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Home My WebLink About108-87 RESOLUTION• RESOLUTION NO. 108-87 A RESOLUTION AUTHORIZING THE PURCHASE OF 24.16 ACRES LOCATED AT THE NORTHEAST CORNER OF THE INTERSECTION OF TOWNSHIP AND OLD WIRE ROAD FROM FLOY M. GULLEY FOR $125,000 AND AUTHOR- IZING THE MAYOR AND CITY CLERK TO EXECUTE A NOTE AND MORTGAGE TO FLOY M. GULLEY. 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 24.16 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. s ', Section: 2. That .the Mayor ' and City., Clerk are hereby authorized and directed to execute a' Promissory Note to Floy M. Gulley inthe amount :of $112,500 payable in ten annual install- ments with interest at the rate of 10% per-anum and-a;-downpayment of $12,500 to be made upon delivery 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. Section 4. Resolution No. 102-87 is hereby repealed. PASSED AND APPROVED this 30TH day Of DECEMBER Wiry€, • 198?. 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 Fayetteville, Arkansas, a Municipal Corporation, do hereby grant, bargain, sell and convey unto the said City of Fayetteville, Arkansas,. and its assigns, the following described land, situated 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 c being more particularly described. as follows, to -wit: v �n -n Commencing at the Southwest Corner of said SE 1/4, SW 1/4, r. thence S 88° 48' E 192.50 Feet, thence N 01°121E 205.33- Feet •. to the Point of Beginning, thence N0° 21'38"W 526.62 Feet to s_ "• (7' . m m the East R/W of Old Wire Rd. thence N 47°01'10"E 237.68 Feet; ' �� g o 0 thence S 56°14'24"E 154.56 Feet, thence N 39°10147"E 255.79 -' Feet thence N 27°57'44"E 397.65 Feet, thence 5 47°43'48"E a > o 859.92 Feet, thence S 01°00'E 600.00 Feet, thence N 88°50'49"W2c A 1294.18 Feet to the Point of Beginning: Containing 24.16 Acres co more or less subject to R/W and •easements of record. cn the Fifth Principal Meridian in Washington County, Arkansas TO HAVE AND TO HOLD the said lands and appurtenances thereon to the "said City of Fayetteville, Arkansas, and its 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. ' w S. WITNESS my hand this 30 day of kCear%L[ :STATE OF ARKANSAS Foy-r/Guulle. Floy �/ lley ACKNOWLEDGMENT , 1987. COUNTY OF WASHINGTON BE IT REMEMBERED, That on this day came before the undersigned, a Notary Public within and for the County aforesaid, duly commissioned 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 th 1987. • Kh- day of �.2CL�t� Od My: Commission expires: f(a(a1254ricr207 • PROMISSORY NOTE Fayetteville, Arkansas December 30,1987 For value received the undersigned promises to pay to the order of Floy M. Gulley, the sum of ONE HUNDRED TWELVE THOUSAND, FIVE HUNDRED DOLLARS ($112,500.00) with interest thereon from the date hereof until paid, at'the rate of 10% per annum, with principal and interest payable in ten (10) annual installments of.$18,308.84 each, the first such installment being due and payable on December 30, 1988 and an installmentbeing due and payable on December 30th 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, after December 30, 1992, but not before said date, and on the part so paid the running of interest shall stop at the date of payment. • There shall be no prepayment penalty. In the event of default in the payment of any installment of principal or.interest the entire unpaid principal indebtedness, with accrued interest shall, at the option' • of the payee herein, become immediately due and payable without notice. No delay in the exercise of the option of acceleration shall be construed as a waiver of such right, but it may be exercised at any subsequent time during default. The Maker of this note hereby waives presentment for payment, notice 'of nonpayment and protest. If it becomes necessary to place the note in the hands - - of an attorney for collection, the Maker hereof agrees to pay to the Holder thereof, in addition to the principal and interest, reasonable attorney fees not to exceed 1.0% of the.principal and interest due together with Court costs. This note is secured by a First Mortgage of even date. on real estate situated in Washington County, Arkansas. CITY OF FAYETTEVILLE, ARKANSAS • ills, .q:'. "y`.,Z"i•.P'lt �.Z,1? Ar.i,�.,, ..t.tri.L p: • By: C. wV City Cle9 ,,� 5 4,2 V�� } rre • 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 01 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°57144"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 HUNDREDTWELVETHOUSAND, FIVE HUNDRED DOLLARS ($112,500.00), 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 nonpayment, 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 taken 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 out hands as Mayor and City Clerk of the City of Fayetteville, Arkansas this 30th day of December, 1987.. ATTEST • By n--Cleiretria/vni--Ylear,/2441 Cityclgrk • -0::74r9111,144:::::!`1t CITY OF.jj 1ETTEVARKANSAS By A4istant ayor ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON H. On this 20 a'Notary Public, -duly commissioned, qualified and acting, within and for the said County and State, appeared in person the within named Ron Bumpass and Suzanne C. McWethy to me personally known, who stated that they were the Assistant Mayor and City Clerk, respectively, of the City of Fayetteville, Arkansas, a' municipal corporation, and were duly authorized in their respective capacities to execute the 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. day of /toner- 07/4•GL , 19$ ? , before undersigned, IN TESTIMONYW HEREOF, I have hereunto set my hand an official seal this Self-"' day of .(J't(/o,,6at , 1987. . My;C6ntmission Expires: „Ar 1 rot' ,. .Y,...r d. swarl gtivl`tlt assn .o6�{M': /M'•.. Patud» �oc