Exhibit 10.21
LOAN AGREEMENT
THIS LOAN AGREEMENT (this "Agreement") is executed and entered into as
of the 29th day of July, 2005, by and between PARK CITIES BANK ("Lender"), whose
address is 0000 X. Xxxxxxxxxxx Xxxx, Xxxxx 000, Xxxxxx, Xxxxx 00000 and
ENVIROCLEAN MANAGEMENT SERVICES, INC., a Texas corporation ("Borrower"), whose
address is 00000 X. Xxxxxx Xxxxxxx, Xxxxx 000, Xxxxxx, Xxxxx 00000.
PRELIMINARY STATEMENTS
A. In order to finance the acquisition of certain real property located
in Xxxxxx County, Texas, as more particularly described on Exhibit "A" attached
hereto and incorporated herein, Borrower has applied to Lender for a loan in the
amount of $325,000.00 (the "Loan"), which Loan will be secured by a first lien
deed of trust encumbering the such property and a contiguous parcel of land
currently owned by the Borrower, together with all improvements on both parcels
(collectively, the "Property"); and
B. Lender is willing to make the Loan to Borrower subject to the terms
and conditions stated in this Agreement.
NOW, THEREFORE, for and in consideration of Lender's agreement to make
the Loan to Borrower and the mutual covenants contained herein and other good
and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged by the parties hereto, Borrower and Lender hereby agree as
follows:
1. Commitment of Lender. Upon Borrower's compliance with all conditions
set forth in Section 3 of this Agreement, Lender will advance and disburse the
Loan to or on behalf of Borrower to the title agent responsible for closing the
acquisition of the Property to be applied to the purchase price of the Property.
Borrower's execution of a HUD 1 or similar closing statement shall suffice as
written authority of Borrower for Lender to make the advance. The Loan shall be
repaid, secured and is guaranteed according to the terms of the Note, Deed of
Trust, and Guaranty (all as defined below). Once fully advanced, no payment or
prepayment of principal shall entitle Borrower to any additional advances.
2. Loan Documents. Borrower agrees to execute or cause to be executed
contemporaneously herewith or immediately hereafter all of the following
documents:
(a) Promissory Note;
(b) Deed of Trust;
(c) Guaranty Agreement;
(d) Environmental Certificate;
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(e) Closing Certificate; (f) Statute of Frauds Notice;
(g) Attorney Invoice and Representation Disclaimer Letter;
(h) Company Certificate;
(i) Errors and Omissions Letter; and
(j) Such other documents, certificates, affidavits and agreements that
Lender may require prior to advancing proceeds of the Loan.
All of the foregoing and such other agreements, documents and instruments now or
hereafter evidencing, governing, securing or guaranteeing any portion of the
indebtedness evidenced by the Note or the performance and discharge of the
obligations related hereto or thereto, together with any and all renewals,
modifications, amendments, restatements, increases, consolidations,
substitutions, replacements, extensions and supplements hereof or thereof, are
collectively referred to herein as the "Loan Documents."
3. Conditions to Closing. The obligation of the Lender to close the
Loan and to advance the proceeds of the Loan shall be subject to the prior or
simultaneous occurrence or satisfaction of each of the following conditions:
(a) Borrower shall have duly executed (or caused to be duly executed)
and delivered to Lender each of the Loan Documents and provided Lender
with evidence that all necessary action on the part of Borrower has
been taken with respect to the execution and delivery of this the Loan
Documents and the consummation of the transactions contemplated hereby
and thereby, so that the Loan Documents, and each of them, shall be
valid and binding upon Borrower and each other person or entity
obligated thereunder.
(b) Lender shall have received, at Borrower's expense, a mortgagee
policy of title insurance, insuring the lien of the Deed of Trust in
the Stated Principal Amount as a first and superior lien upon the
Property, and containing no exceptions except for those approved by
Lender, in its sole discretion.
(c) Borrower shall have furnished Lender with (i) a current survey of
the Property, prepared by a certified surveying engineer, containing a
metes and bounds perimeter description of the Property, showing the
location of all easements and all other matters of record, certifying
that no part of the Improvements encroach upon any easements or other
encumbrances affecting the Property, certified to Lender, and otherwise
in a form approved by Lender, and (ii) evidence that no portion of the
Property lies in a flood hazard location or if a portion thereof does
lie in a flood hazard plan, evidence that no Improvement is
contemplated to be located on such portion.
4. Financial Reporting. Borrower and Guarantor, as applicable, hereby
covenant and agree to timely deliver to Lender the financial statements, reports
and information described on Schedule 1 attached hereto and made a part hereof
for all purposes. All of such financial statements an d reports shall be
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prepared in accordance with accurate accounting principles and procedures,
applied on a consistent basis in a manner, and in form and substance reasonably
satisfactory to Lender, and shall in all respects present a true, correct,
complete and fair representation of the financial position of the reporting
party and shall be prepared and certified as to accuracy by an independent
certified public accountant or representative o f the reporting party acceptable
to Lender. Lender is hereby authorized to disclose to any assignee or
participant (or proposed assignee or participant) any financial or other
information in its knowledge or possession regarding Borrower, any Guarantor,
the Property or the Loan.
5. Leases. Borrower represents and warrants that there are no leases
pertaining to the Property as of the date hereof. From and after the date hereof
and at all time during the term of the Loan, (a) each new Lease will be with
tenants, on a form of tenant lease with rental rates and terms, approved by
Lender, or otherwise shall be delivered to Lender for approval prior to
execution by Borrower, and (b) Borrower shall deliver to Lender executed
counterparts of all Leases, and each Lease shall contain a written provision
acceptable to Lender whereby all rights o f the ten ant in the Lease and the
Property are subordinated to the liens and security interests granted in the
Loan Documents, and at the option of Lender, Borrower shall cause to be executed
and delivered to Lender a subordination and non-disturbance agreement, in form
and substance acceptable to Lender, relating to each Lease, and fully executed
by Lender, Borrower and such tenant. Borrower hereby covenants and agrees that
Borrower shall at all times during the term of the Loan comply with all terms
and conditions of the Leases.
6. Event of Default. The occurrence of any of the following shall
constitute an event of default hereunder (an "Event of Default"):
(a) Borrower shall fail to pay when due any installment of principal or
interest or any other monetary obligation arising under the Note or any
of the other Loan Documents and such failure shall continue for ten
(10) days after written notice thereof; provided, however, Borrower
shall only be entitled to three (3) such notices during the term of the
Loan, after which Lender may proceed without notice to Borrower.
(b) Any representation or warranty made by Borrower or any Guarantor
(Borrower and each of the Guarantors are sometimes referred to herein
as an "Obligated Party") in any of the Loan Documents or in any
certificate, report, notice or financial statement furnished at any
time in connection with the Note shall be false, misleading or
erroneous in any material respect when made.
(c) Any Obligated Party shall fail to perform, observe or comply with
any nonmonetary covenant, agreement or term contained in the Note or
any of the other Loan Documents and such failure continues for thirty
(30) days after written notice thereof, or, if such failure is by its
nature not susceptible of cure within said initial thirty (30) day
period, for such longer period of time (not to exceed an additional
sixty (60) days), so long as Borrower commences such cure during said
initial thirty (30) day period and thereafter diligently prosecutes its
completion.
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(d) Any Obligated Party shall commence a voluntary proceeding seeking
liquidation, reorganization or other relief with respect to their debts
under any bankruptcy, insolvency or other similar law now or hereafter
in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of them or a
substantial part of their property or shall consent to any such relief
or to the appointment of or taking possession by any such official in
such a proceeding commenced against them or shall make a general
assignment for the benefit of creditors or shall generally fail to pay
their debts as they become due or shall take any action to authorize
any of the foregoing.
(e) Any involuntary proceeding shall be commenced against any Obligated
Party seeking liquidation, reorganization or other relief with respect
to their debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official for them or a
substantial part of their property, and such involuntary proceeding
shall remain undismissed and unstayed for a period of ninety (90) days.
(f) If any one or more of the Loan Documents shall be terminated,
revoked, or otherwise rendered void or unenforceable, in any case,
without Lender's prior written consent, and such Loan Document or
portion thereof that was effected is not replaced with a substantially
similar agreement, instrument or deed within thirty (30) days of notice
from Lender.
(g) If any Obligated Party shall allow the levy against all or any
material part of the Property of any execution, attachment,
sequestration or other writ which is not vacated within ninety (90)
days after the levy.
(h) Except as provided in Section 18 hereof, the sale, encumbrance,
lease or other unauthorized transfer or disposition of all or any
portion of the Property without the express written consent of Lender,
which consent Lender shall be en titled to withhold in its sole
discretion.
(i) If the Borrower fails to comply with any material requirements of
any governmental authority within thirty (30) days after Borrower shall
have received written notice thereof; provided, however, it shall not
be an Event of Default if Borrower contests an assessment in accordance
with the provisions applicable thereto in the Deed of Trust.
(j) If a material portion of the Property is taken or threatened to be
taken by eminent domain, so that, in Lender's reasonable discretion,
the remaining portion of the Property would not be have sufficient
value to support the remaining principal balance of the Loan after the
proposed recovery is applied to the indebtedness.
(k) The rendering of one or more judgments or decrees for the payment
of money in excess of $50,000.00 (in the aggregate), against any
Obligated Party, and such judgment or decree has not been vacated,
bonded or stayed by appeal or otherwise, for a period of sixty (60)
consecutive days after the date of entry of the final order pertaining
thereto.
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(l) A lawsuit or other proceeding shall be filed against any Obligated
Party and such lawsuit or proceeding shall not be dismissed within
ninety (90) days of such filing, and Lender determines, in its
reasonable discretion, that the amount of recovery sought or
anticipated to be sought, the cost of defense, or the allegations
contained therein materially impair the ability of such Obligated Party
to pay the indebtedness evidenced by the Note and the Loan Documents.
(m) Any Obligated Party shall default beyond any applicable grace or
cure period in the payment of any other debt or obligation related
thereto in excess of $10,000.00 (in the aggregate), or shall default in
the performance of any other material agreement binding upon such
Obligated Party or their respective assets or properties, including but
not limited to, all other obligations of an Obligated Party to Lender,
now existing or hereafter arising, it being acknowledged that Guarantor
is also the guarantor of other loans from Lender.
(n) The death of Guarantor, or any formal attempt to revoke or
terminate the Guaranty by Guarantor.
(o) The default beyond any applicable cure period of Borrower under the
Required Lease.
7. Remedies. Upon the occurrence of an Event of Default, Lender shall
have the immediate right, at the sole discretion of Lender without notice or
demand and without prejudice to any other right of Lender, to: (i) declare the
entire unpaid balance of the Note and all accrued but unpaid interest at once
immediately due and payable (and the same shall be at once immediately due and
payable and the same may be collected forthwith), (ii) foreclose and enforce all
liens and security interests securing payment thereof, and (iii) exercise any of
Lender's other rights, powers, recourses and remedies under the Note or any of
the other Loan Documents, or at law or in equity. Except as may be prohibited by
applicable law, all of Lender's rights and remedies shall be cumulative and may
be exercised singularly or concurrently. Election by Lender to pursue any remedy
shall not exclude pursuit of any other remedy, and an election to make
expenditures or to take action to perform an obligation of any Obligated Party
shall not affect Lender's right to declare an Event of Default and to exercise
its rights and remedies.
8. Indemnification. The Borrower agrees to indemnify, defend and hold
the Lender and its shareholders, employees, officers, directors, agents and
attorneys harmless from and against any and all loss, liability, obligation,
damage, penalty, judgment, claim, deficiency and expense (including interest,
penalties, reasonable attorneys' fees and amounts paid in settlement) to which
the Lender or its shareholders, employees, officers, directors, agents and
attorneys may become subject arising out of or based upon or arising from the
occurrence of an Event of Default by Borrower, or which arises out of or in
connection with the Property, except for gross negligence or willful misconduct
of Lender.
9. Expenses. Notwithstanding any provision hereof to the contrary, the
Borrower shall pay all out-of-pocket expenses (including, without limitation,
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the reasonable fees and expenses of counsel for the Lender) in connection with
the negotiation, preparation, execution, filing, recording, refiling,
re-recording, modification and supplement of the Loan Documents and the making,
servicing and collection of the Loan.
10. General Interest and Usury Provisions.
(a) Savings Clause. It is expressly stipulated and agreed to be the
intent of Borrower and Lender at all times to comply strictly with the
applicable Texas law governing the maximum rate or amount of interest
payable on the indebtedness evidenced by the Note and the Related
Indebtedness (as hereinafter defined) or applicable United States
federal law to the extent that it permits Lender to contract for,
charge, take, reserve or receive a greater amount of interest than
under Texas law. If the applicable law is ever judicially interpreted
so as to render usurious any amount (i) contracted for, charged, taken,
reserved or received pursuant to the Note, any of the other Loan
Documents or any other communication or writing by or between Borrower
and Lender related to the transaction or transaction s that are the
subject matter of the Loan Documents, (ii) contracted for, charged,
taken, reserved or received by reason of Lender's exercise of the
option to accelerate the maturity of the Note and/or the Related
Indebtedness, or (iii) Borrower will have paid or Lender will have
received by reason of any voluntary prepayment by Borrower of the Note
and/or the Related Indebtedness, then it is Borrower's and Lender's
express intent that all amounts charged in excess of the Maximum Lawful
Rate shall be automatically canceled, ab initio, and all amounts in
excess of the Maximum Lawful Rate theretofore collected by Lender shall
be credited on the principal balance of the Note and/or the Related
Indebtedness (or, if the Note and all Related Indebtedness have been or
would thereby be paid in full, refunded to Borrower), and the
provisions of the Note and the other Loan Documents shall immediately
be deemed reformed and the amounts thereafter collectible hereunder and
thereunder reduced, without the necessity of the execution of any new
document, so as to comply with the applicable laws, but so as to permit
the recovery of the fullest amount otherwise called for hereunder and
thereunder; provided, however, if the Note has been paid in full before
the end of the stated term of the Note, then Borrower and Lender agree
that Lender shall, with reasonable promptness after Lender discovers or
is advised by Borrower that interest was received in an amount in
excess of the Maximum Lawful Rate, either credit such excess interest
against the Note and/or any Related Indebtedness then owing by Borrower
to Lender and/or refund such excess interest to Borrower. Borrower
hereby agrees that as a condition precedent to any claim seeking usury
penalties against Lender, Borrower will provide written notice to
Lender, advising Lender in reasonable detail of the nature and amount
of the violation, and Lender shall have sixty (60) days after receipt
of such notice in which to correct such usury violation, if any, by
either refunding such excess interest to Borrower or crediting such
excess interest against the Note and/or the Related Indebtedness then
owing by Borrower to Lender. All sums contracted for, charged, taken,
reserved or received by Lender for the use, forbearance or detention of
any debt evidenced by the Note and/or the Related Indebtedness shall,
to the extent permitted by applicable law, be amortized, prorated,
allocated or spread, using the actuarial method, throughout the stated
term of the Note and/or the Related Indebtedness (including any and all
renew al and extension periods) until payment in full so that the rate
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or amount of interest on account of the Note and/or the Related
Indebtedness does not exceed the Maximum Lawful Rate from time to time
in effect and applicable to the Note and/or the Related Indebtedness
for so long as debt is outstanding. In no event shall the provisions of
Chapter 346 of the Texas Finance Code (which regulates certain
revolving credit loan accounts and revolving triparty accounts) apply
to the Note and/or any of the Related Indebtedness. Notwithstanding
anything to the contrary contained herein or in any of the other Loan
Documents, it is not the intention of Lender to accelerate the maturity
of any interest that has not accrued at the time of such acceleration
or to collect unearned interest at the time of such acceleration. The
terms and provisions of this paragraph shall control and supersede
every other term, covenant or provision contained herein, in any other
Loan Document or in any other agreement between the Borrower and
Lender.
(b) Ceiling Election. To the extent that Lender is relying on Chapter
303 of the Texas Finance Code to determine the Maximum Lawful Rate
payable on the Note and/or any other portion of the Related
Indebtedness, Lender will utilize the weekly ceiling from time to time
in effect as provided in such Chapter 303, as amended. To the extent
United States federal law permits Lender to contract for, charge, take,
receive or reserve a greater amount of interest than under Texas law,
Lender will rely on United States federal law instead of such Chapter
303 for the purpose of determining the Maximum Lawful Rate.
Additionally, to the extent permitted by applicable law now or
hereafter in effect, Lender may, at its option and from time to time,
utilize any other method of establishing the Maximum Lawful Rate under
such Chapter 303 or under other applicable law by giving notice, if
required, to Borrower as provided by such applicable law now or
hereafter in effect.
(c) Definitions.
(i) As used herein, the term "Maximum Lawful Rate" shall mean the
maximum lawful rate of interest which may be contracted for, charged,
taken, received or reserved by Lender in accordance with the applicable
laws of the State of Texas (or applicable United States federal law to
the extent that such law permits Lender to contract for, charge, take,
receive or reserve a greater amount of interest than under Texas law),
taking into account all Charges made in connection with the transaction
evidenced by the Note and the other Loan Documents.
(ii) As used herein, the term "Charges" shall mean all fees, charges
and/or any other things of value, if any, contracted for, charged,
taken, received or reserved by Lender in connection with the
transactions relating to the Note and the other Loan Documents, which
are treated as interest under applicable law.
(iii) As used herein, the term "Related Indebtedness" shall mean any
and all indebtedness paid or payable by Borrower to Lender pursuant to
the Loan Documents or any other communication or writing by or between
Borrower and Lender related to the transaction or transactions that are
the subject matter of the Loan Documents, except such indebtedness
which has been paid or is payable by Borrower to Lender under the Note.
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11. Notices. Any notice or demand required hereunder shall be deemed to
be delivered when deposited in the United States mail, postage prepaid,
certified mail, return receipt requested, addressed to Borrower or Lender, as
the case may be, at the address set out hereinbelow, or at such other address as
such party may hereafter deliver in accordance herewith. Any other method of
delivery or demand shall be effective only when actually received by the
recipient thereof. If and when included within the term "Borrower" or "Lender"
there are more than one person, all shall jointly arrange among themselves for
their joint execution and delivery of a notice to the other specifying some
person at some specific address for the receipt of all notices, demands,
payments or other documents. All persons included within the terms "Borrower" or
"Lender," respectively, shall be bound by notices, demands, payments and
documents given in accordance with the provisions of this paragraph to the same
extent as if each had received such notice, demand, payment or document.
12. Governing Law. This Agreement and each of the other Loan Documents
shall be deemed a contract and instrument made under the laws of the State of
Texas, Lender's principal place of business, and shall be construed and enforced
in accordance with and governed by the laws of the State of Texas and the laws
of the United States of America. Borrower hereby irrevocably submits to the
non-exclusive jurisdiction of the State and Federal Courts of the State of Texas
and agrees and consents that service of process may be made upon Borrower in any
legal proceeding relating to any of the Loan Documents by any means allowed
under Texas or Federal law. Venue for any legal proceedings may be Dallas
County, Texas, provided that Lender may choose any venue in any state which it
deems appropriate in the exercise of its sole discretion.
13. Relief in Bankruptcy. Borrower hereby agrees that, in consideration
of the recitals and mutual covenants contained herein, and for other good and
valuable consideration, in the event Borrower shall (i) file with any bankruptcy
court of competent jurisdiction or be the subject of any petition under Title 11
of the U.S. Code, as amended, (ii) be the subject of any order for relief issued
under such Title 11 of the U.S. Code, as amended, (iii) file or be the subject
of any petition seeking any reorganization rearrangement, composition,
adjustment, liquidation, dissolution, or similar relief under any present or
future state act or law relating to bankruptcy, insolvency or other relief for
debtors, (iv) have sought or consented to or acquiesced to any appointment of
any trustee, receiver, conservator, or liquidator, (v) be the subject of any
order, judgment or decree entered by any court of competent jurisdiction
approving a petition filed against such part for any reorganization,
rearrangement, composition, adjustment, liquidation, dissolution, or similar
relief under any present or future federal or state act of law relating to
bankruptcy, insolvency or relief for debtors, Lender shall thereupon be entitled
to relief from the automatic stay imposed by Section 362 of Title 11 of the U.S.
Code, as amended, or otherwise, on or against the exercise of the rights and
remedies otherwise available to Lender as provided herein, in any of the other
Loan Documents, and as otherwise provided by applicable state and federal law.
14. Survival; Parties Bound. All representations, warranties, covenants
and agreements made by or on behalf of the Borrower in connection herewith shall
survive the execution and delivery of the Loan Documents, shall not be affected
by any investigation made by or on behalf of Lender, and shall bind the Borrower
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and its successors, trustees, receivers and assigns and inure to the benefit of
the successors and assigns of the Lender. The term of this Agreement shall be
until the later of the final maturity of the Note and the payment of all amounts
due under the Loan Documents.
15. Counterparts. This Agreement may be executed in several identical
counterparts, and by the parties hereto on separate counterparts, and each
counterpart, when so executed and delivered, shall constitute an original
instrument, an d all such separate counterparts shall constitute but one and the
same instrument.
16. Severability. If any provision of any of the Loan Documents shall
be invalid, illegal or unenforceable in any respect under any applicable law,
the validity, legality and enforceability of the remaining provisions shall not
be affected or impaired thereby.
17. Captions. The headings and captions appearing in the Loan Documents
have been included solely for convenience and shall not be considered in
construing the Loan Documents.
18. ENTIRE AGREEMENT. THIS WRITTEN LOAN AGREEMENT AND OTHER LOAN
DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties have executed this Agreement to be
effective as of the day first written above.
LENDER:
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PARK CITIES BANK
By: /s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx, Vice President
BORROWER:
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ENVIROCLEAN MANAGEMENT SERVICES, INC., a
Texas corporation
By: /s/ Xxxxxxx X. Xxxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxxx, President
CONSENT
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The undersigned hereby joins in the execution of this Agreement to
evidence his consent and agreement to the terms and conditions contained herein.
GUARANTOR:
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XXXXXXX X. XXXXXXX, INDIVIDUALLY
By: /s/ Xxxxxxx X. Xxxxxxx
-------------------------------------
XXXXXXX X. XXXXXXX, INDIVIDUALLY
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SCHEDULE 1
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Reporting Requirements
Borrower and Guarantor, as applicable, agree to deliver to Lender the following
statements and reports:
(a) Annual financial statements for Borrower within 120 days of each
fiscal year end, commencing with the fiscal year ending in the year
2005, which are certified as true and correct in all material respects
by an authorized officer of Borrower;
(b) Annual personal financial statements for Guarantor within 14 months
of the date of the previous statements provided to Lender, certified as
true and correct in all material respects by Guarantor;
(c) Federal income tax returns annually for Borrower within 30 days of
filing with the IRS, but in any event by October 31st of the year
following the tax y ear for which the returns are prepared, commencing
with the returns filed for the 2005 tax year;
(d) Federal income tax returns annually for each Guarantor within 30
days of filing with the IRS, but in any event by October 31st of the
year following the tax year for which the return s are prepared,
commencing with the returns filed for the 2004 tax year;
(e) Upon request, such additional financial statements regarding
Borrower, any Guarantor or the Property as may be reasonably requested
by Lender.
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EXHIBIT A
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FIELD NOTE DESCRIPTION OF 0.7835 ACRES (34,131 SQUARE FEET) OF
LAND OUT OF RESTRICTED RESERVE "F", INTERBELT NORTH BUSINESS
CENTER, AS RECORDED IN VOLUME 329, PAGE 6 OF THE XXXXXX COUNTY
MAP RECORDS, SITUATED IN THE XXXXXX XXXXXXXX SURVEY, A-587, IN
XXXXXX COUNTY, TEXAS, SAID 0.7835 ACRE TRACT BEING MORE
PARTICULARLY DESCRIBED BY METES AND BOUND AS FOLLOWS:
BEGINNING at a 5/8" Iron rod found on the Easterly right-of-way line of
Interdrive East (60 feet wide), said Iron Xxx xxxxx the common Westerly corner
of said Restricted Reserve "F" and Restricted Reserve "E" of aforesaid Interbelt
North Business Center;
THENCE S 88*59'00"E, along the North line of Restricted Reserve "F", a distance
of 210.23 feet to a 5/8" Iron Rod found for the common Easterly corner of said
Restricted Reserve "F" and Restricted Reserve "E", said Iron Rod also marks the
Northeasterly corner of the herein described tract;
THENCE S 01*01'00"W, along the Easterly line of Restricted Reserve "F", a
distance of 164.90 feet to a 5/8" Iron Rod found for the Southeasterly corner of
the herein described tract;
THENCE N 88*59'00"W, leaving the Easterly line of Restricted Reserve "F", a
distance of 205.22 feet to a 5/8" Iron Rod found on the Easterly line of
aforesaid Interdrive East, said point marks the Southwesterly corner of the
herein described tract, said point falling on a curve to the left;
THENCE, Northerly, along the Easterly right-of-way line of aforesaid Interdrive
East with said curve to the left, having a central angle of 03*07'12", a radius
of 3030.00 feet, an arc length of 165.00 feet and a chord bearing N 00* 43'21"W,
for a distance of 164.98 feet to the POINT OF BEGINNING and containing as
aforesaid 0.7835 acres (34,131, square feet) of land.
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