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RESOLUTION TO RELEASE PROPERTY TO FROLIC FOOTWEAR, INC.
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WHEREAS, Frolic Footwear, Inc., an industry of the City of Jonesboro, has requested the City of Jonesboro and the bondholders of the City of Jonesboro, Arkansas Industrial Revenue Bonds, Series 1961, dated November 1, 1961, to release the following described tract of land to-wit:
A part of Lot 10 of Cobb and Lee’s Survey of the Northwest Quarter of Section 17, Township 14 North, Range 4 East, more particularly described as follows: Commence at the Southeast Corner of the Southwest Quarter of the Southwest Quarter of the Northwest Quarter of Section 17, Township 14 North, Range 4 East; thence North 1° 13’ East 31.2 feet to the North right-of-way line of Aggie Road; thence West along the North right-of-way line of Aggie Road 248.2 feet to the point of beginning proper; thence East along the North right-of-way line of Aggie Road 70 feet; thence North 196.2 feet to the Southwesterly right-of-way line of St. Louis San Francisco Railway switch track; thence in a Northwesterly direction along the Southwesterly right-of-line of St. Louis San Francisco Railway switch track 124.6 feet, more or less, to a point 300.3 feet due North of the point of beginning; thence South 300.3 feet to the point of beginning.
From the terms of a Lease dated November 1, 1961 between Frolic Footwear, Inc. and the City of Jonesboro, and to subordinate a lien presently existing against said tract of land, which lien is created by a statutory mortgage lien of record in mortgage record book #107, page 420 of the Circuit Clerk of Craighead County, Arkansas, in favor of a new mortgage lien to be placed upon said described tract of land, which now mortgage lien shall be for the purpose of obtaining new and additional funds to be used in the construction of a new building located upon said tract of land, and
WHEREAS, the existing bondholders of such above described bonds have consented and agreed to such, and it is considered by the City Council to be in the best interest of the City of Jonesboro and the best interest of Frolic Footwear, Inc. to allow such new construction;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Jonesboro, Arkansas that the City Council does hereby give its permission and consent to release said described tract of land from the terms of the aforesaid Lease, and to further subordinate the above described mortgage lien existing upon such tract of land in favor and to the benefit of a new mortgage lien to be placed against said land to be security for additional funds which shall be obtained for the purpose of constructing upon said land a new building.
PASSED and ADOPTED this 10th day of July, 1966.