HomeMy WebLinkAbout17-77 RESOLUTION•
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RESOLUTION NO. /17-17
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A RESOLUTION AUTHORIZING AND DIRECTING THE MAYOR AND CITY
CLERK TO EXECUTE AN OPTION WITH HACKNEY BROTHERS BODY COMPANY
FOR THE SALE OF A 28.88 ACRE TRACT OF LAND IN THE INDUSTRIAL
PARK.
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 an Option with Hackney
Brothers Body Company for the sale of a 28.88 acre tract of
land in the Industrial Park. A copy of said Option, marked
Exhibit "A", is attached hereto and made a part hereof.
PASSED AND APPROVED THIS /21/- DAY OF (y ila22-'JE J . 1977.
ATTEST:
CITY CLERK
APPROVED:
MAYOR
MICROFILMED.
DATE OCT 2 a n
REEL k Lk_
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-OPTION
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IN CONSIDERATION of Three Thousand Dollars ($3,000.00),
receipt of which is hereby acknowledged, 'City of Fayetteville,
Arkansas, a municipal corporation, of Postal Drawer F, Fayette-
ville, Arkansas 72701, hereinafter referred to as "Optionor",
the owner of the premises described as follows:
Tracts 11 and 12 of the Fayetteville Industrial Park
in Fayetteville, Washington County, Arkansas, being
more particularly described as follows: Beginning at
a point that is South 1243.94 feet and East 1404.8
feet from the NW corner of Section 26, Township 16
North, Range 30 West, said point being the point of
intersection of the East line of the Armstrong Road
right-of-way and the North line of the existing Railroad
right-of-way, running thence N 1° 17' E 905.53
feet along the East right-of-way line of Armstrong
Road; thence 64.36 feet along a circular curve with
a radius of 50 feet to the intersection of the South
right-of-way line of Pump Station Road; thence along
the South right-of-way line of Pump Station Road N
75° 02' E 213.02 feet; thence continuing along the
South right-of-way S 88° 45' E 900.75 feet to the
West line of Lot 14 of the Fayetteville Industrial
Park; thence along the West line of Lots 14 and 13
of the Fayetteville Industrial Park S 0° 03' 1111.22
feet to the North line of Lot 10 of the Fayetteville
Industrial Park; thence N 88° 51' W 1015.45 feet
along said North line; thence N 1° 09' E 100 feet;
thence N 83° 51' W 149.57 feet to the point of be-
ginning', containing 28.88 acres, more or less, and
subject to a 100 foot wide railroad right-of-way
and utility easement adjacent to and parallel with
the South line, a 30 foot utility easement adjacent
to and parallel with the East line and a 20 foot
utility easement adjacent to and parallel with the
Westline of the herein described property,
hereby grants to Hackney Brothers Body Company, or its Assignee,
of P. 0. Box 920, Wilson, North Carolina 27893, hereinafter
referred to as the "Optionee", the exclusive option to purchase
said premises, including all improvements and fixtures thereon,
for a total purchase price of One Hundred and One Thousand and
Eighty Dollars ($101,080.00).
This Option shall expire ninety (90) days from the date of
execution hereof, at 11:00 P. M. unless prior thereto the Cptionee
notifies Optionor by telegram, by written notice, or by registered
mail of Optionee's election to purchase. Optionee's exercise of
this Option shall be deemed delivered to Optionor when such notice
is deposited in any United States Post Office or in any telegraph
office,- prepaid for transmittal to Optionor and addressed to
Optionor at the aforesaid address, or when left at said address.
If the expiration date of this Option occurs on a Sunday, holiday
or other non -business day, this Option shall automatically be
extended so as to expire at 11:00 P. M. on the next ensuing
business day.
After the notice exercising the Option has been given, the
Optionee shall have ninety (90) days to examine the title and
if satisfied with the condition of title, the closing shall take
place within ninety (90) days thereafter at a time and place
designated by Optionee, who shall then pay or cause to be paid
the balance of the purchase price, upon delivery of a full
covenant and warranty deed executed by the Optionor, in proper
form for recording, Tntr"- 1 necessary transfer taxes paid by
Optiohor.---The deed shall convey an unencumbered, marketable
title in fee simple and the premises shall be delivered free
of all claims, liens, occupancies tenancies and leases.
T21l!r- re��GD �91�paid�.ror�thz�
Option shall be credited Ontiit yu-r
C++ago Nice. If OFtionee does
not exercise this Option as provided, the said sum of Three
Thousand Dollars ($3,000.00) may be retained by the Optionor and
neither party shall have any obligation or -claim against the
other. If in the opinion of Optionee the Optionor's title is
not satisfactory, Optionee shall give Optionor notice by registered
mail of any and all defects in title. Optionor shall have
ninety (90) days from receipt of such notice to cure said defects.
If Optionor is unable or refuses to cure said defects or comply
with any of the other conditions of the following paragraph within
said ninety (90) day period, the Optionee may elect not to pur-
chase the property described herein, whereupon the amount paid
for this Option shall be refunded to Optionee, and neither
party shall haveany further obligation or claim whatsoever
against the other.
This Option and all rights hereunder shall be assignable
by the Optionee only with the written consent of Optionor before
or after exercising the Option. If the Option is exercised
the purchase shall be on the following terms:
(a) Taxes and water charges shall be apportioned (if
such is the local custom) according to the local custom
as of the date of closing.
(b) The deed shall convey all easements and appurtenances
to said premises.
(c) All violations and notices of violation of law or
ordinances shall be cured or complied with by the
Optionor and the premises shall be conveyed free from
all violations.
(d) The Ootionee'shall obtain a title insurance commit-
ment from a title company of Optionee's choice. Optionor
agrees, upon request of such title company, to furnish
documents of title or such other evidence as may be
required. Upon closing, a Policy of Title Insurance in
in the amount of .the purchase price will be issued to Optionee
at Optionor's expense. In lieu thereof Optionor may
furnish Optionee, at Optionor's expense with a complete
abstract of title and tax search certified to a date
subsequent to the exercise of this Option.
(e) The risk of loss, damage or destruction of the property
or any part thereof by fire or otherwise. prior to delivery
of the deed shall be assumed and borne by Optionor. In
the event of any such loss, damage or destruction which
Optionee regards as substantial, then the Optionee shall
have the right to either terminate the contract resulting
from this Option or to proceed with the closing of same.
(f) The Optionor shall pay and assume any and all fees and
commissions, if any, charged by the real estate brokers, or
agents, acting for or on behalf of Optionor, in connection
with the execution of this Option, or in settlement of
purchase hereunder, and shall indemnify and hold Optionee
harmless from and against any and all fees, commissions,
claims and suits, whether in law or in equity, of any and
all such real estate brokers or agents. This provision
shall remain effective and survive the closing of title.
ry.
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(g) The Optionee shall have the right and license during
the term of this Option to enter upon the optioned premises
to make all necessary surveys, soil test borings and in-
spections which the Optionee deems necessary and have the
right to require a survey description to be used in the
deed of conveyance. -
(h). The property is properly zoned to permit the con-
struction, use, and maintenance of a manufacturing plant
on the premises.
This Option includes all of the agreements, representations
and understandings of and -made by the parties hereto, or on their
behalf. No changes, alterations or amendments hereto, nor further
agreements shall be binding upon the parties unless such is in
writing and executed by the parties hereto or their respective
heirs, successors or assigns.
This agreement shall apply to and bind the heirs, executors,
administrators, successors and assigns of the Optionor, and shall
run for the benefit of the successors and assigns of the Optionee.
IN WITNESS WHEREOF, the parties have signed and sealed this
instrument this / day of , 1977.
ATTEST:t ,
CITY CLERK
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ATTEST:
CITY OF FAYETTEVILLE, ARKANSAS,
A Municipal Corporation
BY -,-? 2 --n- c-t.cL- f
MAYOR
HACKNEY BROTHERS BODY COMPANY
BY
STATE OF a..- . --v(,cra -r )
4 0 )SS
COUNTY, OF l,l 41.. wr'--- cr )
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On this i -day of
subscriber
Westbrook,
of City of
, 1977, before me, the
, personally appeared Ernest Lancaster and Darlene
known to me to be the Mayor and City Clerk, respectively,
Fayetteville, Arkansas, a municipal corporation, who
stated that they had executed the foregoing Option for the pur-
poses and considerations therein mentioned and set forth.
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Witness my hand and seal as a Notary Public this 11� = day
•`'oL ]]
f• °>�da.---(jj , 1977.
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;i• My Commission Expires:
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C67 1-.c.- eri
Notary Public
STATE OF
)SS
COUNTY OF
On this day of , 1977, before me, the
subscriber, personally appeared
and , known to me to be the
and , respectively, of Hackney
Brothers Body Company, and stated that they had executed the
foregoing Option for the purposes and considerations therein
mentioned and set forth.
Witness my hand and seal as a Notary Public this day
of , 1977.
My Commission Expiresi
Notary Public