EXHIBIT 10.3
CLOSING AGREEMENT TO PURCHASE AGREEMENT
THIS CLOSING AGREEMENT TO PURCHASE AGREEMENT (the "Closing Agreement") is
executed this 16th day of March, 2001 by and among TeleCorp Realty, L.L.C., a
Delaware limited liability company ("TeleCorp Realty, LLC"), Telecorp Puerto
Rico Realty, Inc., a Puerto Rico corporation ("Telecorp PR"), and TeleCorp
Communications, Inc., a Delaware corporation ("TCI") (TeleCorp Realty, Telecorp
PR and TCI, collectively "TeleCorp" and individually a "TeleCorp Party"), SBA
Towers, Inc., a Florida corporation ("SBA Towers") and SBA TC Acquisition, Inc.,
a Florida corporation ("SBA TC") (SBA Towers and SBA TC, collectively "SBA").
WHEREAS, TeleCorp and SBA entered into that certain Purchase Agreement
dated September 15, 2000, as amended from time to time (collectively, the
"Contract") in which TeleCorp agreed to assign, sell and convey certain leases,
towers and related facilities to a Delaware corporation to be formed and wholly
owned by TeleCorp ("NewCo") and then sell and convey all of the issued and
outstanding shares of capital stock of NewCo ("Shares") to SBA;
WHEREAS, TeleCorp and SBA wish to amend the Contract to (i) provide that
NewCo shall be formed and wholly owned by SBA and not TeleCorp, (ii) provide
that the closing on the Assets pertaining to two hundred three (203) sites shall
occur on March 16, 2001, and (iii) address other matters pertaining to the
purchase of the Assets by SBA.
NOW THEREFORE, for and in consideration of the terms and mutual promises
herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, TeleCorp and SBA agree as follows:
1. Definitions. All terms not expressly defined herein shall have the meaning
-----------
ascribed to them in the Contract.
2. Stock Purchase. Section 2 of the Contract is deleted in its entirety.
--------------
Notwithstanding anything contained in the Contract to the contrary, NewCo shall
be formed by SBA and wholly owned by SBA. All references in the Contract to the
name "NewCo" shall mean and refer to SBA TC Acquisition, Inc., a Florida
corporation ("SBA TC").
3. Assets Purchased by NewCo from TeleCorp. Two hundred three (203) Sites
---------------------------------------
have been approved for purchase by SBA and the Closing for said 203 Sites shall
occur on March 16, 2001 at the offices of Gunster, Yoakley & Stewart, P.A. in
West Palm Beach, Florida. A schedule of such 203 Sites is attached hereto as
Exhibit A (the "Approved Sites"). On the Closing, TeleCorp agrees to grant,
- ---------
bargain, sell, convey and assign to SBA TC, TeleCorp's entire right, title and
interest in and to the Assets that pertain to the Approved Sites.
4. Purchase Price. The purchase price for the Assets pertaining to the
--------------
Approved Sites shall be SIXTY-SIX MILLION FOUR HUNDRED EIGHTY TWO THOUSAND FIVE
HUNDRED AND NO/100 DOLLARS ($66,482,500.00) subject to all adjustments, credits
and prorations provided for in the Contract.
5. Release of Liens.
----------------
a. TeleCorp and SBA acknowledge that certain of the Approved Sites
described in Exhibit B attached hereto ("Approved Sites with Liens")
---------
have liens recorded against them for failure to pay the costs of
development and construction of the Tower Facilities located thereon.
It is and shall remain the continuing and affirmative obligation of
TeleCorp to (i) obtain releases of liens in recordable form for all
Approved Sites with Liens, (ii) record said releases of liens in the
appropriate recording office(s), and (iii) provide copies of said
recorded releases to SBA with thirty (30) days after the Closing Date.
TeleCorp represents and warrants to SBA that, to the best of TeleCorp's
knowledge, except for the Approved Sites with Liens described in
Exhibit B attached hereto, there are no other Approved Sites subject to
---------
liens in connection with the failure of TeleCorp to pay the costs of
development and construction of the Tower Facilities. Subject to the
limitation on damages as set forth in Sections 15(b)(v) and 15(b)(ii)of
the Contract, TeleCorp shall remain liable for the payment of any liens
filed against Approved Sites for that certain period of time
terminating on the date(s) on which the applicable state lien filing
period expires.
b. To ensure compliance with the terms of subsection (a) above, Gunster
Yoakley & Stewart, P.A. ("Escrow Agent") is authorized and directed to
withhold an amount equal to one hundred twenty-five percent (125%) of
the aggregate amount of said liens (as set forth in Exhibit B) (the
"Escrowed Funds") from the proceeds due TeleCorp at closing and deposit
the Escrowed Funds into an interest bearing account. The Escrowed Funds
applicable to each Approved Site with Liens shall be held in escrow by
Escrow Agent until TeleCorp delivers to SBA for each Approved Site with
Lien a release of lien as recorded in the appropriate recording office
evidencing the satisfaction and release of the Lien ("Release").
c. Upon SBA's receipt of a Release for each Approved Site with a Lien, SBA
shall immediately notify Escrow Agent, in writing, that the Escrowed
Funds applicable to such Approved Site with Liens shall be promptly
released to TeleCorp. Upon receipt of the last remaining Release, SBA
shall authorize Escrow Agent to release any remaining Escrowed Funds to
TeleCorp.
d. SBA shall have no obligation to pay any sums of money to obtain the
Releases.
e. The Escrow Agent shall have no responsibilities with respect to any of
the funds deposited with it other than faithfully to follow
instructions herein contained, or as otherwise agreed to by TeleCorp
and SBA. Escrow Agent shall be protected in acting upon any written
notice, request, waiver, consent, receipt or other paper or document
which Escrow Agent in good faith believes to be genuine. Escrow Agent
shall not be liable for any error of judgment, or for any act done or
step taken or omitted by it in good faith, or for any mistake of fact,
or for anything which it may do or refrain from doing in connection
herewith, except its own gross negligence or willful misconduct. If
conflicting demands not expressly provided for in this Closing
Agreement are made or notice is served upon Escrow Agent with respect
to its action or omission under this Closing Agreement, the parties
hereto agree that Escrow Agent shall have the absolute right to elect
to do either or both of the following: (i) withhold and stop all future
actions or omissions on its part under this Agreement, or (ii) file a
suit in interpleader or for instructions or for a declaratory judgment
or other relief and obtain an order from the proper court requiring the
parties to litigate in such court their conflicting claims and demands.
In the event any such action is taken, Escrow Agent shall be fully
released and discharged from all obligations to perform any duties or
obligations imposed upon it hereunder unless and until otherwise
ordered by the Court; and the parties jointly and severally agree to
pay all costs, expenses, and reasonable attorneys' fees expended or
incurred by Escrow Agent in connection therewith. As between SBA and
TeleCorp, in the event any costs or expenses are incurred by Escrow
Agent as a result of conflicting demands by SBA and TeleCorp, the
prevailing party in any such conflict shall be reimbursed by the other
party for any costs, expenses or other monies paid to Escrow Agent as a
result of such conflict. The parties further agree to indemnify, defend
and save the Escrow Agent harmless from any claims or damages incurred
by it(including reasonable attorneys' fees, paralegal charges and
costs) arising from the performance of its duties hereunder, except for
such claims or damages as are incurred by the Escrow Agent through its
own acts of gross negligence or willful and intentional misconduct.
6. UCC-3 Releases. SBA and TeleCorp acknowledge that all of the Tower
--------------
Facilities located on the Approved Sites are subject to UCC-1 Financing
Statements in favor of Chase Manhattan Bank ("Chase"). SBA and TeleCorp further
acknowledge that the UCC-1 Financing Statements will not be released of record
by the Closing Date. Notwithstanding the foregoing, Chase has released its
security interests and claims no further interests in the Tower Facilities
pursuant to those letters from Chase to TeleCorp and SBA each dated March 16,
2001 (collectively, the "Chase Letters"). Subject to SBA's obligation to
prepare the UCC-3's in a form acceptable to Chase and pay all filing and related
fees, TeleCorp acknowledges and agrees that it shall remain the continuing and
affirmative obligation of TeleCorp and TeleCorp shall use commercially
reasonable efforts to obtain from Chase, by not later than July 19, 2001, UCC-3
(Releases) for all of the Tower Facilities located on the Approved Sites which
releases shall terminate and release any and all security interests held by
Chase in the Tower Facilities. Notwithstanding the foregoing, it is the intent
of the parties that SBA's attorneys shall prepare the UCC-3 (Releases). In the
event attorneys for Chase prepare the UCC-3's, (i) SBA's obligation to pay for
said releases shall not exceed an amount equal to $30.00 multiplied by the
number of UCC-3's prepared plus all
2
recording costs, and (ii) TeleCorp shall be responsible for the excess amount of
legal fees owed to Chase's attorneys. SBA or its attorneys shall prepare the
UCC-3's in a form acceptable to Chase, as Administrator and Collateral Agent,
reflecting the description of the released Tower Facilities. The amount of legal
fees paid by SBA in connection therewith shall be applied against the $2,000,000
of damages referred to in Sections 15(b)(v) and 15(b)(ii) of the Contract.
----------------- ---------
7. Memorandums of Leases. SBA and TeleCorp acknowledge that certain of the
---------------------
Approved Sites do not have Memorandums of Leases recorded in the appropriate
recording office(s). The parties acknowledge and agree that they shall
cooperate with each other in obtaining and recording Memorandums of Leases for
all such Approved Sites within thirty (30) days after the Closing Date. The
amount of legal fees paid by SBA in connection therewith shall be applied
against the $2,000,000 of damages referred to in Sections15(b)(v) and
----------------
15(b)(ii)of the Contract.
- ---------
8. Electric Bills. The parties acknowledge that TeleCorp's equipment and the
--------------
lighting on the Tower Facilities are all a part of the same electrical feed.
For all Tower Facilities on Approved Sites on which TeleCorp's equipment is
connected to lighting systems, TeleCorp shall receive a credit under the
applicable Site Lease Acknowledgment in an amount equal to Forty Dollars
($40.00) per month. The aforementioned credit shall terminate at such time as
TeleCorp's equipment and the lighting for the Tower Facilities are separately
metered. SBA shall have no obligation to install a new electric meter with
respect to any light system until such time as a second tenant installs its
equipment on a Tower.
9. Monitoring of Lights. With respect to the Approved Sites, TeleCorp agrees
--------------------
to monitor the lights on the Tower Facilities for a period not to exceed four
(4) months after the Closing Date. All such monitoring shall be conducted in
accordance with FAA and FCC regulations. In the event of an electrical outage
or alarm on any of the Tower Facilities, TeleCorp shall immediately contact
SBA's NOC and SBA shall be responsible for filing the NOTAM and providing a copy
to TeleCorp. TeleCorp shall have no liability to SBA with respect to any power
outages or power failures on the Tower Facilities. Within a reasonable period
after the Closing Date not to exceed ninety (90) days, SBA shall register in
SBA's name the Tower Facilities associated with the Approved Sites with the FAA
and FCC and any other applicable governmental agencies.
10. Cooperation. In connection with the transfer of the Tower Facilities to
-----------
SBA, TeleCorp agrees to provide the following information to SBA within thirty
(30) days after the Closing Date:
a. Contact names and numbers per defined operational area;
b. Defined operational area boundary;
c. List of towers by site indicating if lights are installed and if so
the manufacture, model number, and operational mode (red only, white
only, dual, etc.);
d. Gate lock combo codes and/or keys by site;
e. Light controller locations by site (inside/outside);
f. Site directions; and
g. Any existing maintenance agreements (grounds, towers, lights, etc.).
11. Closing Prorations.
------------------
a. Rent paid by TeleCorp under the Site Lease Acknowledgments for all
Approved Sites shall be prorated as of 12:01 A.M. on the Closing Date
on the basis of a 30-day month. SBA shall receive a credit against the
Purchase Price in an amount equal to the aggregate amount of said
rent.
b. Rent paid by TeleCorp under the Prime Leases for all Approved Sites
shall be prorated as of 12:01 A.M. on the Closing Date on the basis of
a 30-day month. TeleCorp shall receive a credit against the Purchase
Price in an amount equal to the aggregate amount of said rent.
c. All other items to be prorated pursuant to Section 3(b) of the
------------
Contract shall be prorated as of 12:01 A.M. on the Closing Date but
will be calculated within thirty (30) days after the Closing Date and
either party owing the other party a sum of money based on such
subsequent prorations will promptly pay the sum to the other party.
Any excess interest on the Deposit received by TeleCorp shall be
refunded to SBA within said thirty (30) day period.
3
d. A copy of the Closing Statement is attached hereto as Exhibit C and is
incorporated by reference herein.
12. Delivery of Due Diligence Items. Notwithstanding anything to the contrary
-------------------------------
contained in Section 4(b)(viii) of the Contract, TeleCorp shall have until
------------------
thirty (30) days after the Closing Date to deliver to SBA the originals of the
Due Diligence Items described therein, provided, however, SBA shall have no
obligation to return a copy of said documents to TeleCorp.
13. Subsequent Closings. Subsequent to the Closing and through July 19, 2001,
-------------------
SBA and TeleCorp shall continue pursuant to Section 7(c) of the Contract to take
------------
Curative Actions with respect to any Sites subject to the Contract but not yet
closed upon. During such time, SBA shall continue to close on such Sites in
accordance with the terms of the Contract. Said closings shall occur by mail on
the later of (i) the last business day of every month beginning with the month
of April, or (ii) at such time SBA has approved a minimum of ten (10) Sites for
closing. Notwithstanding anything contained herein or in the Contract to the
contrary, SBA shall have no obligation to close on any Sites unless SBA has
received from Chase executed UCC-3 (Releases) for all Tower Facilities
pertaining to the Approved Sites and those Sites scheduled to close. Any Site
which is not subject to a Closing by July 19, 2001 shall be deemed an Excluded
Site for purposes of the Contract.
14. Further Assurances. Each party will, from time to time, execute,
------------------
acknowledge and deliver such further instruments, and perform such additional
acts, and obtain such additional documents as the other party may reasonably
request in order to effectuate the intent of the Contract. The foregoing shall
include, without limitation, SBA and TeleCorp (i) continuing to take Curative
Actions with respect to Approved Sites, (ii)obtaining the documents and
complying with the terms of Section 5, Section 6, Section 7, Section 8 , Section
--------- --------- --------- --------- -------
9 and Section 10 of this Closing Agreement, and (iii) obtaining corrective
- - ----------
assignments of prime leases or such other corrective closing documents or
additional closing documents that either party may reasonably request in order
to effectuate the intent of the Agreement. With respect to the Approved Sites,
TeleCorp covenants and agrees to provide written notice to all tenants under the
Collocation Agreements immediately after the Closing Date advising said tenants
of the sale of the Assets and instructing the tenants that all rents payouts
shall be sent directly to SBA. SBA agrees to provide TeleCorp with a closing
binder containing copies of the file marked documents executed at the Closing
within a reasonable time thereafter.
15. No Other Modification. Except as expressly modified by this Closing
---------------------
Agreement, the terms and provisions of the Contract are ratified and confirmed
by TeleCorp and SBA and are incorporated in this Closing Agreement by reference
as if set forth fully herein. In the event of any conflict between the terms
of the Contract and the terms of this Closing Agreement, the terms of this
Closing Agreement shall control. The term "Contract" shall include this Closing
Agreement.
[NO FURTHER TEXT ON THIS PAGE]
4
IN WITNESS WHEREOF, SBA and TeleCorp have executed this Closing Agreement as of
the date and year first above written.
SBA TOWERS, INC., a Florida corporation
By: /s/ Neil Seidman
---------------------------------
Name: Neil Seidman
------------------------------
Title: Director of Acquisitions
------------------------------
(CORPORATE SEAL)
SBA TC ACQUISITION, INC., a Florida corporation
By: /s/ Neil Seidman
---------------------------------
Name: Neil Seidman
------------------------------
Title: Director of Acquisitions
------------------------------
(CORPORATE SEAL)
TELECORP REALTY, L.L.C., a Delaware limited
liability company
By: TeleCorp Communications, Inc., a Delaware
corporation, its Managing Member
By: /s/ Ronald W. Keefe, Jr.
--------------------------------
Name: Ronald W. Keefe, Jr.
(CORPORATE SEAL)
TELECORP PUERTO RICO REALTY, INC., a
Puerto Rico corporation
By: /s/ Ronald W. Keefe, Jr.
--------------------------------
Name: Ronald W. Keefe, Jr.
(CORPORATE SEAL)
TELECORP COMMUNICATIONS, INC., a Delaware
corporation
By: /s/ Ronald W. Keefe, Jr.
--------------------------------
Name: Ronald W. Keefe, Jr.
Title: Assistant Secretary
(CORPORATE SEAL)
5
EXHIBIT A
---------
Schedule of Approved Sites
--------------------------
- ------------------------------------------------------------------------------------------
Site # Site Name County State
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1. MEM013 1. Covington 1. Shelby TN
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2. MEM022 2. Folding Stairs 2. Shelby TN
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3. MEM038 3. Hailey Park 3. Shelby TN
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4. MEM043 4. Horn Lake 4. DeSoto MS
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5. MEM051 5. Lake Cormorant 5. DeSoto MS
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6. MEM055 6. H&H Freight 6. DeSoto MS
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7. MEM058 7. River City 7. Shelby TN
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8. MEM062 8. Shelton 8. Shelby TN
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9. MEM063 9. Bailey Fire Station 9. Shelby TN
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10. MEM069 10. Brunswick 10. Shelby TN
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11. MEM075 11. Callicot 11. Shelby TN
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12. MEM105 12. Bush Grove 12. Shelby TN
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13. MEM110 13. Lehi Case 13. Crittenden AR
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14. MEM119 14. Marion All States 14. Crittenden AR
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15. MEM122 15. Turrell 15. Crittenden AR
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16. MEM123 16. Beasley 16. Poinsett AR
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17. MEM127 17. Bay 17. Craighead AR
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18. MEM128 18. Needham 18. Craighead AR
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19. MEM129 19. Eastside 19. Craighead AR
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20. MEM130 20. Higginbottom 20. Craighead AR
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21. MEM131 21. Strawfloor 21. Craighead AR
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22. MEM132 22. Jonesboro 22. Craighead AR
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23. MEM138 23. Cloyes Park 23. Shelby TN
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24. MEM152 24. Fruitland 24. Gibson TN
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25. MEM154 25. Gibson 25. Gibson TN
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26. MEM159 26. Germantown Police 26. Shelby TN
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27. MEM160 27. Jackson Brake 27. Madison TN
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28. MEM161 28. Poplar Estates Park 28. Shelby TN
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29. MEM165 29. Millington 29. Tipton TN
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30. MEM172 30. Cortez 30. DeSoto MS
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31. MEM174 31. Yellow Dog 31. Tate MS
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32. MEM175 32. Crossroads 32. Panola MS
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33. MEM177 33. Shady Grove 33. Panola MS
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34. MEM179 34. Campground 34. LaFayette MS
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35. MEM199 35. Acee Center 35. Shelby TN
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36. MEM210 36. Ripley-Covington 36. Tipton TN
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37. MEM213 37. West Jonesboro 37. Craighead AR
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38. MEM257 38. Sharon 38. Weakley TN
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39. MEM259 39. Earle 39. Crittenden AR
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40. MEM264 40. Grubbs 40. Poinsett AR
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41. MEM265 41. South Jonesboro 41. Craighead AR
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42. BRN012 42. Hwy 160-Hwy 65 Alms 42. Taney MO
- ------------------------------------------------------------------------------------------
43. LTR001 43. Ar. Graphics / Wilcox 43. Pulaski AR
- ------------------------------------------------------------------------------------------
44. LTR006 44. Harris 44. Pulaski AR
- ------------------------------------------------------------------------------------------
45. LTR015 45. Rosedale/Optimist 45. Pulaski AR
- ------------------------------------------------------------------------------------------
46. LTR016 46. West Little Rock/CLR 46. Pulaski AR
- ------------------------------------------------------------------------------------------
47. LTR018 47. Pro. Bowl / McGee 47. Pulaski AR
- ------------------------------------------------------------------------------------------
48. LTR020 48. Rocky Valley / CLR 48. Pulaski AR
- ------------------------------------------------------------------------------------------
49. LTR023 49. Col. Glenn / CLR 49. Pulaski AR
- ------------------------------------------------------------------------------------------
50. LTR025 50. Reeves-Culin 50. Pulaski AR
- ------------------------------------------------------------------------------------------
51. LTR026 51. Mablevale/D. Reynolds 51. Pulaski AR
- ------------------------------------------------------------------------------------------
52. LTR027 52. Mid-South/Kremers 52. Pulaski AR
- ------------------------------------------------------------------------------------------
53. LTR028 53. Arkco 53. Pulaski AR
- ------------------------------------------------------------------------------------------
54. LTR030 54. Burns Park / Files 54. Pulaski AR
- ------------------------------------------------------------------------------------------
55. LTR038 55. Lake Maumelle / Harper 55. Pulaski AR
Const.
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56. LTR039 56. Sherwood / Tice 56. Pulaski AR
- ------------------------------------------------------------------------------------------
57. LTR043 57. Gravel Ridge / Imhoff 57. Pulaski AR
- ------------------------------------------------------------------------------------------
58. LTR047 58. Tri-Co/Harris 58. Pulaski AR
- ------------------------------------------------------------------------------------------
59. LTR053 59. Ar. Systems / Logan 59. Pulaski AR
- ------------------------------------------------------------------------------------------
60. LTR057 60. Doxon Rd/Dixon Family 60. Pulaski AR
- ------------------------------------------------------------------------------------------
61. LTR058 61. Hwy 7 North/Country Club 61. Pope AR
- ------------------------------------------------------------------------------------------
62. LTR060 62. Shannon Hills/City of 62. Saline AR
Shannon Hills
- ------------------------------------------------------------------------------------------
63. LTR061 63. Market Street 63. Pulaski AR
- ------------------------------------------------------------------------------------------
64. LTR062 64. Hilaro Springs / Heavrin 64. Pulaski AR
- ------------------------------------------------------------------------------------------
65. LTR063 65. Crystal Mountain 65. Pulaski AR
- ------------------------------------------------------------------------------------------
66. LTR066 66. Slovak / Sokora 66. Prairie AR
- ------------------------------------------------------------------------------------------
67. LTR067 67. Stuttgart/Gingerich Farms 67. Arkansas AR
- ------------------------------------------------------------------------------------------
68. LTR069 68. England / Caplinger 68. Lonoke AR
- ------------------------------------------------------------------------------------------
69. LTR071 69. Donald Ridge / Mattison 69. Faulkner AR
- ------------------------------------------------------------------------------------------
70. LTR076 70. Horse Shoe / Steenis 70. Faulkner AR
- ------------------------------------------------------------------------------------------
71. LTR082 71. Dardanelle / Duffield 71. Pope AR
- ------------------------------------------------------------------------------------------
72. LTR086 72. Lawson Road / Farrish 72. Pulaski AR
- ------------------------------------------------------------------------------------------
73. LTR089 73. Mt. Ida / Mayberry 73. Montgomery AR
- ------------------------------------------------------------------------------------------
74. LTR090 74. N. Benton/Utley 74. Saline AR
- ------------------------------------------------------------------------------------------
75. LTR091 75. SE Benton / Decker 75. Saline AR
- ------------------------------------------------------------------------------------------
76. LTR092 76. Edison / Lynch 76. Saline AR
- ------------------------------------------------------------------------------------------
77. LTR093 77. Saline Airport/Alltel 77. Saline AR
- ------------------------------------------------------------------------------------------
78. LTR094 78. Kerr Road/Toepke 78. Lonoke AR
- ------------------------------------------------------------------------------------------
79. LTR100 79. Avant / Dever 79. Garland AR
- ------------------------------------------------------------------------------------------
80. LTR101 80. Ridgewood 80. Garland AR
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81. LTR102 81. Crystal Springs/ 81. Garland AR
Dalrymple
- ------------------------------------------------------------------------------------------
82. LTR105 82. Nazarene 82. Garland AR
- ------------------------------------------------------------------------------------------
83. LTR107 83. Royal/Davis 83. Garland AR
- ------------------------------------------------------------------------------------------
84. LTR109 84. Hwy #70/Hageman 84. Garland AR
- ------------------------------------------------------------------------------------------
85. LTR111 85. Spencer Bay / Lewallen 85. Garland AR
- ------------------------------------------------------------------------------------------
86. LTR112 86. Lake Catherine / Hammons 86. Hot Springs AR
- ------------------------------------------------------------------------------------------
87. LTR113 87. I-30 Hwy 270 / Raines 87. Hot Springs AR
- ------------------------------------------------------------------------------------------
88. LTR114 88. I-30 Truck Stop / Jj's 88. Saline AR
- ------------------------------------------------------------------------------------------
89. LTR115 89. Perla / Parker 89. Hot Springs AR
- ------------------------------------------------------------------------------------------
90. LTR119 90. Friendship/Kizzar 90. Hot Spring AR
- ------------------------------------------------------------------------------------------
91. LTR133 91. Hwy 79 Bridge / McGhee 91. Jefferson AR
Transport
- ------------------------------------------------------------------------------------------
92. LTR134 92. Wabbaseka / Vassaur 92. Jefferson AR
- ------------------------------------------------------------------------------------------
93. LTR135 93. Humphrey / Wilson 93. Arkansas AR
- ------------------------------------------------------------------------------------------
94. LTR148 94. Pleasant Grove Baptist 94. Benton AR
- ------------------------------------------------------------------------------------------
95. LTR150 95. BC 2 Way 95. Benton AR
- ------------------------------------------------------------------------------------------
96. LTR153 96. N. Bentonville/Clark 96. Benton AR
- ------------------------------------------------------------------------------------------
97. LTR191 97. Roland OK/Svendsen 97. Sequoyah OK
- ------------------------------------------------------------------------------------------
98. LTR192 98. Muldrow OK/Knight-Butcher 98. Sequoyah OK
- ------------------------------------------------------------------------------------------
99. LTR216 99. Morgan / Bevans 99. Pulaski AR
- ------------------------------------------------------------------------------------------
100. LTR234 100. Heber Springs / Reed 100. Cleburne AR
- ------------------------------------------------------------------------------------------
101. LTR235 101. Eden Isle 101. Cleburne AR
- ------------------------------------------------------------------------------------------
102. LTR236 102. Greers Ferry / Wilson 102. Cleburne AR
- ------------------------------------------------------------------------------------------
103. LTR237 103. Pearson / Hill 103. Cleburne AR
- ------------------------------------------------------------------------------------------
104. LTR238 104. Quitman / Reylance, Inc. 104. Cleburne AR
- ------------------------------------------------------------------------------------------
105. LTR239 105. Guy / Roberts 105. Faulkner AR
- ------------------------------------------------------------------------------------------
106. LTR270 106. Shrobe Rd/Culin 106. Saline AR
- ------------------------------------------------------------------------------------------
107. LTR271 107. Bryant / Bishop 107. Saline AR
- ------------------------------------------------------------------------------------------
108. LTR272 108. Alcoa / Betty Styles 108. Pulaski AR
- ------------------------------------------------------------------------------------------
109. LTR275 109. Lonsdale/Fulcher 109. Garland AR
- ------------------------------------------------------------------------------------------
110. LTR276 110. Ten Mile Creek/Suttor 110. Garland AR
- ------------------------------------------------------------------------------------------
111. LTR278 111. Morningstar/KOA 111. Garland AR
- ------------------------------------------------------------------------------------------
112. LTR279 112. Ward / City of Ward 112. White AR
- ------------------------------------------------------------------------------------------
113. LTR280 113. Cabot/Pruett 113. Lonoke AR
- ------------------------------------------------------------------------------------------
114. LTR286 114. Cabot DT / Price 114. Lonoke AR
- ------------------------------------------------------------------------------------------
115. LTR303 115. Price Mtn./Clark 115. Washington AR
- ------------------------------------------------------------------------------------------
116. LTR304 116. Rt.45 E. Fayetteville 116. Washington AR
- ------------------------------------------------------------------------------------------
117. LTR307 117. NW AR Regional 117. Benton AR
Airport/Insco3
- ------------------------------------------------------------------------------------------
118. CAR003 118. Lenon 118. Johnson IL
- ------------------------------------------------------------------------------------------
119. CAR011 119. Brust 119. Jackson IL
- ------------------------------------------------------------------------------------------
120. CAR024 120. Musgrave 120. Wayne IL
- ------------------------------------------------------------------------------------------
121. CAR028 121. Affordable Homes 121. Jefferson IL
- ------------------------------------------------------------------------------------------
122. CAR031 122. Hayden 122. Marion IL
- ------------------------------------------------------------------------------------------
123. EVA001 123. Cunningham 123. White IL
- ------------------------------------------------------------------------------------------
124. EVA004 124. Davis 124. Gibson IN
- ------------------------------------------------------------------------------------------
125. EVA005 125. Pohl 125. Gibson IN
- ------------------------------------------------------------------------------------------
126. EVA006 126. Taylor 126. Gibson IN
- ------------------------------------------------------------------------------------------
127. EVA014 127. Baker 127. Warrick IN
- ------------------------------------------------------------------------------------------
128. EVA022 128. Hein 128. Warrick IN
- ------------------------------------------------------------------------------------------
1. EVA028 1. Christmas 1. Warrick IN
- ------------------------------------------------------------------------------------------
2. EVA029 2. Holder 2. Warrick IN
- ------------------------------------------------------------------------------------------
3. MOU014 3. Hulshof 3. New Madrid MO
- ------------------------------------------------------------------------------------------
4. COL021 4. Scotchman Place 4. Callaway MO
- ------------------------------------------------------------------------------------------
5. COL026 5. Mt. Pleasant 5. Boone MO
- ------------------------------------------------------------------------------------------
6. COL028 6. Country Wood 6. Boone MO
- ------------------------------------------------------------------------------------------
7. LOO034 7. Mt. Carmel 7. Miller MO
- ------------------------------------------------------------------------------------------
8. LOO036 8. South Eldon 8. Miller MO
- ------------------------------------------------------------------------------------------
9. ALX019 9. Andrepont Property 9. City of Opelousas LA
- ------------------------------------------------------------------------------------------
10. BMT042 10. Krymer Property 10. City of Orange TX
- ------------------------------------------------------------------------------------------
11. BRG069 11. Gateway Properties 11. East Baton Rouge LA
Parish
- ------------------------------------------------------------------------------------------
12. BRG072 12. Denham Seafood 12. Livingston Parish LA
- ------------------------------------------------------------------------------------------
13. HMA195 13. Southeast Systems 13. Lafourche Parish LA
- ------------------------------------------------------------------------------------------
14. HMA200 14. Savoie 14. Lafourche Parish LA
- ------------------------------------------------------------------------------------------
15. HMA214 15. Matherne 15. Terrebonne Parish LA
- ------------------------------------------------------------------------------------------
16. HMA218 16. Hogan 16. St Charles Parish LA
- ------------------------------------------------------------------------------------------
17. HMA220 17. Archer Daniels Midland 17. St Charles Parish LA
- ------------------------------------------------------------------------------------------
18. HMD005 18. Tangi Store All 18. Tangipahoa Parish LA
- ------------------------------------------------------------------------------------------
19. HMD097 19. Sirchia Land 19. Tangipahoa Parish LA
- ------------------------------------------------------------------------------------------
20. HMD196 20. Robertson Land 20. City of Hammond LA
- ------------------------------------------------------------------------------------------
21. LAF088 21. Holiday Inn-Raw Land 21. Lafayette Parish LA
- ------------------------------------------------------------------------------------------
22. LAF092 22. Castille 22. Lafayette Parish LA
- ------------------------------------------------------------------------------------------
23. LAF105 23. Broussard 23. Vermilion Parish LA
- ------------------------------------------------------------------------------------------
24. LKC098 24. Ravia 24. Calcasieu Parish LA
- ------------------------------------------------------------------------------------------
25. LKC118 25. Comeaux 25. Acadia Parish LA
- ------------------------------------------------------------------------------------------
26. NOR106 26. ITEC 26. St. John the Baptist LA
Parish
- ------------------------------------------------------------------------------------------
27. NSH088 27. McAffee Land 27. St. Tammany Parish LA
- ------------------------------------------------------------------------------------------
28. NSH189 28. Fejta 28. City of Slidell LA
- ------------------------------------------------------------------------------------------
29. NWI113 29. Patterson American Legion 29. St. Mary Parish LA
- ------------------------------------------------------------------------------------------
30. NWI192 30. Billeaud 30. Town of Broussard LA
- ------------------------------------------------------------------------------------------
31. PES046 31. Montana Duran 31. PR
- ------------------------------------------------------------------------------------------
32. PES077 32. Kikuet 32. PR
- ------------------------------------------------------------------------------------------
33. PES119 33. Jacaranda 33. PR
- ------------------------------------------------------------------------------------------
34. PMT022 34. Camino Alejandrino 34. PR
- ------------------------------------------------------------------------------------------
35. PMT032 35. Efron Hill Mansions 35. PR
- ------------------------------------------------------------------------------------------
36. PMT048 36. Leones Catano 36. PR
- ------------------------------------------------------------------------------------------
37. PMT055 37. Barrio Pajaros 37. PR
- ------------------------------------------------------------------------------------------
38. PMT059 38. Madison Bayamon 38. PR
- ------------------------------------------------------------------------------------------
39. PMT065 39. Gas Coqui Cupey 39. PR
- ------------------------------------------------------------------------------------------
40. PMT068 40. Finca Maros II 40. PR
- ------------------------------------------------------------------------------------------
41. PMT069 41. Club Gallistico 41. PR
- ------------------------------------------------------------------------------------------
42. PMT081 42. Taller Familiar 42. PR
- ------------------------------------------------------------------------------------------
43. PNO054 43. Finca Velez 43. PR
- ------------------------------------------------------------------------------------------
44. PNO145 44. Espinosa Industrial Park 44. PR
- ------------------------------------------------------------------------------------------
45. PNO155 45. Finca Roman 45. PR
- ------------------------------------------------------------------------------------------
46. PNO160 46. Finca Rios 46. PR
- ------------------------------------------------------------------------------------------
47. PNO161 47. Efron Dorado 47. PR
- ------------------------------------------------------------------------------------------
48. MEM086 48. Jones Orchard 48. Shelby TN
- ------------------------------------------------------------------------------------------
49. PES132 49. Chupacallos 49. PR
- ------------------------------------------------------------------------------------------
50. PSO103 50. Hacienda Luna 50. PR
- ------------------------------------------------------------------------------------------
51. MEM134 51. Osceola 51. Mississippi AR
- ------------------------------------------------------------------------------------------
52. MEM156 52. N. Osceola Baker 52. Mississippi AR
- ------------------------------------------------------------------------------------------
53. MEM181 53. Oxford Bypass 53. Lafayette AR
- ------------------------------------------------------------------------------------------
54. MEM192 54. MS Hwy 70 Bridges 54. St. Francis AR
- ------------------------------------------------------------------------------------------
55. MEM196 55. Palestine/Lalman 55. St. Francis AR
- ------------------------------------------------------------------------------------------
56. MEM198 56. Highway 149 56. St. Francis AR
- ------------------------------------------------------------------------------------------
57. MEM262 57. Farmer Enter. 57. Craighead AR
- ------------------------------------------------------------------------------------------
58. MEM270 58. Phillips 58. Craighead AR
- ------------------------------------------------------------------------------------------
59. MEM271 59. Hick's Farms 59. Lawrence AR
- ------------------------------------------------------------------------------------------
60. CAR002 60. Lemme 60. Johnson IL
- ------------------------------------------------------------------------------------------
61. CAR014 61. Swan Pond 61. Union IL
- ------------------------------------------------------------------------------------------
62. CAR015 62. Schlenker 62. Union IL
- ------------------------------------------------------------------------------------------
63. CAR025 63. Hill 63. White IL
- ------------------------------------------------------------------------------------------
64. CAR029 64. Mercer 64. Marion IL
- ------------------------------------------------------------------------------------------
65. ALX048 65. Galloway Properties 65. Rapides Parish LA
- ------------------------------------------------------------------------------------------
66. ALX051 66. South Main 66. Lavoyelles Parish LA
- ------------------------------------------------------------------------------------------
67. EVA015 67. Horse Farm 67. Vanderburgh IN
- ------------------------------------------------------------------------------------------
68. MEM178 68. Crowe 68. Lafayette MS
- ------------------------------------------------------------------------------------------
69. MOU001 69. 69. Cape Girardeau MO
- ------------------------------------------------------------------------------------------
70. NOR122 70. Heauser Property 70. Jefferson Parish LA
- ------------------------------------------------------------------------------------------
71. LTR232 71. Eagle Crest 71. Crawford AR
- ------------------------------------------------------------------------------------------
72. PAD012 72. Quint 72. Massac IL
- ------------------------------------------------------------------------------------------
73. LTR305 73. McGregor 73. Benton AR
- ------------------------------------------------------------------------------------------
74. HMA206 74. Hebert 74. Lafourche Parish LA
- ------------------------------------------------------------------------------------------
75. CAR022 75. McPherson 75. Jefferson 1.IL
- ------------------------------------------------------------------------------------------
EXHIBIT B
---------
Approved Sites with Liens
-------------------------