HomeMy WebLinkAbout44-78 RESOLUTIONAL.
RESOLUTION NO. 4418
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE AN OPTION WITH WARREN TOOL CORPORATION FOR THE SALE
OF CERTAIN PROPERTY LOCATED WITHIN THE FAYETTEVILLE INDUSTRIAL
PARK.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk are hereby authorized
to execute an Option with Warren Tool Corporation for the
sale of certain property located within the Fayetteville:
Industrial Park. A copy of said Option, marked Exhibit "A",
is attached hereto and made a part hereof.
PASSED AND APPROVED this Zat day of
•
/-
• , f
'SC •
€TTE re
•••• ,•••t PA•001 t 314estre
t%a? CITY •GLE13..K
\ sit .41 a.- art/OV.4‘t.
e7e!.-V4.e
:‘,41wele0e
APPROVED:
> 1978 -
MICROFILMED.
DATE OCT 2 0 1918
EXHIBIT a A
Pet 44-7s
OP7ION
• IN CONSIDERATION of Four Thousand Dollars ($4,000.00),
receipt of which is hereby acknowledged, City of Fayetteville,
Arkansas, a municipal corporation, Postal Drawer F, Fayette-
ville, Arkansas 72701, hereinafter referred to as "Optionor",
the owner of the premises described as follows:
Tract 8 of the Fayetteville Industrial Park in Fayetteville,
Washington County, Arkansas, being more particularly described as
follows: Beginning at a point that is S 10 13' W 342.79 feet
from the NW corner of Section 26, Township 16 North, Range
30 West, said point being a point on the South right-of-way
line of Black Oak Road and on the West line of said Section 26;
thence S 1° 13' W 872.35 feet to a point on the North right-
of-way line of the existing railroad right-of-way; thence
S 880 51' E 648.50 feet along the said railroad right-of-way;
thence N 67° 58' E 76.22 feet; thence N 10 17' E 867.06
feet to a point on the South right-of-way line of Black
Oak Road; thence S 89°11' W 720.00 feet along said right-
of-way to the point of beginning, containing 14.60 acres
more or less, and subject to a 20 foot wide utility easement
adjacent to and parallel with the South line, and
subject to a 15 foot wide utility easement adjacent to and
parallel with the West line.
hereby grants to Warren Tool Corporation, P.O. Box 791, Warren,
Ohio 44482, herinafter referred to as the "Optionee", the exclusive
option to purchase said premises, including all improvements and
fixtures thereon,for a •total purchase price of Fifty-eight Thousand
Dollars ($58,000.00).
This Option shall expire ninety (90) days from the date
of execution hereof, at 11:00 p.m. unless prior thereto the
Optionee 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 such 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 (901 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 warranty deed executed by the Optionor,
in proper form for recording, with all necessary transfer
taxes paid by Optionor. 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 ).eases,
•
-2-
•
The sum of Four Thousand Dollars ($4,000.00) paid for
this Option shall be credited on the purchase price. If Optionee
does not exercise this Option as provided, the said sum of Four
Thousand Dollars ($4,000.00) 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 purchase
the property described herein, whereupon the amount paid for this
Option shall be refunded to Optionee, and neither party shall
have any further obligation or claim whatsoever against the other.
This Option and all rights hereunder shall not be assignable
by the Optionee without the prior written consent of Optionor. If
the Option is exercised, the purchase shall be on the following terms:
(a) Taxes and assessments shall be pro -rated as of the
date of closing.
• (b) The deed shall convey all easements and appurtenances
to said premises.
Optionor shall obtain a title insurance commitment
from a title company acceptable to Optionee. 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 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.
(d1 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.
(el Optionor will provide water and sewer service
to one of the property linessaid premises.
,Cf 1. Optionor shall pave Black Oak Road to existing City
• standards upon Optionee's commencing construction on
said premises,
(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 to require
A survey description to be used in the deed
of conveyance,
cb) The property is properly zoned to permit the
construction, use and maintenance of a mAnufacturing plant
• on the premises.
•
-3-
•
•
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 the writing and executed by the parties hereto or their respective
heirs, successors or assigns.
This agreement shall apply to and bind the 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 , 1978.
ATTEST;
CITY OF FAYETTEVILLE, ARKANSAS,
A Municipal Corporation
•BY
MAYOR
CITY .CLERK
ATTEST:
WARREN TOOL CORPORATION
BY
•
STATE OF ARKANSAS
las.
COUNTY OF WASHINGTON
On this day of , 1978, before me, the
subscriber, personally appeared Ernest Lancaster and Darlene
Westbrook, known to me to be the Mayor and City Clerk, respectively,
of City of Fayetteville, Arkansas, a municipal corporation, who
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 , 1978.
Notary Public
My Commission Expires:
STATE OF
COUNTY OF
On this day of , 1978, before me, the
subscriber, personally appeared
and , known to me to be the
and , respectively,
of Warren Tool Corporation, andstated 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 , 1978.
My Commission Expires:
Notary Public