HomeMy WebLinkAbout145-90 RESOLUTION' RESOLUTION NO. :145-90
A RESOLUTION AUTHORIZING AN OFFER AND
ACCEPTANCE AGREEMENT TO PURCHASE TWO PARCELS
OF LAND LOCATED AT THE SOUTHWEST CORNER OF
DICKSON STREET AND WEST AVENUE.
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 an Offer and Acceptance
Contract in the amount of $58,371.00 for purchase of two parcels
of land located at the southwest corner of Dickson and West Avenue
owned by the Dickson Street Improvement District. A copy of the
Offer and Acceptance Contract authorized for execution hereby is
attached hereto marked Exhibit "A" and made a part hereof.
PASSED AND APPROVED this 18th day of September , 1990.
APPROVED:
By: (/Sr�/�/G�vG s.-✓
Mayor
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cBY :,QdJJTJL
'City C
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DICKSON STREET CENTRAL BUSINESS IMPROVEMENT DISTRICT NO. 1
RESOLUTION
WHEREAS, the City of Fayetteville, as "Buyer" has
offered to purchase certain realproperties which lie
within. the. Dickson
District No. 1 for
Fifty-six Thousand
Street Central Business Improvement
the total cash payment at closing of
Six Hundred Ninety and no/100ths Dollars
($56,690.00) plus a mortgage payment and/or interest
accrued after August 1, 1990. A copy of the Offer and
Acceptance Contract, with the legal descriptions of the
subject real properties attached thereto as "Exhibit A", is
attached hereto and made a part of this Resolution; and
WHEREAS, the Commissioners of the Dickson Street
Central Business Improvement District No. 1, find that it
is in the best interests of the District to sell such
properties to
consideration.
properties
conditions
the City of Fayetteville-for,the
a. -
aforesaid, and hereby agree to sell said
to the.City of. Fayetteville under the terms
t
of the said Offer and Acceptance Contract,
1 a
and .r
for
the considerations set forth therein; and
WHEREAS, It is specifically understood that all
interest accrued on the purchaseprice as set forth in
Paragraph No. 2 of the Offer and Acceptance Contract FROM
August 1, 1990, shall be paid by Buyer at the highest
current rate of indebtedness which the Dickson Street
Page 1 of 2 Pages
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Central Business Improvement District No. 1 is paying under
their current Certificate of Indebtedness at Mcllroy Bank
and Trust of Fayetteville, Arkansas; and
WHEREAS, all sums realized from such sale shall be
applied by the District against existing indebtednesses;
NOW, THEREFORE, BE IT RESOLVED, that all Commissioners
of the Dickson Street Central Business Improvement District
hereby unanimously approve and accept the subject Offer and
Acceptance Contract under the terms and conditions as above
set forth..
THIS, the \ \ day of August, 1990.
ZERO
E
•
Secretary
WILLIAM G UNDERWOOD
DICKSON STREET CENTRAL BUSINESS
IMPROVEMENT DISTRICT NO. 1
CAR 1 *I=
1
51• •
CURTIS SHIPLEY ,
,e.. -THOMAS PEARSON, JRj Y
v'
Page -2 of 2 Pages
aiffian
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:
See attached Exhibit "A" as recorded in Book
1329, page 785.
2. Purchase Price: subject to the following conditions the
Buyer shall pay for the property at closing the total and
cash payment of $56,690.00 plus mortgage payment and/or
interest accrued after August 1, 1990.
3., Contingent Earnest Money Deposit: The Buyer herewith tenders
a check for $100.00 to Dickson Street Central Business
Improvement District No. 1, 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 Seller fails to fulfill
any obligations 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 mets 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 Quitclaim Deed, except it
shall be subject to recorded instruments and easements, if
any, whichdo not materially affect the value of the
property. Such conveyance shall include mineral rights owned
by Seller. Quitclaim Deed shall be prepared by Seller and
approved by Buyer.
5. Seller shall furnish, at Buyer's cost a policy of title
insurance in the amount of the purchase price.
6. Taxes, insurance, general taxes, ad valorem taxes, and
special assessments due on or before closing as approved by
buyer shall be paid for by the Seller and reimbursed by buyer
at closing.
7. The closing date is designated to be ninety (90) days after
acceptance of this offer by the Seller. If such date of
closing falls on a weekend or holiday. it will be held the
Following working day. The place of closing will be in the
office of the City Attorney, City Administration Building,
113 West Mountain, Fayetteville, Arkansas.
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.
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.
Rev. 8/8/90
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 a part hereof.
13. This contract expires, if not accepted, on or before the 20th
day of August, 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 8100.00 EARNEST MONEY
DEPOSIT.
1°i1Q- ► g—tbik-q�
to „ L ' Date
i_
Sdi, LWR
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MAYOR / Date
T Sr
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EXHIBIT "A"
Parcel 1
A part of Block 7 of the Original Town Subdivision of the City of
Fayetteville, Washington County, Arkansas, being more particularly described
as follows:
Beginning at a point on the West line of Block 7 which is 500°09'30"E a
distance of 280.5 feet from the Northwest corner of said Block; thence
N89°50'30"E a distance of 48.25 feet to a point on a 996.32 foot radius curve
concave to the Northwest; thence Southwest along the curve, 25.0 feet West of
and parallel to the tracks of the Burlington Northern Railroad Company
(formerly St. Louis -San Francisco Railroad Company), through a central angle
of 08°18'17" an arc length of 144.41 feet to the intersection of said curve
with the West line of Block 1; thence N00°09'30"W a distance of 135.98 feet to
the Point of Beginning, containing 0.08 acre, more or less. (Cross Reference
to Survey: Parcel 1 is referred to as Tract No. 3 on Drawing 1/H4).
Parcel 2
A part of Block 7 of the Original Town Subdivision of the City of
Fayetteville, Washington County, Arkansas, being more particularly described
as follows:
Beginning at a point on the North line of Block 7 which is 589°50'30"W a
distance of 85.0 feet from the Northeast corner of said Block; thence
S07°54'42"W a distance of 101.0 feet; thence 520°56'24"W a distance of 43.14
feet; thence S00°09'30"E a distance of 117.0 feet; thence N89°50'30"E a
distance of 18.0 feet; thence S00°09'30"E a distance of 22.0 feet; thence
589°50'30"W a distance of 78.0 feet; thence 527°25'45"W a distance of 150.58
feet; thence 524°05'44"W a distance of 104.87 feet; thence 525°41'44"W a
distance of 49.32 feet to the South line of Block 7; thence 589°50'30"W a
distance of 17.72 feet to the Southwest corner of Block 7; thence N00°09'30"W
a distance of 20.73 feet to a point on the West line of Block 7, 25.0 feet
East of the center of the track of the Burlington Northern Railroad Company
(formerly St. Louis -San Francisco Railroad Company); thence parallel to the
tracks N25°41'44"E a distance of 39.04 feet to the beginning of.a 1046.32 foot
radius curve to the left; thence along said curve through a central angle of
28°00'50" an arc length of 511.58 feet to the point of tangency; thence
N00°11'55"W a distance of 3.99 feet to the North line of Block 7; thence
N89°50'30"E a distance of 107.89 feet to the Point of Beginning, containing
0.83 acre, more or less. (Cross Reference to Survey: Parcel 2 is referred to
as Tract No. 4 on Drawing 114).
Ila1a1321i,GE785
$&WIflTEVILLE •
THE CITY OF FAYETTEVILLE, ARKANSAS
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DEPARTMENTAL CORRESPONDENCE
la)?
S GS � if /790
TO: .Sherry Thomas, City Clerk
FROM: Bert Rakes, Land Agent
DATE: 3-26-91
MICROFILMED
SUBJECT: City Purchase of Parking Lots south of, Dickson
St. and west, of West Ave., from Dickson St. Central
Business Improvement District #1.
Attached for your safekeeping and archives you will find the
following:
1. Quitclaim Deed as recorded in Book 1387/141, 142, 143
granting ownership to the City of Fayetteville for property
as described.
2. Owners Title Insurance Policy #113-00-233472 for $56,690.00
from Lawyers Title Insurance Corporation.
3. Resolution No. 145-90 authorizing the City to execute
"Offer and Acceptance Contract" in the amount of
$58,371.00.
4. DSCBID #1 Resolution
5. "Offer and Acceptance Contract" as executed.
6. Settlement Statement as prepared by closing agent, Gree.
Abstract.
7. Buyer/Seller Affidavit as executed.
8. Buyer Affidavit as executed.
9. Cost accounting by.Carl Collier, DSCBID #1.
10. Copy of Check #1167 dated 9-26-90 for payment of property
acquisition.
BR/mab
CC: David Cox, Public Works Oper. Mgr.
4
o QUITCLAIM DEED
FLED FOR RECORD
'90 SEP 28 PM : 3 17
TO ALL BEFORE WHOM THESE PRESENTS SHALL COME: WASHINGTON 00 AR
BE IT KNOWN that pursuant to a Resolution dh190%YER
unanimously adopted on August 17, 1990 by all of the
Commissioners of the'Dickson Street Central Business
Improvement District No. 1, we, Carl Collier and LeRoy
Pearce, as Chairman and Secretary, respectively, of the
Dickson Street Central Business Improvement District No. 1,
Grantor, and in the name and on behalf of said. Improvement
District, for and_in consideration of the sum of Ten
Dollars ($10.00) and other good and valuable considera-
tions, the receipt and legal sufficiency of whichis hereby
acknowledged, to us in hand paid by the City of
Fayetteville, Arkansas, Grantee, do hereby grant, bargain,
convey and quitclaim unto the said Grantee and unto its
successors and assigns forever, the following described
real property, situated in the County of Washington, State
of Arkansas, to -wit:
ALL OF THE LANDS, HEREDITAMENTS AND IMPROVEMENTS
SET FORTH ON EXHIBIT "A" ATTACHED HERETO,
INCORPORATED HEREIN, AND MADE A PART HEREOF
I hereby certify that at least the
correct amount of revenue stamps
have been placed on the face
hereof.
CITY OF FAYETTEVILLE
TO HAVE AND TO HOLD the sameunto the said Grantee,
and unto its successors• and assigns forever, with all
appurtenances thereunto belonging.
WITNESS OUR HANDS on this, the .2g day of sliesthfr,
1990. U
DICKSON STREET'CENTRAL
BUSINESS IMPROVEMENT
DISTRICT NO. 1
ATTEST:
LeROY P
re
CE, Secretary.
BY: 1,w. p9 V4w�
CARL COLLIER, Chairman
Page 1 of 2 Paaes
LIB[R 138 I PPGE 1l1
STATE OF ARKANSAS
yj LL� )ss.
COUNTY OF Was i11.'�q 1�A- ).
ACKNOWLEDGMENT
BE IT REMEMBERED, that on this day came before the
undersigned, a Notary Public within andfor the County and
State aforesaid, duly qualified, commissioned and acting,
Carl Collier and LeRoy Pearce, to mewell known as the
President and Secretary, respectively, of Dickson. Street
Central Business Improvement District No. 1, who stated on
oath that in such official capacities, they areduly
authorized to execute such instrument for and on behalf of
and in the name of said Improvement District, and that they
had so signed' thesame for the considerations andpurposes
therein mentioned and set forth.
WITNESS MY HAND AND OFFICIAL SEAL as such Notary
Public on this, the a-$ day of 5 .60 , 1990.
1 E
opplcifraus
Gibe INoon POO Mans
MhsNnoroso
My commission expires:
3- , 3
This instrument prepared by:
Ronald E. Bumpass
Attorney at Law
P. O. Box 4105
Fayetteville, Arkansas 72702
eadd ,Lyytua
NOTARY PUBLIC
OR 1387 PAGE 142
Page 2 of 2 Pages
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EXHIBIT "A'
Parcel 1
A part of Block 7 of the Original Town Subdivision of the City of
Fayetteville, Washington County, Arkansas, being more particularly described
as follows:
Beginning at a point on the West line of Block 7 which is SOO°09'30"E a
distance of 280.5 feet from the Northwest corner of -said Block; thence
N89°50'30"E a distance of 48.25 feet to a point'on a 996 32 foot radius curve
concave to the Northwest; thence Southwest along the curve, 25.0 feet West of
and parallel to the tracks of the Burlington Northern Railroad Company •
(formerly St. Louis -San Francisco Railroad Company), through a central angle
of 08°18'17" an arc length of 144.41 feet to the intersection of said curve
with the West line of Block 1; thence NOO°09'30"W a distance of 135 98 feet to
the Point of Beginning, containing 0.08 acre, more or less. (Cross Reference
to Survey: . Parcel 1 is referred to as Tract No. 3 on Drawing #H4).
Parcel 2
A part of Block 7 of the Original Town Subdivision of the City of
Fayetteville, Washington County, Arkansas, being more particularly described
as follows:
Beginning at a point on the North line of Block 7 which 1s S89°50'30"W a
distance of 85.0 feet from the Northeast corner of said Block; thence
507.54'42"W a distance of 101.0 feet; thence 520°56'24"W a distance of 43.14
teet; thence S00°09'30"E a distance of 117.0 feet; thence N89°50'30"E a -
distance of 18.0 feet; thence SOO°09'30"E a distance of 22 0 feet; thence
S89°50'30"W a distance of 78.0 feet; thence 527°25'45"W a distance of 150.58
feet; thence S24°05'44"W a distance of 104.87 feet; thence 525°41'44"W a
distance of 49.32 feet to the South line of Block 7; thence 589°50'30"W a
distance of 17.72 feet to the Southwest corner of Block 7; thence NO0'09'30"W
a distance of 20.73 feet to a point on the West line of Block 7, 25.0 feet
East of the. center of the track of the Burlington Northern Railroad Company
(formerly St. Louis -San Francisco Railroad Company); thence parallel to the
tracks N25°41'44"E a distance of 39.04 feet to the beginning of -a 1046.32 foot
radius curve to the left; thence along said curve through a central. angle of
28°00'50" an arc length of 511.58 feet to the point of tangency; thence
NOO°11'55"W a distance of 3.99 feet to the North line of Block 7; thence
N89°50130"E a distance of 107.89 feet to the Point of Beginning, containing
0.83 acre, more or-ie's% ;(cross Reference to Survey: Parcel 2 is referred to
as Tract No. 4 onktr'a'44,12114) .
•
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usull87ng143
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awyers filer
Insurance Crporation
NATIONAL HEADQUARTERS
RICHMOND, VIRGINIA
OWNER'S POLICY NUMBER
113-00-2 3 3 4 7 2
1
SUBJECT TO THE EXCLUSIONS FROM COVERAGE THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND
THE CONDITIONS AND STIPULATIONS; LAWYERS TITLE INSURANCE CORPORATION, -a Virginia corporation, herein called the
Company, insures as of Date of Policy shown in Schedule A, against ldssor damage, not exceeding the Amount of Insurance stated
in Schedule A, sustained or incurred by the insured by reaso+of: *'t`�-v p... - °` .I.
1. Title to the estate or interest described in Schedule A'bbeing vested other than as stated therein;
•
2. Any defect in or lien or encumbrance bn the title;,;, s :? }_ 2 p e ,. . i -
3. Unmarketability of the title; Fl , .
4. Lack of a right of access to and from the land.
N7' r
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent
•
IN WITNESS WHEREOF the Company has causedthispolicy to be signed and sealed, to be -valid when Schedule A is countersigned
by an authorized officer or agent of the Company,, -all in accordance with,its By -Laws. i -
'i;
provided in the Conditions and Stipulations ` - P' 'It • 14 :
Attest:
Secretary.
Lawyeislitle insuranceCrporation
•
•
President
. EXCLUSIONS FROM COVERAGE'
The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage,costs, attorneys' fees or
expenses which arise by reason of:
- 1^ -.r1 ..;i ..
1. (a) Any law, ordinanceor governmental regulation (including but not limited.to building and zoning laws, ordinances, or regulations) restricting, regulating,
prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter
erected on the land; (iii) 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; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that
a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land
has been recorded in the public records at Date of Policy. -• I
1 - :1. •
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or
encumbrance resulting from a violation or alleged violation affecting the land hasbeen recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage
any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge.
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, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing
to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;.
(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.
•MIreIIIraMIHMIIILMritl(MUIIrMIAHOWN•Ie•Ir MMIN R RMMMRIYuICelINIIIIM M MI[MlIRC ERMISMIIM.Mnall euIIMRIIYMYIIE LIIDYrINMNIN .III(en NAMINKRIIIc
Policy 113/99 Litho in U.S.A.
035-0-113/99-0006
damage until there hag been a final determination by a court of competent
jurisdiction, and disposition of all appeals therefrom, adverse to the title as
insured.
(c) The Company shall not be liable for loss or damage to anyinsured
for liability voluntarily assumed by the insured in settling any claim or suit without
the prior written consent of the Company.
Cover Sheet ALTA Owner's Policy (10-21-87)
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
continued on remainder o/ cover sheer
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0311N1.0103—SN011MlfldLLS 0Ntl SNOLLI0NO0
OWNER'S POLICY
Issued through the Office of:
GREER ABSTRACT COMPANY
70 NORTH COLLEGE, SUITE 1
FAYE rEVILLE, ARKANSAS 72701
SCHEDULE A
File Number. 900714
Policy Number: 113-00-233472 Amount of Policy: $56,690.00
Effective Date: October 11, 1990 at 12.58P.M.
1. Name of Insured:
The City of Fayetteville, 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:
BF873835
By:
LAWYER'S TITLE
INSURANCE CORPORATION
This policy valld only If Schedule B is attached
** EXHIBIT A **
A part of Block 7 of the Original Town Subdivision of the City of Fayetteville, Arkansas, being more particularly
described as follows: Beginning ata Point on the West line of Block 7 which is S 00°09'30"E 28050 feet from the
Northwest corner . of said Block; thence N 89°50'30" E 48.25 feet to a point on a 996.32 foot radius curve concave
to the Northwest; thence Southwest along the curve, 25 feet West of and parallel to the tracks of the St. Louis
and San Francisco Railroad, through a central angle of 08°18'17" an arc length of 144.41 feet to the intersection
of said curve with the West line of Block 7; thence N 00°09'30" W 135.98 feet to the Point of Beginning,
containing 0.08 acre, more or less.
AND
A part of Block 7 of the Original Town Subdivision of the City of Fayetteville, Arkansas, being more particularly
described as follows: Beginning ata point on the North line of Block 7 which is S 89'50'30" W 85.00 feet from the
Northeast corner of said Block; thence S 07°54'42" W 101.0 feet; thence S 20'56'24" W 43.14 feet; thence S
00°09'30" E 117.00 feet; thence N 89°50'30" E 18.00 feet; thence S 00°09'30" E 2200 feet; thence S 89°50'30" W
78.00 feet; thence S 2725'45" W 15058 ft; thence S 24°05'44" W 104.87 feet; thence S 25°41'44" W 49.32 feet to
the South line of Block 7; thence S 89'50'30" W 17.72 feet to the Southwest corner of Block 7; thence N 00'09'30"
W 20.73 feet to a point on the West line of Block 7, 25 fret East of the center of the tracks of the St. Louis and
San Francisco Railroad; thence parallel to the tracks N 25°41'44" B 39.04 feet to the beginning of a 1046.32 foot
radius curve to the left thence along said curve through a central angle of 28°00'50" an arc length of 51158
feet to the point of tangency; thence N 0011'55" W 399 feet to the North line of Block 7; thence N 89'50'30" E
107.89 feet to the Point of Beginning, containing 0.83 acre, more or less.
e
•
OWNER'S POLICY
SCHEDULE B
Policy Number 113-00-233472
This policy does not insure against lass 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 shown 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 Aay 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 1991 and subsequent years, which are not yet due and payable.
6. Special taxes and/or assessments payable in installments, to -wit Dickson Street Improvement District No. 1.
7. Subject to any 1990 taxes.
8. This policy does not insure the acreage amount, any mention of acreage is for descriptive purposes only.
9. 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
10. Loss arising from encumbrances filed under the Uniform Commercial Code.
11. Any matter regarding the buyer.
LAWYER'S TITLE
INSURANCE CORPORATION
This policy valid only 11 Schedule A is attached
0
RESOLUTION NO. 145-90.
A RESOLUTION •AUTHORIZING AN OFFER AND
ACCEPTANCE AGREEMENT TO PURCHASE TWO PARCELS
OF LAND LOCATED AT THE SOUTHWEST CORNER OF
DICKSON STREET AND WEST AVENUE.
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 an Offer and Acceptance
Contract in the amount of $58,371.00 for purchase of two parcels
of land located at the southwest corner of Dickson and West Avenue
owned by the Dickson Street Improvement District. A copy of the
Offer and Acceptance Contract authorized for execution hereby is
attached hereto marked Exhibit "A" and made a part hereof.
PASSED AND APPROVED this 18th day of September , 1990.
APPROVED:
By: <,/� ii
Mayor
ATTEST:
47,
DICKSON STREET CENTRAL BUSINESS IMPROVEMENT DISTRICT NO. 1
RESOLUTION
WHEREAS, the City of Fayetteville, as "Buyer" has
offered to purchase certain real properties which lie
within the Dickson Street Central Business Improvement
District No. 1 for the total cash payment at closing of
Fifty-six Thousand Six Hundred Ninety and no/100ths Dollars
($56,690.00) plus a mortgage payment and/or interest
accrued after August 1, 1990. A copy of the Offer and
Acceptance Contract, with the legal descriptions of the
subject real properties attached thereto as "Exhibit A", is
attached hereto and made a part of this Resolution; and
WHEREAS, the Commissioners of the Dickson Street
Central Business Improvement District No. 1, find that it
is in the best interests of the District to sell such
properties to the City of Fayetteville for the
consideration aforesaid, and hereby agree to sell said
properties to the City of Fayetteville under the terms and
conditions of the said Offer and Acceptance Contract, for
the considerations set forth therein; and
WHEREAS, It is specifically understood that all
interest accrued on the purchase price as set forth in
Paragraph No. 2 of the Offer and Acceptance Contract FROM
August 1, 1990, shall be paid by Buyer at the highest
current rate of indebtedness which the Dickson Street
Page 1 of 2 Pages
xa
Central Business Improvement District No. 1 is paying under
their current Certificate of Indebtedness at Mcllroy Bank
and Trust of Fayetteville, Arkansas; and
WHEREAS, all sums realized from such sale shall be
applied by the District against existing indebtednesses;
NOW, THEREFORE, BE IT RESOLVED, that all Commissioners
of the Dickson Street Central Business Improvement District
hereby unanimously approve and accept the subject Offer and
Acceptance Contract under the terms and conditions as above
set forth.
THIS, the `'1 day of August, 1990.
DICKSON STREET CENTRAL BUSINESS
IMPROVEMENT DISTRICT NO. 1
,cam J Q a i
Secretary CAR LLI +�� • ai;fi'an
WILLIAM UNDERWOOD CURTIS SHIPLEY
C1. -THOMAS PEARSON, PEARSON, J%/
Page 2 of 2 Pages
OFFER AND ACCEPTANCE CONTRACT
1. Buyer, the City of Fayetteville, offers to buy, subject to
the terms and conditions set forth herein, the following
deperibed property:
See attached Exhibit "A"
1329, page 785.
2. Purchase Price: subject to the
Buyer shall pay for the property
cash payment of $56,690.00 plus
interest accrued after August 1, 19
as recorded in Book
following conditions the
at closing the total and
mortgage payment and/or
90.
Contingent Earnest Money Deposit: The Buyer herewith tenders
a check for $100.00 to Dickson Street Central Business
Improvement District No. 1, 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 Seller fails to fulfill
any obligations 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 Quitclaim Deed, except it
shall be subject to recorded instruments and easements, if
any, which do not materially affect the value of the
property. Such conveyance shall include mineral rights owned
by Seller. Quitclaim Deed shall be prepared by Seller and
approved by Buyer.
5. Seller shall furnish, at Buyer's cost a policy of title
insurance in the amount of the purchase price.
6. Taxes, insurance,
special assessments
buyer shall be paid
at closing.
general taxes, ad valorem taxes, and
due on or before closing as approved by
for by the Seller and reimbursed by buyer
The closing date is designated to be ninety (90) days after
acceptance of this offer by the Seller. If such date of
closing falls on a weekend or holiday. it will be held the
following working day. the place of closing will be in the
office of the City Attorney, City Administration Building,
113 West Mountain, Fayetteville, Arkansas.
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.
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.
Rev. 8/8/90
12. This AGREEMENT, when executed by both Buyer and Seller shall
contain the entire understanding and agreement of the parties
with respect to the mattersreferred 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 a part hereof.
13. This contract expires, if not accepted, on or before the 20th
day of August, 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 5100.00 EARNEST MONEY
DEPOSIT.
aaaitit
LR
/171M CLER�
MAYOR
75-1ek- q o
Date
Date