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Home My WebLink About126-91 RESOLUTION• r 1 RESOLUTION NO. 126-91 1 s N A• RESOLUTION 'AUTHORIZING 'AN OFFER AND ACCEPTANCE AGREEMENT, WITH ATTACHMENT, TO PURCHASE THE HAYDEN MCILROY PROPERTY. 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 Agreemgnt, with attachment, in the amount of $101,200.00 for the purchase of that property known as the Hayden Mcllroy property. A copy of the Agreement authorized for execution hereby is attached hereto marked Exhibit "A" and made a part hereof. PASSED AND APPROVED this 2nd day of July alATTEST t' : 7s. - Viet i \ APPROVED: ,t°P6/� v By Mayor 1991. OFFER AND ACCEPTANCE CONTRACT (Walton Arts Center Parking) (Mcllroy Property) 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": Property Legal Description See Attached Exhibit °B": Pages 1, 2, & 3: Drawings 2. Purchase Price: subject to the following conditions the Buyer shall pay for the property at closing the total and cash payment of $101,200.00 cash. 3 Contingent Earnest Money Deposit: The Buyer herewith tenders a check for $1,000.00 to William Hayden Mcllroy, Trustee of the William Hayden Mcllroy Trust, UTA 5/24/84 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 Fayette- ville, 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. Conveyance will be made to Buyer by general warranty 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. 5. Seller shall furnish, at Buyer's cost a policy. of title insurance in the amount of the purchase price. 6. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense to survey the property. Seller agrees to cure any title problems which may result from any differences between the recorded legal description of the property and the survey description. Said title problems, if any, must be solved prior to closing to the satisfaction of the Buyer. 7. Taxes and special assessments due on or before closing shall. be paid by the Seller. Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be "41 prorated as,of closing. b 8. The closing date is designated to, bex.withinthirty (30) days after acceptance of this offer by the Buyer. 9. Possession of the property shall be delivered tothe Buyer'on`! the date of closing... The Seller shall have buildings'removed from property,,by,August„.1,.1991: The Seller shall be responsiblefor all and"any liabilities associated with"the removal of said buildings. 10. All fixtures, improvements and attached equipment are included in the purchase price. 11. 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. • 06/12/ Si 13:55 531 521 5S2e i )1< A ght f d c •s ad:: work exis egua boy e nd =•urs t ntr 4 adonal he exi n th and re ti . •.. ce i' to the f War as Tra gingto on e o tz >� ccesl s••side p ope y sh•* ,,.kit ri:ht end /cid IOU v BUMFaSS LAW OFFICES • sibl p qre g en 11� si use D on G an 'gra a 1• cease.. time that th s id Warehcu ty and e sont a ohs th • d, ludo yeas the e lding s tt hed Ex n 1 be Buyer s during east end, e existing eand ad dock -on S anted e 0 isti tasted ibit B, go PAGE 05 OV:r al ow al the ock . .t. 0 e 13. This "Offer and Acceptance Contract" is expressly contingent upon Seller obtaining, at Buyer's cost and with Buyer's .assistance, City Planning Commission approval of lot splits as required prior to date of closing. 14. This AGREEMENT, shall be governed by the laws of the State ot. Arkansas.. 15. This AGREEMENT, when executed by both Buyer and Seller shall contain the entire understanding and agreement of the parties with respect to the natters referred to herein and shall supercede.all price or contemporaneous agreements, representations and understanding with respect to such matters, and no oralrepresentations or statements shall be considered a part hereof. ro 16. This contract expires, if .not acQepted, on or before the (1 day of c lu wm , 1947 17. NOTTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES THAT. THIS OFFER IS EXPRESSLY. CONTINGENT UPON,THE CITY OF' FAYETTEVILLE'S BOARD,OF4DIRECTORS:APPROVAL ;OF,THISv 'e OFFER_OF.PURCHASE ;AND„,THAT4THE FAILURE OF3NE,BORD,..�... TO' 80 APPROVE WILL"NUKE 'ALL` PORTIONS OF THIS>'OEFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE $1,000.00 EARNEST MONEY DEPOSIT. IN WITNESS WHEREOF, the Seller have fixed their hand and the name of the Buyer has been affixed hereto by its Mayor and City Clerk in their respective capacity and pursuant to the auth isation granted to them by the Board of Directors of the City vill Wil at fld6n` McIlroy. Trust- e ;2-2---5// . Date CITY OF FAYETTEVILLE, ARKANSAS, Buyer Fred Vorsanger, M sherryhomas, City Cleik to ATTACHMENT TO OFFER AND ACCEPTANCE 12. A right to adequate and reasonable area shall be granted over and across the above described property to be purchased by the Buyer to allow adequate and reasonable ingress and egress to the building to be retained by the Seller, his heirs and assigns, to the existing entrance on the east end of the building, the existing entrance on the west end of the building, and to the existing dock on the south side, and shall include as an easement in perpetuity, the right to give a reasonable turning radius to trucks, tractors, and trailers to access on the existing dock on the south side of the warehouse building, as shown on Tract D of Sxhibit.B. In addition, Tract B and its description shall be reduced by less and except a strip of land of four (4) feet equal in uniform width parallel and adjacent to the east side of the building, to a point where it intersects with the south property line of the property to be retained by the Seller. It is understood that this "Offer and Acceptance Contract" is accepted by the Seller contingent upon the Seller approval of City policy for joint use parking by the Arts Center and private business as determined by future City Board action. IN NITNSSS WNlRSOF, the said Sel er and Buyer have approved Paragraph 12 by affixing their h hereton their respective capacities. 'Niles JIS'yd'en Nalroy, Trustee Date CITt S iAYETTEVIL1i, ARKANSAS ayor City Clerk &J f3 o20/ /q47 Date v EXHIBIT 'A' PROPERTY LEGAL DESCRIPTION ARTS CENTER PARKING PROJECT NcILROY PROPERTY TRACT 'A' • A part of Lots 4 and 7 in Block 6 of the County Court Addition and being more particularly described as follows, to wit: Beginning at a point on the south R/W line of Watson Street, said point being S00d22'09"E 145.07' and N89654158"W 362.39' from the original NE Corner of Lot 15, Block 6 of the County Court Addition, thence N89d45'45"W 70.00', thence S00d29'23"E 91.25', thence S89d27'43!'W 5.72', thence. SO0d22'09"E'•.13.73', thence;°. N68d52'51"E 24.60', thence N82d29'51"E 56.12', thence S89d50'39"W 3.86', thence NO0d04'38"E 88.56' to the Point of Beginning, containing 6629.71 Sq. Ft. or 0.152 Acres, more or less. TRACT 'B' A part of Lots 8 and 15 in Block 6 of the County Court Addition and being more particularly described as follows, to wit: Beginning at a point S00d22'09"E 221.5' from the original NE Corner of said Lot 15, said point being on the west R/W line of Campbell Avenue, thence S89d37'51"W 99.00', thence N00d02'07"E 76.49' to the south R/W line of Watson Street, thencealong the south •R/W line of Watson Street N89d45'45"W 45.79', thence SO0d04'38"W 84.21', thence S86d08'08"W 44.07', thence S89d50'39"W 3.45', thence S00d38'S1"E 20.02', thence N89d39158'!E 192.17' to the west R/W line of Campbell Avenue, thence N 00d14'47"W 30.04' to the Point of Beginning, containing 8868.53 Sq. Ft. or 0.204 Acres, more or less. • A part of Lot 15 in Block 6 of the County Court Addition and being more particularly described as follows, to wit: Beginning at the point of intersection of the south R/W line of Watson Street and the west R/W line of,Campbell Avenue, being SO0d22'09"E 145.07' from the original NE Corner of said Lot 15, thence SO0d22'09"E 76.44', thence S89d37'S1"W 99.00', thence N00d02'07"E 76.50' to the south R/W line of Watson Street, thence N89d39'58"E 98.46' to the Point of Beginning, containing 7573.50 Sq. Ft. or 0.174 Acres, more or less. 0 H La La I/) 589'45'451 1 3 bozz.00s 3.cb.bi.053 fl N3Ab 1138dVIVO yi. f .06'91'1` 1 I. b0' £ -� I ��J" 1 f ��; �, 90 iLi 3.i8 9£.00S . t..04:1• -t 1° 11- <\\ t}t.rrp1 I..fr cs - �, P • :1' • 1 1 M.£Z.bZ.00N !v b 1)..(' N�tSf r z �co z 2 tic Q 0_ d ' - I 1- Z Q 10 at 0 i— d) I— pL ae M.££AQggy- . • M.b£.POAOS c 1 .Ot'TLI 1 r 11 .bb'zbt MTI£O.00N ee 1 O L nCO jm° - r zl 1 050 3.IZ.LC.005 - - - - -----------1 - vI V N• co • i w U 0) N P4 rn rn 0 N 3-I N of N N aua w o 0°4.)a 41 H ❑ O H +J r1 • 1 xnC) '31AV 113 FM 9 L L Y 43 o � -n Luia � 4.1 O 1/4 000 Q - T 4.30 U .LO'Strl 3.bO.ZZ.00G NB9'54'58'W n=1: e O O O 3.9£.PO.00N .95'99 w F- • 13 C La 0 E II cs Q.� . E ti 0- t ` s11,. Q101, • • • U 01 .n 0 A4 tri a sa oa. N w ro aai WCJ 0. N O H O, H a O 3:3 O 3.4 H 14 H rIH 1 . r. .91ZZ ° 3AV f113ed J e 9 Lb.bi.00N 3.bO.ZZ.005 ,/ .tr0'0C etr �0' O 0 d 0" 3.L0.30.0ON .WSL 589'3751'W 886853 Sq. Ft. sP 192.17 IZ• M.BE.frcoos 6,49 a hp N89'39'58'E • • F 0