HomeMy WebLinkAbout137-90 RESOLUTIONRESOLUTION NO.
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137-90
A RESOLUTION AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE A DEED CONVEYING HALF
INTEREST OF THE BANKS PROPERTY TO THE
UNIVERSITY OF ARKANSAS.
WHEREAS, on September 16, 1986, the City of Fayetteville, by
its mayor, Paul Noland, signed an Interlocal Cooperation Agreement
with the Board of Trustees of the University of Arkansas for the
purpose of jointly constructing, owning and operating a Center for
the Arts in Fayetteville; and
WHEREAS,
"the Center
University as
the Interlocal Cooperations Agreement provided that
for the- Arts shall.. be owned by the City and the
tenants;°in common;" and
r •
WHEREAS, the City and the University were able to acquire
much of the property .for,the Walton Arts 'Centerlby negotiation
with the property owners, but it was necessary to condemn certain
parcels; and
WHEREAS, jthe City has acquired •the propertyyknown as the
Banks property by eminent domain, and now desires to ,sell an
undivided one-half interest in the property to the University in
order to fulfill the terms of thea Interlocal Cooperation
Agreement;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That the Mayor and.. City Clerk are hereby
authorized and directed to execute a' deed conveying a half
interest in the property commonly known as the Banks property to
the Board of Trustees of the University of Arkansas. A copy of
the deed authorized for execution hereby is attached hereto marked
Exhibit "A" and made a part hereof.
PASSED AND APPROVED this 4th day of septPmher , 1990.
APPROVED:
By : GZ"2/�
Mayor
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r
1)
0 -
WARRANTY DEED
BE IT KNOWN BY THESE PRESENTS:
That the City of... Fayetteville,j Arkansas, a Municipal
Corporation, GRANTOR, by=its'-Mayor William V. Martin, duly
authorized so to act 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, paid by the
City of Fayetteville, Arkansas a municipal corporation and the
Board of Trustees of the -University of Arkansas, GRANTEES, the
receipt of which is hereby .acknowledged, does hereby grant,
bargain, sell and convey .unto the saidhGrantees, and unto their
successors and assignsmforever, the: following described land,
situated in Washington County, State of Arkansas, to -wit:
`!LED FOR RECORD
90 OCT 4 Aft 11 24
WASHLIw;UN Cu Aft
4. KDLLMEYER
Lots Numbered Eleven (11) and Fourteen (14) and a part
of Lots Numbered Fifteen (15)4 Sixteen (16) and
Seventeen (17), all in Block Numbered Six (6), in the
Original Plat of the Town (now City) of Fayetteville,
Arkansas on file in the office of the Circuit Clerk and
Ex -Officio Recorder for Washington County, Arkansas, and
being more particularly described, a..4' follows: Beginning
at a point which is forty-three (43) feet North of the
South West corner of Block Six '(6), which point is on
the East line of West Street thence East one hundred
fifty-seven (157) feet or to the;West line of an alley;
thence North two hundred thirty-seven (237) feet, more
or' less to the North East corner of said Lot Eleven
(11); thence West with the North line of Lot Eleven (11)
one hundred fifty-seven (157) feetior to the North West
corner of said Lot a:Eleven (11); thence South with the
East line of West Street two hundred thirty-seven (237)
feet, more or less to the point of $beginning. Also, a
strip of equal width off of the South end of Lots
Numbered Fifteen (15), Sixteen (16) and Seventeen (17)
in Block Numbered Six (6) in the[Original Plat of the
Town (now City) of Fayetteville, Arkansas so as to
include .a certainbrick building located thereon and
being more particularly described Tas: Beginning at a
point three (3) feet North of theSouth West corner of
said Block Six, and on the East Tine of West Street. as
now located, and running,. thence ;East one hundred fifty-
seven (157) feet to a ten (10)V foot alley, thence North
forty (40) feet or to the center!.of the North Wall of
said brick building;"thence West one hundred fifty-seven
(157) feet or to the East line of West Street as same is
now located; thence South forty ('40) feet, more or less
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to the place of beginning.
t
TO HAVE AND TO HOLD the same unto the said Grantees and unto
their successors and assigns'forever, with all tenements,
appsrtenarces, and hereditament thereunto belonging.
Grantor hereby covenants' with the Grantees that it will
warrant and defend the title to, said lands against all claims
whatsoever.
IN WITNESS WHEREOF,` `the name' of the Grantor is hereunto
affixed by its Mayor, William V.' Martin,aand its seal affixed by
its City Clerk, Sherry L'. Thomas, thist/iPX7 day of
1990.
t
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1,
CITY OF FAYETTEVILLE, ARKANSAS
A Municipal Corporation
•
By:
William V. Mart4i, Mayor
ua(a 1387f'46E 832
WITNESS:
By:
n ate/
"Sherry .Thoihas, City Clerk
ACKNOWLEDGEMENT
4
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STATE OF ARKANSAS )
)ss:
COUNTY OF WASHINGTON)
BE IT REMEMBERED, That on this day came before the
undersigned, a Notary Public within and for the County and State
aforesaid, duly commissioned and acting, William V. Martin, and
Sherry L. Thomas, to me well known who stated that they were the,
Mayor and City Clerk of the City of Fayetteville Aaapsas, and
authorized by lawful resolution of the Board of Truatces of the
City of Fayetteville to execute this deed and acknowledged that
they had executed the same for the consideration and purposes
therein mentioned and set forth.
WITNESS my hand and seal as such'Notary Public this /o2 TN day
of Seth niLeit% , 1.990.
4...u.n4.•e
AOVALIDFICeN
ratribittej
dOTAA•� : ' +'Notary Publ
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to
My Commission Ex¢,
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EIBER 1387pAGE833
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�lU;.i.•:�Yk
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UNIVERSITY OF ARKANSAS
FAYETTEVILLE, ARKANSAS
THIS CHECK MUST BE ENDORSED BY PAYEE
B829B 491356
ONE HUNDRED THIRTY-TWO THOUSAND ONE HUNDRED THIRTY-SIX DOLLARS AND FIVE CENTS
PAY TO THE ORDER OF
CITY OF FAYETTEVILLE
DATE
CHECK AMOUNT
09-25-90 ***132,136.05
1 FIRST NATIONAL BANK. FAYETTEVILLE. AR
'•491356116 I:08290089BI: 9028250811•
UNIVERSITY OF'ARKANSAS
CONTROLLERS OFFICE
FAYETTEVILLE ARKANSAS
DATE INVOICE OR CREDITS , DESCRIPTION
MEMO NUMBER
•
Y REFERENCE NO
THE ATTACHED CHECK IS IN PAYMENT FOR ITEMS DESCRIBED ABOVE TOTAL
\r
VOID ONE YEAR FROM DATE OF 16SUE/
GROSS
DATE r 1
1- AMOUNTS V•
DISCOUNTS
CHECK NO.
NET
FAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
TO: Sherry Thomas, City Clerk
FROM: Bert Rakes, Land Agent
DATE: November 8, 1990
SUBJECT: City/UofA Purchase Banks Property
Walton Arts Center
/3 7- rD
Attached you will find for your safekeeping:
1. Title Insurance Policy No. 014-417051 for the amount of
$260,000.00.
2. Warranty Deed as recorded in Book 1387, Page 832 granting
ownership to the City and University of Arkansas.
3. Resolution No. 137-90 by the City Board of Directors
authorizing the transaction.
4. A Closing Statement as prepared by Jerry Rose, City
Attorney, dated September 13, 1990.
5. A copy of Check No. 491356 from the University of Arkansas
proving payment to the City of Fayetteville.
Please call if you have comments or questions.
BR/mab
Attachments
cc: Jerry Rose, City Attorney
WARRANTY DEED
BE IT KNOWN BY THESE PRESENTS:
FILED Fep RECORD
?DU" 4 AIS 11 24
WAS!!!NI i . t Gu ^R
A. KOLLb!EYFH
That the City of Fayetteville, Arkansas, a Municipal
Corporation, GRANTOR, by its Mayor, William V. Martin, duly
authorized so to act 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, paid by the
City of Fayetteville, Arkansas a municipal corporation and the
Board of Trustees of the University of Arkansas, GRANTEES, the
receipt of which is hereby acknowledged, does hereby grant,
bargain, sell and convey unto the said Grantees, and unto their
successors and assigns forever, the following described land,
situated in Washington County, State of Arkansas, to -wit:
Lots Numbered Eleven (11) and Fourteen (14) and a part
of Lots Numbered Fifteen (15), Sixteen (16) and
Seventeen (17), all in Block Numbered Six (6), in the
Original Plat of the Town (now City) of Fayetteville,
Arkansas on file in the office of the Circuit Clerk and
Ex -Officio 'Recorder for Washington County, Arkansas, and
being more particularly described as follows: Beginning
at a point which is forty-three (43) feet North of the
South West corner of Block Six (6), which point is on
the East line of West Street thence East one hundred
fifty-seven (157) feet or to the West line of an alley;
thence North two hundred thirty-seven (237) feet, more
or less to the North East corner of said Lot Eleven
(11); thence West with the North line of Lot Eleven (11)
une hundred fifty-seven (157) feet or to the North West
corner of said Lot 'Eleven (11); thence South with the
East line of West Street two hundred thirty-seven (237)
feet, more or less to the point of beginning. Also, a
strip of equal width off of the South end of Lots
Numbered Fifteen (15), Sixteen (16) and Seventeen (17)
in Block Numbered Six (6) in the Original Plat of the
Town (now City) of Fayetteville, Arkansas so as to
include a certain brick building located thereon and
being more particularly described as: Beginning at a
point three (3) feet North of the South West corner of
said Block Six, and on the East line of West Street. as
now located, and running, thence East one hundred fifty-
seven (157) feet to a ten (10) foot alley, thence North
forty (40) feet or to the center of the North Wall of
said brick building.; thence West one hundred fifty-seven
(157) feet or to the East line of West Street as same is
now located; thence South forty (40) feet, more or less
to the place of beginning.
TO HAVE AND TO HOLD the same unto the said Grantees and unto
their successors and assigns forever, with all tenements,
appurtenances, and hereditament thereunto belonging.
Grantor hereby covenants with the Grantees that it will
warrant and defend the title to said lands against all claims
whatsoever.
IN WITNESS WHEREOF, the name of the Grantor is hereunto
affixed by its Mayor, William V. Martin, and its seal affixed by
its City Clerk, Sherry L. Thomas, this /7'/C day of wl..
1990. 1
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CITY OF FAYETTEVILLE, ARKANSAS
A Municipal Corporation
/
By:
•
William V. Martzh, Mayor
finer, 1 Q1+21....... 000
•
.Thorhas, City Clerk
ACKNOWLEDGEMENT
STATE OF ARKANSAS )
)ss:
COUNTY OF WASHINGTON)
BE IT REMEMBERED, That on this day came before the
undersigned, a Notary Public within and for the County and State
aforesaid, duly commissioned and acting, William V. Martin, and
Sherry L. Thomas, to me well known who stated that they were the
Mayor and City Clerk of the City of Fayetteville A;Jwpsas, and
authorized by lawful resolution of the Board of Trustees of the
City of Fayetteville to execute this deed and acknowledged that
they had executed the same for the consideration and purposes
therein mentioned and set forth.
StITNESS my hand and seal as such 'Notary Public this /a TH day
of ioliA,.aLtAl ,m[990..
••L
e
0
My Commission Exr•jr !Q'
'••pekt,d_ 02000.'NQ•TON•C°
t
1.14,94.110
Notary Publ
•
LIB(n 1387pA6E833
RESOLUTION NO. 137-90
A RESOLUTION AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE A DEED CONVEYING HALF
INTEREST OF THE BANKS PROPERTY TO THE
UNIVERSITY OF ARKANSAS.
WHEREAS, on September 16, 1986, the City of Fayetteville, by
its mayor, Paul Noland, signed an Interlocal Cooperation Agreement
with the Board of Trustees of the University of Arkansas for the
purpose of jointly constructing, owning and operating a Center for
the Arts in Fayetteville; and
WHEREAS,
"the Center
University as
the Interlocal Cooperation Agreement provided that
for the Arts shall be owned by the City and the
tenants in common;" and
WHEREAS, the City and the University were able to acquire
much of the property for the Walton Arts Center by negotiation
with the property owners, but it was necessary to condemn certain
parcels; and
WHEREAS, the City has acquired the property known as the
Banks property by eminent domain, and now desires to sell an
undivided one-half interest in the property to the University in
order to fulfill the terms of the Interlocal Cooperation
Agreement;
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1. That the Mayor and City Clerk are hereby
authorized and directed to execute a deed conveying a half
interest in the property commonly known as the Banks property to
the Board of Trustees of the University of Arkansas. A copy of
the deed authorized for execution hereby is attached hereto marked
Exhibit "A" and made a part hereof.
PASSED AND APPROVED this qth day of Reptamher
ATTEST:
By
City Cthrk
APPROVED:
By: 6/cam
Mayor
, 1990.
4r.;. FAYETTE` I LLE
THE CRY OF FAYETTEVILLE, ARKANSAS .TERRY E. ROSE. CITY ATTORNEY
TO:
FROM:
DATE:
RE:
Ginger Crisp, General Counsel
University of Arkansas
Jerry Rose, City Attorney
September 13, 1990
City/U of A Purchase of the Banks Property
Walton Arts Center
I am advised that the following should constitute the amount
of the Board of Trustees of the University of Arkansas purchase of
one-half (z) interest in the Banks Property. I assume this may be
used as a "closing statement" sufficient for our purposes.
Description
Condemnation
Title report
Just compensation
Settlement •
'88 deliquent tax
Title insurance
Sub Total
Date
3/3/88
3/17/88
11/21/88
5/11/89
5/22/90
1989 taxes due 10/10/90
Less Banks payment
on delinquent taxes
TOTAL
JER/cbp
119 WEST MOUNTAIN 72701 501.5754313
Total
$ 45
100
218,000
42,000
2,241
670
. 25
. 00
. 00
. 00
. 65
. 00
263,956
. 90
1,915.20
<700.00>
265,172.10
City
$ 22.
50.
109,000.
21,000.
1,120.
335.
62 $
00
00
00
83
00
131,528.45
957.60
<350.00>
U of A
22.63
50.00
109,000.00
21,000.00
1,120.82
335.00
131,528.45
957.60
<350.00>
•
132,136.05 132,136.05
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UNIVERSITY OF ARKANSAS
FAYETTEVILLE, ARKANSAS
THIS CHECK MUST BE ENDORSED BY PAYEE
88299 491356
ONE HUNDRED THIRTY-TWO THOUSAND ONE HUNDRED THIRTY-SIX DOLLARS AND FIVE CENTS
PAY TO THE ORDER OF DATE CHECK AMOUNT
CITY OF FAYETTEVILLE
09-25-90 ***132,136.05
VOIDEYEAAPOM DATE OF 16SUE/
FIRST NATIONAL BANK, FAYETTEVILLE, AR
11.49L356" 1:0829008981: 90 28 2508"
UNIVERSITY OF ARKANSAS
CONTROLLERS OFFICE
FAYETTEVILLE ARKANSAS
(..--Y INVOICE OR CREDIT
DATE MEMO NUMBER 1 TYPE DESCRIPTION ` REFERENCE NO. + GROSS
•
THE ATTACHED CHECK IS IN PAYMENT FOR ITEMS DESCRIBED ABOVE TOTAL
/ DATE 1 / CHECK ND.
Th.. AMOUNTS V.
DISCOUNTS
NET
ALTA Ov ne"r's Policy
(10.21-87) ._
Policy of Title .Insurance
IsudBy
TRW Title
Insurance Company
0 14- 417051
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN
SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, TRW TITLE INSURANCE COMPANY, a Kansas
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, sustained or incurred by the insured by reason of:
1. Title to the estate: or interest described in Schedule A being vested other than as stated therein;
2. Any defect in or lien or encumbrance on the title;
3. Unmarketability of the title;
4. Lack of a right of access to and from the land.
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured,
but only to the extent provided in the Conditions and Stipulations.
Counters' ned by:
AUTHORIZED OFFICER OR AGENT
215
TRW Title Insurance Company
BY Lc6b4
ATTEST
PRESIDENT
SECRETARY
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OWNER'S POLICY
Issued through the Office of:
GREER ABSTRACT COMPANY
70 NORTH COLLEGE, SUITE 1
FAYETTEVILLE, ARKANSAS 72701
SCHEDULE A
File Number. 900342
Policy Number 014417051 Amount of Policy: $260,000.00 Effective Date: October 4, 1990 at 11:25A.M.
1. Name of Insured:
The Qty of Fayetteville, A Municipal Corporation and The Board of Trustees of the University of Arkansas
2. The estate or interest in the land described herein and which is covered by this policy is FEE SIMPLE.
3. The estate or interest referred to herein is at Date of Policy vested in the insured.
4. The property herein described is encumbered by the following mortgage or trust deed, and assignments:
NONE
5. The land referred to in this policy is located in the County of WASHINGTON, State of ARKANSAS and described as follows:
SEE EXHIBIT A
Countersigned:
By:
TRW TITLE
INSURANCE COMPANY
This policy valid only if Schedule 13 is attached
** EXHIBIT A**
Lots Numbered Eleven (11) and Fourteen (14) and a part of Lots Numbered Fifteen (15), Sixteen (16) and Seventeen
(17), all in Block Numbered Six (6), in the Original Plat of the Town (now City) of Fayetteville, Arkansas, on
file in the office of the Circuit Clerk and Ex -Officio Recorder for Washington County, Arkansas, and being more
particularly described as follows: Beginning at a pont which is forty-three (43) feet North of the South West
corner of . Block Six (6), which point is on the East line of West Street thence East one hundred fifty-seven (157)
feet or to the West line of an alley; thence North two hundred thirty-seven (237) feet, more or less to the North
East corner of said Lot Eleven (11); thence West with the North line of Lot Eleven (11) one hundred fifty-seven
(157) feet or to the North West corner of said Lot Eleven (11); thence South with the East line of West Street two
hundred thirty-seven (237) feet, more or less to the point of beginning. ALSO, A strip of equal width off of the
South end of Lots Numbered Fifteen (15), Sixteen (16) and Seventeen (17) in Block Numbered Six (6) in the Original
Plat of the Town (Now City) of Fayetteville, Arkansas so as to include a certain brick building located thereon
and being more particularly described as: Beginning at a point three (3) feet North of the South West corner of
said Block Six, and on the East line of West Street, as now located, and running, thence East one hundred
fifty-seven (157) feet to a ten (10) foot alley, 'thence North forty (40) feet or to the center of the North Wall
of said brick building thence West one hundred fifty-seven (157) feet or to the East line of West Street as same
is now located; thence South forty (40) feet, more or less to the place of beginning.
OWNER'S POLICY
SCHEDULE B
Policy Number 014417051
This policy does not insure against loss or damage by reason of the following exceptions:
General Exceptions
1. Rights or claims of parties in possession not shown by the public records.
2. Easements, or claims of easements, not show by the public records.
3. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or
inspection of the premises.
4. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and
not shown by the public records.
Special Exceptions: The mortgage, if any, referred to in Item 4 of Schedule A.
5. General and special taxes for the year 1990 and subsequent years, which are not yet due and payable.
6. Special taxes and/or assessments naw levied, but payable in future installments, to -wit NONE.
7. Rights or claims of parties in possession and easements or claims of easements, boundary line disputes,
overlaps, encroachments, not shown of record and any other matters not shown of record which would be
disclosed by an accurate survey and inspection of the premises Said curvev or inspection must be performed
within a six (6) month period prior to the date of the commitment to insure.
& Reservations, restrictions, easements, dedications and set back lines as are shown on plat of said Addition
or Subdivision filed for record in Plat Book 4 at Page 2.
9. All rights and claims of co -tenants, their heirs, successors or assigns, in and to the insured premises,
owelty, and all other claims by co -tenants.
10. Loss arising from encumbrances filed under the Uniform Commercial Code.
11. Loss arising from oil, gas and/or other minerals, conveyed, retained, leased, assigned or any other activity
concerning the sub -surface rights or ownership; including but not limited to the right of ingress and egress
for said sub -surface purposes.
TRW TITLE
INSURANCE COMPANY
This policy valid only if Schedule A is attached
1
defense of any action or proceeding, the insured
shall secure tothe Companythe right to so prosecute
or provide defense in the action or proceeding, and..
all appeals therein, and permit the Company to use,
at its option, the name of the insured for this purpose.
Whenever requested bytheCompany, the insured, at
the Company's expense, shall give the Company all
reas_ onable aid (i) in any action or proceeding, secur-
ing evidence, obtaining witnesses. prosecuting or
defending the action or proceeding, or effecting set-
tlement. and (ii) in any other lawful act which in the
opinion of the Company may be necessary or desir-
able to establish the title to the estate or interest as
nsured. If the C ompany is prejudiced by the failure of
the insured to furnish the required cooperation, the
Companys obligations to the insured under. the
policy) shall terminate, including any liability or
obligation to defend, prosecute, or continue any
litigation, with regard to the matter or matters requir-
ing sudh cooperation.
I
5. PROOF OF LOSS OR DAMAGE.
In addition to and after the notices required under
Section 3 of these Conditions and Stipulations have
been provided the Company, a proof of loss or damage
signed and sworn to by the insured claimant shall be
furnished to the Company within 90 days after the
insured claimant shall ascertain the facts giving rise
o the loss or damage. The proof of loss or damage
shall describe the defect in, or lien or encumbrance
on the:title, or other matter insured against by this
policywhich constitutes the basis of loss or damage
and -shall state, to:the extent possible, the basis of
calculating the.amount of the loss or damage'If the
Company Is prejudiced by the,fai lu re of the insured
claimant to provide the required proof of loss or
damage, the Companys obligations to the insured
under Lthe policy shall terminate, including any
liability or obligation to defend, prosecute, or con-
tinue any litigation, with regard to the matter or mat-
ters requiring such proof of loss or damage.
In addition, the insured claimant may reasonably
be required to submit to examination under oath by
any authorized representative of the Company and
shall produce for examination, inspection and copy
ing, at such reasonable times and places as may be
designated by any authorized representative of the
Company, all records, books, ledgers, checks, cor-
respondence and memoranda, 'whether bearing a
date•belore•or after Date of Policy, which reasonably
pertairi tothetoss ordamage. Further, if requested by
any authorized representative of the Company, the
insured claimant shall grant its permission, in writing,
for an4authorized representative of the Company to
examine,' inspect and copy all records, books,
ledgers, checks, correspondence and memoranda in
the custody or control of a third party, which
reasonably pertain to the loss ordamage. All informa-
tion designated as confidential by the insured
claimant provided to the Company pursuant to this
Section shall not be disclosed to others unless, in the
reasonable I udgment of the Company, it is necessary
in the administration of the claim. Failure of the
insured claimant to submit for examination under
oath, produce other reasonably requested informa-
tion o grant permission to secure reasonably
necessary information from third parties as required
in this paragraph, unless prohibited by law or govern-
mental regulation, shall terminate any liability of the
Company under this policy as tq that claim.
8. OPTIONS TO PAY OR OTHERWISE SETTLE
CLAIMS; TERMINATION OF LIABILITY.
In case of a claim under this policy, the Company
shall have the following additional options: •
(a) To Pay or Tender Payment of the Amount
of Insurance.
To pay or tender payment of the amount of
insurance under this policy together with any costs,
attorneys' fees and expenses incurred by the insured.
claimant, which were authorized by the Company, up
to the time of payment or tender of payment and
which he Company is obligated to pay. •
Upon the exercise b'y the Company of thispption;
all liability and obligations to the insured under this
policy, other than to make the payment required,
shall terminate, including any liability or obligation to
I .I
CONDITIONS AND STIPULATIONS
(continued from inside front cover)
defend, prosecute, or continue any litigation, and the
policy shall be surrendered to the Company for
cancellation.
(b) To Pay or Otherwise. Settle, With Parties
Other than the Insured or With the Insured Claimant
(i) to pay or otherwise settle with other
parties for or in the name of an insured claimant any
claim insured against under this policy, together with
any costs, attorneys' fees and expenses incurred by
the insured claimant which were authorized by the
Company up to the time of payment and which the
Company is obligated to pay, or
(ii) to pay or otherwise settle with the
insured claimant the loss ordamage provided for
under this policy, together with any costs, attorneys'
fees and expenses incurred by the insured claimant
which were authorized by the Company up•to the
time of payment and which the Company is obligated
to pay.
Upon the exercise by the Company of either of the
options provided for in paragraphs (b)(i) or (ii), the
Companys obligations to the 'nsured under this
policy for the claimed loss ordamage, other than the
payments required to be made, shall terminate,
including any liability or obligation to defend, pro-
secute or continue any litigation.
•
7. DETERMINATION, EXTENT OF LIABILITY
AND COINSURANCE.
This policy is a contract of indemnity against
actual monetary loss or damage sustained or incurred
by the insured claimant who has suffered loss or
damage by reason of matters insured against by this
policy and only to the extent herein described.
(a) The Liability of the Company under this
policy shall not exceed the least of:
(i) the Amount of Insurance stated in
Schedule A; or,
(ii) the difference between the value of the
insured estate or interest as insured and the value of
the insured estate or interest subject to the defect,
lien or encumbrance insured against by this policy.
(b) In the event the Amount of Insurance stated
in Schedule A at the Date of Policy is less than80 per-
cent of the value of the insured estate or interest or
the full consideration paid for the land, whichever is
leas, or if subsequent to the Date of Policy an improve-
ment is erected on the land which increases the
value of the insured estate or interest by at least 20
percent over the Amount of Insurance stated in
Schedule A, then this Policy is subject to the
following: •
(1) where no subsequent improvement has
been made, as to any partial loss, the Company shall
only pay the loss pro rata in the proportion that the
amount of insurance at Date of Policy bears to the
total value of the insured estate or interest at Date of
Policy, or (ii) where a subsequent improvement has
been made, as to any partial loss, the Company shall
only pay the I ss pro rata in the proportion that 120
percent of the Amount of Insurance stated in
Schedule A bears to the.•sum of the Amount of
Insurance stated in Schedule A and • the amount
expended for the improvement.
The provisions of this paragraph shall not apply to
costs, attorneys' fees and expenses for which the
Company is liable. under this policy, and shall only
apply to that portion of any loss which exceeds, in the
aggregate, .10 percent of the Amount of Insurance
stated in Schedule A.
(c) The Company will pay only those costs,
attorneys' fees and expenses incurred in accor-
dance with Section 4 of these Conditions and
Stipulations.
8. APPORTIONMENT.
If the land described in Schedule (ANC) consists of
two or more parcels which are not used as a single
site, and a loss is established affecting one or more of
the parcels but not all, the loss shall be computed and
settled on :a pro rata basis as if the amount of
Ir'; insolence 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 sub-
sequent to Date of Policy, unless a liability or value
has otherwise been agreed upon as to each parcel by
the Company and the insured at the time of the
issuance of this policy and shown by an express
statement or by an endorsement attached to this
policy.
9. LIMITATION OF LIABILITY.
(a) If the Company establishes .the title, or
removes the alleged defect, lien or encumbrance, or
cures the lack of a right of access to or rom the land,
or cures the claim of unmarketability of title, all as
insured, in a reasonably diligent manner by any
method, including litigation and the completion of
any appeals therefrom, it shall have fully performed
its obligations with respect to that matter and shall
not be liable for any loss or damage caused thereby.
(b) In the event of any litigation, including litiga-
tion by the Company or with the Companys consent,
the Company shall have no liability for loss or
damage until there has been a final determination by
a court of competent jurisdiction, and disposition of
all appeals theref rom, adverse to the title as insured.
(c) The Company shall not be liable for loss or
damage to any insured for liability voluntarily assumed
by the insured in settling any claim or suit without the
prior written consent of the Company.
10. REDUCTION OF INSURANCE; REDUCTION
OR TERMINATION 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.
11. 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 a mortgage hereafter executed by the
insured or assumed or agreed to by the insured and
which is a charge or lien on the estate or interest des-
cribed or referred to in Schedule A. and the amount
so paid shall be deemed a payment under this policy,
to the insured owner.
12. PAYMENT OF LOSS.
•
(a) No payment shall be made without produc-
ing this policy for endorsement of the payment un-
less the policy has been lost or destroyed, in which
case proof of loss or destruction shall befurnished to
the satisfaction of the Company.
(b) When liability and the extent of loss or
damage has been definitely fixed in accordance with
these Conditions and Stipulations, the loss or damage
shall be payable within 30 days thereafter.
13. SUBROGATION UPON PAYMENT
OR SETTLEMENT.
(a) The Company's Right of Subrogation.
Whenever the Company shall have settled and
paid 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 subrogated to and be en-
titled to all rights and remedies which the insured
claimant would have had against any person or prop-
erty in respect to the claim had this policy not been
issued.•1f requested by the Company, the insured
claimant shall transfer to the Company all rights and
remedies against any person or property necessary
in order to perfect this right of subrogation. The
insured claimant shall permit the Company to sue,
compromise or settle in the name of the insured
claimant and to use the name of the insuredclaimant
in any transaction or litigation involving these rights
or remedies.
• If,a payment on account of a claim does not fully
cover the loss of the insured claimant, the Company
shall be subrogated to these rights and remedies in
the proportion which the Company's payment bears
to the whole amount of the loss.
If I ss should result from any act of the insured
claimant as staled above, that 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 by this policy which shall exceed the amount,
(continued on back)
•
y
if any, lost to the Company by reason of the impair-
ment by the insured claiinant of the Company's right
of subrogation.
(b) The Company's Rights Against Non-
insured Obligors.
The Companys right of subrogation against
non-insured obligors shall exist and shall include,
without limitation, the rights of the insured to indem-
nities, guaranties, other policies 01 insurance or
bonds, notwithstanding any terms or conditions con-
tained in those instruments which provide for sub-
rogation rights by reason of This policy.
14. ARBITRATION
Unless prohibited by applicable law, either the
Company or the insured may demand arbitration pur-
suant to the Title Insurance Arbitration Rules of the
American Arbitration Association. Arbitrable matters
may include, but are not limited to, anycontroversy or
claim between the Company and the insured arising
out of or relating to this policy, any service of the
Company in connection with its issuance or the
breach of a policy provision or other obligation. All
arbitrable matters when the Amount of Insurance is
81.000D00 or less shall be arbitrated at the option of
either the Company or the insured. All arbitrable mat-
ters when the Amount of Insurance is in excess of
51,000,000 shall be arbitrated only when agreed to
by both the Company and the insured. Arbitration
pursuant to this policy and under the Rules in effect
on the date the demand for arbitration is made or, at
CONDITIONS AND STIPULATIONS
(continued from inside back cover)
the option of the insured, the Rules i n effect at Date of
Policy shall be binding upon the parties. The award
may include attorneys' fees only it the laws of the
state in which the land is located permit a court to
award attorneys' fees to a prevailing party.Judgment
upon the award rendered by the Arbitrator(s) may be
entered in any court having jurisdiction thereof.
The law of the situs of the land shall apply to an
arbitration under the Title Insurance Arbitration Rules.
A copy of the Rules may be obtained from the
Company upon request.
15. LIABILITY LIMITED TO THIS POLICY;
POLICY ENTIRE CONTRACT.
(a) This policy together with all endorsements.
if any. attached hereto by the Company is the entire
policy and contract between the insured and the
Company. In interpreting any provision of this policy.
this policy shall be construed as a whole.
(b) Any claim of loss or damage, whether or not
based on negligence, and which arises out of the
status of the title to the estate or interest covered
hereby or by any action asserting such claim, shall be
restricted to this policy.
(c) No amendment of or endorsement to this
policy can be made except by a writing endorsed
hereon or attached hereto signed by either the Presi-
dent, a Vice President, the Secretary, an Assistant
Secretary. or validating officer or authorized
signatory of the Company.
16. SEVERABILITY.
In the event any provision of the policy is held
invalid or unenforceable under applicable law, the
policy shall be deemed not to include that provision
and all other provisions shall remain in full force
and effect.
11. NOTICES, WHERE SENT.
All notices required to be given the Company and
any statement in writing required to be furnished the
Company shall include the number of this policy and
shall be addressed to the Company at its Corporate
Headquarters, 6800 College Blvd., Suite 200. Over-
land Park Kansas 66211.
POLICY OF TITLE INSURANCE
TRW Title
Insurance Company
6800 College Blvd., Suite 200/Overland Park, KS 66211
Area Code 913 491-5585