HomeMy WebLinkAbout97-88 RESOLUTION w
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RESOLUTION NO. 97-88 ? "A N " `� E D
A RESOLUTION AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE A REAL ESTATE PURCHASE
CONTRACT WITH DR. JAMES D. MASHBURN AND DR.
WADE W. BURNSIDE FOR THE MED-ARK CLINIC
BUILDING AT A TOTAL PURCHASE PRICE OF
$360, 000 .
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 a real estate purchase contract with Dr. James
D. Mashburn and Dr. Wade W. Burnside for the Med-Ark Clinic
Building at a total purchase price of $360, 000 . A copy of the
contract authorized for execution hereby is attached hereto marked
Exhibit "A" and made a part hereof .
PASSED AND APPROVED this 28th day of December , 1988 .
APPROVED
By: tilt.aL� .�
Mayor
ATTEST
By: C' `�
i Clerk
(Z-24/118//
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THE REAL. ESTATE CONTRACT
Now on this 28th day of December , 1988 , the City
of Fayetteville , Arkansas , a Municipal Corporation and James
D. Mashburn and Wade W. Burnside agree that the City shall
purchase and Mashburn and Burnside shall sell the following
property located in the City of Fayetteville , Washington County,
Arkansas :
Beginning Thirty ( 30) feet South and Four hundred
and seventy two (472) feet East of the Northwest
corner of the Southwest quarter of the Northwest
quarter of Section Fifteen ( 15) , Township Sixteen
( 16) North, Range Thirty ( 30) West and running thence
South, Two hundred and thirty nine (239) feet to
a twelve foot alley deeded to the City of Fayette-
ville ; thence East , Sixty (60) feet ; thence North,
two hundred and thirty nine (239) feet ; thence
West Sixty ( 60) feet to the beginning.
The purchase price shall be three hundred sixty
thousand dollars , ( $360, 000) , with fifty thousand dollars
( $50, 000) earnest money hereon due and payable on or before
January 5 , 1989 and the balance due at closing which shall
be on or before December 31 , 1989 . If purchaser shall fail ,
for any reason, to close on or before the closing date , the
earnest money shall become liquidated damages which shall not
preclude the sellers from asserting other legal rights which
they may have because of such breach. Conveyance shall be made
by general warranty deed subject to recorded restrictions and
easements , if, which do not materially affect the value of
the property. The sellers shall furnish, prior to closing,
a complete abstract reflecting merchantable title satisfactory
to purchaser ' s attorney; if objections are made to title, seller
shall have a reasonable time to cure objections or furnish
title insurance against the same.
Taxes and assessments due on or before closing shall
be paid by sellers and current general taxes and special assess- =
ments accrued but not yet due shall be prorated as of closing.
Possession and risk of loss shall remain in sellers until and
pass at closing.
EXHIBIT A
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In witness whereof , the parties have caused their
signatures and seals to be set effective the date first hereand-
above set forth:
THE CITY OF FAYETTEVILLE
)
Ma or
ATTEST:
Ci erk
AM' D. MASHBURN, owner of
tw.-thirds undivded interest
a
Imo-
pp p? c1
►/ ��' 11 .
WADE W. BURNSIDE, owner of
one-third undivided interest
The undersigned , wives of Sellers , subject their dower
interest in the property to Purchaser ' s rights under this
agreement .
eCZ �zll
Barbara Mashburn
Sarah Burnside
2 .