HomeMy WebLinkAbout145-83 RESOLUTIONRESOLUTION N0. 145 - 83
A RESOLUTION AUTHORIZING'THE MAYOR AND CITY CLERK
TO EXECUTE AN OPTION WITH C.. DALE FREDERICK AND
MARY E. FREDERICK FOR THE PURCHASE OF 5.63 ACRES
ON ROBINSON MOUNTAIN AT AN OPTION PRICE OF $8,000.
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 an option with C. Dale Frederick and
Mary E. Frederick for the purchase of 5.63 acres on Robinson
Mountain .at a total option price of $8,000. A copy of the
option authorized for execution hereby is attached hereto,
marked Exhibit A and made a part hereof.
PASSED AND APPROVED this
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- 444
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6th
day of December, 1983.
APPROVED:
MAYOR
OPTION TO PURCHASE REAL ESTATE
In consideration of Five Hundred Dollars ($500.00) paid
to C. Dale Frederick and Mary E. Frederick, husband and wife,
hereinafter called "Sellers", receipt of which is hereby
acknowledged, Sellers hereby grant to .the City of Fayetteville,
Arkansas, hereinafter referred to as "Purchaser", the exclusive
option to purchase for the price and on the terms and conditions
hereinafter set forth the real property described in Exhibit
"A" attached hereto and made a part hereof.
1. The full purchase price for the property shall be
Eight Thousand Dollars ($8,000.00), on which the sum of Five
Hundred Dollars ($500.00) hereby received shall apply. The
balance shall be paid at closing if this option is exercised.
If this option is not exercised, the sum paid by Purchaser
shall be retained by Sellers in consideration of the option.
This option may be exercised by written notice of
such exercise delivered to Sellers -on or before 12:00 o'clock
p.m., March 26, 1984; provided, upon payment of an additional
$500.00 by Purchaser to Sellers within the original period
of this option, Purchaser may exercise this option by written
notice delivered to Sellers -on or before 12:00 o'clock p.m.
on July 26, 1984. Said additional $500.00., if paid, shall
be applied to the full purchase price.
3. Sellers shall convey to Purchaser, or to Purchaser's
nominee, good and marketable title to the property herein
described subject only to easements of record. Conveyance
of title and transfer of possession to Purchaser shall be
executed within sixty (60) days after exercise of the option.
During such period title may be examined by Purchaser by any
method selected. All abstracting or title insurance expenses
and all closing costs shall be borne by Purchaser.
4. Ad valorem taxes against the property for the year
in which the sale is consummated shall be prorated between
the parties as of the date of delivery of title and possession.
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Page Two
Option to Purchase Real Estat"
City of`Fayetteville/Frederick
1983.
EXECUTED in duplicate on this 7,24L-- day of December,
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ATTEST
ity Cler
CITY OF FAYETTEVILLE, ARKANSAS
PURCHASER
By /4/d/
Mayor
C. DALE FREDERICK and MARY E.
FREDERICK, SELLER
eta tegi
4
4
LEGAL DESCRIPTION NO. 3
a square of property containing 5.63 acres out of the NW
corner of Mr. Dale Frederick's property:
Part of the Southeast quarter (5E4) of the Northwest quarter (NW':)
of Section 32, Township 16 North, Range 29 West, being more
particularly described as follows, to -wit: Beginning at the
Northwest corner of said SE%, of the NW', and running thence
South 495.00 feet;
thence East 495.00 feet;
thence North 495.00 feet;
thence West 495.00 feet to the point of beginning, containing
5.63 acres, more of less.