CapitalSource Bank v. Walcott Enterprises Inc et al

Filing 33

JUDGMENT AND DECREE OF FORECLOSURE granting 28 MOTION for Summary Judgment filed by CapitalSource Bank. IT IS, THEREFORE, ORDERED, ADJUDGED & DECREED as follows: A. CapitalSource Bank shall have & recover judgment against Jones Travel Mart Inc & Walcott Enterprises Inc, jointly & severally, & in rem against the Property & the Personalty, in the amount of $1,284.902.78, together with pre-judgment interest in the amount of $184.22 per day from 6/22/11 until date of judgment herein & post-judgment interest at.16% per annum; B. CapitalSource Bank shall additionally have & recover judgment against Defendants Jones Travel Mart Inc & Walcott Enterprises Inc, jointly & severally, & in rem against the Property & the Personalty fo r all costs of this action, reasonable attorney's fees of $15,000.00 & any sums expended pursuant to the Note, the Mortgages & the Security Agreement prior to the sale of the Property & Personalty provided for herein, to bear interest at.16% per annum. Signed by Judge James M. Moody on 9/15/2011. (jct)

IN THE UNITED STATES DISTIUCT COURT

EASTERN DISTRICT OF ARKANSAS

JONESBORO DIVISION

CAPITALSOURCE BANK
v.

PLAINTIFF
CASE NO. CV-3:10 CV00325 JMM

WALCOTT ENTERPlUSES, INC. AND
JONES TRAVEL MART, INC.
NORTHCHASE DEVELOPMENT, INC.;

TIMOTHY J. LEATHERS, COMMISSIONER

OF REVENUES, STATE OF ARKANSAS;

BENNY MAGNESS AND JANIE MAGNESS;

THE CAPITAL BANK; DMC & JRM LLC,

DAVID COOK AND JACKIE McCLURE;

AND PEPSIAMElUCAS, INC.

DEFENDANTS

SEPARATE DEFENDANTS

JUDGMENT AND DECREE OF FORECLOSURE
On this day came on to be heard the Motion for Summary Judgment and suppOlting
documents (docs. 28-29) filed on behalf of CapitalSource Bank ("CapitalSource") and based
upon the pleadings on file herein, the failure of Defendants Walcott Enterprises, Inc. ("Walcott")
and Jones Travel Mart, Inc. ("Jones") as well as Separate Defendant PepsiAmericas, Inc.
("PepsiAmericas") to appear and answer herein and the agreement of the parties who have
appeared in this action, CapitalSource is entitled to judgment as a matter of law and the Court
finds and orders as follows:
1.

CapitalSource is a California industrial bank with its principal place of business in

Chevy Chase, Maryland.
2.
corporation.

Defendant Walcott is an Arkansas corporation. Defendant Jones is a Missouri

3.

Separate Defendant Northchase Development, Inc. is a foreign corporation.

4,

Separate Defendants Benny Magness and Janie Magness (collectively "Magness")

are residents of Baxter County, Arkansas,
5.

Separate Defendant DMC & JRM LLC ("DMC") is an Arkansas limited liability

company.

Separate Defendant David Cook ("Cook") is a resident of Craighead County,

Arkansas. Separate Defendant Jackie McClure ("McClure") is a resident of Craighead County,
Arkansas.
6.

Separate Defendant PepsiAmelicas, Inc. ("PepsiAmericas") is a Delaware

corporation.
7.

Separate Defendant Timothy J. Leathers ("Leathers") is the Commissioner of

Revenues for the State of Arkansas.
8.

The property on which foreclosure is sought is located in Clay, Greene and

Lawrence counties, Arkansas.
9.

This Court has jurisdiction over this matter under 28 U.S.C. § 1332, as there is

complete diversity of citizenship between the parties and the amount in controversy exceeds
seventy-five thousand ($75,000.00) dollars. Venue properly lies in this district pursuant to 28
U.S.C. § 1392 because the action is of a local nature and involves property located in Clay,
Greene and Lawrence counties, within the Eastern District of Arkansas, Jonesboro Division.
10.

On or about December 21, 2005, Defendant Walcott, for valuable consideration,

executed and delivered to MainStreet Lender 7(a), LLC ("MainStreet") one Promissory Note
(the "Note") in the original sum of $1,250,000,00. Plaintiff is the current owner and holder of
the Note,

2

11.

Contemporaneously with the execution and delivery of the Note and to secure

payment of the Note, Walcott executed, acknowledged and delivered to MainStreet that
Mortgage dated December 21, 2005 (the "Clay County Mortgage") covering the property more
particularly described in the Clay County Mortgage including the following described real
property and improvements thereon lying in Clay County, Arkansas (the property covered by the
Clay County Mortgage being hereinafter referred to as the \'Clay County Property"):

LOT 10 IN BLOCK 11 OF TEMPLETON'S THIRD ADDITION TO THE
CITY OF PIGGOT, CLAY COUNTY, ARKANSAS, LESS AND EXCEPT:
BEGINNING AT THE NORTHEAST CORNER OF SAID LOT 10, RUN
THENCE SOUTH 24 FEET; RUN THENCE WEST 109 FEET; RUN
THENCE NORTH 14.2 FEET; RUN THENCE WEST 31 FEET; RUN
THENCE NORTH 9.8 FEET; RUN THENCE EAST 140 FEET TO THE
POINT OF BEGINNING.
AND

ALL OF LOTS 11 AND 12 IN BLOCK 11 OF TEMPLETON'S THIRD
ADDITION TO THE CITY OF PIGGOT, CLAY COUNTY, ARKANSAS.
The Clay County Mortgage was filed of record in the Office of the Circuit Clerk and ExOfficio Recorder of Clay County, Arkansas on December 27, 2005, in Mortgage-E Book 199,
Pages 5520-5528. In the Clay COtmty Mortgage, all rights of redemption and appraisement
under the laws of the State of Arkansas were waived.
12.

The Clay County Mortgage was assigned to CapitalSource pursuant to that

Assignment of MOltgage or Deed of Trust dated March 18,2010, and recorded with the Circuit
Clerk and Ex-Officio Recorder for Clay County, Arkansas on August 16, 2010, in Misc. E Book
28, Pages 690-693.
13.

Contemporaneously with the execution and delivery of the Note and to secure

payment of the Note, Walcott executed, acknowledged and delivered to MainStreet that
Mortgage dated December 21, 2005 (the "Greene County Mortgage") covering the property

3

more particularly described in the Greene County MOligage including the following described
real propeliy and improvements thereon lying in Greene County, Arkansas (the property covered
by the Greene County Mortgage being hereinafter referred to as the "Greene County Property"):

TRACT NO. 1:
LOTS 10 AND llt BLOCK 3 t McDONALDtS THIRD ADDITION TO THE
CITY OF PARAGOULD t ARKANSAS. LESS AND EXCEPT: PART OF
LOT lOt BLOCK 3, McDONALD'S THIRD ADDITION TO THE CITY OF
PARAGOULD, SECTION 31, TOWNSHIP 17 NORTH, RANGE 6 EAST,
GREENE COUNTY, AlU(ANSAS, MORE PARTICULARLY DESCRmED
AS FOLLOWS: STARTING AT TIm SOUTHEAST CORNER OF LOT
10, BLOCK 3, McDONALD'S THIRD ADDITION; THENCE NORTH 00
DEGREES 33 MINUTES 13 SECONDS EAST ALONG THE EAST LINE
THEREOF A DISTANCE OF 83.06 FEET TO A POINT ON THE
SOUTHERLY EXISTING RIGHT OF WAY LINE OF U.S. HIGHWAY
49B; THENCE NORTH 75 DEGREES 24 MINUTES 55 SECONDS WEST
ALONG SAID LINE A DISTANCE OF 150.31 FEET TO A POINT ON
THE PROPOSED RIGHT OF WAY LINE OF U.S. HIGHWAY 49B FOR
THE POINT OF BEGINNING; THENCE SOUTH 52 DEGREES 21
MINUTES 34 SECONDS WEST ALONG SAID PROPOSED RIGHT OF
WAY LINE A DISTANCE OF 27.95 FEET TO A POINT ON THE
EASTERLY EXISTING RIGHT OF WAY LINE OF NORTH 4TH STREET;
TI-mNCE NORTH 00 DEGREES 44 MINUTES 35 SECONDS EAST
ALONG SAID EXISTING RIGHT OF WAY LINE A DISTANCE OF 22.75
FEET TO A POINT ON THE SOUTHERLY EXISTING RIGHT OF WAY
LINE OF U.S. HIGHWAY 49B; THENCE' SOUTH 75 DEGREES 24
MINUTES 57 SECONDS EAST ALONG SAID EXISTING RIGHT OF
WAY LINE A DISTANCE OF 22.56 FEET TO THE POINT OF
BEGINNING.
TRACT NO. 2:
LOTS 7 AND 8, BLOCK 10 OF McDONALD'S FOURTH ADDITION TO
THE CITY OF PARAGOULD, GREENE COUNTY, ARKANSAS.
TRACT NO. 3:
LOTS 8 AND 9, BLOCK 3, McDONALD'S TIURD ADDITION TO THE
CITY OF PARAGOULD, GREENE COUNTY, ARIUNSAS.
The Greene County Mortgage was filed of record in the Office of the Circuit Clerk and
Ex-Officio Recorder of Greene County, Arkansas on December 29, 2005, as Document No.

4

200511790. In the Greene County Mortgage, all rights of redemption and appraisement under
the laws of the State of Arkansas were waived.
14.

The Greene County MOltgage was assigned to CapitalSource pursuant to that

Assignment of Mortgage or Deed of Trust dated March 18, 2010, and .recorded with the Cjrcuit
Clerk and Ex-Officio Recorder for Greene County, Arkansas on June 21, 2010, as Document No.
201004513.
15.

Contemporaneously with the execution and delivery of the Note and to secme

payment of the Note, Walcott executed, acknowledged and delivered to MainStreet that
Mortgage dated December 21, 2005 (the "Lawrence County Mortgage") covering the property
more particularly described in the Lawrence County Mortgage including the following described
real property and improvements thereon lying in Lawrence County, Arkansas (the propelty
covered by the Lawrence County Mortgage being hereinafter referred to as the "Lawrence
Cotmty Propelty"):
LOTS 2, 3, 4, 5, 6, 7, 8, 9 AND 10, BLOCK 1 BOAS THIRD ADDITION TO
THE TOWN OF HOXIE, LAWRENCE COUNTY, ARKANSAS. SUBJECT
TO AN ENCROACHMENT FROM LOT 3, BE·GINNING 6.7 FEET
SOUTH OF THE NORTHWEST CORNER OF LOT 4 AND RUNNING AT
AN ANGLE TO THE NORTHEAST CORNER OF SAID LOT.
The Lawrence County Mortgage was filed of record in the Office of the Circuit Clerk and
Ex-Officio Recorder of Lawrence County, Arkansas on December 28,2005, in Book 155, Pages
56-64. In the Lawrence County Mortgage, all rights of redemption and appraisement under the
laws of the State of Arkansas were waived. The Clay ComIty Mortgage, the Greene County
Mortgage and the Lawrence County MOltgage are collectively referred to herein as the
"MOltgages."

5

16.

The Lawrence County Mortgage was assigned to CapitalSource pursuant to that

Assignment of Mortgage or Deed of Trust dated March 18,2010, and recorded with the Circuit
Clerk and Ex-Officio Recorder for Lawrence County, Arkansas on June 18,2010, in Book 2010,
Pages 5081-5084.
17.

To further secure payment of the loan evidenced by the Note, Walcott executed,

acknowledged and delivered to MainStreet the following assignments of leases and rents: (a)
Absolute Assignment of Leases and Rents dated December 21, 2005, recorded with the Circuit
Clerk and Ex-Officio Recorder for Clay County, Arkansas on December 27, 2005, in Misc. E
Book 23, pages 1316-1325; (b) Absolute Assignment of Leases and Rents dated December 21,
2005, recorded with the Circuit Clerk and Ex-Officio Recorder for Greene County, Arkansas on
December 29, 2005, as Document No. 200511791; and (c) Absolute Assignment of Leases and
Rents dated December 21, 2005, recorded with the Circuit Clerk and Ex-Officio Recorder for
Lawrence County, Arkansas on December 28, 2005, in Book 75, Pages 129-138.
18.

To further secure payment of the loan evidenced by the Note, Walcott executed

and delivered to Main Street that Security Agreement dated December 21, 2005 (the "Security
Agreement") covering the following personalty owned by Walcott:

"Goods, including

Equipment, Fixtures, Fumiture, and Accessions." The personal property covered by the Clay
County Mortgage, the Greene County Mortgage, the Lawrence County Mortgage and the
Security Agreement is hereinafter referred to as the "Personalty."
19.

MainStreet's security interest in the Personalty was perfected by the filing of a

UCC-l Financing Statement with the Arkansas Secretary of State on December 28, 2005, under
Filing Number 61279632915. The foregoing financing statement was continued by that online

6

filing with the Arkansas Secretary of State dated August 2, 2010, with a reference of filing
number 40000017179039.
20.

To further secure payment of the loan evidenced by the Note, Jones executed that

Unconditional Guarantee dated December 21, 2005. (the "Guarantee") pursuant to which Jones
unconditionally guaranteed payment of the amounts due under the Note.
21.

Walcott defaulted in the payments due under the Note and CapitalSource has

previously declared the amounts due under the loan evidenced by the Note wholly due and
payable. Plaintiff's right to foreclose the Mortgages as well as exercise its rights under the
instruments securing the Note has become absolute.
22.

As of June 21, 2011, there was due and owing under the Note, the principal sum

of $1,169,404.13, interest in the amount of $76,267.58, late charges of $8,910.44, taxes paid by
CapitalSource in the amount of $2,511.87, environmental inspection costs of $12,750.00, forced
placed insurance charges of $2,927.26, appraisal costs of $9,600.00, site visit costs of $620.00,
abstracting costs of $1 ,911. 50, together with attorneys fees, pre-judgment interest at the rate of
$184.22 pel' day from and after June 22, 2011, subsequent advances to protect the propeliy
covered by the mortgages and post-judgment interest as provided by law.
23.

Pursuant to the terms of the Guarantee, Defendant Jones is jointly and severally

liable with Defendant Walcott for all amounts due in connection with the loan evidenced by the
Note.
24.
Code Ann. §

The Note, the Mortgages, the Security Agreement, the Guarantee as well as Ark.
16~22-308

obligate the Defendants for the payment of a reasonable attorneys' fee

and costs in enforcing the obligations under the Note, the Mortgages, the Security Agreement
and Guarantee.

7

25.

Separate Defendant Northchase may claim an interest in the Greene COlUlty

Property, the Clay County Property, the Lawrence County Property or the Personalty by virtue
of, among other things, the following: (1) Quitclaim Deed dated September IS, 2008, from
Walcott Enterprises to Northchase.Development recorded.in the..realestate records of Greene
County, Arkansas on September 19, 2008, as Document No. 200808689, recorded in the real
estate records of Clay County, Arkansas on September 18, 2008, in Deed E Book 166, Pages
1149~ 1151

and recorded in the real estate records of Lawrence County, Arkansas on September

19, 2008, in Book 157, Pages 4-6; (2) Mortgage dated December 21, 2005, filed for record on
January 4, 2006, and recorded in Book 155, Pages 166-170 of the records of Lawrence County,
Arkansas; and (3) Mortgage dated December 21, 2005, filed for record on January 13,2006, and
recorded as Docwnent No. 200600419 of the records of Greene County, Arkansas. Any interest
of said Separate Defendant in and to the Greene County Property, the Clay County Property, the
Lawrence County Property or the Personalty is subordinate and inferior to Plaintiff's interest in
said property.
26.

Separate Defendant Leathers may claim an interest in the Greene County

Property, the Clay County Property, the Lawrence County Property and the Personalty by virtue
of, among other things, that Certificate of Indebtedness filed for record on April 30, 2008, as
Instrument No. 200803770 of the records of Greene County, Arkansas. Any interest of said
Separate Defendant in and to the Greene County Property, the Clay County Property, the
Lawrence County Property or the Personalty is subordinate and inferior to Plaintiff's interest in
said property.
27.

Separate Defendants Magness may claim an interest in the Greene County

Property, the Clay County Property, the Lawrence County Property or the Personalty by virtue

8

of, among other things, the following: (1) Mortgage dated January 12, 2008, and recorded on
January 28,2008, in Mortgage Book 202, page 376 of the records of Clay County, Arkansas; (2)
Mortgage dated January 22, 2008, and recorded on January 29, 2008, in Mortgage Book 172,
. page 834 of tile records of Lawrence County, Arkansas; (3) Mortgage dated January 27,2008,
and recorded on Jamlary 28, 2008, as Instrument No. 200800708 of the records of Greene
County, Arkansas; (4) Lis Pendens in Clay County Circuit Court No. CY-2009-118 recorded on
December 28,2009, in Lis Pendens Book-E 7, page 18 of the records of Clay County, Arkansas;
and (5) Lis Pendens in Lawrence County Circuit Court No. CY-2010-12 recorded on January 25,
2010, in Book-Page C-0732 of the records of Lawrence County, Arkansas. Any interest of said
Separate Defendant in and to the Greene County Property, the Clay County Propelty, the
Lawrence County Property or the Personalty is subordinate and inferior to Plaintiffs interest in
said property.
28.

Separate Defendants DMC, Cook and McClure may claim an interest in the

Greene County Property, the Clay' County Property, the Lawrence County Property or the
Personalty by virtue of, among other things, that lease between Walcott Enterprises, Inc. dba
Kelly's Kwick Marts Kelly Jones, Lessor, to DMC&JRM LLC, David Cook and Jackie McClure
dated June 27, 2008, and memorandum recorded November 7, 2008, in Miscellaneous Record
26, Page 1261 of the records of Clay County, Arkansas and as Document No. 200810016 of the
records of Greene County, Arkansas. Any interest of Separate Defendants DMC, Cook and
McClure in and to the Greene County Property, the Clay County Property, the Lawrence County
Property or the Personalty are subordinate and inferior to Plaintiffs interest in the Property.
29.

Separate Defendant PepsiAmericas may claim an interest in the Greene County

Property, the Clay County Property, the Lawrence County Property or the Personalty by virtue

9

of, among other things, that Consent Judgment in Greene County Circuit Case No. CV-2008­
126, recorded in the records of Greene County, Arkansas. Any interest of Separate Defendant
Pepsi in and to the Greene County Property, the Clay County Property, the Lawrence County
PropeliY0r the Personalty jssubordinateand inferior to Plaintif"f.s interest in .the Propelty.
30.

Plaintiff has a lien upon the Greene County Propelty, the Clay County Property,

the Lawrence County Property and the Personalty which is first, paramount and prior to the right,
title, claim, lien and interest of all others.

31.

As a result of the above described default, Plaintiff is entitled to recover

judgment against the Defendants Walcott and Jones, jointly and severally, as well as against the
Propelty and the Personalty for all amounts due under the Note, the Mortgages, the Guarantee,
and the Security Agreement and to foreclose its interests in the Property and the Personalty.
Plaintiffs right to foreclose has become absolute.
IT IS, THEREFORE, ORDERED, ADJUDGED AND DECREED as follows:
A.

CapitalSource shall have and recover judgment against Defendants Walcott and

Jones, jointly and severally, and in rem against the Property and the Personalty, in the amount of
$1,284,902.78 together with pre-judgment interest in the amount of $184.22 per day from June
22, 2011 until the date ofjudgment herein and post-judgment interest as provided below.

B.

CapitalSource shall additionally have and recover judgment against Defendants

Walcott and Jones, jointly and severally, and in rem against the Propelty and the Personalty for
all costs of this action, reasonable attorneis fees in the amount of $15,000.00 and any sums
expended pursuant to the Note, the Mortgages and the Security Agreement prior to the sale of the
Property and Personalty provided for herein.

10

C.

All amounts awarded pursuant to this Judgment shall bear interest from and after

the date of entry of this Judgment at the judgment rate of .16% per annum.
D.

111at the judgments described in paragraphs (A) and (B) above and the Mortgages,

Security Agreement constitute the first and prior liens. tlpon the PrQperty and the

P~:rsonalty

an,d

are superior to all other interests held or claimed in and to the Property and the Personalty
including without limitation, any and all interests claimed by the Defendants and Separate
Defendants, all rights or possibilities of dower or homestead, appraisement, any rights of
redemption and the rights of any and all persons claiming under the foregoing.
E.

In the event the foregoing sums are not paid within ten (l0) days from the date of

this Judgment, the Circuit Clerk of Greene County, Arkansas, who is hereby appointed
Commissioner, shall sell the Property and the Personalty at the door of the Greene County
Courthouse in Paragould, Arkansas, at public auction, to the highest bidder, the date and hour of
such sale to be fixed by said Commissioner. The Property and the Personalty shall be sold
together. Upon such sale all rights, titles, interests, estates and equity or possibilities of dower,
redemption, curtesy, homestead or appraisement of the Defendants and Separate Defendants in
the Property and the Personalty, or anyone claiming by, through or under them shall be
foreclosed and forever barred.
F.

The Commissioner will give notice of such sale once a week for at least four (4)

consecutive weeks prior to the sale in at least one newspaper regularly issued and of general
circulation in Greene County, Lawrence County and Clay County, Arkansas, where the Property
and the Personalty are situated.
G.

The Propelty and the Personalty shall be sold on a credit of thirty (30) days. The

purchaser on the date of sale shall be required to pay the full purchase price or pay ten (l0)

11

percent of the purchase price which is non-refundable and execute a bond, with a commercial
corporate surety, bearing interest from the date of sale in the amount of the remainder of the
purchase price until paid at the rate of five and three-quarters percent (5.75%) per annum, the
payment of said purchase priceto..he se.curedhy .aJien upon the purchased property; pTQyjdy.d,
however, that if the Plaintiff becomes the purchaser at the sale for an amount not in excess of its
judgment, interest and costs herein, in lieu of giving bond, it may credit the amount of its bid,
less the cost of these proceedings, including the Commissioner's fee, on the judgment herein
rendered at the time of confirmation of such sale, which credit shall be an extinguishment of its
judgment with respect to the Property and the Personalty to the extent of such credit; and
provided further that if its bid shall exceed the amount of the Judgment, interest and costs, it
should be required to give bond only for the overplus. Any such overplus from the sale of the
Property and the Personalty, over and above the Plaintiffs Judgment, interest, and costs shall be
paid over to the registry of the comt and anyone who claims an equitable or legal interest in and
to all or a portion of the overplus shall petition the COlUt for a determination of each pal1y's
priority of interest and aliquot shares or proration, if any, thereunto said surplus. Should any
successful bidder fail to perform under the instructions of the Commissioner at time of sale, then
that bid shall be void and set aside. The Commissioner thereafter shall find that the Property and
the Personalty be awarded to the next successive higher bidder, until performance is rendered.
H.

Such sale of the Property and the Personalty shall constitute a permanent bar to

and shall foreclose all rights of redemption, dower, curtesy, homestead and appraisement and all
other right, title, claim and interest in the Property which Defendants and Separate Defendants,
as well as their heirs, personal representatives, successors or assigns or anyone claiming by,
through or under the foregoing, may claim with respect to the Property and the Personalty.

12

1.

The Commissioner will report to the Court all actions taken hereunder.

J.

In the event the Judgment herein awarded is not paid as directed and the Property

and the Personalty are sold by the Commissioner at a foreclosure sale, then upon application to
the Clerk of this .Court by the .successful for.eclosure .sale purchaser, o.r..theputch.aser'.s .~1tQfIlEly',
showing that the possession of the purchased property has been withheld from such purchaser,
the Clerk will issue and deliver forthwith to the Sheriff of whichever county where the property

in question is located, a Writ of Assistance to enforce delivery of possession of the purchased
property to the purchaser.
IT IS SO ORDERED.

Q---- ~

VV1

~~

~:E;;S~ TES DISTRiCTJUDGE
DATE: ~
\
-z..u \ \

2,

13

AGREED::

OFFICE

FRIDAY, ELDREDGE & CLARK, LLP
400 West Capitol, Suite 2000
Little Rock,R. 72201
(501) 310- 04

OF

LEGAL

P. O. Box 1272
Little Rock, Arkansas 72203
(5(jlr(j82~/030

By:--IP'1'++1'---,-'--,.."
Har.

REVENUE

COUNSEL

..........­

_ - -..

Attonwys./iJr CapiluL(jource Bank
Attorne.vsfor Department of Finance &.
Administration

QUA'JTLEBAUM, GROOMS, TULL
& BURROW .PLLC
111 Cenler Street, Suite 1900
LillIe Rock, Arkansas 7220 I
(SOl) 379~ 1700

JOHNSON, SANDERS & MORGAN
p, O. Box 2308

Mountain Home, Arkansas 72654
(870) 425-212:6
B y:

.
..__.._.._ _
Geofti·cy B. Treece, #84146
By:

Roger L. Morgan, #85113

Attorneys/or Nortfwhase Development, inc.

SNELLGROVE, LANGLEY,
CULPEPPER, W.I.LLIAMS & MUtLALLY
P. O. Box 1346
Jonesboro, ArlGlhSaS 72403

Atforneysfol' Hanny Magness and
Janie Magness

(870) 932·8357

By:____
.
Matt .Modelevsky, #2004106
Attorneys/or DMC & JRM, LLe, David
Cook and Jackie McClure

14

09/09/2011 21:44 FAX [phone]

JOHNSON SANDERS nrORGAN

IgJ002

AGREED::

FRIDAY, ELDREDGC &;. CLARK. LLP

OFFICE
OF
COUNSEL

LlOO West Capitol, Suite 2000

Little-R()ck,'AR 722'0\

REV[~NUE

LEGAL

·P,·O.B6X/172
Little Hock, Arkunsas 72203

(50 I) 682·7030

[phone]

13 y:..__

_
..
[·Imry A. Light, 1/89222

.

By: _._.

._. .-_. . _

Michael.!. Wehrle, #92036

Atlorneys/or CapitalSource Bank
Atiurfl(~)),\'.li.Jr D£q}{/J'fnuml (~lFil1al1ce &:

Ii dmil'1iSf.raliol1

QUATrLEBA LIM.• GROOMS. TllLL
& BURROW PLLe
I I I Center Street, Su itel900
Little Rock, Arkansas 7220 I
(50 I) 379·1 700

By:_
_.. ._ _ _ .
..
Geofli'ey B. Treece, lf84146

AflOrJ1eysp,f' Norf!ichas(! Del'e!opment, Inc,
A{(orney,~jor

SNELLGROVE, LANGLEY,
CULPEPPER. W1LLJAMS & MULLALL,Y
P. O. Box 1346
Jonesboro, Arkansas 724()3
[phone]

8y:~__..

._..

Benny k1agnesoI' and

Janie ""fagness

_

Matt Modclevsky, #2004106
Attorneys/of' DMC eli J1Uvf, LLe. David

Cook (md Jackie McChll'e

14

AGREED::
FRIDAY, ELDREDGE & CLARK, LLP
400 West Capitol, Suite 2000

OFFICE
OF
REVENUE
COUNSEL
P. O. Box 1272

Little Ro.ck,.Arkansas n2QJ_

[phone]

Little Rock, AR 72201
(501) 370·3304 .

By:
....,-_:-:-:_
HalTY A. Light, #89222

By:

LEGAL

.

Michael J, Wehrle, #92036

Attorneys/or CapitalSource Bank
Attorneys for Department ofFinance &
Administration

QUATTLEBAUM, GROOMS, TULL
& BURROW PLLC
111 Center Street, Suite 1900

Little Rock, Arkansas 72201

JOHNSON, SANDERS & MORGAN

P. O. Box 2308

[phone]

Mountain Home, Arkansas 72654
[phone]

By:

_

Altorneysfor Benny Magness and
Janie Magness

SNELLGROVE, LANGLEY,

CULPEPPER, WILLIAMS & MULLALLY

P. O. Box 1346
Jonesboro, Arkansas 72403
[phone]

By:",.

__,

Roger 1. Morgan, #85113

Attorneys/or Northchase Development, Inc.

,----,--_ _

Matt Modelevsky, #2004106

Attorneys /01' DMC & JRM, LltC, David
Cook and Jackie McClure

14

AGREED::

FRIDAY, ELDREDGE & CLARK, LLP
400 West Capitol, Suite 2000
Little Rock, AR 72201
(SO.]) .3.7D-3.304

REVENUE
LEGAL
OFFICE
OF
COUNSEL
P. O. Box 1272
...Li.ttl.e Ro_ck, Arkansas 122.0.3_ _. __ .
[phone]

By:
_
I-larry A. Light, #89222

By:_---,------:-

---,----~---

Michael J. Wehrle, #92036

Attorneysfor CapitalSource Bank

Attorneys for Department of Finance &

Administrcttion

QUATTLEBAUM, GROOMS, TULL
& BURROW PLLC
111 Center Street, Suite 1900
Little Rock, Arkansas 72201

JOHNSON, SANDERS & MORGAN
P. O. Box 2308

Mountain Home, Atkansas 72654

[phone]

[phone]

By:

---,----__

Geoffrey B. Treece, #84146

By:

Attorneys jor Northchase Development, Inc.

Roger 1. Morgan, #85113

Attorn.eys/or Benny Magness and

Janie Magness

SNELLGROVE, LANGLEY,

CULPEPPER, WILLIAMS & MULLALLY

P. O. Box 1346
Jonesboro, Arkansas 72403
[phone]

By:

_

~" :«l,,~~
odelevsky, #20041

Matt

Attorn.eys for DMC & JRM, LLC, David
Cook and Jackie McClure

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