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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 • �S1AiTTEST:.„ cBY :,QdJJTJL 'City C ; ///0w - rk t heZ- Ti • s4 f • • 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 • 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 .2/ MAYOR / Date T Sr oQ� 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 • 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 • • 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) . • • h„;:,xd in, hr j. usull87ng143 • 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. 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Auedwoo aqi 6q 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 0 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 40.25 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 i; thence N00°0930"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/f14). Parcel 2 A part of Block 7 ofpthe 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 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 S20°5624"W a distance of 43.14 feet; thence 500°09'30"E a distance of 117.0 feet; thence N89°5030"E a distance of 18.0 feet; thence 500°O9'3O"E a distance of 22.0 feet; thence S89°50'30"W a distance of 78.0 feet; thence S27°25'45"W a distance of 150.58 feet; thence S24°05'44"W a distance of 104.87 feet; thence S25°41'44"W a distance of 49.32 feet to the South line of Block 7; thence S89°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 NOO°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 #H4). 'I'll I329PAGE785 A. SE!f4LEMENT STATMENT U.S. Dapartnentof Housing and Urban Dekebpmerd B. Type of Loan a Fie Number 7. Loon Number a Mortgage Insurance Case Number 1. ❑ FHA 2. ❑ FmHA 3. ❑ Conv. Unins. 4. ❑ VA 5. ❑ Conv. Ins. 900714 C. NOTE: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown, items marked "(p.o.c.)e were paid outside the closing; they are shown here for informational purposes and are not included in the totals. D::.NAMEOFBORROWER: THE CITY OF FAYETTEVILLE, A MUNICIPAL. CORPORATION --' ADDRESS OF BORROWER: SELLER I SS# E. NAME OF SELLER: DICKSON STREET CENTRAL BUSINESS IMPROVEMENT DISTRICT NO. 1 ADDRESS OF SELLER: F. NAME OF LENDER ADDRESS OF LENDER: G. PROPERTY LOCATION: H.SETTLEMENTAGENT: GREER ABSTRACT S TITLE COMPANY PLACE OF SETTLEMENT: 70 N. COLLEGE, FAYETTEVILLE, ARKANSAS 72701 I. SETTLEMENT DATE: Septenber 28, 1990 J SUMMARY OF BORROWER'S TRANSACTION JK SUMMARY OF SELLER'S TRANSACTION M............................,."..<-r A..v�... n�.��....n...... .C%�x/n�e.. pp�y.Gp. ..... ... n r r...... N %, ', Cc ' ,', 'c '' �,�/�t�. b..S. �.�. tll1 MRW$A$4O 1r ({TOM Vcn aEm • •n • .Ylq:QRQS1/NtU4r MMFtosFFFiiF., % • •••n.. .. w.e..n r.. .... .1. ...nm<. t 01. Contract sale pdce 56, 690.00 401. contract ewe price 56, 690.00 102. Personal property 402. Personal property 103. Settlement charges to borrower. 403. (from line 1400) 0.00 104. 105. ADJUSTMENTS FOR ITEMS PAID BY SELLER IN AWANCE 106. City\Town taxes to 107. County taxes to 108. Assessments to 109. ADDITIONAL INTEREST 110. 111. 912 404. 405. ADJUSTMENTS FOR ITEMS PAID BY SELLER IN ADVANCE: 408. City\Town taxes to 407. County taxes to 408. Assessments to 809.03 4o9. ADDITIONAL INTEREST 809.03 410. 411. 412. 120. GROSS AMOUNT DUE FROM BORROWER: >> 57, 499.03 420. LL GROSS AMOUNT DUE TO SEER: >> 57, 499.03 80ti/11AOtWt&PAi18YORUiBEFtkt ......._ ........ ... a y ...... ....... tlP QW ....n-.,.. .n.. . lJOl FWDUCTI>N9MANOlMI WJETO.tEt.li3 % 201. Deposit or earnest money 501. Excess deposit(see lnsfructfons) 202 Principal amount of new loan(s) SO2. Setilement charges to swler(Nne 1400) 203. Existing loan(s) taken subject to 503. Existing loan(s) taken subject to 204. 504. Payol of *st mortgage loan MCILROY /8543664 48, 675.13 205. 505. Payoff of second mortgage loan 206. 506. : 207 ............._ 507. _._.. 208. 508. 209. 509. ADJUSTMENTS FOR ITEMS UNPAID BY SELLER: 210. City\Town taxes to 211. Courwy taxes to 212. Assessments to 213. 214. 215. 216. T 217. 218. 219. 220. TOTAL PAID BY\FOR ADJUSTMENTS FOR ITEMS UNPAID BY SELLER 510. City\Town taxes to 511. County taxes to 512 Assessments to 513. 514. •515. 516. .__ 517. 518. 519. 520. TOTAL REDUCTIONS >> IN AMOUNT DUE SELLER 301. Gross amount due from borrower (line 120) 57, 499.03 601. Gross amount due to seller (line 420) 57, 499.03 302,> Lesa emoum:paid-by\for-borrower (Gne220) 602. Less total reductions in emQu ilt due seller (fine 520) 48,675. 13. 303. CASH( ® FROM) ( ❑TO) BORROWER: >> 57, 499.03 603. CASH (® TO) (❑ FROM) SELLER: >> 8,823.90 TAXPAYER IDENnFlCATION NUMBER SOUCITAION: SELLER You me requited by law to provide settlenent agent with your correct taxpayer Identification number. if you do not provide settlement agent with your carrecttaxpayer ldentliicetlonnumber, youmay be subMxt to tlNl or atmlnS peneltln Imposed by law. Under penawes of perjury, I testy that the number shoem an this state, ant is my correct taxpayer Identification number. Shcr s Signature Shcr's Signature Sellers Signature The information contained In Blocks EG,tjl and an One 401 (or If line 401 has an astekk Ins 403 end 4O4) is Important tax information and Is being furnished to the Internal Revenue Service if you are requited to file a return, a negligence penalty ar othr earmlon wa be Imposts on you 0 Mie sen Is requited to be reported end vie IRS determine, that a has not been reported _.. oM9 No. 2soz-o2ss • i. SE"fl1.E ec CHARGES • 700. TOTAL SALES\BROXER'S COMMISSION: BASED ON PRICE $ @ %= PAID FROM PAID FROM BORROWER'S SELLER'S ' I`[llttl$I0N£IE 1di!SSW jJNE7O 'AS Li t3 s'r=` FUNDS FUNDS 701. $ _._. _... to _ _ ... _. _.I SETTLEMENT SETTLEMENT 702.... $ to 703 Commission paid at setliemant 704. _._.__._..._._._..._....... IISPAYAE3Ci1dN0NYYt1cMAa'r " POC II,II,IIIIII IP III, 111„1!1111 IIII ,(/(",111 III, 1`((,11(1,11,(111111 ,�IIV YI't IfIIIII 801'. LoanoriginaUonfee 802. Loan discount % 803. Appraisal fee to: _.. _..... 804. Creditreport to: 1 805. Lender's inspection tee• _._....... 806. Mortgage Insurance application fee to 007.. Assump$on fee 808. 809. 810. 811. yWry�(.] {Wy.yW. r{' 111 • 11111,,1 �1'NWI I PI WWi•111 '.IT,Wlll MD'1Nr::, II,. �I 111 801: fllerest from to @$ \day 902. Mortgage insurance premium for mos. to 963. Hazard Insurance premium for yrs. to 904. Flood Insurance Premium for yrs. to 900. 1000. P a YlY:j 1111 I ""11'II1111111111 I ,I1111111(IIIIIIOI I 1111'II'II (1111111111 ` 1 11 11 11111 11(111111 1001, Hazard Insurance monMw @ S per month 1002 Mortgage Insurance months® $ per month 1003 City property taxes months @ $ per month 1003. County property taxes months @ $ per month 1005 Annual assessmonts months ©$ per month 1006. Flood insurance months @ $ per month 1007. montfw @ S par month 1008. months @ $ per month ',1100. T!TLa CtIARQES. 1101. Settlement or closing fee to 1102 Abstractor fide search to 1103. Title examination to 1104. TNIeInsurancebinderto GREER ABSTRACT A TITLE COMPANY 303.506 1105. Document preparation to 1106 Notary tees to 1107. Attorney's fees to (includes above Items Numbers: 1108. Tale Insurance to (indudea abae items Numbers: ) 1109. Lender's coverage $ 1110 O+mer's coverage $ 1111. RECORDING QCD WASHINGTON COUNTY CIRCUIT CLERK 4.OOB 1112. RECORDING RELEASE WASHINGTON COUNTY CIRCUIT CLERK 4.000 1113 `I t' fO EC IR44twisT 3E RDINQ'ANO RAN$ iCHAA£ .a 1201 Recording lees: Deed $ Mortgage $ : Releases $ 1202. City\county tax \ stamps: Deed $ : Mortgage $ 1203. State tax\atemps Deed $ 125.40 : mortgage $ 125.40 1204. _ _._.. _....... 1205. 1300. ADDITONAL SETAEMENT CHARGES:"�_ 1301. Surrey h - '—__. _ .. ... .........._ - _—._ 1302. Pest inspection to 1303. 1304. 1305._._..__..... _...... 1306. y -..y ...:......... . ra.fJa i—. Yr _�_ .:��.i+an.a... .. .�!.z�_Y .. v—'r�.. _ -_. ...... 1400. TOTAL S CHARGES (Enter online 103, Section J-and-0ne 502 Section K) >> I have carefully evi d the HUD- ettiement Statement and to the best of knowledge and belief, it is a true and accurate statement of all receipts and disburseme - e o con or by -� em this transaction.. I further U/yjrtthat I have rece'fiy�`eda copyofthe Hut G]\ atteemem...�,Qp. ,..-.r/�"�� VLM.G.. i `r`.-oLJG.{n/'wr Uare: • ��+"� W E+ OF'FAYETTEVILLE, A MUNICIPAL CORPORATION DICKSSONQjTREE CENTRAL BUSINESS IMPROVEMENT DISTRICT Deb: Seller: //t 9/�(.. ..qn,cQ Orda: The HUD -flue(/ ll / 1 3eltlemr¢$tetementph eve papered h end acarrete account of this tramactlon I have caused or x111 cause the lands to be disbursed N accordance With this etetanenla SettlancMAge.it t-( WARNING: Kb aalmab knoMngly make false abtanmb to the United States on Nh or any other similar form. Penalties upon oonNcaon can Indude a fine and Imprisonment For debar see: The is U.S. Code Sedan 1001 sndSecuon lots PAGE 2 �l; _ : aau: it :.i� ; �i •.: ; i .ri The undersigned parties to the Offer and Acceptance for the sale of real property (Greer Abstract and Title Company File Number 900714 ), hereby state and affirm that all conditions precedent to the closing of this transaction have been satisfied or waived. The undersigned borrower(s)/buyer(s) and/or seller(s) have been advised by the closing agent that the loan documents which they are executing this date do not have prior approval of or the acceptance by the investor which has issued its commitment to purchase the loan. As a condition of proceeding with the closing of this transaction, we will executed whatever additional documents may be required, or will correct documents already signed, in order to make this loan eligible for conformity with the loan commitment. Any request by the lender and/or closing agent for additional documents or for corrections shall be prima facie evidence of the necessity for same. A written statement from the lender, investor or closing agent, addressed to borrower(s)/buyer(s) and/or seller(s) shall be conclusive evidence of the necessity for said additional documents or corrections. Failure or refusal of borrower(s)/buyer(s) and/or seller(s) to execute the required additional documents, or to correct those already executed, shall constitute a default under the terms of the loan documents and shall give lender the option of declaring all sums secured by the loan documents immediately due and payable. We are aware that Greer Abstract and Title does not warrant or guarantee the condition of the property. We hereby certify and we will hold and Greer Abstract and Title harmless of any faults found in the property. Date s 28t day of September, 1990 C T _ OF FAYETTEVILLE, A MUNIC D QW/ &E ET10ENTRAL BUSINESS IMPROVEMENT DISTR Seller Borrower/Buyer Seller Borrower/Buyer Seller BorrowerBuyer Seller Please furnish a daytime phone number where we may reach you if necessa , 4 THE CITY OF FAYETTEVILLE, A MUNIC DQN-/HOkEET CENTRAL BU NESS IMPROVEMENT DISTR Seller Borrower/Buyer Seller Borrower/Buyer Seller Borrower/Buyer Seller Green Ak 70 o Atlract and ittle Company 70 North College, Suite 1 Fayetteville, AR 72701 Closing Agent 1046 Steams Fayetteville, AR 72703 BUYER AFFIDAVIT 4 RE: 900714 STATE OF ARKANSAS COUNTY OF WASHINGTON The undersigned referred to herein as Buyer, whether one or more being first duly sworn, on oath, states that the buyer is purchasing the following described lands in WASHINGTON County, ARKANSAS, to -wit: **SEE EXHIBIT A** BUYER STATES THAT THE FOLLOWING FACTS ARE TRUE: Buyer has not made or caused to be made any improvements or repairs to or on the subject property in the last 130 days for which a Mechanic's or Materialman's Lien may be filed. No appliances have been installed in the property which are unpaid for or have deferred payments. There are no outstanding judgments or liens against the Buyer as a result of legal action to include but not limited to: Tax Liens, Divorce, Bankruptcy, Mechanic's or Materialman's Liens or Foreclosure. If any of the above items cannot be affirmatively affixed to list the reasons in the space provided: Is this property classified as residential? Yes No J_ Will this property be your principa sidence? Yes No ;THE C F FAYETTEVILLE, A MUNICIPAL CORPORATION; continued on next page , 8 day of Subscribed and sworn to before me, a Notary Public, this ,�� 1990 0FACML sEAl. A cw arhnn Memyweueawmn My Co3 �i f �xpires.y,ygm„cou"M uWM unnVAW l Notary Public to: Greer Abstract & Title Company After executing, return 70 North College, Suite 1 Fayetteville, Arkansas 72701 I