HomeMy WebLinkAbout82-97 RESOLUTIONRESOLUTION NO. 82-97
A RESOLUTION APPROVING A REAL ESTATE CONTRACT,
FOR THE SALE OF A RESIDENCE LOCATED AT 516 SOUTH
COLLEGE,IN THE AMOUNT OF $7I,850 AND APPROVAL OF
A DEFERRED LOAN AGREEMENT IN THE AMOLTNT OF
$8,350, IN CONJUNCTION WITH THE COMMUNITY
DEVELOPMENT HOME BI.IYER PROGRAM.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1 . That the City Council hereby approves an Officer and Acceptance Agreement
for the sale of a residence located at 516 South College, in the amount of $71,850 and approves a
Deferred Loan Agreement in the amount of $8,350, in conjunction with the Community
Development Home Buyer Program; and authorizes the Mayor and City Clerk to execute said
agreements. A copy of the real estate contract and the loan agreement are attached hereto marked
Exhibit "A" and made a part hereof.
PASSED AND APPROVED this 2nd day of September ,1997.r ,]
APPROVED
SCANNED
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Hanna, Mayor
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Traci Paul, City Clerk
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EXHIBIT A
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DEFERRED LOAN AGREEMENT
This agreement executed this €-day of
Fayetteville, hereinafter called the City and
/f 6 n DsTbetween the city of
Penfly Tomlinson hereinafter called Grantee(s).
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2.
In consideration of the mutual covenants herein" the parties agree as follows:
That the City shall provide the Grantee(s) a loan in the amount of Eight thousand Three
hundred fifty dollars, ($8,350.00) for rehabilitation of the existing residential structure
located at 512 South College, Fayetteville AR being more particularly described as:
Lot Number Three (3) in Deahl's Addition to the City of Fayetteville
Grantee(s) certifies that he/she is the owner of the residence described above and that this
is hislher principal residence.
If the residence described above is sold, transferred, rented or otherwise conveyed within
Five (5) years from the date of this Agreement, Grantee(s) or their heirs or assigns agtee
to repay the loan in a manner satisfactory to the City, less any credit accrued as follows:
For each year the Grantee personally occupies the residence, the total grant amount
specified above will be reduced by TWENTY PERCENT (20%) of the original
amount.
In the event of default and non-paynent of the balance due by Grantee(s) or their heirs or
assigns, the City shall have the power to offer the property at public sale to the higfuest
bidd; for cash. Public notice of the time and place of said sale having first been given ten
(10) days in advance by advertising in a trewspaper of general publication in the City of
iayettevitte, at which sale the City may bid and purchase as any third person might do.
The proceeds of said sale shall be applied, first, to the payrrent of all costs and expenses
attending said sale, and second, to palment of the amount owed the City and the
remainder, if any, shall be paid to Grantee(s).
The Grantee(s) covenants and agrees that he/she will comply with all requirements
imposed byregulations of Title VI of the Civil Rights Act of 1964.
Upon execution, this agreement will be filed with the Ex-Officio Recorder of Washington
County, 41ftansas for the period specffied in paragraph 3 of this Agreement.
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4.
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EXHIBIT A
PotSc e o( S
Upon satisfactory completion of all terms and conditions of this agreement by the
Grantee(s) the Citywill release the Grantee(s) from obligations contained herein and will
file such relealse with the Ex-Officio Recorder of Washington County, Arkansas.
CITY OF TTEVILLE, ARI(AI\SAS
1
GRANTEE
GRA}ITEE
97r)69694
REAL ESTATE CONTRACT
(Offer and AccePtance)
EXHIBIT
PaSe 3 o€A3
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P enny Toml i nson of fers to buy, subiect
serrorth here,n therorrowrnsE3loeortv' Single f amily Residenti a'l - 5'l 6S. eol].ege Ave
OESCRIPTION AND ADDI
1. BUYER:
to the terms
2. PROPERTY
3. PURCHASE PRICE: The Buyer wrll pay 5 71' 85O - OO torthe prccertv at closrng
balance sub,ect to the followrng conditions: see attachment
Thedownoaymentshall bes $500 Min wrththe
A $.}5w}:i},i.,?.3"J'Ji",?,',:}3Ji."",,"obvth€propertvlnanamoUntnotless.t,"ns@,payableoveraperiodofnot
less than years, with tnt€rest not to exceed-- o/o qdr annum.
Unless otherwrse specified, all loan costs anct Pr€paid items shall be paid by Buyer.
costs tncu rred, rncludrng appratsal and credit report, unless failure to close ts caused
tr LOAN ASSUMPTION: The Buye('s ability to assume existing loan pavable to
im6te amount of $currently payabl€ at approximat€ly $
-
per month, including tr principal, O intsrGst,
€xistine loan to be current at closing.tr existirtg taxes, and D exrsting insurance. PaYments on
A Amrrllnt (.)f $-?5O^OO (aLLa hod Deferred an
lf said loan is not available or is not closed, Buyer agrees to pay for loan
by Seller. in the approx-
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c. E OTHER T)o F c.r rctrl 'l nrn i n t
ctreenenL )
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4. AppLlcATloN FOR FINANCING: tf applicabl€, Buyer a9r.e3 to make rpplication for a new loan or loan a3sumption within n / a days f rom date of
th i3 contracl.
s. EARNEST MoNEy: Buyer herowith t€ndorr a check for s 1O0 - OO as oarn€st money, which shsll applv on purchlta prico or cloiing co3ts if
thi3offori3accrpted.rni.',-shallbedopo3itaduvago"imoriftitlerequirementraronotlUl'ill€d.it3h.llbopromptlyrelUnd.dto
Buyor. lt, alter acccptanc-e, e"y"it"it. to futfitt_hii ob-ligatron3, tLs^€glJrgT.r-nonoy shtll becgm€-lrguld?tod c,rmr9ot, WHIcH FAcTSHALL NoT PRECLUoE
sELLER oB AGENT rai5'rrr aSsenrinro orxeR u-ecAu FTGHTS wHrcH THEy MAy HAVE BECAUSE oF sucH BaEAcH.
6. coNVEyANCE: COnveyanca shal b€ mads to Buyer; o, a" otr."ted by 8uy3r by general warrantv d€ad, oxcept it 3h8ll be 3ub,ect to rocord'd r€ltrictions rnd
olraman?s, it any, wtrici-Jo noi -"t"riiily sflect th6 valu€ ol thc proporty. u.iess €xprossly rer€ruod horc'n, such conv€yanco shall include mincral righi3
ownod bY tDllo?.
,. iEii-niCi'6ii ftflg INSURANCE: Tho owner(s) ot the rbovo property, h€r.inaft€r called sell€r, shall turnish, at seller's cost, a compl.to.bstract ref locting
msrchrntable titlo 3rtaSfactory to Buyar's attornoy; howaver, sallor shall have !n option to furnish Buyer, in plrc€ of abrtract, a policv ol title insuranco in the
lmount ol th€ purchrro prico, snd submi3sion ot'an rbttrlct shall not con3tituts a waiver of this option. lt obiactionr ars made to titls, Sell€r shall hav' a
rc!3onabl3 timo to meot lha obioction3 or to furnish titlo insutrnce'
g. PRoRATIONS: Taxes lnd spocial ass€s3ments du€ on or b.fore closing 3hall ba paid by saller. Any d6po3itt on rontal proportv ara to be trentferred to Buver
at closing. lnturanco, curront gen€ral taxa3 and sp€cial as3€3amcnts, rental paymonts, and any interest on assumed loans 3hall be prortted a3 ol closing unl'ss
othorwir€ 3Pecif i€d horsin.
g. closiruc:Th6 ctosing ctat6, which will b6 designated by Ag€nt. is estimated to bo on or about Sont a J-rar A f OO7
1 O. POSSESSION: Possession shall be delivered to Buyer:
A. H Upon cloring.
B. tr Af ter closing, but not later than days aft6r cto3ing. ln thii €v€nt, S€ller lgroe8 to pay st cloSing
day from closing to dat6 pos$rison is dalivered and to leavo this sum with Agont to bo disbursod to the parti€s
entitled the date ivered.
11. FIXTUR ES ACH ED Unless specif ically excluded herein,all f ixtures and attaclred equipment, if any,are included in the Purchase
price. Such fixtures and attached equiP ment shall include, but not be limited to, th€ following;window arr conditioners, carpeting,indoor and outdoor light
f ixturgs, window and door coverings, gas or electric Arills, awnings, mail bo xes, garage door ope nerS and remote units, water sOfteners, propane and butane
other nailed, screwed, buried or otherwise attached tO the real prgperty in a permanent manner
thereto on
AND ATT
tanks, antennas and any
TERMITE CONTROL R
possession is del
EOU IPMENT:
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EOU I
items bo lted
REMENTS:
A.- None.
A. X purchlso price to includo a current termite control policy i33ued by liconsad oporator.
C.-purchas price to include termit€ control policy and inspection r€port, as required by HUD. vA, or lend6r'
INSPECTIONS ANO REpAIRS: Buyer certities trrat 6rvii n"i inrp."teo the propsrtv and i3 not relying upon any watrantios, tepre3entat;ons or ttlt€monts of
AgBnt or ssltar as ro ago or condition ol improvements.'otnei than those specirioct her€in. 134 and 138 do not apply to new prevrously unoccupi€d dw'llingr'
A. H Buyer accepts the property in rts presant condition, subfect orrly to the following none
B. o Th€ following itams, if any, shall be in normal working order at clo3ing: dishwashers, d iSpOSalS, trash c6mpactgrs, ranges, exhaust f AnS, heating and air
conditioning sYstems,
Buyer shall have the
plumbing system, electrical system,
right, at Buyer's exPense, to anspect ve items prior to closing. I
nottce as provided herein
the abo f any of the above items are found not to bo in norm wor
Seller agrees to pay the cost of repair of any such items up
n9
toordgr, BuYer maY no tify Seller in writing prior to closing Af ter
but not exceeding$-'lf cost of such rspairs will €xc€€d the abov€ ".i-o*, and Sell€r rotuses to pay th€ aclditional cost, Buyor may accept the prop€rty in its condition at cloling
with crsdit on tha purchls€ pric€ in the abovo amount; or Buyar may declare this contract null and void.
I t Buyer do€s .ot gir" nJiice of delects in writing prior to clo3in9, all subsequEnt repairs shall be solely at Euyor's €xp€nse'
ra. nrsfi'r5'FLb55: it",fu of loss or damage to the p.iperty by f ire oiother casuattv occurring up to tho trme of clo3rng is assum€o bv the seller'
15. EXPIRATtoNoFOFFER:Thisoffor€xpiresilnotacceptadwittrin-]- davslromthisdate'
16. OTHER CONDITIONSi
1 980 MUST be inserted if this is a NEW home) lnsulation is I will be installed as follows:
TYPE TH ICKNESS R.VALUEtNsuLATION: (Ail of the following information
Exterior Walls
lnterior Walls
Cealings (ln all areas)
WA L LS f or wh ich above inf or-
mation varies (such as sPecial
insulation in bedroom)
The above information has been furnished bV the insulatron manufacturer or home builder and is relied on by Seller and ,Agent.
THIS IS A LEGALLY BINDING CONTRACT WHEN SIGNEO BY BOTH BUYEB AND SELLER' IF NOT UNOERSTOOO'SEEK LEGAL ADVICE
Not eppficanfe
Selling AgencY
Not APPI i catrt e
Sell ing Assocrate S ignatu re
Not - PPl i eahl e
Listrng AgencY
Not, Applicable
L rsting Assoclate
Brok er tgnatur Buyer
Not appl i c.ahtra prof essional
Buyer
Th€ above olter is accopted on SePtemhcr ' f SJ^992. l/We agree to pav the below named agent a fee
s6rvrce3 rgndered In securrng saio offe?. lt for any reason the earnest mongv provided for herein is lorfeit€d bv Buv
divided gqually between Seller and Agent after payment of incurred exp€nses.
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S eller
of
er the p hereof, sarne shall be
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