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RESOLUTION RELEASING PROPERTY FROM THE LEASE AGREEMENT BETWEEN FROLIC FOOTWEAR AND THE CITY OF JONESBORO
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WHEREAS, Frolic Footwear, Inc., an industry of the City of Jonesboro, has requested the Mercantile Bank of Jonesboro, as Trustee and the City of Jonesboro and the bondholders of the bonds dated January 1, 1957, issued by the Municipal Parking Authority of the City of Jonesboro 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 swathe track; thence in a Northwesterly direction along the Southwesterly right-of-way line of St. Louis San Francisco Railway switch track 124.6 feet, more or less, to a point 300.0 feet to the point of beginning.
From the terms of a Lease dated January 1, 1967 between Frolic Footwear, Inc. and the Peoples Property Association of Jonesboro, Arkansas, and to subordinate a lien presently existing against said tract of land, which lien is created by a mortgage from the Peoples Property Association of Jonesboro, Arkansas to the Jonesboro Municipal Parking Authority, dated January 1, 1957, recorded in mortgage record book #91, page 229 of the Circuit Clerk of Craighead County, Arkansas, and by an Assignment of such mortgage by the City of Jonesboro to the Mercantile Bank, as Trustee, on January 1, 1957, recorded in mortgage record book #91, page 230, office of the Circ...
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