HomeMy WebLinkAbout87-81 RESOLUTION•
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RESOLUTION NO. C77-11/
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXERCISE
TWO OPTIONS TO PURCHASE REAL ESTATE OWNED BY AYERS
FURNITURE INDUSTRIES AND FULBRIGHT INVESTMENT COMPANY.
1
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
OF FAYETTEVILLE, ARKANSAS:
That the City Manager is hereby authorized and directed
to exercise the options to purchase real property attached
hereto marked Exhibits "A" and "B" for two parcels containing
approximately five acres each owned by Ayers Furniture Industries
and Fulbright Investment Company. /
PASSED AND APPROVED this /SL/I day of 1p
' -
CCATTESS<
e
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7
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CITY/ CLERK
•
1981.
R��V,
�ICp,TE QF.
GER'Sl l ss
of Atica{easle 1~ Ana V.-Officio
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City 1, y cert for e the asinexe3 tic ta the sa in
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MICROFILMED
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WARRANTY DEED
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9824 A�! !!
22
ALMA Ka CouNry
KNOW ALL MEN BY THESE PRESENTS: G)RCbIT�c�ER MANY,.
That FULBRIGHT INVESTMENT COMPANY, an Arkansas corporation,
for and in consideration of the sum of One Dollar ($1.00)
and other good and valuable consideration to it in hand paid
by the CITY OF FAYETTEVILLE, ARKANSAS, a municipal corporation,
does hereby grant, bargain and sell unto the said_City of
Fayetteville, Arkansas, a municipal corporation, and unto
its heirs and assigns, the following described lands, situate
in Washington County, Arkansas, to -wit:
A tract of land situated in the Northeast Quarter (NE4)
of the Northeast Quarter (NE%) of Section Twenty (20),
Township Sixteen (16) North, Range Thirty (30) West
of the 5th Principal Meridian, being more particularly
described as follows, to -wit: Beginning at a point
which is 1318.36 feet West and 266.5 feet South 0 degrees
07 minutes West of the Northeast corner of the above
described quarter quarter, thence East over the centerline
of an existing well 823.36 feet, thence South 0 degrees
07 minutes West 264.52 feet, thence West 823.36 feet,
thence North 0 degrees 07 minutes East 264.52 feet to
the point of beginning and containing 5.0 acres, more
or less.
TO HAVE AND TO HOLD the said lands and appurtenances
thereunto belonging unto the said City of Fayetteville, Arkansas,
a municipal corporation, and unto its heirs and assigns forever.
And the said Fulbright Investment Company, an Arkansas corporation,
does hereby covenant that it is lawfully seized of said land
and premises; that same is unencumbered, and it will forever
warrant and defend title to said lands against all claims
whatsoever.
WITNESS the hand and seal of the Fulbright InvesmLe/nt
Company, an Arkansas corporation, this 2.D `t day
1981:
ATTEST:
cr7;%(=ti e. v_IDA,„/
SECRETARY
FULBRIGHT INVESTMENT COMPANY,
an Arkansas corporation
By:
1741052 28.1.
- 2
STATE OF ARKANSAS )
)ss:
COUNTY OF WASHINGTON)
ACKNOWLEDGMENT
On this 2Q_64 day of c5 my , 1981, before
the undersigns , a Notary Public, my commissioned, qualified
and acting, within and for the said pounty end State, appeared
in pers n the w'thin amed -cc1. cm -24...
, to me well kfgown, who stated
the were the esident and Secretary of the FULBRIGHT
and
that y
INVESTMENT COMPANY, an Arkansas corporation, and were duly
authorized to execute the foregoing instrument for and in
the name and behalf of said corporation, and further stated
and acknowledged that they had so signed, executed and delivered
said instrument for the consideration, uses and purposes
therein mentioned and set forth.
IN TESTIMONY WHEREOF, I have hereunto set my hand and
offfyc4a1„ sal this 02(3 day of %f,.,e c,4 -c.- , 1981.
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NOTARY PUBL
x;1052 282
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BE IT RESOLVED BY THE BOARD OF DIRECTORS OF FULBRIGHT
INVESTMENT COMPANY:
That the Board of Directors hereby approves the sale
of the following described real estate to the City of Fayette-
ville, Arkansas, at a purchase price of $37,500:
A tract of land situated in the Northeast Quarter (NE4)
of the Northeast Quarter (NE%) of Section Twenty (20),
Township Sixteen (16) North, Range Thirty (30) West
of the 5th Principal Meridian, being more particularly
described as follows, to -wit: Beginning at a point which
is 1318.36 feet West and 266.5 feet South 0 degrees
07 minutes West of the Northeast corner of the above
described quarter quarter, thence East over the centerline
of an existing well 823.36 feet, thence South 0 degrees
07 minutes West 264.52 feet, thence West 823.36 feet,
thence North 0 degrees 07 minutes East 264.52 feet to
the point of beginning and containing 5.0 acres, more
or less.
Be it further resolved that J. W. Fulbright, President,
and Hal Douglas, Secretary, are hereby authorized and directed
to execute a Warranty Deed for and on behalf of Fulbright
Investment Company conveying the above described property
to the City of Fayetteville, Arkansas.
PASSED AND APPROVED this lQ day of 91/24.c ct.
1981.
_
ATTEST:
SECRETARY
APPROVED:
PRES DENT
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Tl
OF RECORD
QI iz-2 A
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_
akid
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Ei2aS
S -o -e LJS 2 -
FILED
FILED FOR RECORD
OPTION TO PURCHASE REAL PROPERTY I919 OCT 24 AMII54
In consideration of Five Hundred Dollars ($590 00)TOa COUiVTI`.I;RK.
ALMA KOLLMEYER
and other good and valuable consideration, the undersrigft;4 CLERK
optionor grants to the City of Fayetteville, Arkansas, a MiCP.OFVLf Egt8�g
municipal corporation, hereinafter called optionee, its REEL --
successors and assigns, the exclusive option to purchase DATE oCT
they followingadescribed-property:
A tract of land situated in the NE 1/4 of the
NE 1/4 of Section 20, T -16-N, R -30-W of the
5th Principal Meridian, being more particularly
described as follows, to wit: Beginning at a
point which is 1318.36' West and 266.5'
S 0°07' West of the NE corner of the above
described quarter quarter, thence N 0°07'E
266.5', thence East 823.36', thence S0°07' W
266.5', thence West 823.36' to the point of
beginning and containing 5.04 acres, more or
less.
Subject to the following terms and conditions:
Optionee may exercise this. option at any time before
�� .
the �0 day of (jcic/er,-, 191d by written notice to optionor
delivered personally, or mailed to optionor at P.O. Box 849, Fort Smith,
Arkansas 72902, and by paying to_.opt-icnor-wtha:tota1.pur.chase�
price of $37,500.00 (inclusive) of the consideration paid
for this option, or its renewal. Optionee shall have the
right to extend this option for an additional period of one (1)
year from the option date of 47„,4e,.. /0 , 19g) by giving
optionor written notice prior to said date and payingoptionor
the sum of $500.00, which amount shall be applied to the total
purchase price.
Upon due exercise of this option and payment of the purchase
price of $37,500.00, optionor will deliver possession and title
to said property to optionee, and execute and deliver to
optionee a warranty deed'
If the option is exercised, seller shall within 15 days
after the delivery to it of the notice of exercise, secure
and submit to purchaser for examination by its its attorney evidence
of merchantable title in the property by preliminary title commit-
ment of a qualified title insurance company doing business
•
0E1001 683
L.'
gel
in the State of Arkansas. Within 10 days thereafter, purchaser
shall give notice
objections to the
in writing to seller of any defects in or
title as so. evidenced, and seller shall
clear the title of the defects and objections so specified.
If seller fails to clear title to the extent herein
required or to'submit evidence of his ability to do so prior
to closing, andsuch_failure continues for 45days-after-the --_
date of exercise of the option, purchaser may clear title
to the extent so required
seller or, at his option,
5 days' notice to seller.
provided shall be
and charge the cost of clearing to
may terminate the contract by giving
Title to be conveyed as herein
merchantable title, free and clear of all
liens and encumbrances
WITNESS our hands
ATTEST:
4f5i Secre
STATE OF ANSAS
9 a
COUNTY OF
except easements of record.
on this // day of Cc rv&IAL , 1971
AYERS FURNITURE. INDUSTRIES
ACKNOWLEDGMENT
On this // r day of •0 0743 Ex- 1
19%' before me,
the undersigned Notary Public, duly commissioned, qualified
and acting, within and for the said Count and State, appeared
in person the within named TbffN
and 2; 7, C47-34) , to#j�, perso ally known, who stated
that they were the President and1,ecretary of Ayers Furniture
Industries, a corporation, and were duly authorized to execute
the foregoing"`instrument.-for_,.and in the name and behalf,of said
corporation, and further stated a ndTadknowledged.that.they had
so signed, executed and delivered said instrument for the
consideration, uses and purposes therein mentioned .and set
"4.01coOtine, ,�
sem`/C e4fii. ?t is se almonthis 11Whereof,ay
s,`
7/ .
e.•
Sslon
10- 24- to
expires:
have hereunto set my
of QCfbBthC , 1929.
y Public
forth.
hand and ,. +F;;...„1,
cfr
6.
oral.001 684 -
CER i ,,;ATE OF RECORD
.1 PTL CF A^I'.A'-° ^O
Coo :y i
I, AIL] : L- Kell:nay-p i C•rc.d.
Washinc,tnn Cacnil:i c:o 'r r-. L
going • n,entw. i1J
of
duly recorded in
Witness my hand and
1C:.% r r!', -(,`-,Jo Recorder for
:i.i t::::, _I. itid )ortfIore-
.. - c• theo2-day
Il_ �_ _ A :, L_ :dr ,e is
tet at paga
19
G.cuit Clcrk and
Ex-0fiicid Re rd
By
�enuty Clerk
•
StoS
•
FILED FOR RECORD �,FWS Z
OPTION TO PURCHASE REAL PROPERTJY9 OCT 24 AM IIS 54AcRo,
(, 1 DATE
In consideration of Five Hundred Dollars Y4 0,0,; 9)00UN j t'. ARiNut
ALMA KOLLMEYER
and other good and valuable consideration, the undafr,�illriedW
optionor grants to the City of Fayetteville, Arkansas, a
municipal corporation, hereinafter called optionee, its
successors and assigns, the exclusive option to purchase
the following described property:
A tract of land situated in the NE 1/4 of the
NE 1/4 of Section 20, T -16-N, R -30-W of the
5th Principal Meridian, being more particularly
described as follows, to wit: Beginning at a
point which is 1318.36' West and 266.5'
SO°07' West of the NE corner of the above
described quarter quarter, thence East over
the centerline of an existing well 823.36',
thence S 0°07' W 264.52', thence West 823.36',
thence N 0°07'E 264.52' to the point of
beginning and containing 5.0 acres, more or
less.
Subject to the fallowing terms and conditions:
Optionee may exercise this option at any time'before
the j121 day of de: , 1910, by written notice to optionor
delivered personally, or mailed to optionor at Box D, Fayette-
ville, Arkansas 72701, and by paying to optionor the total purchase
price of $37,500.00 (inclusive) of the consideration paid
for this option, or its renewal. Optionee shall have the
right to extend this option for an additional period of one (1)
year from the option date of (0 -pi .i, /0, 19940, by giving
optionor written notice prior to said date and paying optionor
the sum of $500.00, which amount shall be applied to the total
purchase price.
Upon due exercise of this option and payment of the purchase
price of $37,500.00, optionor will deliver possession and title
to said property to optionee, and execute and deliver to
optionee a warranty deed.
If the option is exercised, seller shall within 15 days
after the delivery to it of the notice of exercise, secure
and submit to'purchaserfor examination by its attorney evidence
of merchantable title in the property by preliminary title commit-
mentof a qualified title insurance company doing. business
in the State of Arkansas. Within 10 days thereafter, purchaser
1001 681
FD. .,
]979
:1 .r
irl
shall. give notice in writing to seller of any defects in or
objections to the title as so evidenced, and seller shall
clear the title of the defects and objections so specified.
If seller fails to clear title to the extent herein
required or to submit/evidence of his ability to do so prior
to closing, and such failure continues for 45 days after the
date of exercise of the option, purchaser may clear title
to the extent so required and charge the cost of clearing to
seller or, at his option, may terminate the contract by giving
5 days' notice to seller. Title to be conveyed as herein
provided shall be merchantable title, free and clear of all
liens and encumbrances except easements of record.
WITNESS our hands on this /614)°?- day of (134/4 44.63_ , 195
i'p Setfetarfl 1
.+ ti t)441'7)1...
..aeb; -141
. 1411 t',, • •4`
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FULBRIGHT INVESTMENT COMPANY
(OPTIONOR)
By Y0,1 (I'
esident •
•
ACKNOWLEDGMENT
STATE OF ARKANSAS )
) ss
COUNTY OF WASHINGTON )
On this 49 day of d7 4_44. , 1971, before me,
the undersigned Notary Public, duly commissioned, qualified
and acting, within and for the said County and State, appeared
in person//the witnam , .c�? Q c.44.243.1c.44.243.1and ,.. Via L°. h' e -o , o me personall known, who stated
that they were the Pre dent and Secretary of Fulbright Investment
Company, a corporation and were duly authorized to execute
the foregoing instrument for and in the name and behalf of said
corporation, and further stated and acknowledged that they had
so signed, executed and delivered said instrument for the
consideration, uses and purposes therein mentioned and set forth.
^ :In Teestimony Whereof, I
f ,a.
tea.•o i
31N a1 this /l%'" day
'*,..' -"i
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expires:
-,,.*tat
have hereunto set my hand and
of 42 , 1911
•
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Notary Public
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yam.
{ter?
-®1001r' 7632
CERTIFICATE OF RECORD
Air cc ^b.Oli_ 1 SS.
- :y 1
1, Ama L. M,r,r n .,, r, G.rc.P.: Cer
Washington Cc•ur :, do tier s; Lc: t
going urn( .; ,,s tliaJ lC[ rsco-c Ir
of - �_� Jr.54'
duly recorded m -
hand and se . ay
Witness my
Rerorder to,
.yd or tfore-
ce.c thcziY'day
th. -:me is
(GC at pegep
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•
PIONEER NATIONAL
TITLE INSURANCE
AMOR COMPANY
•Cca uc —
M;CROFIWiED 5 -aa S
Policy of Title Insurance
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE B AND THE PROVISIONS
OF THE CONDITIONS AND STIPULATIONS HEREOF, PIONEER NATIONAL TITLE INSURANCE COMPANY (a Stock Company);
a California corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss
or damage, not exceeding the amount of insurance stated in Schedule A, and costs, attorneys' fees and expenses which
the Company may become obligated to pay hereunder, sustained or incurred by the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested otherwise than as stated therein;
2. Any defect in or lien or encumbrance on such title;
3. Lack of a right of access to and from the land; or
4. Unmarketability of such title;
This policy shall not be valid or binding until countersigned below by a validating officer of the Company.
BRONSON ABS _SCT CO., INC.
Countersigned
By
Valid ing Signatory
..
Pion- ;r National'Title-Insurance ompany
ti
.r � � •'I r // 1 c I
by
esident
Attest:
I°l1 l/ytMO
Secretary
r
TO 1690 PNTI (10-79) American Land Tele Assodatun Owner's Policy — Form B —1970 (amended 10-17-70) CAT. NO. NN00463
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CAT..NO.-NNO0860 -
TO 2146 PNTI (9-78) American. Land Title Association owners Policy 1970
•
OWNERS POLICY
Schedule A
Reference No.: PNTI 81-2384
Number
Amount of Insurance
Date of Policy
OWNERS 0 147078
$ 75,000.00
9:00 o'clock A.M.
LOAN L .14 7 0 7 8
$
December 11, 1981
1 . Name of Insured:
City of Fayetteville, Arkansas, a municipal corporation
2 . The estate or interest in the land described herein and which is covered by this policy is:
FEE SIMPLE
3 . The estate or interest referred to herein is at Date of Policy vested in the insured.
4 . The land herein described is encumbered by the following mortgage or trust deed, and assignments:
NONE OF RECORD
and the mortgage or trust deeds, if any, shown in Schedule B hereof
5 . The land referred to in this policy is located in the County of Washington
State of Arkansas and described as follows:
SEE EXHIBIT "A" ATTACHED HERETO
Page 1 of 2 (SCHEDULE A)
This policy valid only if Schedule B is attached.
Cat. No. NN00805
" TO 2085 PNTI (11-77)
•
F
• 4
ALTA LENDERS FORM SCHEDULE A - CONTINUED
.Policy Number
Agent's Reference No.: PNTI 81-2384
Policy Number
•
Lenders
0 147078
Owners
EXHIBIT "A"
A tract of land situated in the Northeast Quarter (NE}) of the Northeast Quarter
(NE*) of Section Twenty (20) , Township Sixteen (16) North, Range Thirty (30)
West of the 5th Principal Meridian, being more particularly described as follows,
to -wit: Beginning at a point which is 12.11 feet South of the Northwest corner
.of_said..forty, .saidpoint is also 10.0 feet North of .the centerline of the St. Louis -
San Francisco Railroad, thence North 83 degrees 0 minutes East, paralleling said
railroad centerline 10.0 feet to the North, 99.40 feet to the North line of said Northeast
Quarter (NE$) of the Northeast Quarter (NEI) thence East, along said forty line,
725.0 feet, thence South 266.5 feet, thence West 823.66 feet to the West line of
said Northeast Quarter (NEI) of the Northeast Quarter (NE*), thence North, along
said forty line, 254.38 feet to the point of beginning. Containing 5.02 acres,
more or less. Less and except that portion contained in railroad right of way in
the Northwest corner of herein described tract.
ALSO
A tract of land situated in the Northeast Quarter .(NE}) of the Northeast Quarter
(NEI) of Section Twenty (20) , Township Sixteen (16) North. Range Thirty (30)
West of the 5th Principal Meridian, being more particularly described as follows,
to -wit: Beginning at a point which is 1318.38 feet West and 266.5 feet South .0
degrees 07 minutes West of the Northeast corner of the above described quarter
quarter, thence East over the centerline of an existing well 823.36 feet, thence
South.0 degrees 07 minutes West 264.52 feet, thence West 823.36 feet, thence North
0 degrees 07 minutes East 264.52 feet to the point of beginning and containing 5.0
acres, more or less.
Page 2 of 2 (SCHEDULE A)
' 'CAT. NO. NN00804 '
TO 2084 PNTI (8-78)
•
ALTA OWNERS FORM
Policy Number
h
•
:e Policy Number
Loan
O 147078
Owners
•
Schedule B
Agent's Reference No.: PNTI 81-2384
This policy does not insure against loss or damage by reason of the following:
General Exceptions:
(1) Rights or claims of parties in possession not shown by the public records.
(2) Encroachments, overlaps, boundary line disputes; and any other matters which would be disclosed by an
' • accurate survey and inspection of the premises. t
(3) Easements or claims of easements not shown by the public records.
(4) Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law
• and not shown by the public records.
Special Exceptions: The mortgage, if any, referred to in Item 4 of Schedule A,
and the following exceptions:
(1) Taxes for the year 1981 and subsequent years. 1981 General Taxes are
not yet due and payable.
(2) Easement in favor of Southwestern Bell Telephone Company, dated November
20, 1929, filed for Record_'December 14, 1929 at 2:00 P.M. and Recorded in
Record Book 258 at page 194, of the Records of the Circuit Clerk and Ex -
Officio Recorder of Washington County, Arkansas.
(Conditions and Stipulations Continued and Concluded From Reverse Side of
6. Determination and Payment of Loss
(al The liability of the Company under this policy shall in no
case exceed the least of:
(il the actual loss of the insured claimant; or
(ii) the amount of insurance stated in Schedule A.
Ib) The Company will pay, in addition to any loss insured
against by this policy. all costs imposed upon an insured in
litigation carried on by the Company for such insured, and
all costs, attorneys' fees and expenses in litigation carried
on by such insured with the written authorization of the
Company.
(c) When liability has been definitely fixed in accordance
with the conditions of this policy, the loss or damage shall
be payable within 30 days thereafter.
7. Limitation of Liability
No claim shall arise or be maintainable under this policy
(a) if the Company, after having received notice of an alleged
defect, lien or encumbrance insured against hereunder. by
litigation or otherwise, removes such defect. lien or encum-
brance or establishes the title. as insured. within a reason-
able time after receipt of such notice:
(b) in the event of litigation until there has been a final de-
termination by a court of competent jurisdiction, and dispo-
sition of,all appeals therefrom, adverse to the title, as in-
sured, as provided in paragraph 3 hereof: or
(c) for liability voluntarily assumed by an insured in settling
any claim or suit without prior written consent of the Company.
8. Reduction of Liability
All payments under this policy. except payments made for
costs, attorneys' fees and expenses, shall reduce the amount
of the insurance pro tanto. No payment,shall be made without
producing this policy for endorsement of such payment un-
less the policy be lost or destroyed, in which case proof of
such loss or destruction shall be furnished to the satisfaction
of the Company.
• •i
9. Liability Noncumulative 4• *
It is expressly understood that the amount of insurance under
this policy shall be reduced by any amount the Company.may
pay under any policy insuring either (a) a mortgage shown
or referred to in Schedule 8 hereof which is a lien on the
estate or interest covered bythis policy, or'(b) a mortgage
hereafter executed by an insured which is a charge or lien
on the estate or interest described or referred to in ScheduleA
and the amount so paid shall be deemed a payment under this
policy. The Company shall have the option to apply to the
payment of any such mortgages. any amount that otherwise
would be payable hereunder to the insured owner of the
estate or interest covered by•this•:policy and the amount so
paid shall be deemed a payment under this policy to said in-
sured owner.
10. Apportionment
If the land described in Schedule A consists of two or more
parcels which are not used as a single site, and a loss is
established affecting one or more of said parcels but not all,
the loss shall be computed and settled on a pro rata basis
as if the amount of insurance under this policy was divided
pro rata as to the value on Date of Policy of each separate
parcel to the whole, exclusive of any improvements made
subsequent to Date of Policy, unless a liability or value has
otherwise been agreed upon as to each such parcel by the
Company and the insured at the time of the issuance of this
policy and shown by an express statement herein or by an
endorsement attached hereto.
11. Subrogation upon Payment or Settlement
Whenever the Company shall have settled a claim under this
policy. all right of subrogation shall vest in the Company un-
affected by any act of the insured claimant. The Company
shall be subrogated to and be entitled to all rights and re-
medies which such' insured claimant would have had against
any person or property in respect to such claim had this po-
licy not been issued, and if requested by the Company, such
insured claimant shall transfer to the Company all rights and
remedies against any person or property necessary in order
to perfect such right of subrogation and shall permit the
Company to use the name of such insured claimant in any
transaction or litigation involving such rights or remedies.
If the payment does not cover the loss of such insured
claimant, the Company shall be subrogated to such rights
and remedies in the proportion which said payment bears to
the amount of said loss. If loss should result from any act
Policy Face)
of such insured claimant, such act shall not void this policy.
but the Company, in that event, shall be required to pay on-
ly that part of any tosses insured against hereunder which
shall exceed the amount, if any, lost to the Company by
reason of the impairment of the right of subrogat on.
12. Liability Limited to this Policy
This instrument together with all endorsements and other in-
struments, if any, attached hereto by the Company is the en-
tire policy and contract between the insured and the Company.
Any claim of loss or damage. whether or not based on negli-
gence. and which arises out of the status of the title to the
estate or interest covered hereby or any action asserting
such claim. shall be restricted to the provisions and condi-
tions and stipulations of this policy. No amendment of or
endorsement to this policy can be made except by writing en-
dorsed hereon or attached hereto signed by ether the Presi-
dent, a Vice -President, the Secretary, an Assistant Secreta-
ry. or validating officer or authorized signato y of the
Company.
13. Notices, where Sent
All notices required to be given the Company and any state-
ment in writing required to be furnished the Company shall
include the number of this policy and shall be addressed to
its Home Office, Claims Department, 6300 Wilshire Boulevard,
Los Angeles, California 90048.
iN
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