HomeMy WebLinkAbout89-83 RESOLUTIONr
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RESOLUTION NO. TO
A RESOLUTION AUTHORIZING AND DIRECTING THE MAYOR AND
CITY CLERK TO EXECUTE A NOTICE EXERCISING THE CITY'S
OPTION TO PURCHASE PROPERTY ON ROCK STREET OWNED BY
FULBRIGHTT INVESTMENT CO.
WHEREAS, the City has executed a lease agreement dated
February 2, 1982 with Fulbright Investment Co. for property
on Rock Street located in Block No. 40 in the original plat
of the City of Fayetteville and more particularly described
in said agreement; and
WHEREAS, Section 14 of said agreement grants the City
the option to purchase said property on condition that the
City give one month's notice in writing of the exercise of
said option.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF FAYETTEVILLE, ARKANSAS:
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That the Board of Directors hereby gives lbright
Investment Co. notice that the City is exercising the option
topurchase granted by Section 14 of the aforesaid agreement,
which,agreement is attached hereto, marked Exhibit "A", and
made a part hereof.
PASSED AND APPROVED this q d
-I ay of July, 1983.
L
Pc*,fie
"I'A TEST:
By:
APPROVED:
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8.02
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• LEASE AGREEMENT WITF[ OPTION TO PURCHASE
Lease made February 2, 1932, between FULBRIGHT INVESTMENT
CO., a corporation -organized under the laws of the State of
Arkansas, herein referred to as lessor, and the CITY OF
FAYETTEVILLE, ARKANSAS, a municipal corporation organized
under the laws of the State of Arkansas, herein referred to
as lessee.
In consideration of the mutual covenants contained
herein, the parties agree as follows:
SECTION ONE
DESCRIPTION OF PREMISES
Lessor leases to lessee the following described real
property located in Washington County, Arkansas, and all
improvements thereon:
Part of Block Number'Forty (40) in the original
plat of the City of Fayetteville, described as
follows, to -wit: Beginning at a point one hundred
sixty-two and one-half (1621/2) feet east of the
Northwest corner of said block and running thence
South one hundred forty-one and one-half (1411)
feet; thence east eighty (80) feet; thence North
one hundred forty-one and one-half (1411/2) feet;
thence West eighty (80) feet to the place of
beginning and being known and described as Lot
Three (3) in said block.
SECTION TWO
TERM
The term of this lease is one (1) year, beginning on
April 1, 1982, and terminating on March 31, 1983, at 12:00
o'clock p.m.
SECTION THREE
RENT
The total rent under this lease is Five Thousand Four
Hundred and No/00 ($5,400.00) Dollars. Lessee shall pay
.lessor that amount in instalments of Four Hundred Fifty and
No/00 ($450.00) Dollars each month, beginning on April 1,
1982, with succeeding payments due on the first day of each
month thereafter during the term of the lease.
SECTION FOUR
UTILITIES
Lessee shall arrange and pay for all utilities furnished
to the premises for the term of this lease, including
electricity, gas, water, sewer, and telephone service.
rvyISIT A
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8.03
SECTION FIVE
REPAIRS AND MAINTENANCE
Lessee shall maintain the premises and keep them in
good repair at its expense, except that side and rear exterior
walls, the foundation, and the roof will he maintained in
good condition by lessor. Lessee shall maintain and repair
windows, doors, skylights, adjacent sidewalks, the building
front, and interior walls. Lessee shall have the right to
make minor modifications to the premises.
SECTION SIX
DELIVERY, ACCEPTANCE, AND SURRENDER OF PREMISES
Lessor represents that the premises are in fit condition
for use by lessee. Acceptance of the premises by lessee
shall be construed as recognition that the premises are in a
good state of repair and in sanitary condition. Lessee
shall surrender the premises at the end of the lease term,
or any renewal thereof, in the same condition as when lessee
took possession, allowing for reasonable use and wear,
damage by acts of God, including fires and storms, and minor
modifications made by lessee. Before delivery, lessee shall
remove all business signs placed on the premises by lessee
and restore the portion of the premises on which they were
placed in the same condition as when received.
SECTION SEVEN
PARTIAL DESTRUCTION OF PREMISES
Partial destruction of the leased premises shall not
render this lease void or voidable, nor terminate it except
as herein provided. If the premises are partially destroyed
during the term of this lease, lessor shall repair them when
such repairs can be made in conformity with governmental
laws and regulations, within sixty (60) days of the partial
destruction. Written notice of the intention of lessor to
repair shall be given to lessee within fifteen (15) days
after any partial destruction. Rent will be reduced proportionate)
to the extent to which the repair operations interfere with
the business conducted on the premises by lessee. If the
repairs cannot be made within the time specified above,
lessor shall have the option to make them within a reasonable
time and continue this lease in effect with proportional
rent rebate to lessee as provided for herein. If the repairs
cannot be made in sixty (60) days, and if lessor does not
elect to make them within a reasonable time, either party
shall have the option to terminate this lease.
SECTION EIGHT
ENTRY ON PREMISES BY LESSOR
Lessor reserves the right to. enter on the premises at
reasonable times to inspect them, perform required maintenance
and repairs, or make additions, alterations, or modifications
to any part of the building in which the premises are located,
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8.04
SECTION TWELVE
CONDEMATION
Eminent domain proceedings resulting in the condemnation
of a part of the premises leased herein, but leaving the
remaining premises usable by lessee for the purposes of its
business, will not terminate this lease unless lessor, at
its option, terminates the lease by given written notice of
termination to lessee. The effect of any condemnation,
where the option to terminate is not exercised, will be to
terminate the lease as to the portion of the premises condemned,
and the lease of the remainder of the demised premises shall
remain intact. The rental for the remainder of the lease
term shall be reduced by the amount that the usefulness of
the premises has been reduced for the business purposes of
lessee. Lessee hereby assigns and transfers to lessor any
claim he may have to compensation for damages as a result of
any condemnation.
SECTION THIRTEEN
OPTION TO RENEW
Lessor hereby grants to lessee the option to extend
this lease for a further term of six (6) months commencing
on April 1, 1983, and ending on September 30, 1983, both
inclusive, subject to all of the provisions of this lease,
including the 5450.00 monthly rental rate herein; provided,
however, that written notice of the exercise of this option
shall be given by lessee to lessor at least ten (10) days
before the expiration of the original term of this lease and
provided further that this option may be exercised by lessee
only in the event all rents have been fully paid and that
all provisions of this lease on the part of lessee to be
observed have been fully and faithfully observed. A new
lease agreement for the term of such extension shall be
unnecessary on such extension, this agreement constituting
a present demise for both the original and any extended
term. At the end of the extended term hereinbefore provided,
on condition that lessee shall then not be in default and
also shall have served on lessor, at least ten (10) days
before the end of such extended term, a notice in writing by
registered mail, addressed to lessor at lessor's regular
mailing address, stating that lessee desires a further
extension, lessee shall be entitled to a second and final
extension hereof for a further term of six (6) months. The
monthly rent for such second extended term shall be $450.00.
All other terms, are to be and remain in full force and
effect in such second extension, as during the first extension,
provided that lessee shall not be entitled to any other or
further extension. A new lease agreement for the term of
such extension shall be unnecessary on such extension, this
agreement constituting a present demise for both the original
and any extended term.
SECTION FOURTEEN
OPTION OF LESSEE: TO PURCHASE
Lessor grants to lessee the option to purchase the
demised premises at any time during the original term of
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8.05
this lease or during any extended term for Eighty Thousand
and No/00 ($80,000.00) Dollars, on the conditions that
Lessee give one (1) month's notice in writing of the exercise
of this option to lessor which notice may be given co Hal
Douglas, as agent of lessor, that this lease shall not have
been previously terminated, and that lessee has observed and
complied with all terms and conditions of this lease required
of lessee, up to the time of the exercise of that option and
the payment of the purchase price therefor, in the manner
provided. Lessor shall convey the demised premises by
warranty deed, free and clear of all liens and encumbrances,
except those that lessee may have created or suffered. The
deed shall be accompanied by an abstract of title, showing a
good and unencumbered title, passing under and by the resulting
conveyance. On the delivery of the above described deed and
abstract of title and payment of the purchase price, this
lease shall become void.
ATTEST,:
'City Clerk
ATTEST:
Secretary
CITY OF FAYETTEVILLE, ARKANSAS,
LESSEE
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By
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By\JCC<tit V //
Mayor
FULBRIGHT INVESTMENT CO.,
LESSOR
rJ Presrdent
WARRANTY DEED
(CORPORATION)
KNOW ALL MEN BY THESE PRESENTS:
That Fulbright Investment Company
a corporation organized under and by virtue of the laws of the State
of Arkansas , by Its President and Secretary, duly
authorized by proper resolution of Its Board of Directors, for and in
consideration of the sum of One Dollar ($1.00) and other good and
valuable consideration In hand paid by
City of Fayetteville.
hereinafter called Grantee, does hereby grant, bargain and sell unto
the said Grantee and Grantee's heirs and assigns, the following
described land situate In
Washington
County, State of Arkansas, to -wit:
ILED
Fel?F`(�,
'C3 SEp r
Pt T
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Part of Block Forty (40) in the Original Town (now City) of
Fayetteville, Arkansas, described as follows, to -wit:
Beginning at a point 162 1/2 feet East of the Northwest
corner of said Block and running thence South 141 1/2 feet,
thence East. 80 feet, thence North 141 1/2 feet, thence West
80 feet to the point of beginning, described as Lot Three
(3) in said Block.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and Grantee's
heirs and assigns, forever. And said corporation hereby covenants with the said Grantee that it is lawfully seized of said
land and premises, that 'the same Is unincumbered, and that it will forever warrant and defend the title to the sald lands
against all legal claims whatever.
IN TESTIMONY WHEI9EOF, the name of the Grantor Is hereunto affixed by its President and its seal is affixed by its
Secretary, thls !'3 f day of
cisp,reasez
Fulbrigqht Investment Company
(Seal) Name of Corporatron �L /
THIS INSTRUMENT PREPARED BY: / J 6 I // p : �t
McAllister & Wade, P.A. By `/ Ll ��// I President
Post Office Box 1000 ✓/
Fayetteville, AR 72702 By =��Q` 1 --tad Secretary
/^ 1�� —• ACKNOWLEDGMENT I((J//'
State of ai kEll.t N iS
1tn�,a ss.
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County of �tatA)
On this theLRtay of to lkN, 1983 before me, a notary pub c,perstnallyrr/,r appeared
qualifieQ`Q`jj and ac Ing,, within and for the said County and State, appeared in person the within named ((0 �&u
and L-I4.4ic ' ` • �- /-j °h
to me person Ily known, who stated that they were the President and Secreta y
of the CLc.,C•.W�c- �Lwu.c at .0etit- `-0 • t. o;ui•r,a corporation,
and were duly authorized in the r respective capacities to execute the foregoing instjd�&1 fpxj an.d''In, the name and behalf
of said corporation, and further stated and acknowledged that they had so signed, $X,eb t9k{'.:.,..i'. .-ed said instrument for
the consideration, uses and purposes therein mentioned and set forth. f?-;�2 N. yg+22
IN TESTIMONY WHEREOF, I have hereunto set my hand and offlseal thtk.7a,�•olid� 19 O'J
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