2004033147
04/23/2004 01:35;23 PM
Filed & Recorded in
Official Records of
XXXXXXX XXxxXXX PULfiSKI
COUNTY CIRCUIT/COUNTY
CLERK Fees $17.88
Real Estate Subordination Agreement
(Boca First Capital, LLLP to Third Party)
[Graphic Omitted]
Seal of the Circuit Court
Pulaski County, Arkansas
This instrument was prepared by and after recording return to:
Xxxxxxx Xxxxx P.L.
0000 XxxxxxxXxxx., Xxxxx Xx
Xxxx Xxxxx, XX 00000
This Real Estate Subordination Agreement ("Agreement") is executed as of April
22, 2004, by Boca First Capital, LLLP, ("Boca First Capital"), having an address
of 0000 X. Xxxxxx Xxxx Xxxx., Xxxxx 000, Xxxx Xxxxx, Xxxxxxx 00000
("Subordinator"), in favor of Bank of the Ozarks, having an address for notice
purposes of P. O. Box 8811, Little Rock, AR 72231-8811 ("Junior Lienholder").
Whereas, Boca First Capital is the owner and holder of, or creditor under, the
indebtedness described in and secured by a security instrument (deed of trust,
deed to secure debt or mortgage) dated Xxxxxxxx 29, 2003, executed by Capitol
Development of Arkansas, Inc. and which was filed for record on January 30, 2003
and recorded as Instrument No. 2003009943 in the land records of Pulaski County,
Arkansas, as same may have been or is to be modified prior hereto or
contemporaneously herewith (the "Senior Lien"), encumbering the land described
therein, including the land described on Exhibit "A", affixed hereto and by this
referenced made a part hereof (said land and such improvements, appurtenances
and other rights and interests regarding said land, if any, as are described on
Exhibit "A" being called herein collectively, the "Property"); and
Whereas, Xxxxxx Xxxxxxxxxx has been requested to make a loan, line of credit or
other financial accommodation to Capitol Development of Arkansas, Inc. (jointly
and severally, "Borrower"), to be secured by, without limitation, either a deed
of trust, deed to secure debt or mortgage (the "Junior Lien"), covering, without
limitation, the Property and securing the indebtedness described therein
including the payment of a promissory note, line of credit agreement or other
borrowing agreement made by Xxxxxxxx and/ or others payable to the order of Bank
of the Ozarks in the maximum principal face amount of Two Million Fifty Thousand
Dollars ($2,050,000.00) (the "Principal Amount"), including provisions for
acceleration and payment of interest and collection costs (the "Obligation");
and
Whereas, Xxxxxx Xxxxxxxxxx requires, as a condition to the making of the
Obligation, that the Junior Lien be superior to the Senior Lien;
Now, Therefore, for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, and with the understanding by Boca First Capital
that Xxxxxx Xxxxxxxxxx will rely hereon in making the Obligation, Boca First
Capital agrees and covenants that the Senior Lien and the rights of Boca First
Capital thereunder and all other rights of Boca First Capital now or hereafter
existing in or with respect to the Property are hereby subordinated, and are and
shall remain completely and unconditionally subordinate to the Junior Lien and
the rights of the Junior Lienholder thereunder regardless of the frequency or
manner of renewal, extension, consolidation or modification of the Junior Lien
and/ or the Obligation.
This Subordination Agreement is limited to an amount of Two Million Fifty
Thousand Dollars ($2,050,000.00), which is the original amount of the Junior
Lienholder's principal balance; plus interest and any additional amounts
advanced pursuant to the provision of said security instrument for payment of
insurance premiums, taxes, cost of collection or protection of the value of the
Property or Junior Lienholder's rights in the Property. This Agreement shall
inure to the benefit of Xxxxxx Xxxxxxxxxx and be.binding upon Boca First
Capital, its successors and assigns and shall be binding upon any purchaser or
purchasers (at foreclosure or otherwise) of the Property or any part thereof,
and their respective heirs, personal representatives, successors and assigns.
Boca First Capitol, LLLC
Addison Capital Group, LLC
General Partner
/s/
-----------------------------
Witness Name: X. Xxxxxx Xxxxxx
By: Xxxxxxx X. Xxxx
-------------------- Title: Manager
Witness name:
2004033147
EXHIBIT "A"
TRACT One:
TRACT D-R, BEING A RE-PLAT OF TRACT D MAUMELLE TOWN CENTER ADDITION TO THE CITY
OF MAUMELLE, ARKANSAS, WHICH INCLUDES SHARED ACCESS EASEMENT 'B', AND BEING
SHOWN ON PLAT RECORDED AS PLAT NO. G-607, RECORDS OF PULASKI COUNTY, ARKANSAS,
LYING IN THE SOUTHWEST 1/4 OF SECTION 33, TOWNSHIP 3 NORTH, RANGE 13 WEST MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHWEST XXXXX OF THE SOUTHWEST QUARTER OF SECTION 33,
TOWNSHIP 3 NORTH, RANGE 13 WEST (ARKANSAS STATE PLANE COORDINATES OF NORTH
188,568.425 EAST 1,877,503.537); THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS
EAST 211.92 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST 597.77
FEET TO THE POINT OF BEGINNING WHICH IS ALSO ON THE EAST RIGHT OF WAY OF CLUB
MANOR DRIVE; THENCE ALONG A 81.1453 DEGREE CURVE TO THE RIGHT 56.65 FEET TO A
POINT HAVING A CHORD BEARING AND DISTANCE OF NORTH 85 DEGREES 21 MINUTES 01
SECONDS EAST 52.03 FEET TO A POINT ON THE SOUTH RIGHT OF WAY OF AUDUBON DRIVE;
THENCE ALONG A 4.5752 DEGREE CURVE TO THE LEFT 509.35 FEET TO A POINT HAVING A
CHORD BEARING AND DISTANCE OF SOUTH 56 DEGREES 04 MINUTES 53 SECONDS EAST
505.85 FEET; THENCE SOUTH 67 DEGREES 44 MINUTES 00 SECONDS EAST 11.00 FEET;
THENCE LEAVING SAID RIGHT OF WAY SOUTH 22 DEGREES 16 MINUTES 00 SECONDS WEST
297.00 FEET; THENCE SOUTH 67 DEGREES 44 MINUTES 00 SECONDS EAST 220.00 FEET TO
A POINT WHICH IS ALSO ON THE WEST RIGHT OF WAY OF MAUMELLE BOULEVARD; THENCE
CONTINUING ALONG SAID RIGHT OF WAY LINE SOUTH 22 DEGREES 16 MINUTES 00 SECONDS
WEST 193.02 FEET; THENCE SOUTH 22 DEGREES 16 MINUTES 07 SECONDS WEST 685.52
FEET; THENCE LEAVING SAIDRIGHT OF WAY NORTH 67 DEGREES 43 MINUTES 53 SECONDS
WEST 503.11 FEET; THENCE SOUTH 22 DEGREES 26 MINUTES 51 SECONDS WEST 339.61
FEET; THENCE ALONG A 24.9113 DEGREE CURVE TO THE LEFT 83.37 FEET TO A POINT
HAVING A CHORD BEARING AND DISTANCE OF SOUTH 12 DEGREES 03 MINUTES 47 SECONDS
WEST 82.92 FEET; THENCE SOUTH 01 DEGREE 40 MINUTES 43 SECONDS WEST 33.04 FEET;
THENCE SOUTH 45 DEGREES 49 MINUTES 57 SECONDS WEST 34.83 FEET TO A POINT WHICH
IS ALSO ON THE NORTH RIGHT OF WAY OF XXXX BOULEVARD; THENCE CONTINUING ALONG
SAID RIGHT OF WAY SOUTH 89 DEGREES 59 MINUTES 11 SECONDS WEST 102.44 FEET;
THENCE NORTH 89 DEGREES 02 MINUTES 25 SECONDS WEST 60.77 FEET; THENCE NORTH 89
DEGREES 59 MINUTES 27 SECONDS WEST 261.99 FEET; THENCE LEAVING SAID NORTH RIGHT
OF WAY LINE ALONG A 81.1453 DEGREE CURVE TO THE RIGHT 62.83 FEET TO A POINT
HAVING A CHORD BEARING AND DISTANCE OF NORTH 44 DEGREES 59 MINUTES 26 SECONDS
WEST 56.57 FEET TO A POINT WHICH IS ALSO ON THE EAST RIGHT OF WAY OF CLUB MANOR
DRIVE; THENCE CONTINUING ALONG SAID RIGHT OF WAY NORTH 00 DEGREES 00 MINUTES 34
SECONDS EAST 299.72 FEET; THENCE ALONG A 4.7.837 DEGREE CURVE TO THE RIGHT
919.67 FEET TO A POINT HAVING A CHORD BEARING AND DISTANCE OF NORTH 22 DEGREES
00 MINUTES 23 SECONDS EAST 897.24 FEET; THENCE NORTH 44 DEGREES 00 MINUTES 13
SECONDS EAST 754.39 FEET TO THE POINT OF BEGINNING.
TRACT Two:
TRACT DL, BEING A RE-PLAT OF TRACT D MAUMELLE TOWN CENTER ADDITION TO THE CITY
OF MAUMELLE, ARKANSAS, WHICH INCLUDES SHARED ACCESS EASEMENT 'A', AND BEING
SHOWN ON PLAT RECORDED AS PLAT NO. G-607, RECORDS OF PULASKI COUNTY, ARKANSAS,
LYING IN THE SOUTHWEST 1/4 OF SECTION 33, TOWNSHIP 3 NORTH, RANGE 13 WEST MORE
PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE NORTHWEST CORNER OF THE SOUTHWEST QUARTER OF SECTION 33,
TOWNSHIP 3 NORTH, RANGE 13 WEST (ARKANSAS STATE PLANE COORDINATES OF NORTH
188,568.425 EAST 1,877,503.537); THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS
WEST 1050.91 FEET; THENCE SOUTH 90 DEGREES 00 MINUTES 00 SECONDS EAST 372.08
FEET TO THE POINT OF BEGINNING; THENCE SOUTH 67 DEGREES 43 MINUTES 53 SECONDS
EAST 503.11 FEET TO A POINT WHICH IS ALSO ON THE WEST RIGHT OF WAY OF MAUMELLE
BOULEVARD; THENCE SOUTH 22 DEGREES 15 MINUTES 07 SECONDS WEST 347.67 FEET;
THENCE LEAVING SAID RIGHT OF WAY ALONG A 90.5503 DEGREE CURVE TO THE RIGHT
79.02 FEET TO POINT HAVING A CHORD BEARING AND DISTANCE OF SOUTH 66 DEGREES 59
MINUTES 21 SECONDS WEST 71.05 FEET TO A POINT WHICH IS ALSO ON THE NORTH RIGHT
OF WAY OF XXXX BOULEVARD; THENCE CONTINUING ALONG SAID RIGHT OF WAY NORTH 68
DEGREES 17 MINUTES 25 SECONDS WEST 20.70 FEET; THENCE ALONG A 5.0682 DEGREE
CURVE TO THE LEFT 324.55 FEET TO A POINT HAVING A CHORD BEARING AND DISTANCE OF
NORTH 76 DEGREES 30 MINUTES 41 SECONDS WEST 323.43 FEET; THENCE ALONG A 5.0662
DEGREE CURVE TO THE LEFT 104.25 FEET TO A POINT HAVING A CHORD BEARING AND
DISTANCE OF NORTH 87 DEGREES 22 MINUTES 23 SECONDS WEST 104.21 FEET; THENCE
SOUTH 89 DEGREES 59 MINUTES 11 SECONDS WEST 3.50 FEET; THENCE LEAVING SAID
RIGHT OF WAY NORTH 45 DEGREES 49 MINUTES 57 SECONDS EAST 34.83 FEET; THENCE
NORTH 01 DEGREES 40 MINUTES 43 SECONDS EAST 33.04 FEET; THENCE ALONG A 24.9115
DEGREE CURVE TO THE RIGHT 83.37 FEET TO A POINT HAVING A CHORD BEARING AND
DISTANCE OF NORTH 12 DEGREES 03 MINUTES 47 SECONDS EAST 82.92 FEET; THENCE
NORTH 22 DEGREES 26 MINUTES 51 SECONDS EAST 339.61 FEET TO THE POINT OF
BEGINNING.
Boca First Capital, LLLP Acknowledgment:
State of Arkansas
County of Pulaski City of
On this the 22 day of April, 2004, before me Xxxxxx undersigned personally
appeared Xxxxxxx X. Xxxx who acknowledged him/ herself to be the manager of
Addison Capital Group, LLC, the general partner of Boca First Capital, LLLC, a
limited limited liability company, and that (s) he, as such Manager_______,
being authorized so to do, executed the foregoing instrument for the purposes
therein contained, by signing the name of the corporation by him/ herself as
Manager____. In witness whereof I hereunto set my hand and official seal.
Initialed illegible
-------------------
OFFICIAL SEAL Signature of Person Taking Acknowledgement Commission
XXXXXX X. XXXXXX Expiration Date: 3-20-2013
Notary Public - Arkansas
Pulaski County
