HomeMy WebLinkAbout23-88 RESOLUTION •
RESOLUTION NO. 23-88 SCAN N ED
A RESOLUTION AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE AN OPTION FOR THE PURCHASE OF
A BUILDING AT 521 WEST ASH.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk are hereby authorized and
directed to execute an option for the City to purchase a building
at 521 West Ash for lease to Fayetteville Open Channel in the
amount of $160 ,000 , which funds are to be contributed by Warner
Cable Communications. A copy of said option is attached hereto
marked Exhibit "A" and made a part hereof.
PASSED AND APPROVED this 5th day of April , 1988 .
APPROVED
By:
Mayor
.i?1 C' Clerk
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OPTION TO PURCHASE REAL ESTATE
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• ,. Or-li This OPTION executed this 5th day of April, 1988, by and
between Wayne Ball and Dee Davenport Ball, husband and wife,
hereinafter referred to as "Sellers", and the City of Fayette-
ville, Arkansas, hereinafter referred to as "Purchaser".
IN CONSIDERATION of One Hundred Dollars ($100.00) receipt of -
-;: which is hereby acknowledged, Sellers hereby grant to Purchaser "
the exclusive option to purchase for the price and on the terms
and conditions hereinafter set forth the real property of Sellers
described in Exhibit "A" attached hereto and made a part hereof.
1. The full purchase price for the property is $160,000 on
which the sum hereby received shall apply. The balance shall be
• paid at closing. If this option is not exercised the sum paid by
Purchaser shall be retained by Seller in consideration of this
Option.
2. This Option may be exercized by written notice of such
exercise delivered to Sellers or to Sellers' agent, Caldwell
Banker Faucette Real Estate, 2127 North College Avenue, Fayette-
ville, Arkansas, on or before 5:00 p.m. June 3, 1988, or such
extension of such period as Sellers may grant in writing within
the original period of the option.
^V V • 3. Sellers shall convey
to Purchaser good and marketable
• - title to the property herein described, subject only to easements
_ of record. Conveyance of title and transfer of possession to
Purchaser shall be executed within thirty (30) days after exercise
of the Option. Within ten (10) days from exercise of the Option,
Seller shall deliver to Purchaser an abstract for the property
certified to date. Purchaser shall give Sellers written notice of
any title objections and Seller shall cure said objections prior
to closing.
4. Ad valorem taxes against the property for 1988 shall be
- - - --� prorated between the parties as of the closing date. All special
assessments, if any, shall be paid by Sellers.
Executed in duplicate on the date first above written.
SELLERS
Wayne Ball
•
Dee Davenport Ball
CITY OF FAYETTEVILLE, ARKANSAS
PURCHASER
By:
Mayor
ATTEST
By:
City Clerk
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•- EXHIBIT "A"
,,. =t::•- Lot 2 in Block 11 of Parker's Plat of Valley View
Addition to the City of Fayetteville, Arkansas as per
plat of said Addition recorded in the office of the
Circuit Clerk and Ex-Officio Recorder of Washington
iyf County, Arkansas.
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