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HomeMy WebLinkAboutProperty - Acquisitions - 902 07 Rooney Wash Property Acquisition (From Fri Rockridge LLC) RESOLUTION NO. (R) 07- 69 A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF ORO VALLEY, ARIZONA, AUTHORIZING AND APPROVING THE PROPERTY TRANSFER AGREEMENT BETWEEN FRI ROCK RIDGE, LLC AND THE TOWN OF ORO VALLEY, TRANSFERRING TO THE TOWN THE PROPERTY KNOWN AS THE "ROONEY WASH PROPERTY" WHEREAS, the Town of Oro Valley is a political subdivision of the State of Arizona vested with all associated rights, privileges and benefits and is entitled to the immunities and exemptions granted municipalities and political subdivision under the Constitution and laws of p the State of Arizona and the United States; and WHEREAS, pursuant to A.R.S. 9-240, the Mayor and Council are authorized to accept land transfers; and WHEREAS, FRI Rock Ridge, LLC desires to transfer to the Town that certain undeveloped parcel of real property called the "Rooney Wash Property"; and WHEREAS, the Town of Oro Valley desires to accept that certain undeveloped parcel of real property called Rooney Wash Property from FRI Rock Ridge, LLC; and WHEREAS, the transfer of the Rooney Wash Property to the Town permits the Town to improve and utilize the Rooney Wash Property for publicly beneficial purposes only. NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Town of Oro Valley, Arizona to authorize and approve the Property Transfer Agreement, attached hereto, transferring the "Rooney Wash Property" from FRI Rock Ridge, LLC to the Town. BE IT FURTHER RESOLVED that the Mayor and any other administrative officials of the Town of Oro Valley are hereby authorized to take such steps as are necessary to execute and implement the terms of the Agreement. PASSED AND ACCEPTED by the Mayor and Town Council of the Town of Oro Valley, Arizona this 6 day of June , 2007. TOWN OF ORO VALLEY Paul H. Loomis, Mayor ATTEST: APAI"'OVED AS TO FORM: aAfc,t-ce 01 I A 41104 Kat - E. Cuvelier, Town Clerk ,�-linda errahan, Town Attorney Date: - 7-C 7 Date: 0 6/0 37 7-- C and Settings\snelson\Local Settings\Temporary Internet Files\OLK26\Resolution re property transfer.doc Town of Oro Valley Attorney's Office/ca/051407 CHICAGO TITLE INSURANCE COMPANY 4:::) 2555 E. Camelback Road, Suite 500, Phoenix, Arizona 85016 Phone: (602) 667-1046 Fax: (602) 667-1086 SEP 0 5 2005 August 30, 2007 Town of Oro Valley 1100 W. La Canada Drive Oro Valley, AZ 85737 Attn: Scott Nelson/Melinda Garrahan Re: Escrow No: 2712515 46 Closing Date: August 30, 2007 Property: Rooney Wash property Oro Valley, Arizona The above escrow has now been completed and we enclose the following: * Copy of closing documents for your records If you have any questions, please contact the undersigned. Very truly yours, CHICAGO TITLE INSURANCE COMPANY Cti2)0i14:1/45/( 4S Ami Meng Commercial Escrow Officer CLOSOTH2 05/05/94 JEH (:) CHICAGO TITLE INSURANCE COMPANY BUYER'S/BORROWER' S SETTLEMENT STATEMENT PAGE: 01 ESCROW NUMBER: 02900-002712515-001 ORDER NUMBER: 02900-002712515 CLOSING DATE: 08/30/07 CLOSER: DeWayne C. Huffman BUYER: Town of Oro Valley SELLER: FRI Rock Ridge, LLC PROPERTY: Rooney Wash property, Oro Valley, Arizona CHARGE BUYER CREDIT BUYER Closing Funds from Buyer 3,453 .62 Settlement or Closing Fee To Chicago Title 638 .00 Title Insurance To Fidelity National Title 763 .62 Lender Endorsement Fee to Fidelity National Title 525 .00 Recording Fees 22 .00 Lender Legal Fees to Fennemore Craig PC ($4700) 1, 500.00 UCC Amendment Fee to Arizona Secretary of State 5 .00 TOTALS $ 3,453 .62 $ 3,453 .62 Setflern: nt Statement CHIC',JO TITLE INSURANCE COMI. ESTIMATED BUYER'S/BORROWER'S SETTLEMENT STATEMENT PAGE: 01 ESCROW NUMBER: 02900-002712515-001 ORDER NUMBER: 02900-002712515 CLOSING DATE: 08/28/07 CLOSER: DeWayne C. Huffman BUYER: Town of Oro Valley SELLER; FRI Rock Ridge, LLC PROPERTY: Rooney Wash property, Oro Valley, Arizona CHARGE BUYER CREDIT BUYER Settlement or Closinv Fee To Chicago Title 638.00 Title Insurance To Fidelity National Title 763.62 Lender Endorsement Fee to Fidelity National Title 525.00 Recording Fees 22.00 Lender Legal Fees to Fennemore Craig PC ($4700) 1,500.00 UCC Amendment Fee to Arizona Secretary of State 5.00 Funds Due From Buyer At Closing 3,453.62 TOTALS $ 3,453 .62 $ 3,453.62 ACCEPTED AND APPROVED FOR CLOSING: ., TOWN OF ORO VALLEY, a political subdivision of the State of Arizona By: Name: yif -17; NON-FOREIGN PERSON AFFIDAVIT THIS AFFIDAVIT is made this .1.Z-iicLday of August, 2007, by FRI ROCK RIDGE, LLC, an Arizona limited liability company ("Transferor"), for the benefit TOWN OF ORO VALLEY, a political subdivision of the State of Arizona (Transferee"). Section 1445(a) of the Internal Revenue Code of 1986 (hereinafter referred to as the "Code"), provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a foreign person. To inform Transferee that withholding of tax is not p required upon the disposition by Transferor of an interest in the real property, the q undersigned hereby certifies the following on behalf of Transferor: 1. Transferor is not a foreign corporation, foreign partnership, foreign trust or foreign estate or other foreign person (as those terms are defined in the Code and Income Tax Regulations); 2. Transferor is not a disregarded entity as defined in §1.1445-2 (b) (2) (iii) of the Income Tax Regulations. ' Identification Number is: 0 6 C'5 07 3. Transferor's U.S. Employer 4. Transferor's address is: 7150 E.Camelback Road, Suite 444,Scottsdale,AZ 85251 Transferor understands that this certification may be disclosed to the Internal Revenue service by Transferee and that any false statement contained in this certification could be punished by fine, imprisonment, or both. Under penalties of perjury, the undersigned declares that it has examined this certification and, to the best of its knowledge and belief, it is true, correct and complete, and the undersigned further declares that it has authority to sign this document on behalf of Transferor. FRI ROCK RIDGE, LLC, an Arizona limited liability company By: FARNAM REALTY, INC., an Arizona corporation Its: Mana - By. Charles B. Duff, President FENNEMORE CRAIG P.C. 3003 North Central Avenue,Suite 2600 Phoenix,Arizona 85012-2913 (602)916-5000 William L. Kurtz Law Offices Direct Phone:(602)916-5372 Phoenix (602)916-5000 Direct Fax: (602)916-5572 Tucson (520)879-6800 wkurtz@fclaw.com Nogales (520)281-3480 Las Vegas (702)692-8000 Denver (303)291-3200 August 23, 2007 HAND DELIVERED Chicago Title Insurance Company 2415 East Camelback Road Suite 100 Phoenix, Arizona 85016 Attention: Mr. DeWayne C. Huffman Commercial Senior Escrow Officer Re: The Lincoln National Life Insurance Company (successor by merger to Jefferson-Pilot Life Insurance Company) $15,000,000 Loan to FRI Rock Ridge, LLC; Rockridge Apartments, 10333 North Oracle Road, Oro Valley, Arizona; Loan No. 023248; 2007 Partial Release; Your Escrow No. 2712515-46 and Fidelity Title Policy No. 27-43-94-2571 Ladies and Gentlemen: Reference is made to (a) your Escrow No. 2712515-46; (b) the ALTA 1970 Loan Policy dated October 15, 2003, Policy No. 27-43-94-2571, as endorsed, (collectively the "Title Policy"), in the amount of $15,000,000, issued by Fidelity National Title Insurance Company, an Arizona corporation ("Fidelity Title"), to our client The Lincoln National Life Insurance Company, an Indiana corporation, successor by merger to Jefferson-Pilot Life Insurance Company, a North Carolina corporation ("Lender"); and (c) the Pro Forma LTAA Endorsement No. 7 and CLTA Forms No. 107.9 and 116.3 (the "Pro Forma Endorsements"), to the Title Policy. As attorneys for Lender, we submit the following closing instructions pertaining to the captioned transaction. Enclosed herewith are the originals of the following documents, both of which are dated July 26, 2007: 1937313.1/CLOSING INSTRUCTIONS LETTER/ ROCKRIDGE APARTMENTS PARTIAL RELEASE RAIG P.C. FENNEMORE , Chicago Title Insurance Company August 23, 2007 Page 2 1. Partial Release and Partial Reconveyance of Deed of Trust, Security Agreement reement and Fixture Filing; and Partial Release of Absolute Assignment of Rents and Profits and Collateral Assignment of Leases (the "Master Partial Release Document"), as executed by Lender. 2. UCC Financing Statement Amendment (the "UCC Amendment"), with respect to the UCC-1 Financing Statement filed October 17, 2003, in File No. 2003 12808894, in the office of the Arizona Secretary of State. You will receive my e-mail our statement for services rendered and costs incurred by our office's counsel to Lender in connection with this matter. It is a condition of closing that you are prepared to wire transfer to our account, the information for which will be on our statement, an amount sufficient to pay our statement. When (a) you are prepared to satisfy all conditions to recordation and comply with the instructions contained herein, and (b) you have received e-mail or telephonic instructions from Lender or our office to do so, THEN AND ONLY THEN, please take the following actions: A. Offer the Master Partial Release for recordation with the Pima County Recorder. B. Offer the UCC Amendment for filing in the office of the Arizona Secretary of State. You will not receive any funds from Lender in connection with this transaction. No part of the escrow, title, filing, recording or other closing costs is chargeable to Lender or our office. We understand that, with the delivery of the enclosed documents and the documents you will receive from FRI Rock Ridge, LLC, an Arizona limited liability company, all of your title requirements will have been met. It is a condition of closing, and you are authorized to offer the Master Partial Release for recording only when you are unconditionally committed and prepared forthwith to issue to Lender Fidelity Title's LTAA Endorsements No. 7 and CLTA Forms No. 107.9 and 116.3 to the Title Policy (the "Endorsements"), in the form of the enclosed marked copies of the Pro Forma Endorsements, dated as of the time of recordation of the last document to be recorded in connection with this transaction. 1937313.1/CLOSING INSTRUCTIONS LETTER/ ROCKRIDGE APARTMENTS PARTIAL RELEASE FENNEMORE CRAIG, P.C. Chicago Title Insurance Company August 23, 2007 Page 3 As soon as you have received confirmation that the applicable documents have actually been recorded, please e-mail or call me at (602) 916-5372 so that we can report to our client. The original and one copy of the Endorsements, together with the original recorded Master Partial Release, with recording information affixed, should be sent to me as soon as possible after closing. In the event you have not recorded the documents by the close of business August 30, 2007, you are to return to me the documents which you receive from Lender or our office on the following business day unless you have received contrary instructions from Lender or our office. It is a further condition of closing that your duly authorized representative indicate your receipt of the documents listed above and your understanding of, and agreement to comply with, these instructions by signing, dating and having the enclosed copy of this letter returned to me. ruly yours, :12;64Qui$6° William L. Kurtz WLK:wk Enclosures 1937313.1/CLOSING INSTRUCTIONS LETTER/ ROCKRIDGE APARTMENTS PARTIAL RELEASE FENNEMORE CRAIG, P.C. Chicago Title Insurance Company August 23, 2007 Page 4 The undersigned acknowledges receipt of the documents listed above and the foregoing escrow instructions and agrees to proceed in strict accordance therewith: CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, for itself and as the agent for FIDELITY NATIONAL TITLE INSURANCE COMPANY, an Arizo corporation By JI BeWayn: C. ff fan Its Duly uthorize, Commercial Senior Escrow Officer Dated: August 11, 2007 cc: Ms. Kathlyn Bireley (By E-mail) J. Lawrence McCormley, Esq. (By E-mail) Beth A. Heath, Esq. (By E-mail) Mr. Dan Cowgill (By E-mail) 1937313.1/CLOSING INSTRUCTIONS LETTER/ ROCKRIDGE APARTMENTS PARTIAL RELEASE 11R-kkV,E0 WIES Order No.: 40003237-ML ?Re0 Foritik EmovseCATS ENDORSEMENT ?octri die Attached to Policy No. 27-43-94 2571 PROFORMA Issued by Fidelity National Title Insurance Company The Company hereby insures the insured against loss or damage which the insured shall sustain by reason of the failure of the land described in Schedule A to now constitute Parcel 1 : Lots 3, 4 and 5 of Cancha Del Golf, according to the map recorded in Book 40 of Maps, Page 39, records of Pima County, Arizona. EXCEPTING THEREFROM THE FOLLOWING: A parcel of land, being a drainage easement, lying in the Southeast one-quarter of Section 12, and the Northeast one-quarter of Section 13, Township 12 South, Range 13 East, Gila and Salt River Base and Meridian, Pima County, Arizona, being a part of CANCHA DEL GOLF Subdivision as recorded in Book 14 at page 28 of Maps and Plats in the Pima County Recorder's Office, more particularly described as follows: Beginning innin at the Southeastern most corner of the Desert Green at Oro Valley subdivision, per g Book 47 of Maps and Plats, page 9, as recorded in the office of the Pima County Recorder, said corner being, on the North right of way of Greenock; Thence North 27°17'00" East, along the Eastern line of said Desert Green at Oro Valley subdivision, a distance of 68.94 feet; Thence Northerly along said Eastern line, along the arc of a 779.51 foot radius curve, to the left, through a central angle of 38°50'12", whose radius point bears North 62°43'00" West, a distance of528.37 feet to the Northeast corner of said Desert Green at Oro Valley; Thence South 77°23'35" West, a distance of 7.73 feet; Thence North 12°02'03" West along the common line between the. Cancha Del Golf Subdivision, as recorded in Book 40 of Maps and Plats, on page 39, and the Oro Valley Estates Subdivision as recorded in Book 13 of Maps and Plats on page 60, a distance of 263.80 feet; Thence North 00°08'35" West, a distance of 231.02 feet; Thence Southeasterly 3.64 feet along the arc of a 1055.45 foot radius curve, to the right, through a central angle of 00°11'52", whose radius point bears South 66°35'08" West; Thence South 23°13'00" East, a distance of 224.84 feet; Thence continuing South 23°13'00" East, a distance of 1 54.49 feet; Thence Southeasterly 588.35 feet along the arc of a 1167.23 foot radius curve, to the left, through a central angle of 28°52'32", whose radius point bears North 66°47'00" East; Washington Form W-1 16.3 CLTA Form 116.3 (6/3/05) Thence South 67°13'13" West, a distance of 88.66 feet; Thence Northwesterly 362.23 feet along the arc of a 1.245.23 foot radius curve, to the right, through a central angle of 16°40'02", whose radius point bears North 40°01 '00" East; Thence Westerly 41 .97 feet along the arc of a 16.00 foot curve, to the left, through a central angle of 150°18'18", whose radius point bears South 56°08'34" West; Thence Southerly 158.90 feet along the arc of a 857.51 foot radius curve, to the right, through a central angle of 10°37'02", whose radius point bears South 86°16'14" West; Thence Southerly 451 .28 feet along the arc of a 615.81 foot radius curve, to the left, through a central angle of 41°59'15", whose radius point bears South 83°06'44" East; Thence North 62°56'17" West, a distance of 70.40 feet; Thence South 41°46'17" East, a distance of 111.40 feet, to a point on the West right of way of the Tucson-Florence Highway/Oracle Road; Thence Southwesterly 70.58 feet along the arc of a 3969.72 footradius curve, to the left, through a central angle of 01°01'07", whose radius point bears South 63°30'25" East; Thence Westerly 49.20 feet along the arc of a 25.00 foot radius curve, to the right, through a central angle of 112°45'15", whos radius point bears North 64°31'32" West, to a point on the North right of way line of Greenock Drive; Thence North 41°46'17" West, a distance of 215.13 feet; Thence Northwesterly 119.03 feet along the arc of a 330.00 foot radius curve, to the let, through a central angle of 20°39'59", whose radius point bears South 47°55'17" West,to the POINT OF BEGINNING. Parcel 2: An easement for ingress and egress appurtenant to Parcel 1 above, as created by the Easement Agreement recorded in Docket 9983, Page 784, described as follows: That part of Block A, Cancha Del Golf, as recorded in Book 14 of Maps and Plats at Page 28, Pima County Recorder's Office, Pima County, Arizona, described as follows: BEGINNING at the most Easterly corner of Lot 3, Cancha Del Golf, as recorded in. Book 40 of Maps and Plats at Page 39, Pima County Recorder's Office, Pima County, Arizona; THENCE on a plat bearing of North 50°52'49" West along the Northeasterly line of Lot 3 a distance of 200.00 feet to an East line of Lot 3; THENCE North 20°26'48" East along the said East line a distance of 13.36 feet; THENCE South 55°30'21" East 171 .6.3 feet; THENCE South 50°52'49" East 33.36 feet to the Southeasterly line of Cancha Del Golf, being Washington Form W-116.3 CLTA Form 116.3 (6/3/.05) • aP oint on the arc of a non-tangent curve concave to the Southeast, a radial line of said curve through said point having a bearing of North 50°24'38" West; THENCE Southwesterly along the said Southeasterly line, along the arc of said curve, to the left, having a radius of 5,061.17 feet and a central angle of 00°18'00" for an arc distance of 26.50 feet to the POINT OF BEGINNING. This endorsement is issued as part of the policy. Except as it expressly states, it does not (i)(i.) modifyany of the terms and provisions of the policy, (ii) modify any prior endorsements, iii extend the Date of Policy, or (iv) increase the Amount of Insurance. To the extent a provision of the policy or a previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is subject to all of the terms and provisions of the policy and of any prior endorsements. Dated: None ShownFidelity National Title INSURANCE COMPANY Hifi , 42,14111 11111 TM Washington Form W-116.3 CLTA Form 116.3 (6/3/05) Order No.: 40003237-ML ENDORSEMENT Attached to Policy No. 27-43-94 2571 PROFORMA Issued By Fidelity National Title Agency The Company hereby insures the owner of the indebtedness secured by the mortgage referred to in paragraph 4 of Schedule A against loss which said Insured shall sustain by reason of any loss of priority of the lien thereof on the estate or interest referred to in Schedule A in the remainder of the land described in Schedule A, occasioned by the execution of a partial reconveyance dated [ , 2007] and recorded [ , _, 2007, in Docket 1 ), Page [ The total liability of the Company under said policy and endorsements therein shall not exceed, in the aggregate, the face amount of said policy and costs which the Company is obligated under the Conditions and, Stipulations thereof to pay. This endorsement is made a part of said policy and is subject to the Exclusions from Coverage, Schedules,.Conditions and Stipulations therein, except as modified by theprovisions hereof. This endorsement is not to be construed as insuring the title to said estate or interest as of any later date than the date of said policy, except as herein expressly provided as to the subject matter hereof. Dated: None Shown la Fidelity National Title INSURANCE COMPANY MANY Countersigned 40 LTAA NO.: 9 (Rev. 4-90) Partial Release - Lender r • Order No.: 40003237-ML ENDORSEMENT Attached to Policy No. 27-43-94-2571 PROFORMA Issued by Fidelity National Title Insurance Company The policy is hereby amended by adding as a named insured therein The Lincoln National Life Insurance Company, an Indiana corporation, it's successors and/or assigns . This endorsement does not extend the coverage of the policy to any later date than Date of Policy, nor does it impose any liability on the Company for loss or damage resulting from (1) failure of such added insured to acquire an insurable estate or interest in the land, or (2) any defect, lien or encumbrance attaching by reason of the acquisition of an estate or interest in the land by such added insured. This endorsement is issued as part of the policy. Except as it expressly states, it does notti) modifydy any of the terms and provisions of the policy, (ii). modify any prior _ y endorsements, (iii)extend the Date of Policy, or.(iv) increase the Amount of Insurance. TO the extent. ap rovision of the policy or a: previous endorsement is inconsistent with an express provision of this endorsement, this endorsement controls. Otherwise, this endorsement is sub'1ectto all of the terms and provisions of the policy and of any prior. endorsement. Dated: None Shown IA. Fidelity National Title INSURANCE C.OMPANY r,: J ww41 Gtv.:A Countersigned- Colorado ountersignedColorado Form 107.9 CLTA Form 107,9 (613105) y- L WHEN RECORDED, ce ��y '� 1w7�� ,if RETURN TO: �i�e 0,��na c0 �c � C� Fennemore Craig, P.C. ;- Suite 2600 3003 North Central Avenue Phoenix, Arizona 85012 Attention: William L. Kurtz PARTIAL RELEASE AND PARTIAL RECONVEYANCE OF DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING; AND PARTIAL RELEASE OF ABSOLUTE ASSIGNMENT OF RENTS AND PROFITS AND COLLATERAL ASSIGNMENT OF LEASES KNOW ALL MEN BY THESE PRESENTS: That THE LINCOLN NATIONAL LIFE INSURANCE COMPANY, an Indiana corporation, successor by merger to JEFFERSON-PILOT LIFE INSURANCE COMPANY, a North Carolina corporation ("Lender"), for good and valuable consideration, is the holder of, among other things, (a) that certain Deed of Trust, Security Agreement and Fixture Filing dated October 15, 2003 (the "Deed of Trust"), by FRI ROCK RIDGE, LLC, an Arizona limited liability company ("Borrower"), as Trustor, in favor of CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, as Trustee, for the benefit of Lender, as Beneficiary, recorded October 15, 2003, in Docket 12156, Page 935, in the office of the Pima County Recorder (all recording information contained herein refers to recordings in the office of the Pima County Recorder), and re- recorded December 11, 2003, at Docket 12195, Page 4493; and (b) that certain Absolute Assignment of Rents and Profits and Collateral Assignment of Leases dated October 15, 2003 (the "Lease Assignment"), by Borrower, as Assignor, and Lender, as Assignee, recorded October 15, 2003, in Docket 12156, Page 972, and re-recorded December 11, 2003, at Docket 12195, Page 4540. Lender, for good and valuable consideration, the receipt of which is hereby acknowledged, does hereby (i) release and reconvey, without covenant or warranty, expressed or implied, unto the parties legally entitled thereto, all right, title and interest acquired by Lender under the Deed of Trust with respect to the property, but only the property, described on Exhibit A attached hereto and by this reference incorporated herein; and (ii) release, remise and discharge the property, but only the property, described on Exhibit A attached hereto and by this reference incorporated herein, from the lien of the Lease Assignment. After the release of the property described on Exhibit A hereto, the property which remains subject to the liens of the Deed of Trust and the Lease Assignment is that property described on Exhibit B attached hereto and by this reference incorporated herein. 1937308.1/MASTER PARTIAL RELEASE/ROCKRIDGE APARTMENTS 2007 PARTIAL RELEASE This Partial Release and Partial Reconveyance of Deed of Trust, Security Agreement and Fixture Filing; and Partial Release of Absolute Assignment of Rents and Profits and Collateral Assignment of Leases (this "Partial Release"), is effective with respect only to the property described on Exhibit A attached hereto, but not with respect to any other property subject to the liens of the Deed of Trust or the Lease Assignment. IN WITNESS WHEREOF, this Partial Release has been executed to be effective as of July 26, 2007. THE LINCOLN NATIONAL LIFE INSURANCE COMPANY, an Indiana corporation r 7 '/ Byix,0, ii,— Name: Denis A. Blume Title: Vice President STATE OF INDIANA ) ss. County of Allen ) The foregoing instrument was acknowledged before me this 26tia of July, g 9 g Y Y 2007, by Dennis A. Blume , the Vice President of THE LINCOLN NATIONAL INSURANCE COMPANY, an Indiana corporation, on behalf of the corporation. 0 Itia_11)15D (P11 J ILL Notary Public RICHELLE K REEVES My Commission Expires: Notary Public Resident of Allen County ;./:.;Commission Expires 03-19-2009 -2- 1937308.1/MASTER PARTIAL RELEASE/ROCKRIDGE APARTMENTS 2007 PARTIAL RELEASE LEGAL DESCRIPTION OF RELEASE PARCEL A Parcel of land, being a Drainage easement, lying in the Southeast one quarter of Section 12, and the Northeast one quarter of Section 13, Township 12 South, Range 13 East, G&SRM, Pima County, Arizona being a part of Cancha Del Golf Subdivision as recorded in Book 14 at Page 28 of Maps and Plats in the Pima County Recorder's Office, more particularly described as follows; BEGINNING at the Southeastern most corner of the Desert green at Oro Valley subdivision, per Book 47 of Maps & Plats, Page 9, as recorded in the office of the Pima County Recorder, said corner being on the North Right of Way of Greenock; THENCE North 27 degrees 17 minutes 00 seconds East, along the Eastern line of said Desert Green at Oro Valley subdivision, a distance of 68.94 feet; THENCE Northerly along said Eastern line, along the arc of a 779.51 foot radius curve, to the left, through a central angle of 38 degrees 50 minutes 12 seconds, whose radius point bears North 62 degrees 43 minutes 00 seconds West a distance of 528.37 feet to the Northeast corner of said Desert Green at Oro Valley subdivision; THENCE South 77 degrees 23 minutes 35 seconds West, a distance of 7.73 feet; THENCE North 12 degrees 02 minutes 03 seconds West along the common line between the Cancha Del Golf Subdivision, as recorded in Book 40 of Maps & Plats, on Page 39, and the Oro Valley Estates subdivision as recorded in Book 13 of Maps & Plats on Page 60, a distance of 263.80 feet; THENCE North 00 degrees 08 minutes 35 seconds West, a distance of 231.02 feet; THENCE Southeasterly 3.64 feet along the arc of a 1055.45 foot radius curve, to the right, through a central angle of 00 degrees 11 minutes 52 seconds, whose radius point bears South 66 degrees 35 minutes 08 seconds West; THENCE South 23 degrees 13 minutes 00 seconds East, a distance of 224.84 feet; THENCE continuing South 23 degrees 13 minutes 00 seconds East, a distance of 154.49 feet; THENCE Southeasterly 588.35 feet along the arc of a 1167.23 foot radius curve, to the left, through a central angle of 28 degrees 52 minutes 32 seconds, whose radius point bears North 66 degrees 47 minutes 00 seconds East; THENCE South 67 degrees 13 minutes 13 seconds West, a distance of 88.66 feet; EXHIBIT A 1937308.1/MASTER PARTIAL RELEASE/ROCKRIDGE APARTMENTS 2007 PARTIAL RELEASE THENCE Northwesterly 362.23 feet alongthe arc of a 1245.23 foot radius curve, to the ral angle of 16 de rees 40 minutes 02 seconds, whose radius point right, through a cent g g bears North 40 degrees 01 minutes 00 seconds East; THENCE Westerly 41.97 feet alongthe arc of a 16.00 foot curve, to the left, through a g central angle of 150 degrees 18 minutes 18 seconds, whose radius point bears South 56 degrees 08 minutes 34 seconds West; THENCE Southerly 158.90 feet alongthe arc of a 857.51 foot radius curve, to the right, through a central angle of 10 degrees 37 minutes 02 seconds, whose radius point bears g g South 86 degrees 16 minutes 14 seconds West; THENCE Southerly 451.28 feet alongthe arc of a 615.81 foot radius curve, to the left, through a central angle degrees of 41 de rees 59 minutes 15 seconds, whose radius point bears South 83 degrees 06 minutes 44 seconds East; THENCE North 62 degrees 56 minutes 17 seconds West, a distance of 70.40 feet; THENCE South 41 degrees 46 minutes 17 seconds East, a distance of 111.40 feet, to a point on the RightWay West of of the Tucson-Florence Highway / Oracle Road; Southwesterly 70.58 feet alongthe arc of a 3969.72 foot radius curve, to the THENCE Sout y left, through angledegrees central of 01 de rees 01 minutes 07 seconds, whose radius point bears South 63 degrees 30 minutes 25 seconds East; Westerly 49.20 feet alongthe arc of a 25.00 foot radius curve, to the right, THENCE We y through a angledegrees of 112 de rees 45 minutes 15 seconds, whose radius point bears North 6g 4 degrees 31 minutes 32 seconds West, to a point on the North Right of Way line of Greenock Drive; g THENCE North 41 degrees 46 minutes 17 seconds West, a distance of 215.13 feet; THENCE Northwesterly119.03 feet along the are of a 330.00 foot radius curve, to the left, through angledegrees central of 20 de rees 39 minutes 59 seconds, whose radius point g bears South 47 degrees 55 minutes 17 seconds West, to the POINT OF BEGINNING. Containing 175,601 sq. ft. or 4.031 acres more or less. 852888.1/PARTIAL RELEASE/14166.005 LEGAL DESCRIPTION OF REMAINING PARCEL Parcel 1: Lots 3, 4 and 5 of Cancha Del Golf, according to the map recorded in Book 40 of Maps, Page 39, records of Pima County, Arizona. EXCEPTING THEREFROM THE FOLLOWING: Aarcel of land, being a drainage easement, lying in the Southeast one-quarter of p Section 12, and the Northeast one-quarter of Section 13, Township 12 South, Range 13 East, Gila and Salt River Base and Meridian, Pima County, Arizona, being a part of CANCHA DEL GOLF Subdivision as recorded in Book 14 at page 28 of Maps and Plats in the Pima County Recorder's Office, more particularly described as follows: Beginning at the Southeastern most corner of the Desert Green at Oro Valley g g subdivision, per Book 47 of Maps and Plats, page 9, as recorded in the office of the Pima County Recorder, said corner being on the North right of way of Greenock; Thence North 27°17'00" East, along the Eastern line of said Desert Green at Oro Valley subdivision, a distance of 68.94 feet; Thence Northerly along said Eastern line, along the arc of a 779.51 foot radius curve, to the left, through a central angle of 38°50'12", whose radius point bears North 62°43'00" West, a distance of 528.37 feet to the Northeast corner of said Desert Green at Oro Valley; Thence South 77°23'35" West, a distance of 7.73 feet; Thence North 12°02'03" West along the common line between the Cancha Del Golf Subdivision, as recorded in Book 40 of Maps and Plats, on page 39, and the Oro Valley Estates Subdivision as recorded in Book 13 of Maps and Plats on page 60, a distance of 263.80 feet; Thence North 00°08'35" West, a distance of 231.02 feet; Thence Southeasterly 3.64 feet along the arc of a 1055.45 foot radius curve, to the right, through a central angle of 00°11'52", whose radius point bears South 66°35'08" West; Thence South 23°13'00" East, a distance of 224.84 feet; Thence continuing South 23°13'00" East, a distance of 154.49 feet; EXHIBIT B 1937308.1/MASTER PARTIAL RELEASE/ROCKRIDGE APARTMENTS 2007 PARTIAL RELEASE R Thence Southeasterly 588.35 feet along the arc of a 1167.23 foot radius curve, to the left, through a central angle of 28°52'32", whose radius point bears North 66°47'00" East; Thence South 67°13'13" West, a distance of 88.66 feet; Thence Northwesterly 362.23 feet along the arc of a 1245.23 foot radius curve, to the right, through a central angle of 16°40'02", whose radius point bears North 40°01'00" East; Thence Westerly 41.97 feet along the arc of a 16.00 foot curve, to the left, through a central angle of 150°18'18", whose radius point bears South 56°08'34" West; Thence Southerly 158.90 feet along the arc of a 857.51 foot radius curve, to the right, through a central angle of 10°37'02", whose radius point bears South 86°16'14" West; Thence Southerly 451.28 feet along the arc of a 615.81 foot radius curve, to the left, through a central angle of 41°59'15", whose radius point bears South 83°06'44" East; Thence North 62°56'17 " West, a distance of 70.40 feet; Thence South 41°46'17" East, a distance of 111.40 feet, to a point on the West right of way of the Tucson-Florence Highway/Oracle Road; Thence Southwesterly 70.58 feet along the arc of a 3969.72 foot radius curve, to the left, through a central angle of 01°01'07", whose radius point bears South 63°30'25" East; Thence Westerly 49.20 feet along the arc of a 25.00 foot radius curve, to the right, through a central angle of 112°45'15", whose radius point bears North 64°31'32" West, to a point on the North right of way line of Greenock Drive; Thence North 41°46'17 " West, a distance of 215.13 feet; Thence Northwesterly 119.03 feet along the are of a 330.00 foot radius curve, to the left, through a central angle of 20°39'59", whose radius point bears South 47°55'17" West, to the POINT OF BEGINNING. Parcel 2: An easement for ingress and egress appurtenant to Parcel 1 above, as created by the Easement Agreement recorded in Docket 9983, Page 784, described as follows: That part of Block A, Cancha Del Golf, as recorded in Book 14 of Maps and Plats at Page 28, Pima County Recorder's Office, Pima County, Arizona, described as follows: 852888.1/PARTIAL RELEASE/14166.005 BEGINNING at the most Easterly corner of Lot 3, Cancha Del Golf, as recorded in Book 40 of Maps and Plats at Page 39, Pima County Recorder's Office, Pima County, Arizona; THENCE on a plat bearing of North 50°52'49" West along the Northeasterly line of Lot 3 a distance of 200.00 feet to an East line of Lot 3; THENCE North 20°26'48" East along the said East line a distance of 13.36 feet; THENCE South 55°30'21 " East 171.63 feet; THENCE South 50°52'49" East 33.36 feet to the Southeasterly line of Cancha Del Golf, being a point on the arc of a non-tangent curve concave to the Southeast, a radial line of said curve through said point having a bearing of North 50°24'38" West; THENCE Southwesterly along the said Southeasterly line, along the arc of said curve, to the left, having a radius of 5,061.17 feet and a central angle of 00°18'00" for an arc distance of 26.50 feet to the POINT OF BEGINNING. 852888.1/PARTIAL RELEASE/14166.005 { 1 t1��sls:kulo\:::79\eke Recorded at the request of, 1\1\s oce �lyt a. and when recorded return to: o y olthe o 9 cp Town of Oro Valley ���� 1N � �H1CP��Q 1100 W. La Canada Drive pllicet Oro Valley, AZ 85737 S : esct° SPECIAL WARRANTY DEED For good and valuable consideration, the receipt of which is hereby acknowledged, FRI Rock Ridge, LLC, an Arizona limited liability company ("Grantor"), does hereby convey to the Town of Oro Valley, a political subdivision of the State of Arizona ("Grantee"), and its successors and assigns forever, all of Grantor's right, title and interest in and to that certain real property located in Pima County, State of Arizona, which is legally described in Exhibit A attached hereto and made a part hereof, subject to: taxes, assessments, reservations in patents, easements, rights of way, encumbrances, liens, covenants, conditions and restrictions as may appear of record; any and all conditions, easements, encroachments, rights of way or restrictions which a physical inspection, or accurate ALTA survey of the property would reveal; and any applicable zoning and use regulations of any municipality county, state or federal government or agency affecting the property. Grantor hereby warrants the title to the property against all acts of Grantor and no others, subject to the matters set forth above. DATED: AugusfZZ , 2007 GRANTOR: FRI ROCK RIDGE, LLC., an Arizona limited liability company By: FARNAM REALTY, INC., an Arizona corporation, Manager ir Charles B. Duff, President / 1 Special Warranty Deed(347092)/8968-013 .s , t I CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT .-•ac c!ie. c c!t c..-.tet teial . c!R. . tee.Rte.�c!.tc c..wteRC.s\c!i�..-.mac eRt!.t.!-.mac!-WAte Ate r t c cec to ter4 State of California County of /45....,6 t.A,f( ,i'L_-6 76 / On ,,Loco4Zo7before me, '4,_ _ tdoz.) ame and T lei' if icer e. "Jane D Not r Pub c" ae ( Y ) personally p Y appeared Q8A �: ' f Signer(s) ❑ personally known to me rabialailkiabdhigahALeidemieketaimaor proved to me on the basis of satisfactory evidence) SANDRA SAIKOW (ilikt1/44..,,,.,,,,,, Commission # 1728321 'to be the person(s)whose name ) is/ re subscribed to the Z ttit ;:� Notary Public - California > within instrument and acknowledged to me that mi los Angeles County t g Comm. he/she/they executed the same in his/her/their authorized capacity. and that byE0ier/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. Place Notary Seal Above Signature �.` ' - 1"4...) '14t0 4-1-44)._ Signature of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached current0 7. O146, k,1 Title or Type of Document: C4 C Document Date: Number of Pages: Signer(s) Other Than Named Above: ---.") Capacity ies) Claimed by Signer(s) Signer's .me: Signer's Na e: ❑ Individ .1 ❑ Individual ❑ Corporat Officer—Title(s): ❑Corporate • icer—Title(s): ❑ Partner—0 Limited ❑ General RIGHTTHUMBPRINT ❑ Partner—❑ h mited ❑ General RIGHTTHUMBPRINT ❑ Attorney in Fa.t OF SIGNER ❑ Attorney in Fact .OF SIGNER Top of thumb here Top of thumb here ❑ Trustee ❑Trustee ❑ Guardian or Cons- vator ❑ Guardian or Conse vator ❑ Other: ❑ Other: Signer Is Representing: Signer Is Representing: ©2006 National Notary Association•:350 De Soto Ave.,P.O.Box 2402•Chatsworth,CA 91313-2402 tern No.5907 v609 Reorder:Call Toll-Free 1-800-876-6827 EXHIBIT A TO SPECIAL WARRANTY DEED Legal Description A parcel of land, being a drainage easement,lying in the Southeast one-quarter of Section 12, and the Northeast one-quarter of Section 13, Township 12 South, Range 13 East, Gila and Salt River Base and Meridian, Pima County, Arizona, being a part of CANCHA DEL GOLF Subdivision as recorded in Book 14 at page 28 of Maps and Plats in the Pima County Recorder's Office, more particularly described as follows: Beginning at the Southeastern most corner of the Desert Green at Oro Valley subdivision, per Book 47 of Maps and Plats, page 9, as recorded in the office of the Pima County Recorder, said corner being on the North right of way of Greenock; Thence North 27°17'00" East, along the. Eastern line of said Desert Green at Oro Valley subdivision, a distance of 68.94 feet; Thence Northerly along said Eastern line, along the arc of a 779.51 foot radius curve, to the left, through a central angle of 38°50'12",whose radius point bears North 62°43'00"West, a distance of 528.37 feet to the Northeast corner of said Desert Green at Oro Valley; Thence South 77°23'35"West, a distance of 7.73 feet; Thence North 12°02'03" West along the common line between the Cancha Del Golf Subdivision, as recorded in Book 40 of Maps and Plats, on page 39, and the Oro Valley Estates Subdivision as recorded in Book 13 of Maps and Plats on page 60, a distance of 263.80 feet; Thence North 00°08'35"West, a distance of 231.02 feet; Thence Southeasterly 3.64 feet along the arc of a 1055.45 foot radius curve, to the right, through a central angle of 00°11'52",whose radius point bears South 66°35'08"West; Thence South 23°13'00"East, a distance of 224.84 feet; Thence continuing South 23°13'00"East, a distance of 154.49 feet; Thence Southeasterly 588.35 feet along the arc of a 1167.23 foot radius curve, to the left, through a central angle of 28°52'32",whose radius point bears North 66°47'00"East; Thence.South 67°13'13"West, a distance of 88.66 feet; Thence Northwesterly 362.23 feet along the arc of a 1245.23 foot radius curve, to the right, through a central angle of 16°40'02",whose radius point bears North 40°01'00"East; Thence Westerly 41.97 feet along the arc of a 16.00 foot curve,to the left,through a central angle of 150°18'18",whose radius point bears South 56°08'34"West; Thence Southerly 158,00 feet along the arc of a 857.51 foot radius curve, to the right, through a central angle of 10°37'02",whose radius point bears South 86°16'14"West; Thence Southerly 451.28 feet along the arc of a 615.81 foot radius curve, to the left,through a central angle of 41 °59'15",whose radius point bears South 83°06'44" East; 3 Special Warranty Deed(347092)/8968-013 L Thence North 62°56'17"West, a distance of 70.40 feet; Thence South 41 °46'17"East, a distance of 111.40 feet,to a point on the West right of way of the Tucson-Florence Highway/Oracle Road; Thence Southwesterly 70.58 feet along the arc of a 3969.72 foot radius curve, to the left, through a central angle of 01°01'07",whose radius point bears South 63°30'25"East; Thence Westerly 49.20 feet along the arc of a 25.00 foot radius curve, to the right, through a central angle of 112°45'15",whose radius point bears North 64°31'32"West, to a point on the North right of way line of Greenock Drive; Thence North 41 °46'17"West, a distance of 215.13 feet; Thence Northwesterly 119.03 feet along the arc of a 330.00 foot radius curve, to the left, through a central angle of 20°39'59",whose radius point bears South 47°55'17"West, to the POINT OF BEGINNING. 4 Special Warranty Deed(347092)/8968-013 UCC FINANCING STATEMENT AMENDMENT FOLLOW INSTRUCTIONS(front and back)CAREFULLY A. NAME&PHONE OF CONTACT AT FILER[optional] B.SEND ACKNOWLEDGMENT TO; (Name and Address) © 0 PV FENNEMORE CRAIG, P.C. 3003 North Central Avenue Suite 2600 Phoenix, Arizona 85012 Attn: William L. Kurtz THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY la.INITIAL FINANCING STATEMENT FILE# lb. This FINANCING STATEMENT AMENDMENT is 2003 12808894; October 17, 2003 ❑ TREAL ESTATEr RECORDSrecorded)in the 2' ❑TERMINATION: Effectiveness of the Financing Statement identified above is terminated with respect to security interest(s)of the Secured Party authorizing this Termination Statement. ❑ CONTINUATION: Effectiveness of the Financing Statement identified above with respect to security interest(s)of the Secured Party authorizing this Continuation Statement is continued for the additional period provided by applicable law. 4' ❑ASSIGNMENT(full or partial): Give name of assignee in item 7a or 7b and address of assignee in item 7c;and also give name of assignor in item 9. 5. AMENDMENT(PARTY INFORMATION): This Amendment affects❑Debtor or®Secured Party of record.Check only one of these two boxes. Also check one of the following three boxes and provide appropriate information in items 8 and/or 7. Gand/or adds: Gt record ; giw ❑ E Give d ❑ ADD nam ; Complete , ® nameCHANE(if namename change)in itemres7a or ive 7b and/orcurrennew addressname in(if addressitem6aor change6balso)in itemvene7c. to DELETbe deletedname:in item 6a orrecor6b.name Item 7c;also complete items item7a 7d-7gor7b(if applicaandalsoble). 6.CURRENT RECORD INFORMATION: 6a.ORGANIZATION'S NAME JEFFERSON-PILOT LIFE INSURANCE COMPANY OR 6b.INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX 7 CHANGED(new)OR ADDED INFORMATION: 7a.ORGANIZATION'S NAME THE LINCOLN NATIONAL LIFE INSURANCE COMPANY OR 7b.INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX 7c.MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1300 South Clinton Street Fort Wayne Indiana 46802-3506 7d.TAX ID#:SSN or EIN ADD'L INFO RE 7e. TYPE OF ORGANIZATION 7f. JURISDICTION OF ORGANIZATION 7g. ORGANIZATIONAL ID#,if any ORGANIZATION DEBTOR ❑ None 8.AMENDMENT(COLLATERAL CHANGE): check only one box. Describe collateral®deleted or❑added,or give entire❑ restated collateral description,or describe collateral ❑ assigned. THE FINANCING STATEMENT DESCRIBED ABOVE IS RELEASED WITH RESPECT TO-THE PROPERTY, BUT ONLY THE PROPERTY, DESCRIBED ON EXHIBIT A ATTACHED HERETO AND BY THIS REFERENCE INCORPORATED HEREIN. 9.NAME OF SECURED PARTY OF RECORD AUTHORIZING THIS AMENDMENT(name of assignor,if this is an Assignment). If this is an Amendment authorized by a Debtor which adds collateral or adds the authorizing Debtor,or if this is a Termination authorized by a Debtor,check here ❑and enter name of DEBTOR authorizing this Amendment. 9a.ORGANIZATION'S NAME THE LINCOLN NATIONAL LIFE INSURANCE COMPANY OR 9b.INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX 10.OPTIONAL FILER REFERENCE DATA Loan No. 023248; July 26, 2007; To be filed in the office of the Arizona Secretary of State. FILING OFFICE COPY--NATIONAL UCC FINANCING STATEMENT AMENDMENT(FORM UCC3)(REV.07/29/98) FORM SHOULD BE TYPEWRITTEN OR COMPUTER GENERATED 1937309.1/UCC PARTIAL RELEASE/ROCKRIDGE APARTMENTS 2007 PARTIAL RELEASE LEGAL DESCRIPTION OF RELEASE PARCEL A Parcel of land, being a Drainage easement, lying in the Southeast one quarter of Section 12, and the Northeast one quarter of Section 13, Township 12 South, Range 13 East, G&SRM, Pima County, Arizona being a part of Cancha Del Golf Subdivision as recorded in Book 14 at Page 28 of Maps and Plats in the Pima County Recorder's Office, more particularly described as follows; BEGINNING at the Southeastern most corner of the Desert green at Oro Valley subdivision, per Book 47 of Maps & Plats, Page 9, as recorded in the office of the Pima County Recorder, said corner being on the North Right of Way of Greenock; THENCE North 27 degrees 17 minutes 00 seconds East, along the Eastern line of said Desert Green at Oro Valley subdivision, a distance of 68.94 feet; THENCE Northerly along said Eastern line, along the arc of a 779.51 foot radius curve, to the left, through a central angle of 38 degrees 50 minutes 12 seconds, whose radius point bears North 62 degrees 43 minutes 00 seconds West a distance of 528.37 feet to the Northeast corner of said Desert Green at Oro Valley subdivision; THENCE South 77 degrees 23 minutes 35 seconds West, a distance of 7.73 feet; THENCE North 12 degrees 02 minutes 03 seconds West along the common line between the Cancha Del Golf Subdivision, as recorded in Book 40 of Maps & Plats, on Page 39, and the Oro Valley Estates subdivision as recorded in Book 13 of Maps & Plats on Page 60, a distance of 263.80 feet; THENCE North 00 degrees 08 minutes 35 seconds West, a distance of 231.02 feet; THENCE Southeasterly 3.64 feet along the arc of a 1055.45 foot radius curve, to the right, through a central angle of 00 degrees 11 minutes 52 seconds, whose radius point bears South 66 degrees 35 minutes 08 seconds West; THENCE South 23 degrees 13 minutes 00 seconds East, a distance of 224.84 feet; THENCE continuing South 23 degrees 13 minutes 00 seconds East, a distance of 154.49 feet; THENCE Southeasterly 588.35 feet along the arc of a 1167.23 foot radius curve, to the left, through a central angle of 28 degrees 52 minutes 32 seconds, whose radius point bears North 66 degrees 47 minutes 00 seconds East; THENCE South 67 degrees 13 minutes 13 seconds West, a distance of 88.66 feet; EXHIBIT A 1937309.1/UCC PARTIAL RELEASE/ROCKRIDGE APARTMENTS 2007 PARTIAL RELEASE THENCE Northwesterly 362.23 feet along the arc of a 1245.23 foot radius curve, to the right, through a central angle of 16 degrees 40 minutes 02 seconds, whose radius point bears North 40 degrees 01 minutes 00 seconds East; THENCE Westerly 41.97 feet along the arc of a 16.00 foot curve, to the left, through a central angle of 150 degrees 18 minutes 18 seconds, whose radius point bears South 56 degrees 08 minutes 34 seconds West; THENCE Southerly 158.90 feet along the arc of a 857.51 foot radius curve, to the right, through a central angle of 10 degrees 37 minutes 02 seconds, whose radius point bears South 86 degrees 16 minutes 14 seconds West; THENCE Southerly 451.28 feet along the arc of a 615.81 foot radius curve, to the left, through a central angle of 41 degrees 59 minutes 15 seconds, whose radius point bears South 83 degrees 06 minutes 44 seconds East; THENCE North 62 degrees 56 minutes 17 seconds West, a distance of 70.40 feet; THENCE South 41 degrees 46 minutes 17 seconds East, a distance of 111.40 feet, to a point on the West Right of Way of the Tucson-Florence Highway / Oracle Road; THENCE Southwesterly 70.58 feet along the arc of a 3969.72 foot radius curve, to the left, through a central angle of 01 degrees 01 minutes 07 seconds, whose radius point bears South 63 degrees 30 minutes 25 seconds East; THENCE Westerly 49.20 feet along the arc of a 25.00 foot radius curve, to the right, through a central angle of 112 degrees 45 minutes 15 seconds, whose radius point bears North 64 degrees 31 minutes 32 seconds West, to a point on the North Right of Way line of Greenock Drive; THENCE North 41 degrees 46 minutes 17 seconds West, a distance of 215.13 feet; THENCE Northwesterly 119.03 feet along the are of a 330.00 foot radius curve, to the left, through a central angle of 20 degrees 39 minutes 59 seconds, whose radius point bears South 47 degrees 55 minutes 17 seconds West, to the POINT OF BEGINNING. 1937309.1/000 PARTIAL RELEASE/ROCKRIDGE APARTMENTS 2007 PARTIAL RELEASE `Ir l EY q,Q/ „CTOWN OF ORO VALLEY tr- 11000 N. LA CANADA DRIVE ORO VALLEY,ARIZONA 85737 A Administrative Offices(520)229-4700 Fax(520)297-0428 www.townoforovalley.com A BUND ED 19 June 13, 2007 Mr. Elden Von Lehe Von Lehe Financial Corporation 7150 E. Camelback Rd, Ste. 444 Scottsdale AZ 85251 RE: Property Transfer Agreement (Rooney Wash Property) between FRI Rock Ridge, LLC and the Town of Oro Valley Dear Mr. Von Lehe: Enclosedp lease find the original Transfer Agreement between the Town of Oro Valley and FRI Rock Ridge LLC as described above. Once the Agreement has been signed and dated, please make a copy for your files and forward the original back to the Oro Valley Clerk's Office at 11,000 N La Canada Drive, Oro Valley, AZ 85 73 7. I have also enclosed for your reference a copy of Resolution (R)07-69 as adopted by the Oro Valley Town Council on June 6, 2007 approving the agreement. Thank you. Sincerely, t Z4 Roxana Garrity, CMC Deputy Town Clerk Enc.