HomeMy WebLinkAbout128-90 RESOLUTION•
RESOLUTION NO.
128-90
•
A RESOLUTION AUTHORIZING THE PURCHASE OF
PROPERTY LOCATED AT 145 EAST MEADOW FOR THE
DETENTION CENTER ROAD RIGHT-OF-WAY.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Board of Directors hereby authorizes
the $13,500.00 for the purchase of property located at 145 E.
Meadow for the Detention Center Road right-of-way., A copy of the
Offer and Acceptance3Contract is attached hereto marked'.Exhibit
"A" and made A...part.,here;of. � 41
PASSED AND APPROVED`this
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By
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21st day of
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4 -APPROVED:.
By: .tWAV,42
Mayor_
Ailrrici- 1990.
OFFER AND ACCEPTANCE CONTRACT
1 Buyer, the City of Fayetteville, offers to buy, subject to
the terms and conditions set forth herein, the following
described property:
A part of the Southwest Quarter of the
Northwest Quarter of Section 15 in Township 16
'North of --Range 30 West 'of the 5th Principal -
Meridian, described as follows, to wit:
Beginning at a point which is 370 feet East
and'212 feet North of the South West corner of
said 40 acre tract, and running, thence East
50 feet; thence South 100 feet; thence West 40
feet; thence North 100 feet to the place of
beginning, in the City of Fayetteville.
2 Purchase Price: subject to the following conditions the
Buyer shall pay for the property at closing the total and
cash payment of $13,500.00 cash.
3. Contingent Earnest Money beposit: The Buyer herewith tenders
a check for $500.00 to the undersigned, hereinafter referred
to as Seller, as earnest money, which shall apply on the
purchase price. This offer of purchase is contingent upon
approval - of the Board of Directors of the City of
Fayetteville, Arkansas and, if they do not so approve, the
earnest money deposit will be returned to the Buyer by the
Seller. If title requirements are not fulfilled or the
Seiler fnils-to:fulfill-any'ooligations under"this-contract,--
the earnest money shall be promptly refunded to Buyer. If
Buyer fails to fulfill his obligations under the contract or
after all conditions have been met, Buyer fails to close this
transaction the earnest money may at the option of the
Seller. become liquidated -damages to the Seller.
Alternatively, Seller may assert legal or equitable rights
which it may have because of breach of this contract.
4 Conveyance will be made to Buyer by general warranty -deed,
except it shall be subject to recorded instruments ana
easements, if any, which do not materially affect the value
of the property. Such conveyance• shall include mineral
rights owned by Seller.
5.. Seller shall furnish-, at .Buyer's -cost a policy of title
insurance in :the amount of the -purchase price.
6. Taxes and spec-idl assessments due on or before closing shall
be paid :by the seller. Insurance, general taxes, ad valorem
taxes, special assessments and rental _payments shall -be
____ ` __ r.._ p-ror-ated�asrof-yc-losing.
7. The closing date is designated to be within ninety (90) days
after acceptance of,this offer by the Seller.
8. Possession of the property shall be delivered to the Buyer on
the date of closing.
9. All fixtures, improvements and attached equipment are
included in the purchase price.
EXHIBIT A
10. Risk of loss or damage to the property by fire or other
casualty occurring up to the time of closing is assumed by
the Seller.
11. This AGREEMENT shall be governed by the laws of the State of
Arkansas.
12. This AGREEMENT, when executed by both Buyer and Seller shall
contain the entire understanding and agreement of the parties
with respect to the matters referred to herein and shall
supercede all price or contemporaneous agreements,
representations and understanding with respect to such
matters, and no oral representations or statements shall be
considered apart -hereof.
13. This contract expires, if not accepted, on or before the 15th
day of May, 1990.
14. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES THAT
THIS OFFER IS EXPRESSLY CONTINGENT UPON THE CITY OF
FAYETTEVILLE'S BOARD OF DIRECTORS APPROVAL OF THIS
OFFER OF PURCHASE AND THAT THE FAILURE OF THE BOARD
TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER
NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE
RETURN TO BUYER OF THE $500.00 EARNEST MONEY
DEPOSIT.
ANDRETTA FISHER
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AMOS JACK :9iy
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ELNORA ' ACKSON
BUFORD EARL
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SHEILA LOGAN
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