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HomeMy WebLinkAbout32-72 RESOLUTION• 1 RESOLUTION NO. 32_92 • BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE, ARKANSAS: That the Mayor and City Clerk be and they hereby are authorized and directed to execute one certain contract byand between the City of Fayetteville, Arkansas, and Frank Pummill and Arthur Richard Pummill,4a copy of which is attached hereto, marked Exhibit "A", and madea part hereof. •, f i ATTEST: PASSED AND APPROVED this. 0:7 ,_ day of V yt, t City Cl </t APPROVED: 1972. • AGREEMENT dr . THIS AGREEMENT,. made this: ` day of''-'''' 1972, between the City of Fayetteville, Arkansas, a municipal corporation,party of the first part, hereinafter called the Seller, and Frank Pummill and Arthur Richard Pummill, parties of the second part, hereinafter called the Buyers, WITNESSETH: For and in consideration of the mutual promises, covenants, and agreements herein contained, the Seller and the Buyers agrees as follows: 1, The Seller agrees to sell and the Buyers agree to purchase the real property described in Schedule "A" attached hereto and made a part hereof, which real property is located in Washington County, Arkansas, upon the terms and conditions hereinafter set forth. 2, The total purchase price shall be four thousand dollars ($4,000,00) which•shall.be paid in cash on the. , closing date of this transaction, ' 3, The Seller agrees that it will within five (5) days from the date of this agreement at its expense, furnish the Buyers,or their designated agent, a complete abstract of title,certified from the Government to date, covering the above described property showing a good and marketable title of record in the Seller, free and clear 'of encumbrances, The Buyers -shall have five (5)- days from the..date-of.delivery - of said abstract within which to examine same; and any objections to said abstract, or to the title to said property, shall be delivered 'in writing to the Seller within said five (5) day period, In the event that the title to said prop- erty is not found to be good and marketable of record, as aforesaid, the Buyers shall have the option (which must be exercised in writing) to do one of the following things: • r" ..`3_ '�' 'Tg AGREEMENT - 2 (a) Request in writing the Seller to clear up all of the objections to the title to .saidprop- erty within a reasonable time and to render said title good and marketable, provided that if the Seller fails to do so then at the option of the Buyers this Agreement shall be terminated, in which event both Seller and Buyers shall be released from all obligations under this Agreement. (b) Request in writing the Seller to deliver title to said property in its existing condition, in which event the Seller agrees so to do. 4. This transaction shall be closed on or before August 1, 1972, at the office of David R, Malone, Attorney at Law, 14 East Center.Street, Fayetteville, Arkansas, provided that if any objections to the title shall not have been cleared up by that time then the closing shall be held at said office within ten (10) days after all such objections shall have been cleared up or waived in accor- dance with the terms of this Agreement, At the time of closing the Seller shall deliver to the Buyers a duly executed Warranty Deed conveying said property, The Buyers shall thereupon deliver to the Seller the purchase price in accordance with the terms of Paragraph 2 of the Agreement, The Seller shall pay for the documentary stamps on the deed, The Buyers shall pay for recording said Warranty Deed, 5. The Sellers agree to deliver possession.of said property on the date,of closing as above set forth in this Agreement, . 6.. Taxes'for the year 1971 and all prior years shall be paid by Seller, Taxes for the year 1972'assessed'against the property described in this Agreement shall be pro -rated as of the closing date. Taxes for all subsequent years shall be paid by the Buyers. 7, In the event that the Buyers shall fail to perform this Agreement promptly on their part at the time and in the manner herein specified, this Agreement shall be and become null and void. Time is of the essence of all the terms hereof. AGREEMENT • • 8. In the event the Seller shall fail to perform this Agreement promptly on their part at the time and in the manner herein specified, then at the option of the Buyers, this Agreement shall be terminated and shall become null and void. 9. Buyers agree that Seller may retain the ease- ments shown on schedule "B" attached hereto and further. agree that no structure, except a fence not to exceed six (6) feet in height, shall be erected on, over, or across any portion of said reserved easements. 10. One of the principal considerations for this agreement is that the Buyers will develop a manufacturing and processing operation to the -advantage of other prop- erties owned by the Seller in the vicinity of the property described in schedule "A", and Buyers agree that this agreement shall not be transferred or assigned to any person, firth or corporation without the consent of Sethi.' 11. This Agreement shall be binding upon and shall inure.to the benefit of each of the parties hereto, their: - heirs, administrators, executors and/or -assigns. . IN WITNESS WHEREOF, the parties have hereunto set their hands and seals on the day and year first above written. SELLER BUYERS 1 City 9'f FittevLl e - Prank Pummill ATTEST: City b ler14 • Arthur Richard Pummill