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EXHIBIT 10.10
Prepared By and Upon
Recordation Return To:
THE BANK OF NEW YORK [_____ QUARTER(S) [OR BLOCKS
000 Xxxxxxx Xxxxxx - 21W _____ OF _______ LOCATED IN],
New York, New York 10286 SECTION ____, TOWNSHIP ____,
Attention: Corporate Trust Administration RANGE ______ CITY OF _______
TUNICA COUNTY, MISSISSIPPI
[_____ QUARTER(S) [OR BLOCKS
_____ OF _______ LOCATED IN],
SECTION ____, TOWNSHIP ____,
RANGE ______ CITY OF _______
TUNICA COUNTY, MISSISSIPPI
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ASSIGNMENT OF RENTS, LEASES AND PROFITS
FITZGERALDS MISSISSIPPI, Inc.,
as Assignor
THE BANK OF NEW YORK,
as Assignee
Dated as of December 30, 1997
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ASSIGNMENT OF RENTS, LEASES AND PROFITS
THIS ASSIGNMENT OF RENTS, LEASES AND PROFITS ("Assignment of Rents and
Leases"), is made as of the 30th day of December, 1997 by Fitzgeralds
Mississippi, Inc., a Mississippi corporation ("Assignor"), whose principal place
of business is located at 000 Xxxxx Xxxx, Xxxxxxxxxxx, XX 00000, in favor of The
Bank of New York, a New York banking corporation, as Collateral Agent
("Assignee"), whose principal place of business is located at 000 Xxxxxxx Xxxxxx
- 00X, Xxx Xxxx, Xxx Xxxx 00000, in its capacity as trustee under the
"Indenture" (as such term is hereinafter defined) for the ratable benefit of the
Holders (as such term is defined in the Indenture).
WITNESSETH:
WHEREAS, pursuant to that certain Indenture dated as of December 30,
1997 (as supplemented and otherwise amended from time to time, the "Indenture"),
by and among Fitzgeralds Gaming Corporation ("Fitzgeralds"), the Guarantors
(defined therein), and Assignee, as trustee thereunder (in such capacity, the
"Indenture Trustee"), Fitzgeralds will issue 12 1/4% Senior Secured Notes due
2004 in an aggregate principal amount of up to $255,000,000 (collectively, the
"Notes"). Unless the context other requires, all capitalized terms used and not
otherwise defined herein shall have the meanings ascribed thereto in the
Indenture; and
WHEREAS, pursuant to a guarantee included in the Indenture (as amended
from time to time, the "Subsidiary Guarantee"), the Guarantors (including
Assignor) have Guaranteed the obligations of Xxxxxxxxxxx under the Notes, the
Indenture and the other Security Documents to which Xxxxxxxxxxx is a party; and
WHEREAS, pursuant to the Indenture, the Subsidiary Guarantee of Assignor
is secured by, among other things, (a) a Deed of Trust ("Deed of Trust") of even
date from Assignor, as Trustor, to Commonwealth Land Title Company, as Trustee,
for the use and benefit of Assignee, as Beneficiary, encumbering certain
property situate in the County of Tunica, State of Mississippi, as is more
particularly described on Exhibit A attached hereto and incorporated herein by
this reference, and the buildings and improvements now or hereafter located
thereon, and (b) a First Preferred Vessel Mortgage of even date from Assignor,
as Owner and Mortgagor, and Assignee, as Trustee-Mortgagee ("Vessel Mortgage"),
encumbering that certain vessel and appurtenances (the "Vessel") known as the
"FITZGERALDS TUNICA", number 262757, as
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more pareticularly described in the Vessel Mortgage (said property, Vessel,
buildings and improvements being collectively referred to as the "Property");
and
WHEREAS, Assignor is desirous of further securing to Assignee the
performance of the terms, covenants and agreements of the Notes, the Deed of
Trust, the Vessel Mortgage and each other document executed by or on behalf of
Assignor evidencing, securing or relating to the indebtedness evidenced by the
Notes, as each of the foregoing may from time to time be amended (collectively,
"Security Documents").
NOW, THEREFORE, in consideration of the foregoing premises and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Assignor does hereby irrevocably and unconditionally transfer,
sell, assign, pledge and convey to Assignee all of the right, title and interest
of Assignor in and to (but excluding in each and every case all Excluded Assets,
as defined in the Deed of Trust), whether now owned or hereafter acquired:
GRANTING CLAUSE ONE
[RENTS, ETC.]
All rents, income, security or similar deposits, including
without limitation, receipts, issues, royalties, earnings, products or proceeds,
profits, maintenance, license and concession fees and other revenues to which
Assignor may now or hereafter be entitled, including, without limitation, all
rights to payment for hotel room occupancy by hotel guests, which includes any
payment or monies received or to be received in whole or in part, whether actual
or deemed to be, for the sale of services or products in connection therewith
and/or in connection with such occupancy, advance registration fees by hotel
guests, tour or junket proceeds and deposits for conventions and/or party
reservations (collectively the "Rents"), subject to the revocable license
hereinafter given to Assignor to collect and apply such Rents.
GRANTING CLAUSE TWO
[LEASES, INCLUDING DEPOSITS AND ADVANCE RENTALS]
TOGETHER WITH, (a) all estate, right, title and interest of
Assignor in, to and under any and all leases, subleases, lettings, licenses,
concessions, operating agreements, management agreement, franchise agreements
and all other agreements affecting or covering the Property or any portion
thereof now or hereafter existing or
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entered into, together with all amendments, extensions and renewals of any of
the foregoing, (b) all right, title, claim, estate and interest of Assignor
thereunder, including, without limitation, all claims of the lessor thereunder,
letters of credit, guarantees or security deposits, advance rentals, and any and
all deposits or payments of similar nature (collectively, "Leases") and (c) the
right to enforce against any tenants thereunder and otherwise any and all
remedies under any of the foregoing, including Assignor's right to evict from
possession any tenant thereunder or to retain, apply, use, draw upon, pursue,
enforce or realize upon any guaranty thereof; to terminate, modify, or amend any
such agreement; to obtain possession of, use, or occupy, any of the real or
personal property subject to any such agreement; and to enforce or exercise,
whether at law or in equity or by any other means, all provisions of any such
agreement and all obligations of the tenants thereunder based upon (i) any
breach by such tenant thereunder (including any claim that Assignor may have by
reason of a termination, rejection, or disaffirmance of such agreement pursuant
to any Bankruptcy Law), and (ii) the use and occupancy of the premises demised,
whether or not pursuant to the applicable agreement (including any claim for use
and occupancy arising under landlord-tenant law of the State of Mississippi or
any Bankruptcy Law).
TO HAVE AND TO HOLD the same unto Assignee, its successors and assigns,
as additional security for the payment of the principal, interest and all other
sums due Assignee under the Notes according to the terms thereof and for the
observance, performance and discharge of each and every obligation, covenant and
agreement on the part of Assignor, its successors and assigns, to be observed,
performed and discharged under the Security Documents.
IT IS AGREED that, notwithstanding that this instrument is a present and
executed assignment of the Rents and of the Leases and a present and executed
grant of the powers herein granted to assignee, Assignor shall be permitted, at
the sufferance of Assignee and at its discretion after default by Assignor, to
collect and retain the Rents unless and until there shall be a default in the
payment of principal, interest, taxes, insurance or any other sums due under the
terms of the Security Documents or there shall be a default in the performance
or observance of any of the other obligations, covenants, warranties,
representations, terms or conditions of the Security Documents. In the event of
such default, Assignee, without in any way waiving such default, shall have the
sole and exclusive right and authority, without any notice whatsoever to
Assignor and without regard to the adequacy of the security therefor, either in
person, by agent or by a receiver appointed by a court upon application, to take
possession of the Property and to: (a) manage and operate the same; (b) collect
the Rents therefrom, including those past due and unpaid, with full power to
employ agents to manage the
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Property; and (c) do all acts relating to such management, including, but not
limited to, negotiation of new Leases thereon, making adjustments of existing
Leases, contracting and paying for such repairs and replacements to the
buildings and fixtures, equipment and personal property located therein and used
in any way in the operation, use and occupancy of the Property as in the sole
judgment and discretion of Assignee may be necessary to maintain the same in a
tenantable condition, purchasing and paying for such additional furniture and
equipment as in the sole judgment of Assignee may be necessary to maintain a
proper rental income from the Property, employing necessary maintenance
employees, purchasing fuel, providing utilities and paying for all other
necessary expenses incurred in the operation of the Property, maintaining
adequate insurance coverage over hazards customarily insured against and paying
the premiums therefor. Assignee may apply the net Rents so collected from the
Property, after deducting the costs of collection thereof, including, without
limitation, reasonable attorneys' fees and a reasonable management fee for any
management agent so employed, against the amount expended for repairs, upkeep,
maintenance, service, fuel, utilities, taxes, assessments, insurance premiums
and such other expenses as Assignee incurs in connection with the operation of
the Property, and against principal, interest and other charges which have or
which may become due, from time to time, under the terms of the Security
Documents, in such order or priority as to any of the items so mentioned as
Assignee, in its sole discretion, may determine. The exercise by Assignee of the
rights granted Assignee in this paragraph, and the collection of Rents and the
application thereof as herein provided, shall not be considered a waiver by
Assignee of any default by Assignor under the Security Documents or prevent
foreclosure of the Property, Assignee hereby expressly reserving all of its
rights and privileges under the Deed of Trust and Vessel Mortgage and the other
Security Documents as fully as though this Assignment of Rents and Leases had
not been entered into.
In the event of such default, Xxxxxxxx agrees to assign and deliver to
Assignee all then existing Leases. Without limiting the provisions of the
immediately preceding sentence, and whether or not Assignor assigns or delivers
said Leases to Assignee, as aforesaid, this Assignment of Rents and Leases shall
be deemed to be an assignment of all such Leases to Assignee. The provisions
hereof shall not limit the effect of any assignments of particular Leases in
fact given to Assignee by Assignor.
Notwithstanding any rights granted hereinabove, in the event Assignor
shall fail to make any payment or to perform any act required under the terms
hereof, then Assignee may, but shall not be obligated to, without prior notice
to or demand on Assignor, and without releasing Assignor from any obligation
hereof, make or perform the same in such manner and to such extent as Assignee
may deem necessary to protect
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the security hereof, including specifically, without limitation, appearing in
and defending any action or proceeding purporting to affect the security hereof
or the rights or powers of Assignee, performing or discharging any obligation,
covenant or agreement of Assignor under any of the Leases, and, in exercising
any of such powers, paying all necessary costs and expenses, employing counsel
and incurring and paying reasonable attorneys' fees. Any sum advanced or paid by
Assignee for any such purpose, including, without limitation, reasonable
attorneys' fees, shall be immediately due and payable to Assignee by Assignor on
demand, shall be added to the outstanding principal balance of the Notes (even
if such addition results in the outstanding principal balance being in excess of
the face amount of the Notes) and shall bear interest at the Default Rate (as
defined in Section 4.1 of the Indenture) from the date paid or advanced by
Assignee until repaid by Assignor.
IT IS FURTHER AGREED that this Assignment of Rents and Leases is made
upon the following terms, covenants and conditions:
1. This Assignment of Rents and Leases shall not operate to place
responsibility for the control, care, management or repair of the Property upon
Assignee, nor for the performance of any of the terms and conditions of any of
the Leases assigned hereunder, nor shall it operate to make Assignee responsible
or liable for any waste committed on the Property by the tenants or any other
party or for any dangerous or defective condition of the Property or for any
negligence in the management, upkeep, repair or control of the Property
resulting in loss or injury or death to any tenant, invitee, licensee, employee
or stranger. Assignee shall not be liable for any loss sustained by Assignor
resulting from Xxxxxxxx's failure to let the Property or from any other act or
omission of Assignee in managing the Property, absent gross negligence or
willful misconduct by Assignee. Except to the extent caused by Assignee's
willful misconduct or gross negligence, Assignor shall and do hereby agree to
indemnify and to hold Assignee harmless from and against any and all liability,
loss or damage which may or might be incurred by reason of this Assignment of
Rents and Leases and from and against any and all claims and demands whatsoever
which may be asserted against Assignee by reason of any alleged obligations or
undertakings on its part to perform or discharge any of the terms, covenants or
agreements contained in any of the Leases. Should Assignee incur any liability
by reason of this Assignment of Rents and Leases or in defense of any claim or
demand for loss or damage as provided above, the amount thereof, without
limitation, costs, expenses and reasonable attorneys' fees, shall be added to
the outstanding principal balance of the Notes (even if such addition results in
the outstanding principal balance being in excess of the face amount of the
Notes), shall bear interest at the Default Rate from the date paid by Assignee
until repaid by Assignor
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and shall be secured hereby and Assignor shall reimburse Assignee therefor
immediately upon demand. Notwithstanding anything contained in this paragraph,
Assignor shall not be required to indemnify Assignee for any damage suffered by
Assignee due to Assignee's negligence relating to Assignee's operation of the
Property.
2. This Assignment of Rents and Leases shall not be construed as making
Assignee a mortgagee in possession.
3. Assignee is obligated to account to Assignor only for such Rents as
are actually collected by Assignee.
4. Assignor hereby assigns to Assignee: (a) any award of other payment
which Assignor may hereafter become entitled to receive with respect to any of
the Leases as a result of or pursuant to any bankruptcy, insolvency or
reorganization or similar proceedings involving the tenants under such Leases;
and (b) any and all payments made by or on behalf of any tenant of any part of
the Property in lieu of Rent. Assignor hereby irrevocably appoints Assignee as
its attorney-in-fact to appear in any such proceeding and/or to collect any such
award or payment, which power of attorney is coupled with an interest by virtue
of this Assignment of Rents and Leases and is irrevocable.
5. Assignor represents and warrants: (a) that assignor now is (or with
respect to any Leases not yet in existence, will be immediately upon the
execution thereof) the absolute owner of the landlord's interest in the Leases,
with full right and title to assign the same and the Rents due or to become due
thereunder; (b) that, except for this Assignment of Rents and Leases and except
as otherwise expressly permitted by the terms of the Deed of Trust and Vessel
Mortgage, there are, and will be, no outstanding assignments or pledges of the
Leases or Rents; (c) that no Rents payable under the Leases have been or will be
hereafter anticipated, discounted, released, waived, compromised or otherwise
discharged without Assignee's prior written consent, except that Assignor shall
be permitted to enter into agreements with tenants to vacate the property within
30 days after default on a lease in exchange for statement of rent; (d) to the
best of Assignor's knowledge and except as otherwise disclosed in writing to
Assignee on or prior to the date hereof, that there are no defaults now existing
under any of the Leases and there exists no state of facts which, with the
giving of notice or lapse of time or both, would constitute a default under any
of the Leases; and (e) that Assignor will observe and perform all covenants,
conditions and agreements in the Leases on the part of the landlord to be
observed and performed thereunder.
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6. Assignor covenants and agrees that Assignor will not, without the
prior written consent of Assignee: accept any payment of Rent or installments of
Rent for more than one month in advance or take any action or exercise any right
or operation which would permit the tenant under any Lease to cancel or
terminate said Lease. Assignor will immediately furnish to Assignee copies of
all notices of default received from any tenant under any of the Leases, and
Assignee shall have the right, at Assignor's expense, but shall not be
obligated, to cure any default by Assignor under any of the Leases which
Assignor is not proceeding diligently to cure itself.
7. Assignor covenants and agrees that Assignor shall, at its sole cost
and expense, appear in and defend any action or proceeding arising under,
growing out of, or in any manner connected with the Leases or the obligations,
duties or liabilities of the landlord or tenant thereunder, and shall pay all
reasonable costs and expenses, including, without limitation, attorneys' fees,
which Assignee may incur in connection with Assignee's appearance, voluntary or
otherwise, in any such action or proceeding.
8. Assignee may, at its option, upon any Event of Default under the
Security Documents, notify any tenants or other parties of the existence of this
Assignment of Rents and Leases. Assignor does hereby specifically authorize,
instruct and direct each and every present and future tenant, lessee, sublessee
and licensee of the whole or any part of the Property to pay all unpaid and
future Rents agreed upon in each tenancy to Assignee upon receipt of demand from
Assignee to so pay the same and Assignor hereby agrees that each such present
and future tenant, lessee, sublessee and licensee may rely upon such written
demand from Assignee to so pay said Rents without any inquiry into whether
Assignor is in default hereunder or under the Security Documents or whether
Assignee is otherwise entitled to said Xxxxx.
9. Assignee may take or release other security, may release any party
primarily or secondarily liable for any indebtedness secured hereby, may grant
extensions, renewals or indulgences with respect to any indebtedness secured
hereby and may apply any other security therefor held by it to the satisfaction
of any indebtedness secured hereby without prejudice to any of its rights
hereunder.
10. The acceptance of this Assignment of Rents, Leases and Profits and
the collection of the Rents hereby assigned in the event of a default, as
referred to above, shall be without prejudice to Assignee. The remedies of
Assignee hereunder are cumulative and the exercise of any one or more of the
remedies provided for herein shall not be construed as a waiver of any of the
other remedies of Assignee, at law or in
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equity or otherwise, so long as any obligation under the Security Documents
remains unsatisfied.
11. All rights of Assignee hereunder shall inure to the benefit of its
successors and assigns; and all obligations of Assignor shall bind its
successors and assigns and any subsequent owner of the Property. All rights of
Assignee in, to and under this Assignment of Rents and Leases and in and to the
security provided hereby shall pass to and may be exercised by any assignee
thereof. Assignor agrees that if Assignee gives notice to Assignor of an
assignment of said rights, upon such notice the liability of Assignor to the
Assignee shall be immediate and absolute. Assignor will not set up any claim
against Assignee or any intervening assignee as a defense, counterclaim or
set-off to any action brought by Assignee or any intervening assignee for any
amounts due hereunder or for possession of or the exercise of rights with
respect to the security provided hereby.
12. Any default by Assignor in the performance or observance of any
covenants or condition hereof shall be deemed an Event of Default under the Deed
of Trust and Vessel Mortgage, entitling Assignee to exercise all or any remedies
available to Assignee under the terms of any or all of the Security Documents,
and any Event of Default under any Security Document shall be deemed a default
hereunder, entitling Assignee to exercise any or all remedies provided for
herein.
13. Failure by Assignee to exercise any right which it may have
hereunder shall not be deemed a waiver thereof unless so agreed in writing by
Assignee, and the waiver by Assignee of any default by Assignor hereunder shall
not constitute a continuing waiver or a waiver of any other default or of the
same default on any future occasion. No collection by Assignee of any Rents
pursuant to this Assignment of Rents and Leases shall constitute or result in a
waiver of any default then existing under any of the Security Documents.
14. If any provision under this Assignment of Rents and Leases shall be
invalid, illegal or unenforceable, it shall not affect or impair the validity,
legality and enforceability of any other provision of this Assignment of Rents
and Leases.
15. This Assignment of Rents and Leases may not be amended, modified or
otherwise changed except by a written instrument duly executed by Assignor and
Assignee.
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16. This Assignment of Rents and Leases shall be in full force and
effect continuously from the date hereof to and until the Deed of Trust shall be
released of record, and the release of the Deed of Trust shall, for all
purposes, terminate this Assignment of Rents, Leases and Profits.
17. In case of conflict between any provision of this instrument and any
provision of the Deed of Trust and Vessel Mortgage, the Deed of Trust shall
prevail and be controlling.
18. This Assignment of Rents and Leases shall be governed by and
construed in accordance with the laws of the State of Mississippi.
19. All notices and other communications under this Assignment of Rents
and leases shall be in writing and shall be personally delivered or sent by
prepaid courier, by overnight, registered or certified mail (postage prepaid) or
by prepaid telex, telecopy or telegram, and shall be deemed given when received
by the intended recipient thereof. Unless otherwise specified in a notice given
in accordance with the foregoing provisions of this Section 19, notices and
other communications shall be given to the parties hereto at their respective
addresses (or to their respective telex or telecopier numbers) indicated below:
ASSIGNOR:
Fitzgeralds Mississippi, Inc.
000 Xxxxx Xxxx
Xxxxxxxxxxx, XX 00000
ASSIGNEE:
THE BANK OF NEW YORK
000 Xxxxxxx Xxxxxx - 00X
Xxx Xxxx, Xxx Xxxx 00000
Attention: Corporate Trust Administration
20. WAIVER OF TRIAL BY JURY. ASSIGNOR AND ASSIGNEE WAIVE THE RIGHT TO A
TRIAL BY JURY IN ANY ACTION UNDER THIS ASSIGNMENT OF RENTS AND LEASES OR ANY
OTHER SECURITY DOCUMENT OR ANY OTHER ACTION ARISING OUT OF THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY, REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION
OR ACTIONS.
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IN WITNESS WHEREOF, Assignor has caused this Assignment of Rents
and Leases to be executed as of the day and year first above written.
FITZGERALDS MISSISSIPPI, INC.,
a Mississippi corporation
By: /s/ XXXXXXX X. XxXXXXXXX
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Name: Xxxxxxx X. XxXxxxxxx
Title: Senior Vice President,
Chief Financial Officer,
Treasurer and Secretary
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ACKNOWLEDGMENT
STATE OF CALIFORNIA )
) SS.
COUNTY OF LOS ANGELES )
On the 30th day of December, 1997, before me personally came Xxxxxxx X.
XxXxxxxxx to me known, who, being by me duly sworn, did depose and say that he
resides at 000 Xxxxxx Xxxxx Xx. Xxxx, XX; that he is the Senior Vice President
of Fitzgeralds Mississippi, Inc., the corporation described in and which
executed the above instrument; that _____________________ knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal;
that it was so affixed by order of the Board of Directors of said corporation,
and acknowledged that Xxxxxxx X. XxXxxxxxx signed his name thereto by like
order.
/s/ XXXXXXX X. XXXXX
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NOTARY PUBLIC
My Commission expires: April 7, 1998.
[SEAL] XXXXXXX X. XXXXX
COMM. #1022678
NOTARY PUBLIC-CALIFORNIA
LOS ANGELES COUNTY
My Comm. Expires April 7, 1998
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EXHIBIT A
Legal Description
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BOOK 141 PAGE 377
TRACT 1
A tract of land situated in Sections 9 and 10, Township 3 South, Range 11 West,
Tunica County, Mississippi and more particularly described as follows:
Commencing from a railroad spike set in Commerce Road, said railroad spike
represents the southeast corner of Section 15, Township 3 South, Range 11 West,
Tunica County, Mississippi, thence North 90 degrees, 00 minutes, 00 seconds
West for 4201.45 feet to a point; thence North 9 degrees, 09 minutes, 00
seconds East for 7728.13 feet to the "Point of Beginning" of Tract 1 herein
described; thence
South 74 degrees, 23 minutes, 00 seconds West for 4442.00 feet to a point on
the existing slope of the Mississippi River Commaree Trenchfill Investment
Project (said slope being on the southern or eastern side of the Mississippi
River), thence
North 59 degrees, 14 minutes, 00 seconds East along the said existing slope for
2549.00 feet to a point; thence
North 55 degrees, 32 minutes, 06 seconds, 00 seconds East and continuing along
the said existing slope for 1751.00 feet to a point; thence
North 53 degrees, 45 minutes, 00 seconds East and continuing along the said
existing slope for 1049.02 feet to a point; thence
South 45 degrees, 17 minutes, 48 seconds East for 2113.63 feet to a found
concrete monument representing the center of Section 10, Township 3 South,
Range 11 West, Tunica County, Mississippi, thence
North 89 degrees, 45 minutes, 12 seconds East for 122.36 feet to a point; thence
South 50 degrees, 13 minutes, 00 seconds West for 360.83 feet to a point, thence
South 54 degrees, 09 minutes, 04 seconds West for 483.00 feet to a point; thence
South 49 degrees, 09 minutes, 00 seconds West for 225.00 feet to a point; thence
North 47 degrees, 14 minutes, 08 seconds West for 314.00 feet to a point; thence
North 23 degrees, 95 minutes, 08 seconds West for 870.00 feet to the said
"Point of Beginning", containing 132.82 acres, more or less.
Bearings in the above description have an origin of TRUE NORTH based on
computations from celestial observations.
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BOOK 141 PAGE 378
TRACT 2*
A tract of land situated in the Southeast 1/4 of the Southeast 1/4, the
Northeast 1/4 of the Southeast 1/4, the Northwest 1/4 of the Southeast 1/4 and
the Northeast 1/4 of the Southwest 1/4, all in Sections 10, Township 3 South,
Range 11 West, Tunica County, Mississippi and more particularly described as
follows:
Commencing from an iron bar in the present Yazoo-Mississippi Delta Levee
Commission baseline at mile post 22/23, also referred to as station 21/53+03 and
said iron bar being further described as being located 2959.97 feet South of and
369.80 feet West of a concrete monument representing the northeast corner of
Section 10, Township 3 South, Range 11 West, Tunica County, Mississippi; thence
South 23 degrees, 06 minutes, 34 seconds West for 948.29 feet to an feet to a
point on the southern line of the Yazoo-Mississippi Delta Levee Commission
boundary and the "Point of Beginning" of the Tract 2 herein described; thence
South 50 degrees, 44 minutes, 06 seconds West for 249.86 feet to a point;
thence
North 57 degrees, 04 minutes, 05 seconds West for 461.24 feet to a point; thence
North 71 degrees, 16 minutes, 09 seconds West for 354.34 feet to a point; thence
North 77 degrees, 33 minutes, 19 seconds West for 320.25 feet to a point; thence
North 65 degrees, 43 minutes, 51 seconds West for 287.55 feet to a point; thence
North 48 degrees, 24 minutes, 20 seconds West for 276.87 feet to a point; thence
North 41 degrees, 07 minutes, 03 seconds West for 177.13 feet to a point; thence
North 27 degrees, 20 minutes, 85 seconds West for 140.25 feet to a point on the
northern line of the Yazoo-Mississippi Delta Levee Commission boundary; thence
North 54 degrees, 09 minutes, 08 seconds East along said northern line for
22.30 feet to a point; thence
North 50 degrees, 18 minutes, 09 seconds East and continuing along said
northern line for 149.65 feet to a point; thence
South 32 degrees, 18 minutes, 13 seconds East for 204.92 feet to a point; thence
South 41 degrees, 36 minutes, 46 seconds East for 147.74 feet to a point; thence
South 48 degrees, 34 minutes, 22 seconds East for 388.74 feet to a point; thence
South 82 degrees, 34 minutes, 59 seconds East for 202.68 feet to a point;
thence
South 82 degrees, 39 minutes, 27 seconds East for 258.65 feet to a point; thence
South 68 degrees, 25 minutes, 20 seconds East for 136.39 feet to a point; thence
South 79 degrees, 38 minutes, 22 seconds East for 163.38 feet to a point; thence
South 63 degrees, 57 minutes, 04 seconds East for 199.25 feet to a point; thence
South 47 degrees, 30 minutes, 27 seconds East for 621.41 feet to the said
"Point of Beginning", containing 13.95 acres, more or less.
Bearings in the above description have an origin of TRUE NORTH based on
computations from celestial observations.
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BOOK 141 PAGE 379
TRACT 3
A tract of land situated in Section 10, Township 3 South, Range 11 West, Tunica
County, Mississippi and more particularly described as follows:
Commencing from an iron pin representing the southeast corner of Section 10,
Township 3 South, Range 11 West, Tunica County, Mississippi; thence North 0
degrees, 14 minutes, 36 seconds West along the east line of said Section 10 for
198.42 feet to the "Point of Beginning" of the tract herein described; thence
North 0 degrees, 14 minutes, 36 seconds West and continuing along the said east
line of Section 10 for 848.14 feet to a point; thence
South 72 degrees, 54 minutes, 40 seconds West for 236.34 feet to a point;
thence
North 51 degrees, 57 minutes, 56 seconds West for 272.93 feet to a point; thence
North 44 degrees, 31 minutes, 48 seconds West for 476.17 feet to the northern
most boundary (also referred to as the landside boundary) of the
Yazoo-Mississippi Delta Levee Commission property; thence
South 50 degrees, 44 minutes, 06 seconds West along the said southern boundary
of the Yazoo-Mississippi Delta Levee Commission property for 249.77 feet to a
point; thence
South 97 degrees, 57 minutes, 16 seconds East for 560.07 feet to a point; thence
South 44 degrees, 02 minutes, 26 seconds East for 431.02 feet to a point; thence
South 29 degrees, 52 minutes, 26 seconds East for 145.96 feet to a point; thence
South 31 degrees, 16 minutes, 14 seconds East for 487.57 feet to the said
"Point of Beginning", containing 6.04 acres, more or less.
Bearings in the above description have an origin of TRUE NORTH based on
computations from celestial observations.
17
BOOK 141 PAGE 380
TRACT 4*
A tract of land situated in the Southwest 1/4 of Section 11, Township 3 South,
Range 11 West, Tunica County, Mississippi and more particularly described as
follows:
Commencing from a point representing the southwest corner of Section 11,
Township 3 South, Range 11 West, Tunica County, Mississippi, thence North 0
degrees, 14 minutes, 36 seconds West along a line representing the western line
of said Section 14 for 130.00 feet to the "Point of Beginning" of the tract
herein described; thence
North 6 degrees, 14 minutes, 14 seconds West along a line representing the west
line of said Section 11 for 346.00 feet to a point; thence
North 89 degrees, 39 minutes, 36 seconds East for 20.00 feet to a point; thence
South 0 degrees, 14 minutes, 36 seconds East for 948.09 feet to a point; thence
South 89 degrees, 39 minutes, 36 seconds West for 36.00 feet to the said
"Point of Beginning", containing 0.4339 acres, more or less.
Bearings in the above description have an origin of TRUE NORTH based on
computation from celestial observations.
18
BOOK 141 PAGE 381
TRACT 8*
A tract of land situated in Section 11, Township 3 South, Range 11 West, Tunica
County, Mississippi and more particularly described as follows:
Commencing from an iron pin representing the southwest corner of Section 11,
Township 3 South, Range 11 West, Tunica County, Mississippi, North 19 degrees,
39 minutes, 34 seconds East for 20.08 feet to the said "Point of Beginning" of
the tract herein described; thence
North 39 degrees, 39 minutes, 36 seconds East for 120.01 feet to a point; thence
North 8 degrees, 14 minutes, 36 seconds West for 1124.29 feet to a point; thence
North 11 degrees, 45 minutes, 30 seconds East for 190.77 feet to a point; thence
North 1 degree, 08 minutes, 48 seconds East for 600.56 feet to a point; thence
North 7 degrees, 37 minutes, 18 seconds East for 401.94 feet to a point on the
northern boundary of the Yazoo-Mississippi Delta Levee Commission property;
thence
North 83 degrees, 08 minutes, 40 seconds West along the said southern boundary
for 38.02 feet to a point; thence
South 30 degrees, 23 minutes, 00 seconds West and continuing along the said
southern boundary for 223.42 feet to a point; thence
South 0 degrees, 14 minutes, 36 seconds East for 4083.02 feet to the said
"Point of Beginning", containing 6.82 acres, more or less.
Bearings in the above description have an origin of TRUE NORTH based on
computations from celestial observations.
