HomeMy WebLinkAbout65-82 RESOLUTION•
RESOLUTION NO. 61/47—g2.
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK
TO EXECUTE A MODIFICATION OF THE CITY'S LEASE -PURCHASE
AGREEMENT WITH McILROY BANK & TRUST DATED DECEMBER 15,
1981 FOR IMPROVEMENTS TO FAYETTEVILLE CITY HOSPITAL.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
That the Mayor and City Clerk are hereby authorized and
directed to execute a modification of the City's Lease -
Purchase Agreement with Mcllroy Bank & Trust. dated December 15,
1981 for improvements to Fayetteville City Hospital,. A copy
of the modification authorized for execution hereby is attached
hereto, marked Exhibit "A",land made a part hereof.'
PASSED AND APPROVED this 18th day of May, 1982.
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By:
City C
APPROVED:
Mayor
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MODIFICATION OF LEASE AGREEMENT
WITH OPTION TO PURCHASE
This agreement made this &8A day of Al
1982, by and between Mcllroy Bank & Trust, hereinafter
called "Lessor," the City of Fayetteville, Arkansas, herein-
after called "Lessee," and Fayetteville City Hospital• -hereinafter
called "Assignee."
WHEREAS, Lessor and Lessee have entered into a lease
agreement with option to purchase dated December 15, 1981,
a copy of which is attached hereto, marked Exhibit "A" and
made a part hereof; and
WHEREAS, Lessee -Assignor and Assignee executed an
assignment of said lease dated February 2, 1982, a copy of
which assignment is attached hereto, marked Exhibit "B" and
made a part hereof; and
WHEREAS, the parties desire to enter into a new agree-
ment modifying and supplementing the provisions of said
lease agreement with option to purchase.
NOW, THEREFORE, the parties mutually agree as follows:
1. Section 210 of said agreement is hereby modified
by adding the following:
The project shall include demolition of the existing
three-story "center -core" building located on the
property described in paragraph 3.1 of the schedule
attached hereto.
2. The schedule to said agreement is hereby modified
by adding paragraph 3.1 to read as follows:
3.1. Legal description of property:
A part of Block 37 as designated on the plat of
the original town (now city) of Fayetteville,
Arkansas, on file in the office of the Circuit
Clerk and Ex -Officio Recorder of Washington County,
Arkansas, and more particularly described as
follows:
Beginning at a point 151 feet North of the S.W.
corner of .said Block 37 and running East then 240
feet, thence North 82 feet, thence West 240 feet,
thence South 82 feet to the original point of
starting 151 feet North of the S.W. corner of said
Block 37.
-2 -
The description for this property includes only
the land on which the existing three-story "center -
core" building is located (see attached floor
plan).
3. The schedule to said agreement is modified by
amending paragraph 4 to read as follows:
4. The aggregate original cost of the land,
demolition, buildings, and facilities is $509,836.00.
4. All provisions of the agreement are incorporated
herein and are hereby modified or supplemented to conform
herewith but in all other respects are to be and shall
continue in full force.
IN WITNESS WHEREOF the parties have executed this
modification of lease agreement with option to purchase on
the day and year first above written.
ATTEST:
ATTEST:
.U4%Lr
City Clerk 4
ATTEST:
McILROY BANK & TRUST
By:
Titl
CITY OF FAYETTEVILLE, ARKANSAS
FAYETT ILLE CITY HOSPITAL
By:
President
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