HomeMy WebLinkAbout102-87 RESOLUTIONRESOLUTION NO.
102-87
A RESOLUTION AUTHORIZING THE PURCHASE OF 20
ACRES LOCATED AT THE NORTHEAST CORNER OF THE
INTERSECTION OF TOWNSHIP AND OLD WIRE ROAD
FROM FLOY M. GULLEY FOR $125,000.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Board of Directors hereby authorizes
the purchase of 20 acres located at the northeast corner of the
intersection of Township and Old Wire Road from Floy M. Gulley for
$125,000. The legal description of the property authorized for
purchase hereby is attached hereto marked Exhibit "A" and made a
part hereof.
Section 2. That the Mayor and City Clerk are hereby
authorized and directed to execute a promissory note to Floy M.
Gulley in the amount of $125,000 payable in. -ten .annual install-
ments of $12,500, without interest, the first payment to be due
upon execution of said promissory note. A copy of the promissory
note authorized for execution hereby is attached hereto marked
Exhibit "B" and made a part hereof.
Section 3. To secure the aforesaid promissory note, the
Mayor and City Clerk are hereby authorized and directed to execute
a mortgage conveying Floy M. Gulley a security interest in the
aforesaid property. A copy of the mortgage authorized for
execution hereby is attached hereto marked Exhibit "C" and made a
part hereof. //
PASSED AND APPROVED this / Syl//��
day ofOdle41"1-4444-<1987.
f ..• _ 1,
s 1erk
•
•
WARRANTY DEED
KNOW ALL MEN BY THESE PRESENTS:
That I, Floy M. Gulley, for and in consideration of the sum
of One Dollar ($1.00) to me in hand paid by the City of Fayette-
ville, Arkansas, a Municipal Corporation, do hereby grant, bargain
and sell unto the said City of Fayetteville, Arkansas, its heirs
and assigns, the following described land, situate in Washington
-County, State of Arkansas, -to -wit:
Part of the SE 1/2 of the SW 1/4 of Section 36, T17N, R3OW of
the Fifth Principal Meridian in Washington County, Arkansas
being more particularly described as follows, to -wit:
Commencing at the Southwest Corner of said SE 1/4, SW 1/4,
thence S 88°48'E 192.50 Feet, thence N O1°12'E 205.33 Feet to
the Point of Beginning, thence N 0°21'38"W 526.62 Feet to the
East R/W of Old Wire Rd. thence N 47°01'10"E 237.68 Feet,
thence S 56°14'24"E 154.56 Feet, thence N 39°10'47"E 255.79
Feet thence N 27°57'44"E 397.65 Feet, thence S 47°43'48"E
859.92 Feet, thence S O1°00'E 600.00 Feet, thence N 88°50'-
49"W 1294.18 Feet to the Point of Beginning: Containing
24.16 acres more or less subject to R/W and easements of
record, as per plat on file in the office of the Circuit
Clerk and Ex -Officio Recorder of Washington County,`Arkansas
TO HAVE AND TO HOLD the said lands and apppurtenances
thereunto the said City of Fayetteville, Arkansas, its heirs and
assigns, forever. And Floy M. Gulley, does hereby covenant that
she is lawfully seized of said land and- 'premises; that the same is
unincumbered, and she will forever warrant and defend the title to
the said lands against all legal claims whatever.
WITNESS my hand this day of
Floy M. Gulley
ACKNOWLEDGEMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
, 1987.
BE IT REMEMBERED, That on this day came before the undersigned, a
Notary Public within and for the County aforesaid, duly commis-
sioned and acting, Floy M. Gulley, to me well known to be the
Grantor in the foregoing Deed, and stated that she had executed
the same for the consideration and purposes therein mentioned and
set forth.
Witness my hand and seal as such Notary Public this
day of , 1987.
My Commission expires:
Notary Public
•
December 15, 1987
PROMISSORY NOTE
Fayetteville, Arkansas
For value received the undersigned promises to pay to the
order of Floy M. Gulley the sum of ONE HUNDRED TWENTY-FIVE
THOUSAND DOLLARS ($125,000.00) with no interest thereon from the
date hereof until paid, with principal payable in ten (10) annual
installments of $12,500.00 each, thefirstsuch installment being
due and payable on December 15, 1987 and an installment being due
and payable on December 15th of each succeeding year thereafter
until said principal is paid in full.
The Maker herein, at its option, may pay the whole or any
part of this note on any installment paying date.
In the event of default in the payment of any installment of
principal the entire unpaid principal indebtedness, aforesaid
shall, at the option of the payee herein, become immediately due
and payable without notice.
The Maker of this note hereby waives presentment for payment,
notice of nonpayment and protest and consent that the time for
payment of the above indebtedness, or of any installment thereof,
may be extended without notice and agree to pay a reasonable
attorney's fee if this note is placed in the hands of an attorney
for collection.
ATTEST
By:
City Clerk
CITY 0YETTEVILLE/ARKANSAS
/
/ M yor
•
•
MORTGAGE
(CORPORATION)
KNOW ALL MEN BY THESE PRESENTS:
That the City of Fayetteville, Arkansas, for good and
valuable consideration, does hereby grant, bargain, sell and
convey unto Floy M. Gulley and unto her heirs and assigns forever,
the following real estate, situate in Washington County, State of
Arkansas, to -wit:
Part of the SE 1/2 of the SW 1/4 of Section 36, T17N, R30W of
the Fifth Principal Meridian in Washington County, Arkansas
-being more particularly described as follows, to -wit:
Commencing at the Southwest Corner of said SE 1/4, SW 1/4,
thence S 88°48'E 192.50 Feet, thence N O1°12'E 205.33 Feet to
the Point of Beginning, thence N 0°21'38"W 526.62 Feet to the
East R/W of Old Wire Rd. thence N 47°01110"E 237.68 Feet,
thence S 56°14'24"E 154.56 Feet, thence N 39°10'47"E 255.79
Feet thence N 27°57'44"E 397.65 Feet, thence S 47°43'48"E
859.92 Feet, thence 5 O1°00'E 600.00 Feet, thence N 88°50'-
49"W 1294.18 Feet to the Point of Beginning: Containing
24.16 acres more or less subject to R/W and easements of
record, as per plat on file in the office of the Circuit
Clerk and Ex -Officio Recorder of Washington County, Arkansas
To have and to hold the same unto the said Floy M. Gulley and
unto her heirs and assigns, together with all and singular the
appurtenances and improvements thereunto belonging; and the said
City of Fayetteville, Arkansas hereby covenants with the said Floy
M. Gulley that it will forever warrant and defend the title of
said property against all lawful claims.
WHEREAS, the City of Fayetteville, Arkansas is justly
indebted unto the said Floy M. Gulley in the sum of ONE HUNDRED
TWENTY-FIVE THOUSAND DOLLARS ($125,000.00), evidenced by a
promissory note dated December 15, 1987.
Now, if the City of Fayetteville, Arkansas shall pay said
moneys, at the times and in the manner aforesaid, then the above
conveyance shall be null and void. And in case of non-payment,
then the said grantee or her assigns, agent or attorney in fact,
shall have power to sell said property at public sale, to the
highest bidder for cash, at front door of Courthouse in the City
of Fayetteville, County of Washington and State of Arkansas,
public notice of the time and place of said sale having been first
given 15 days, by advertising in some newspaper published in said
County, at which sale the said grantee or her assigns, agent or
attorney in fact, may bid and purchase as any third person might
do. And the said grantee or her assignee is authorized to convey
said property to anyone purchasing at said sale; and the recitals
of his deed of grantee or her assignee is authorized to convey
said property to anyone purchasing at said sale; and the recitals
of his deed of conveyance shall be take as prima facie true. And
the proceeds of said sale shall be applied, first, to the payment
of all costs and expenses attending said sale; second to the
payment of said debt and interests; and the remainder, if any
shall be paid to said grantor.
All right of redemption or appraisement of said property in
case this mortgage is foreclosed either by order of court or by
power contained in this mortgage is hereby expressly waived.
Witness our hands as Mayor and City Clerk of the City of
Fayetteville, Arkansas this 15th day of December 1987.
ATTEST
By:
City Clerk
CITY O•.4 YETTEVIL E,/ARKANSAS
By
or
•
ACKNOWLEDGMENT
STATE OF ARKANSAS )
ss.
COUNTY OF WASHINGTON)
On this day of , 19 , before under-
signed, a Notary Public, duly commissioned, qualified and acting,
within and for the said County and State, appeared in person the
within named Marilyn Johnson and Suzanne C. McWethy to me per-
sonally known, who stated that they were the Mayor and City Clerk,
respectively, of the City of Fayetteville, Arkansas, a municipal
corporation, and were duly authorized in their respective capaci-
ties to executethe foregoing instrument for and in the named and
behalf of said municipal 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
official seal this day of - , 1987.
My Commission Expires:
Notary Public
II H11.1111311 I 01110111.11 II II II
Arkansas Title
Insurance Company
OWNER'S POLICY OF TITLE INSURANCE
POLICY NUMBER
202- 008618
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS CONTAINED IN SCHEDULE 13 AND THE
PROVISIONS OF THE CONDITIONS AND STIPULATIONS HEREOF, ARKANSAS TITLE INSURANCE COMPANY, an
Arkansas 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 cost, attorneys' fees and expenses which the Company may
become obligated to pay heieundef; 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. -
IN WITNESS WHEREOF, the Arkansas Title 'Insurance Company has caused its corporate name and seal to be hereunto
affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of
the Company.
Attest:.
Secretary _
ARKANSAS TITLE INSURANCE COMPANY
By
President
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy:
I. (a) Governmental police power.
(b) Any law, ordinance or governmental regulation relating to environmental protection.
(c) Any law, ordinance or governmental regulation (including but not limited to building and zoning ordinances) restricting
or regulating or prohibiting the occupancy, use or enjoyment of the land, or regulating the character, dimensions or
location of any improvement now or hereafter erected on the land, or prohibiting a separation in ownership or a change
in the dimensions or area of the land .or any parcel of which the land is or was a part.
(d) The effect of any violation of the matters excluded under (a), (b), or (c) above, unless notice of a defect, lien or encumbrance
resulting from a violation has been recorded at Date of Policy in those records in which under state statutes, deeds,
mortgages; judgment liens or lis pendens must be recorded in order to impart constructive notice to purchasers of the
land for value and without knowledge.
2. Rights of eminent domain unless notice of the exercise of such rights appears in the public records at Date of Policy.
3. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed or agreed to by the insured
claimant; (b) not known to the Company and not shown by the public records but known to the insured claimant either at
Date of Policy or at the date such claimant acquired an estate or interest insured by this policy and not disclosed in writing by
the insured claimant to the Company prior to the date such insured claimant became an insured hereunder; (c) resulting in no
loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage
which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy.
1111111111111
American Land Title Association Owner's Policy - 1970 - Form B (Amended 10-17-70 and 3-30-84)
Form 1005-31 Face Page (Revd. 4-84) Valid Only If Schedules A, B and Cover Are Attached
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SWH31 d0 NOI1INId30 '1
•
•
Al nsT Tide
ranee Company
PodAcyHEgOLE g�of3-
1 ile No.AR 87-2188
Amount of insurance: $125, 1700 4730
Premium; STANDARD
Date of Policy; DECEMBER 311 1987 AT 11:41 A.
1. -Name of .Insured:
THE CITY OF FAYETTEV_ILLE/ ARKANSAS
2. The estate or interest in the land described herein and 4hiestatech is covered
by this policy is fee simple and is at Date of Policy vested in:
THE CITY OF FAYETTEVILLE/ ARKANSAS, a Municipal Corporation
The land referred to in this policy is described in the said instrument/
is situated in the County of Washington, State of Arkansas, and is identified
EIS follows:
Part of the SE 1/4 of the SW 1/4 of Section 36, T17N, Rance 30W of the Fifth
Principal Meridian in Washington County, Arkansas/ being more particularly
describers a=_. fol lows, to -wit; Commencing at the Southwest corner of said SE
1/4 SW 1/4, thence South 88 degrees 48- minutes East. 192.50 feet, thence North
O 1 degrees 12 minutes. East 2.05.33 feet to the point of beginning, thence North
+7t degrees 21 minutes 38 seconds West 526.62 feet to the East right of way of
O ld Wire Road, thence North 47 degrees 01 minutes 10 seconds. East 237.68 feet,
thence South 56 degrees. 14 minutes 24 seconds. East. 154.56 feet, thence North
39 degrees 10 minutes 47 seconds East 255.79 feet, thence North 27 degrees 57
minutes. 44 seconds East 397.65 feet, thence South 47 degrees 43 minutes 48
seconds East 859.92 feet, thence South 01 degrees 00 minutes East 600.00 feet,
thence North 88 degrees 50 =minutes 49 seconds West 1294.18 feet to the pc.int
c•f beginning, containing 24..16 acres, more or less/ subject to right of ways
and.;eas.ement,s of -record
COUNTERSIGNED BY1___
P.RO.NEQN ABSTRACT COMPANY, INC
28 EAST CENTER STREET
FAYETTEVILLE, AR. 72701
•
ARKANSAS TITLE
INSURANCE' COMPANY
CONDITIONS AND STIPULATIONS
(Continued)
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 other-
wise, removes such defect, lien or encumbrance or establishes the
title, as insured, within a reasonable time after receipt of such notice;
(b) in the event of litigation until there has been a final determination
by a court of competent jurisdiction, and disposition of all appeals
therefrom, adverse to the title, as insured, 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 Com-
pany.
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 unless the policy be lost or de-
stroyed, in which case proof of such •loss or destruction shall be fur-
nished to the satisfaction of the Company.
9. • LIABILITY NONCUMULATIVE
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 B hereof which is a lien on the estate or interest
covered by this policy, or Ib) a mortgage hereafter executed by an
insured which is a charge or lien on the estate or interest described
or referred to in Schedule A. and the amount so paid shall be deemed
a paymen 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 insured owner.
10. APPORTIONMENT
If the and 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 insur-
ance 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 unaffected
by any act of the insured claimant. The Company shall be sub-
rogated to and be entitled to all rights and remedies which such
insured claimant would have had against any person or property
in respect to such claim had this policy not been issued, and if re-
quested by the Company, such insured claimant shall transfer to the
Company all -rights and remedies against any person or properly
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 Toss of such insured claimant, the
Company shall he 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 of such insured claimant, such
act shall not void this policy, but the Company, in that event,
shall be required to pay only that part of any losses insured against
hereunder which shall exceed the amount, if any, lost to the Com-
pany by reason of the impairment of the right of subrogation.
12. LIABILITY LIMITED TO THIS POLICY
This instrument together with all endorsements and other instru-
ments, if any, attached hereto by the Company is the entire policy
and contract between the insured and the Company.
Any claim of loss or damage, whether or not based on negli-
gence, andwhicharises 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 conditions and stipulations of this
policy.
No amendment of or endorsement to this policy can be made
except by writing endorsed hereon or attached hereto signed by either
the President, a Vice President, the Secretary, an Assistant Secre-
tary, or validating officer or authorized signatory of the Company.
13. NOTICES, WHERE SENT
All notices required to be given the Company and any statement in
writing required to be furnished the Company shall be addressed to Arkan-
sas Title Insurance Company, 122 Main Street, Pine Bluff, Arkansas 71601,
and Commonwealth Land Title Insurance Company, Eight Penn Center,
Philadelphia, Pennsylvania 19103.
REINSURANCE
As additional protection to the insured, an automatic reinsurance agreement exists between Arkansas Title Insurance Company and Common-.
wealth Land Title Insurance Company, a Pennsylvania corporation, duly authorized to transact the business of title insurance in the State of Arkansas.
Commonwealth Land Title Insurance Company by terms of said reinsurance agreement assumes a portion of the loss risk hereinafter a primary
retention of loss risk by Arkansas Title Insurance Company. A certificate of reinsurance is available upon request.
-
American Land Title Association Owner's Policy - 1970 - Form B (Rev. 10-17-70 and 10-17-84)
Cover Page
1
-'Form 1005-30 Valid Only If Schedules A and B Are Attached
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SCHEDULE B File NO.OR 87-2188
cy does not insure against loss or damage by reason of the fol ow
•
Rights or claims of parties other than Insured in actual possession
of any or all of the property.
Unrecorded easements, discrepancies or conflicts in boundary lines,
shortage in area and encroachments_. which an accurate and complete
survey would disclose, •
3 tlrsfiled mechanics)
or materialraen's liens.
4 Lass arising from security interest evidenced by financing
statements filed of record, as of the effective date hereof, under
the Arkansas ~Uniform Commercial Code and Judgement Liens and other
liens of record in any United State=_. District Court or Bankruptcy
Court in the State of Arkansas/ as.. of the effective date.
Less arising from Oil/ Gas_. or other Minerals/ conveyed/ retained,
assigned or any other activity caused by the sub -surface rights or
ownership, including but not limited to the right of ingress_. or
egress for said sub -surface purposes.
6 General Taxes. for the year 1987 and subsequent years not yet due and
payable.
n
7 Right of way granted to the City of Fayetteville. Arkansas/ filed for
record February 25/ 1969 at 2:05 P. M,/ irs record bock 754 at page 362 of
the records of Washington County/ Arkansas.
8 Right of way :wanted to the City of Fayetteville, Arkane.as/ filed for
record April 18/ 1972 at 2:85 P. M./ in record book 830 at page 952 of
the records.c<f Washington County/ Arkansas,
Easement granted to Southwestern Bell Telephone Company filed for record
April 11/ 1985 at 11:43 P. M./ in record bock 1136 at pate 859 of the
records of Washington County/ Arkansas,
10 Mortgage c<f insured premises. from the City of Fayetteville/ Arkansas., to
Flay M. Gulley/ recorded in record book 1254 at page 208 of the records
of Washington County/ Arkansas,
BRONSON ABSTRACT COMPANY/ INC
28 EAST CENTER STREET
FAY£/ EVILLE1/ AR. 72701
*****************
ARKANSAS TITLE
INSURANCE COMPANY
*�:**********************