HomeMy WebLinkAbout46-77 RESOLUTION•
RESOLUTION NO. y6-77
•
A RESOLUTION AUTHORIZING AND DIRECTING THE MAYOR AND CITY
CLERK TO EXECUTE AN OFFER AND ACCEPTANCE FOR THE PURCHASE OF
LOTS 7 and 8 IN SOUTH VIEW ADDITION TO THE CITY OF FAYETTEVILLE.
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 Offer and Acceptance
for the purchace of Lots 7 and 8 in South View Addition to the
City of Fayetteville at a purchase price of $4,000.00. A
copy of said Offer and Acceptance, marked Exhibit "A", is
attached hereto and made a part hereof. The authorization
granted hereby shall be effective upon receipt from the Washing-
ton County Sanitarian of percolation test results satisfactory
for the use of a septic tank system for each of the aforesaid
lots.
PASSED AND APPROVED THIS 1 DAY OF JLacti , 1977.
APPROVED:
4rnt-e-oe
MAYOR MAYOR
ATTEST:
(74A24 -44 -Ad -litu-AeLY—&-t42-01-41"
CITY CLERK
MICROFILMED
DATE OCT 2 0 1978
OFFER MID ACCEPTANCE
To N/A
Agent.
•
May 5, 77
19
1. The undersigned, herein called the Buyer, offers to buy, subject to the terms set forth herein, the following property:
(If additional space is needed, use back side.)
Lots 7 and 8 Southview Addition to the City of Fayetteville, Arksnses
2. The Buyer will pay $ 4,000.00 for the property, $ 4.000.00 In cash and the
balance of ;Nth as follows*
3. Special conditions: Subject to approval of the Fayetteville Board of Directors by duly
authorized Resolution. a copy of which will be provided to the Seller
4. Conveyance shall be made to Buyer, or as directed by Bayer, by general warranty deed except it shall be subject to
recorded restrictions and easements, if any.
6. The owner of the above property, hereinafter called Seller, shall furnish at Seller's cost a complete abstract reflecting
merchantable title satisfactory to Buyer's attorney, however Seller shall have an option to furnish Buyer, in place of abstract,
a policy of title insurance, and submission of an abstract shall not constitute a waiver of this option. Seller shall have a reason-
able time after acceptance within which to furnish abstract or title insurance. If objections are made to title, Seller shall have
a reasonable time to meet the objections or to furnish title insurance.
00)
6. Buyer herewith tenders $ Ten Dollars ($10.as earnest money, to become part of purchase price upon
acceptance. This sum shall be held by Agent and if offer is not accepted or if title requirements are not fulfilled, it shall be
promptly returned to Buyer. lf, after acceptance, Buyer fails to fulfill his obligations, the earnest money may become liquidated
damages, which fact shall not preclude Seller or Agent from asserting other legal rights which they may have because of such
breach.
7. Taxes and special assessrnents, due on or before the closing date shall be paid by the Seller. Current general taxes and
special assessments shall be pro -rated as of closing date based upon the last tax statement. Insurance, interest and rental payments
shall be pro -rated as of closing date.
8. Seller shall vacate the property and deliver possession to Bayer on or before N/A days after the closing
date. Seller agrees to pay rent to Buyer at the rate of $ N/A per day until possession is given after closing date.
9. Buyer certifies that he has inspected the property and he is not relying upon any warranties, representations or state-
ments of the Agent or Seller as to age or phys cal condition of improvements. The risk of loss or damage to the property by
fire or other casualty occurring up to the time of transfer of title on the closing date is assumed by Seller.
10. Thia Offer is binding upon Buyer if accepted within an days from Date.
By
Agent
N/A
:ter
City of Fayetteville. Arkansas
The above Offer is accepted on
Agent a fee of for professional services rendered in securing said
money provided for herein is forfeited by Buyer under the provisions Nhereof, same shall
Agent after payment to Agent of his incurred expenses.
F I rm 61—Ark. heel Estate Associstion. Little Rock
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Suz
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inVrr
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• Bayer
1/We agree to pay the above named
Offer. for any reason the earnest
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er Trustee Suz
li.11/76
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