates to Lessee's use and occupancy of the
Property, in a lawful manner and in compliance with all governmental laws,
rules, regulations and orders applicable to any business of Lessee conducted in
and upon the Property. Lessee's construction and maintenance of the branch
banking facility on the
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Property shall be in a lawful manner and in compliance with all applicable
governmental laws, rules, codes, and regulations.
VII. LESSEE'S COVENANT OF CARE
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Lessee, throughout the Lease Term, shall keep the Property free and clear
of any unnecessary dirt or filth. Lessee agrees not to commit waste, nor permit
waste to result or to be done to or upon the Property.
VIII. UTILITIES
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During the Lease Term, Lessee shall pay when due all utilities charges.
Whenever Lessee desires to make any changes or additions to existing gas,
electricity, water, telephone or other utility services on or in the Property
lawfully requested or reasonably necessary, it shall pay for all charges
assessed in connection with making the same.
IX. INDEMNIFICATION
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1. Indemnity: Lessee covenants and agrees that it will defend, indemnify
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and hold harmless Lessor for and from all damages, claims, suits, or causes of
action resulting from injuries to person or persons or damage to property and
arising on or out of the use, occupancy or condition of the Property. Lessee
shall during the term of the Lease, maintain public liability insurance on the
premises and on the business operated by the Lessee, or any subtenant occupying
the leased premises. The limits of such public liability insurance shall be not
less than Two Hundred Fifty
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Thousand Dollars ($250,000.00) per person, Five Hundred Thousand ($500,000.00)
per occurrence, and One Hundred Thousand Dollars ($100,000.00) for property
damage. The policy representing such insurance shall name Lessor its successors
and assigns as an additional insured. Said policy shall contain a clause that
the insurer will not cancel said policy without first giving the Lessor or its
successor or assigns ten days prior written notice. A certificate of such
insurance shall be delivered to Lessor prior to the commencement of this Lease
and proof of such coverage shall be provided to Lessor at reasonable times
throughout the original or any renewal term hereof.
2. Environmental Laws: Without limiting the foregoing, Lessee covenants
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and agrees that at no time will its occupancy, use or maintenance of the
Property cause or contribute to any violation of local, state or federal
environmental or health laws, orders and regulations ("laws"), including but not
limited to those dealing with hazardous wastes or materials, water or air
pollution, and solid waste disposal.
X. FIRE & CASUALTY
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It shall be Lessee's sole obligation to maintain and insure the
improvements on the Property for its own benefit and no failure to do so and no
inability to utilize the Property, whether as a branch banking location or
otherwise, as a result of fire, flood, civil disorder, earthquake or other
casualty of any sort whatsoever shall reduce in any way Lessee's obligation to
pay rent and perform
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this Lease during the Term thereof, without reduction or interruption. In the
event of substantial destruction of improvements on the Property as a result of
fire or other casualty Lessee shall either rebuild and repair the premises or
remove all damaged improvements and debris.
XI. EMINENT DOMAIN
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1. Taking: In the event that any portion of the Property is taken by
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eminent domain or by sale in lieu thereof consented to by Lessee, this Lease
shall not terminate but each party shall be entitled to their respective damages
as allowed by law for their respective interests in the Property and its
improvements. However, in the event that a portion of the Property significant
enough to interfere substantially and materially with Lessee's conduct of its
business thereon, in Lessee's judgment, is taken by eminent domain or by sale in
lieu thereof consented to by Lessee, Lessee may terminate this Lease within
sixty (60) days after Lessee has been deprived of possession by such taking or
sale; provided, that Lessor may elect to tender to Lessee for its consideration
additional property adjacent to the Property, which Lessee may, in its judgment,
deem suitable for use in restoring the usefulness to it of the Property, to be
added by amendment of this Lease; and, provided further, that nothing herein
shall prohibit Lessor and Lessee from mutually agreeing to a reduction of the
monthly rent to reflect the continuing lease of less than all of the original
Property.
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2. Award: Out of any award for any taking of the Property, Lessor shall be
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entitled to receive and retain all amounts awarded to Lessor for the underlying
real estate as encumbered by this Lease, and that Lessee shall be entitled to
receive and retain such amounts which are awarded to Lessee because of the
taking of its trade fixtures and leasehold improvements and its Lessee's
leasehold interest in the Property, including its option described herein .
XII. RENT ABSOLUTE
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Except as may be otherwise specifically provided herein, Lessee shall have
no right to terminate this Lease or be entitled to any rent abatement or
reduction. Notwithstanding any other provisions contained in this Lease, in the
event the Lessee is closed or taken over by the banking authority of the State
of Arkansas, or other bank supervisory authority, the Lessor may terminate the
Lease only with the concurrence of such banking authority or other bank
supervisory authority, and any such authority shall in any event have the
election either to continue or to terminate the lease: Provided, that in the
event this Lease is terminated, the maximum claim of Lessor for damages or
indemnity for injury resulting from the rejection or abandonment of the
unexpired term of the Lease shall in no event be in an amount exceeding the rent
reserved by the Lease, without acceleration, for the year next succeeding the
date of the surrender of the premises to the Lessor, or the date of reentry of
the Lessor, whichever
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first occurs, whether before or after the closing of the Lessee as a bank, plus
an amount equal to the unpaid rent accrued, without acceleration up to such
date.
XIII. REMEDIES
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1. Default: Time is of the essence of this agreement and the parties
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hereto agree that if any monthly rent installment as herein provided or any
other rent payments to be made by Lessee as required herein are not made when
due, or in case Lessee shall fail to keep and perform every covenant, condition
and agreement herein contained, made and to be performed and kept by Lessee
strictly in accordance with the terms hereof, then and upon the happening of any
of the foregoing events, Lessor may give Lessee notice of such default. Lessee
shall commence to cure such default within ten (10) days following the giving of
such notice and having commenced, shall diligently proceed with and complete the
curing of such breach within a reasonable time. If Lessee fails to cure such
default after notice and opportunity as hereinabove provided, Lessor shall, at
its option, have the right to terminate this Lease and the Option to Purchase
granted hereunder and to reenter or to take possession of the Property without
terminating this Lease. However, if Lessor reenters without terminating this
Lease, Lessor may relet the Property or any part thereof upon such terms and
conditions as Lessor in Lessor's sole discretion shall deem advisable.
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2. Mitigation: All rents received by Lessor as a result of such reletting
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shall be applied as follows:
(a) to reimburse Lessor for all expenses incurred in reentering and
reletting, including but not limited to attorney's fees and any court costs, and
costs of preserving, repairing or restoring the Property;
(b) to reimburse Lessor for costs of curing any breach of this Lease by
Lessee, including but not limited to attorney's fees and any court costs, and
costs of preserving, repairing or restoring the Property;
(c) to reasonable costs of adapting the Property for the use of the tenant
under such reletting;
(d) to arrearages in rent due hereunder, first being applied to the first
accruing rentals and last to the most recently accruing; and
(e) any remainder shall be held for the balance of the Lease term, but
credited to the account of Lessee.
3. Non-Waiver: The foregoing remedies are not intended to limit or qualify
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such other remedies as Lessor may have at law or in equity. All remedies shall
be cumulative. The use of one remedy by Lessor shall not preclude or waive
Lessor's right to the use of any or all others. In the event that Lessee is in
default of any provision of this Lease and Lessor is required to employ an
attorney to obtain enforcement of the terms of the Lease or to enforce any of
its remedies for such default either at law or in equity, then Lessee agrees to
pay a reasonable attorney fee for
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Lessor's attorney and all other costs of enforcement or pursuit of lawful
remedies.
XIV. TERMINATION
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At the end of the Lease Term, or upon its termination at any earlier date
by virtue of any of the provisions hereof, Lessee covenants to surrender and
deliver up possession of the Property. Except as otherwise agreed in writing by
Lessor, upon termination the premises shall be returned to Lessor in its present
condition or with the improvements constructed thereon in good condition.
XV. REMOVAL OF IMPROVEMENTS OR TRADE-FIXTURES
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Upon the termination of this Lease or any extensions thereof, if Lessee
shall otherwise be current and in good standing hereunder, Lessee shall have the
right to remove from the Property any and all improvements, trade fixtures and
devices, including but not limited to mechanical and security devices peculiar
to the banking business, which it may have installed on the Property at its
expense, within sixty (60) days of said termination. All other improvements of
a permanent nature affixed to the realty shall remain with the real estate at
the termination of this Lease and shall be restored to good order. Lessee shall
continue to pay rent to Lessor month-to-month until such time as the Property is
delivered to the Lessor in good order.
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XVI. ALTERATION OR EXPANSION
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Lessee shall be permitted during the term hereof to perform alterations to
the Property at its expense and without any change in the rent called for by
this Lease.
XVII. MECHANIC'S LIENS
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Lessee agrees to pay when due all sums of money that may become due for any
labor, services, materials, supplies or equipment furnished to or for Lessee in,
and upon or about the Property and which may be secured by any mechanic's,
materialman's or other lien against the Property and will cause any such lien
that may be filed to be immediately discharged and released, and if it is being
contested, Lessee will obtain the release even if posting of a bond is required.
XVIII. GRANTING AND USE OF EASEMENTS
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1. Utilities Easements: Lessor agrees, without payment of consideration,
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from time to time during the term of this Lease at the request of Lessee to
grant easements, licenses, rights of way and other rights and privileges in the
nature of easements upon or across the Property for utilities necessary for
Lessee's intended use of said premises.
2. Cross Easements: In the event Lessee deems it advisable to enter into
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any cross-easements or similar agreements with occupants of adjoining
properties, it may do so and Lessor agrees to join in any such agreements on
request from Lessee, should Lessee deem such consent necessary, but without any
cost or
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liability on the part of Lessor, no such agreement to extend beyond the Lease
Term or survive its termination.
XIX. SIGNS
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Lessee shall have the right to install, erect and maintain upon the
Property all signs necessary or appropriate to the conduct of its business.
Lessee shall not install, erect or maintain any sign in violation of any
applicable law, ordinance or use permit of any governmental authority. Lessee
may remove (but shall not be required to remove) the same or any part thereof at
any time during said term or upon the expiration thereof or sooner termination
of this Lease, or within thirty (30) days after such expiration or termination,
and Lessee at its own expense shall repair any damage caused by the removal
thereof. The parties acknowledge that there is an existing sign on the
premises, to-wit: a Ramada Inn/Xxx Xxxxx billboard. The Lessor shall be
responsible for terminating the agreement under which such sign was placed on
the premises, and for removing such sign, prior to the commencement of this
Lease.
XX. HOLDING OVER
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If Lessee continues to occupy the Property after the expiration of the
Lease Term without exercising its purchase option, and Lessor elects to accept
rent thereafter, a monthly tenancy terminable by either party on one month's
notice shall be created, which shall be upon the same rent, terms and conditions
as those herein specified.
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XXI. GENERAL CONDITIONS
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Lessor shall not be responsible for the payment of any commissions in
relation to the leasing transaction represented by this Lease or the sale of
this land pursuant to the option to purchase granted herein. This Lease is the
entire agreement of the parties and may only be modified by a writing signed by
both parties, or the addition of a completed Exhibit "A" in accordance with the
terms hereof.
XXII. CONSTRUCTION
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This Lease and all of the terms and conditions herein contained shall be
binding upon the parties hereto and their successors in interest, including
Lessee's assigns and subtenants accepted by Lessor. Words and phrases herein
shall be construed as in singular or plural number and as feminine, masculine or
neuter gender, according to the context.
XXIII. NOTICES
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Any notice herein required or permitted to be given shall be deemed given
if and when mailed in a sealed envelope by United States certified mail, return
receipt requested, postage properly prepaid and addressed as set forth in
Article I-1 and 2 hereof.
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IN WITNESS WHEREOF, the parties have executed this Lease on the dates noted
below, effective as of the date first above written.
LESSOR:
Serendipity, Inc. The Xxxxxxx Family Trust,
dated April 28, 1992
By:/s/ Xxxxxx X. Xxxxx By:/s/ Xxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxx, Vice President Xxxxx X. Xxxxxxx, Trustee
Attest:/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx, Secretary
/s/ Xxxxx Xxxxxx Xxxxx /s/ Xxxxxxx Xxxxxx Xxxxx
---------------------------- ------------------------
Xxxxx Xxxxxx Xxxxx Xxxxxxx Xxxxxx Xxxxx
/s/ Xxxxxxx Xxxx Xxxxxxx /s/ Xxxxxx Xxxx Xxxxxxx
---------------------------- -----------------------
Xxxxxxx Xxxx Xxxxxxx Xxxxxx Xxxx Xxxxxxx
/s/ Xxxxxxx Xxx Xxxxxxx
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Xxxxxxx Xxx Xxxxxxx
LESSEE:
Bank of the Ozarks, NWA
By:/s/ Xxxxx Xxxxxx
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Title: President
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EXHIBIT "A"
COMMENCEMENT DATE
1. This lease shall commence on the following date: May 15, 1995.
2. The Legal description for the PROPERTY is:
A part of the Southwest Quarter of the Southwest Quarter of Xxxxxxx 00,
Xxxxxxxx 00 Xxxxx, Xxxxx 00 Xxxx, Xxxx of Xxxxxxxx, Xxxxx County, Arkansas,
described as follows: From the Northeast corner of said Southwest Quarter
of the Southwest Quarter, go South 00 degrees 20 minutes 56 seconds West
along the East line 115.50 feet to a point on the South right-of-way of
Xxxxx Street (formerly First Street), leaving the East line go North 89
degrees 39 minutes 04 seconds West along said South right-of-way, also
being the South boundary of Northvale Subdivision, a distance of 269.29
feet to a 3/8 inch rebar, Point of Beginning of the tract being described,
leaving the street right-of-way and subdivision boundary go South 34
degrees 56 minutes 56 seconds East 235.43 feet to a 3/8 inch rebar, North
89 degrees 39 minutes 04 seconds West 231.58 feet to a 3/8 inch rebar on
the East right-of-way of U.S. Highway 62-65, go along the right-of-way
through a 1004.93 foot radius curve to the left 233.78 feet to a concrete
right-of-way marker, North 37 degrees 28 minutes 25 seconds West 2.18 feet
to a 3/8 inch rebar on said South right-of-way of Xxxxx Street, leaving the
right-of-way go South 89 degrees 39 minutes 04 seconds East 231.58 feet to
the Point of Beginning, containing 1.00 acre.
IDENTIFIED & ACCEPTED:
BANK OF THE OZARKS NWA
By:/s/ Xxxxx Xxxxxx
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Title: President
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SERENDIPITY, INC. and
XXXXXXX FAMILY TRUST, dated
By:/s/ Xxxxx X. Xxxxxxx
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XXXXX X. XXXXXXX, Secretary and
Trustee, Respectively
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EXHIBIT "B"
PURCHASE OPTION
1. Lessee shall pay $300,000.00 cash at closing for the property.
2. Lessee shall be responsible for obtaining, at Lessee's expense, any
title insurance policy desired on the transaction.
3. The closing of the transaction shall occur within fifteen days of the
end of the renewal Lease term (twelve years from the commencement of the Lease).
4. Lessor shall pay seller's portion of real property transfer taxes (Deed
Stamps). Lessee to pay buyer's portion.
5. Conveyance shall be by general Warranty Deed as directed by Lessee
subject to all easements and restrictions of record with no warranties
whatsoever as to improvements or condition of premises other than as set forth
in the Lease.
IDENTIFIED & ACCEPTED
BANK OF THE OZARKS NWA
By:/s/ Xxxxx Xxxxxx
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Title: President
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SERENDIPITY, INC. and
XXXXXXX FAMILY TRUST, dated
By:/s/ Xxxxx X. Xxxxxxx
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XXXXX X. XXXXXXX, Secretary and
Trustee, Respectively
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