HomeMy WebLinkAbout142-91 RESOLUTION•
RESOLUTION NO. 142-91
A RESOLUTION AUTHORIZING STAFF TO EXERCISE THE
THIRD OPTION OF AN AGREEMENT WITH FAYETTEVILLE
INDUSTRIAL FOUNDATION TO ACQUIRE 43 ACRES OF
LAND AT THE SOUTHERN INDUSTRIAL PARK.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
•
Section 1. That the Board of Directors hereby authorizes
staff to exercise the City's third option of an agreement with
Fayetteville Development Foundation to purchase 43 acres of land at
the Southern Industrial Park in the amount of 778,300.00. A copy
of the original contract .with option authorized for execution
hereby is attached hereto marked Exhibit "A" and made a part
hereof.
•
PASSED AND APPROVED this 6th day of August , 1991.
APPROVED:
gy:t�/ar-%/1
Mayor
:ATTEST:! 'N=
33 -=9LL�fYY/40?
erk''
a
fTh
•
•
•
,FAT TEVILLE padtA
THE CITY OF FAIDETTEVILLE, ARKANSAS
MICROFILMED Fay ,0-e'r'•,"'r �Du d4t
- (2_J /0,
II w 13
56 )
DEPARTMENTAL CORRESPONDENCE
TO: Sherry Thomas, City Clerk
FROM: Bert Rakes, Land Agent
DATE: March 10, 1992
SUBJECT: Fayetteville Industrial Park West
City Purchase from Fayetteville Development
Foundation, Inc.
Lots 10, 11, &.13
Attached for your safekeeping you will find the following:
1. Warranty Deed as recorded in Book 1433 on page 742.
2. Resolution No. 142-91 approving the purchase by the City.
3. Title Insurance Policy No. 0-1401-0297, $778,300.00, dated 9-
23-91.
4 Purchaser's Statement
5 Sellers/Borrowers Affidavit
6. Copy of Check #000396, dated 9-20-91, for $774,737.33 for
purchase.
7 Title Insurance Commitment
A copy of Warranty Deed has been given to Drafting in the
Engineering Division.
BR/mab
Attachments (7)
12.03
FUCROCI M$
OPTION AND RIGHT TO =MANGE AMODOENT
IN CONSIDOATION of One Dollar and other good and valuable
consideration, receipt of which is hereby acknowledged, the
Fayetteville Development Foundation, herein called Foundation,
grants to the City of Fayetteville, Arkansas herein called City,
the option to purchase the following described real property
subject to the terms and conditions set forth herein:
Unit 2:
Lot 114 37.10
37.10
Unit 3:
Lot 110
Lot 111
Lot 113
Unit 4:
Lot 03
Lot 14
Lot 15
Lot 06
Lot 17
14.90
6.50
21.60
43.00
11.80
11.10
4.20
1.00
12.70
40.80
Total 120.90
The three units constitute parcels of land currently owned by
the Foundation is what is commonly known as Industrial Park west
and Fayetteville Industrial Park or Industrial Park.
The City may exercise this option at any time before August
1, 1992 by written notice to the Foundation delivered personally
or mailed to the Foundation at P.O Box 4216 Fayetteville, AA 72702
The option purchase price of Units 2, 3, and 4 will be
$18,100.00 per acre.
The Foundation agrees that this OPTION AGIODD1ENT is exclusive
and that the land contained herein may not he sold or conveyed in
any manner during the term of this option agreement without the
express written consent of the City.
The City agrees that this OPTION AGREEMENT or any part
thereof is not assignable to any third party(s) without the
express written consent of the Foundation.
The City upon exercising their option by the aforementioned
written notice shall pay for the property at closing the total
payment in the amount of said exact option purchase price.
The closing date is designated to be thirty (30) days after
the City exercises their option by the aforementioned written
notice. If such date of closing falls on a weekend on 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 W. Mountain, Fayetteville, Arkansas.
EXHIBIT A
•
The City specifically reserves
exercise of, the option to purchase
without penalty of any kind and
agreement.
the right to cancel their
at any time prior to closing
without effect upon this
Conveyance will be made to the City 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.
Foundation shall furnish, at the City's cost a policy of
title insurance in the amount of the purchase price.
taxes and
be paid by the
taxes, special
as of closing.,
special assessments due on or before closing shall
seller. Insurance, general taxes, ad valorem
assessments and rental payments shall be prorated
Possession of the property shall be delivered to the the City
on the date of closing.
Risk of loss or damage to the property by fire or other
casualty occurring up to the time of closing is assumed by the
Foundation.
This OPTION AGREEMENT shall be governed by the laws of the
State of Arkansas.
The City at all times during the term of this OPTION
AGREEMENT shall have the right to exchange acreage the City owns
in the Industrial Park of usable industrial land for acreage the
Foundation owns in the Industrial Park of usable industrial land
on an acre for acre basis. The City and the Foundation agree -to
draft and/or execute all documents necessary for such an exchange
upon reasonable notice.
This OPTION AGREEMENT, when executed by both the City and
Foundation 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.
Date: 9-22-89
Date: 9-22-89
etteviia DW, f A i manevelopment Foundation
li/U.110»L G 7 sc7.-✓, 71/2sem,
City of Fayett ille, Arkafis s
12.04
•
Policy•No.O-1401-02927
SCHEDULE A File No..STGC 91-1554
Amount of insurance: $778,300.00
Premium: SPECIAL
Date of Policy: SEPTEMBER 23, 1991 AT 12:49 P.M.
1. Name of Insured:
CITY OF FAYETTEVILLE, ARKANSAS
2. The estateor inter-est:an.the landadescribedrherein.and„which.is,;covered
by this policy is fee simple and is at Date of Policy vested in:
THE INSURED
• 3. The land referred to in this policy is described in the said instrument,
is situated in the County of WASHINGTON, State of ARKANSAS, and is identified
as follows:
Lots Numbered Ten (10
Industrial Park West,
office of the Circuit
Arkansas.
COUNTERSIGNED BY:
), Eleven (11), and Thirteen (13) of Fayetteville
Fayetteville, Arkansas, as per plat on file in. the
Clerk and Ex -Officio Recorder of Washington County,
BRONSON ABSTRACT COMPANY, INC
28 EAST CENTER STREET
FAYETTEVILLE, AR. 72701
•
* ********************************
STEWART TITLE
GUARANTY COMPANY .
* ********************************
C
This
Policy No.O-1401-02927
SCHEDULE B File No•..STGC 91-1554
policy does not insure against loss or damage by reason of the following:
1 Rights or claims of parties other than
of any or all of the property.
Insured in actual possession
Unrecorded easements, discrepancies or conflicts in boundary lines,
shortage in area and encroachments which an accurate and complete
survey would disclose.
3 Unfiled mechanics'or materialmen'sliens.
4 Loss arising, from security interest evidenced by financing
statements filed of record, as of the effective date hereof, under
the Arkansas Uniform Commercial Code and Judgement Liens and other
liens of record in any United States District Court or Bankruptcy
Court in the State of Arkansas, as of the effective date.
5 Loss arising from Oil, Gas or other Minerals, conveyed, retained,
assigned or any other activity caused by the sub -surface rights or
ownership, including but not limited to the right of ingress or
egress for said sub -surface purposes..
6 This policy does not insure acreage, any mention thereof is for
descriptive purposes only
7 General Taxes for the year 1991 and subsequent years not yet due and
payable.
8 Utility Easements and set back lines, as shown on the recorded plat of
said Subdivision.
BRONSON ABSTRACT COMPANY, INC
28 EAST CENTER STREET
FAYETTEVILLE, AR. 727Q1
* ********************************
STEWART TITLE
GUARANTY COMPANY
* ********************************
PURCHASERS STATEMENT
DATE September 20‘_ 1991
PURCHASER .City of Fayetteville. Arkansas. a municipal corporation
SELLER Fayetteville Development Foundation, Inc.
STREET ADDRESS
LEGAL DESCRIPTION Lots 10, 11 & 131 Fayetteville Industrial Park West.
SALES PRICE $ 778,300.00
EXPENSES OF PURCHASE:
TITLE INSURANCE
CLOSING FEE
RECORDING FEES
PREPARING DOCUMENTS
SURVEY
REVENUE STAMPS
LAWYERS OPINION
TOTAL EXPENSES OF CLOSING:
GROSS AMOUNT DUE FROM PURCHASER
CREDITS DUE TO PURCHASER:
EARNEST MONEY
PRORATED TAXES
. MORTGAGE ASSUMED
TOTAL CREDITS:
$ 779.00
$ .
260.00
$ 4.00
30.00
NET AMOUNT DUE FROM PURCHASER AT CLOSING
1,013.00
$ 779,313.00
$ 4,575.67
$ 774;;737:>33x
The undersigned acknowledge the receipt of this closing statement
and agrees to the correctness thereof, and authorizes the disbursement of the
funds as stated therein.
THE CITY OF FAYEITEVILLE, A MUNICIPAL CORPORATION
BY:
PURCHASER
PURCHASER
The above is a complete, true and correct account of funds received
and disbursed in connection with the above transaction.
T 'd
SLb6-Ebb-i05 i31
BRONSON STRACT OMPANY, INC.
BY
CLOSING GENT
iDtlaisad NOSNO21H
SZ:O1 16. 0E'dag
Bronson Abstract Co.
ACCOUNT NUMBER
452-952-5-805.00
BANK OF FAYETTEVILLE
FAYETTEVILLE. ARKANSAS
AMOUNT
DATE
REFERENCE
$774;737.33 9/20/91
Purchase,of lots
1830
INVOICE AMOUNT
AND RETURN
DISCOUNT
CITY OF FAYETTEVILLE, FAYETTEVILLE, AR
THIS CHECK MUST BE PRESENTED WITHIN 60 DAYS FROM DATE
CITY OF FAYETTEVILLE
81-161 • FAYt IItVILLE, AR
829
PAY 10 THE ORDER OF
SALES TAX CONSTRUCTION FUND #452
CASH CODE.#4452'
Bronson Abstract Co.
P.O. Box 1149
Fayetteville, AR 72702
poO37L
00039E
NET AMOUNT
$774,737.33
♦-
NO. 000396
DATE NET AMOUNT
.9L20/91
- I4 t
" 1,7 •'
11.00039611• 408 290 L6 L9i: 7000738 ill•
7.33
FILED FCR RECORD
'91 SEP 24 PM 2 25
WA SIII1i'.TON CO AR
TRUSTEE'S PARTIAL RELEASEADFEPLHEYER
In consideration of One Dollar ($1.00) and other good and valuable
consideration, The First National Bank of Fayetteville, Trustee U/D dated
September 10, 1984, hereby releases the following described property_kom the
Trust Indenture dated September 10, 1984, and recorded in Book 1119'beginning
at page 001, the Loan Agreement dated September 10, 1984 and recorded in Book
1118 binning at page 928, and the Mortgage and Security Agreement dated
September 10, 1984, and recorded in Book 1118 beginning at page 915 in the
office of the Circuit Clerk and Ex -Officio Recorder of Washington County,
Arkansas:
Lot 10, 11 and 13 of the Final Plat of Fayetteville Industrial
Park -West Subdivision, Fayetteville, Arkansas, as per the final plat of
said Subdivision on file in the office of the Circuit Clerk and Ex -Officio
Recorder of Washington County, Arkansas.
IN WITNESS WHEREOF, this partial release has been executed on the 2O14-4
day of September,, 1991.
FIRST NATIONAL BANK OF FAYETTEVILLE,.TRUSTEE
BY:
TITLE: Slz,
ATTEST: �p e
BY : 9jttlu.a-o o(. .�'aatirtq
TITLE: Q,2e,& a o
ACKNOWLEDGMENT
STATE OF ARKANSAS 1
1
COUNTY OF WASHINGTON1
On this LO day of September, 1991, before me, a notary public_ duly
commissioned, qualified and acting within and for the State and County
aforesaid, appeared in the within named Mar1C /1.LQ are and
Theresa' E-. awrn respectively of Fist National Bank of
Fayetteville (Trustee) to me personally known, who stated that they were duly
authorized in their respective capacities to execute the foregoing instrument
for and in the name and behalf of the Bank, and further stated and
acknowledged that they had so signed, executed and delivered the foregoing
instrument for the consideration, uses and purposes therein mentioned and set
forth.
IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal.
,
My commission expires:
0 Mita SEAL
FRANCES L. McCANDLESS
NOTARY PUOLIC-ARKANSAS
WASNtNGTON COUNTY
MY COMM. EXPIRES 7/4/2000
eco a, AuLYfLyC 10
NOTARY PUBLIC
IIBEE 1433PAGE921
RESOLUTION NO. 142-91
A RESOLUTION AUTHORIZING STAFF TO EXERCISE THE
THIRD OPTION OF AN AGREEMENT WITH FAYETTEVILLE
INDUSTRIAL FOUNDATION TO ACQUIRE 43 ACRES OF
LAND AT THE SOUTHERN INDUSTRIAL PARK.
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Board of Directors hereby authorizes
staff to exercise the City's third option of an agreement with
Fayetteville Development Foundation to purchase 43 acres of land at
the Southern Industrial Park in the amount of 778,300.00. A copy
of the original contract with option authorized for execution
hereby is attached hereto marked Exhibit "A" and made a part
hereof.
•
PASSED AND APPROVED this 6th day of August , 1991.
APPROVED:
Mayor
ATTEST:
By drill X tJets &r
City plerk
•
SELLER'S/BORROWER'S AFFIDAVIT
THE UNDERSIGNED, REFERRED TO AS
BEING FIRST DULY SWORN ON OATH THAT TIIE
FOLLOWING DESCRIBED LANDS, SITUATED IN
TO -WIT:
SELLER/BORROWER, WHETHER ONE OR MORE,
SELLER/BORROWER IS THE OWNER OF THE
Washington COUNTY, ARKANSAS,
Lots 10,11 and 13, Fayetteville, Industrial Park West, Fay,
SELLER/BORROWER FURTHER STATES THE FOLLOWING FACTS ARE TRUE:
1. THERE IS NO ADVERSE OCCUPANT OF THE PROPERTY DESCRIBED ABOVE.
2: SELLER/BORROWER AND THOSE UNDER WHOM SELLER/BORROWER CLAIMS TITLE, HAVE
BEEN IN PEACEABLE POSSESSION OF SAID LANDS FOR MORE THAN 7 YEARS PAST.
3. THERE ARE NO UNRECORDED OPTIONS TO PURCHASE, SALES CONTRACTS OR LEASE
AGREEMENTS OUTSTANDING, WHICH AFFECT THE PROPERTY DESCRIBED ABOVE.
4. THERE HAVE BEEN NO IMPROVEMENTS MADE ON THE PROPERTY DESCRIBED ABOVE
DURING TIIE PAST 130 DAYS FOR WIICII A MECHANICS' AND MATERIALMENS' LIEN MAY BE
FILED.
5. NO APPLIANCES HAVE BEEN INSTALLED IN TIIE PROPERTY DESCRIBED ABOVE ON
DEFERRED PAYMENTS WHICH ARE UNPAID FOR.
6. THE PROPERTY DESCRIBED ABOVE IS NOT TRAVERSED BY ANY ROADWAYS OR EAS iNTS
EXCEPT THOSE SHOWN OF RECORD.
7. THERE ARE NO DELINQUENT ASSESSMENTS DUE ON TIIE RESIDENT'S ASSOCIATION ON
TIIE PROPERTY DESCRIBED ABOVE IF APPLICABLE.
8. THAT NO MONEY WHATSOEVER IS OWED ON SUBJECT PROPERTY TO ANY PERSON, FIRM,
OR CORPORATION OTHER THAN THE FOLLOWING: First National Bank, Trustee
9. THERE ARE NO OUTSTANDING JUDGMENTS AGAINST SELLER\BORROWER AS A RESULT OF
LEGAL ACTION. TO INCLUDE, BUT NOT LIMITED TO, TAX LIENS, DIVORCE, BANKRUPTCY OR.
FORECLOSURE.
10. THAT TIH? MARITAL STATUS OF SELLER/BORROWER HAS NOT CHANGED SINCE THEY
ACQUIRED ABOVE DESCRIBED PROPERTY
11. SELLER/BORROWER ARE CURRENT IN RESPECT TO CHILD SUPPORT.
WITNESS TIIE HAND AND SEAL OF TIIE UNDERSIGNED ON THE DAY OF
September , 19 9L
FpyFTTFUTTT.F. DEVELOPMENT FOUNDATION, INC.
BY:
RY
STATE OF _Arkansas , COUNTY OF Washington ON THIS DAY OF
19_2) BEFORE ME, A NOTARY PUBLIC, PERSONALLY APPEARED
KNOW TO ME TO BE THE PERSON(S) WHOSE NAME(S) ARE SUBSCRIBED TO THE FOREGOING
INSTRUMENT AND ACKNOWLEDGED THAT HE/SHE/THEY HAD EXECUTED THE SAME FOR TIIE
PURPOSES THEREIN SET FORTH.
September
IN WITNESS WHEREOF I HEREUNTO SET MY HAND AND OFFICIAL SEAL.
MY COMMISSION EXPIRES: NOTARY PUBLIC
WARRANTY DEED
(CORPORATION)
KNOW ALL MEN BY THESE PRESENTS:
That FAYETTEVILLE DEVELOPMENT FOUNDATION. INC.
a corporation organized under and by virtue of the laws of the State
of ARKANSAS , hereinafter called Grantor, by Its
fl v..;.ftet end Secretary, duly authorized 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 in hand paid by
The City of Fayetteville, Arkansas, a municipal
corporation
hereinafter called Grantee, does hereby grant, bargain and sell unto
the said Grantee and Grantee's heirs and assigns, the following
described land situate in
Washington
County, State of Arkansas, to -wit:
FII Fn Fn' RECORD
'91 SEP 23 PPI 12 419
WASHINGTON CO AR
A. KO!_LMEYER
PO Q2()
Lots NLunbered Ten (10), Eleven (11) and Thirteen (13), Fayetteville Industrial
Park West, Fayetteville, Arkansas, as per plat on file in the office of the
:Circuit Clerk and Ex -Officio Recorder of Washington.Cotnty, Arkansas.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and Grantee's
heirs and assigns, forever. And said corporation hereby covenants with the said Grantee that It is lawfully seized of said
land and premises, that the same is unincumbered, and that it will forever warrant and defend the title to the said lands
against all legal claims whatever.
atliedaarr
IN TESTIMONY WHEREOF, the name of the Grantor Is hereunto affixed by its President—and its seal
ZO—• September 1
Secretary, this day of
(Seal)
THIS INSTRUMENT PREPARED BY:
BAC, Fayetteville, AR
' `, .. l ss.
On this the Ifd y of
qualifie'Land acting, within and for the said County and State, appeared in
and
FAYETrEVILIE.BEVEIA
Name of Corporation
By f/1/.
By
ACKNOWLEDGMENT
September
of the Fayetteville Development Foundation, Inc. , a corporation,
and were duly authorized In their respective capacities to execute the foregoing instrument for .and in the name and behalf
of said corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument for
the consideration, uses and purposes therein mentioned and set forth.
w 4
Is affixed.by its
i9 -e91
FOUNDATION, INC y`
L• .•
ncof
Presi4ent
Seeretarq
, 19 91 before me, a notary public,
person the within named
ub`S
Seae9 4'. W.an)
to me personally known, who stated that ti>ey wore the P oidei.t and Secretary
IN TESTIMONY WHEREOF, I have hereunto set my hand and fficial sea th thy
Notary ,ublic
My Commission Expires
ALTA OWNER'S POLICY — 10/21/87
POLICY OF TITLE INSURANCE ISSUED BY
STEWART TITLE
GUARANTY COMPANY
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN
SCHEDULE B AND THE CONDITIONS AND Sl IPULATIONS, STE��W-yART TITLE GUARANTY COMPANY, a Texas
corporation, herein called the Company, insures, ,of Date of Policyshown in Schedule A, against loss or damage, not
exceeding the Amount of Insurancestated in Schdu e,A, sustained or in erred by the insured by reason of:
...
1. Title to the estate or interest described in Schedule A being vested otherthan as stated therein;
2. Any defect in or lienor encumbrance on the title;• -, .11
3. Unmarketability of the title; .• _ylr kll:A^ r,:4 :1e;S� ' ,r
4. Lack of a right of access to and from the land.' .'.: ', r�; t1:4
,: t f.t. ..'r.,»'4, '"
The Company will also pay th• e costs, attorneystafees and expenses incurred in defense of the title, as insured, but only
to the extent provided in the Conditions a'n'd Supulations $ t44; �j..,�Er'
y a .k • Sr to 4 e 'P PcifY..
IN WITNESS WHEREOF, Stewart TitleGuaranty Company has caused this policy to be signed and sealed by its
duly authorized officers as of the Date of Polley, hown in�(Schedule
y/rA.. tia.:
t.�
Chairman of the Board
Countersigned:
[:•.::• t -;•. Z.
"t' t::..La'.•.vp
STEWA RTJFITI:E
GIJARANTT,ICOMPANY.
t n.h . 1.'1.::•
Presoden
adirdet 1�:; W: ta *A4tFa •ta.;.:`
Authorized Signatory., 1 ,11A •t
1908 •�;'o;�
Company•
•
•
Oew� 'lCGt� ed
}tt •
��,t ^; X ms^ r• le • r
.�
City. SS to—•1:e•:'I. .04.S •
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage -Of this policyand the—Company will hot -pay -loss - or carnage, costs, anorneys-tees -or
expenses which arise by reason of:
1. (a) Any law, ordinance or governmental regulation (including but 'not limite▪ d to building and zoning laws, ordinances, or regulations) restricting,
regulating, prohibiting or relating to (i) the occupancy, use, or enloyment.of theland; (iij the character, dimensions or location of any improvement now or
hereafter erected on the land; (iii) a separation in ownership or a -change inithe dimensions or area of the land or any parcel of which the land is or wos 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.
(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 has been 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 wh ch 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, ossumed or agreed to by the insured claimant;
(b) not known to the Company, not recorded in the public records at Dote 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.
me
ayex_.... .-... 7
501 21,4100
141 (Rev, 10/21/87)
`agev of
0-1401- 02927
Rouc
Serial No.
America() Land Title Association Commitment - 1966
.
•
COMMITMENT FOR TITLE INSURANCE
ISSUED BY
Sunni„ / Com«
STEWART TITLE
GUARANTY COMPANY
STEWART TITLE. GUARANTY COMPANY, A Texas `Corporation, herein called the Company,
fora valuable consideration, hereby cor*nits to issue its policy or policies of title insurance, as
identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee
of the estate or interest covered hereby lathe land describedror referred to in Schedule A, upon pay-
ment of the premiums and charges therefor' ahI subject to the'provisions of Schedules A and B and to
the Conditions and Stipulations hereof. - °' •.
�t. "'f:1 4•sY" u' '..`•
This Commitment shall be effective onlyiwhenithetidentity °Lithe proposed Insured and the
amount of the policy or`policies,commttted for4have,been inserted in Schedule A hereof by the
Company, either at the time ofd,the issuancetofithistCommitmeritTor by subsequent endorsement.
i(�ri�.i ,hits;'.)e +t
This Commitment is preliminary#to the;issuance,ofsuch policfy,or policies of title insurance and all
liability and obligations hereunder,shall rceaSe and,termmate sixefmo iths after the effective date hereof
or when the policy or policies cominitted,for-:slta i:issuie, 'whichever first occurs, providedthat the
failure to issue such policy or Po ides Is not the fault of the Coriipany.
•
•Signed under seal for the Com:iany; but:t I s Co•rrnit•r mit shall not be valid or binding until it
bears an authorized Countersigrwt.iru '1 r j.,, tee';
IN WITNESS WHEREOF StewartTrtlejGl.aranty Co-rpany has caused its corporate name and
seal to be hereunto affixed by its duly authorized officers on the date shown in Schedule A.
l.,p.. ' :.•.r,L,:., t.,
STyEWAR ('_.TITLE //�/�
AGUA RA ♦TY C�U�PANY (iw�/����% /1/ r'/ �o
'Y431' (�. r.rf ry,. _/] ./iii„ ,(/F'
NyA't\Z .... �4.C":.' • :. r(/lR/i
A • .* •
IV— 19
. ^ar... 9 3 s
*••
horized Signatory
Company
City, State
005N Rev. 3/78
President
q ti
SerlaINo:C-9912.729990 , �,�'
AP
as
mEr
P.
•
•
ALTA Commitment -1970 SCHEDULE A Commitment No.STGC91-1554
1. Effective Date: SEPTEMBER 5, 1991 at 7:00 A.M.
2. Policy or Policies to be issued: Amount
ALTA Owner's Policy tpmerided 10-17-70.) $778,300.00
•
Proposed Insured:
CITY OF FAYETTEVILLE, ARKANSAS
ALTA Loan Policy. (Amended 10-17-70 $
Proposed Insured:
The estate
Commitment and covered herein is a FEE SIMPLE.
nterest in the land described or referred to in this
4. Title to the FEE SIMPLE estate or interest in said land is at
,the effective date hereof vested. arc:
FAYETTEVILLE DEVELOPMENT FOUNDATION, INC.
5. The land referred to in this Commitment is situated in the County of
WASHINGTON, State of ARKANSAS, and is cescrioed as follows:
Lots Numbered Ten (10). Eleven (11). and Thirteen (13) of Fayetteville
Industrial Park West, Fayetteville, Arkansas, as per plat on file in t'le
office of the circuit Clerk and Er. -Officio Recorder of Wasninrton County,
Arkansas.
COUNTERSIGNED BY
BRONSON ABSTRACT COMPANY, INC.
28 EAST CENTER STREET
FAYETTEVILLE. AR. 7E701.
**
STEWART TITLE
GUARANTY COMPANY
*********************************
•
•
•
ALTA Commitment -1970
SCHEDULE B -I Commitment No.STGC91-1554
The following are the requirements to be complied with.:
1, payment to, or for the account of, the sellers or mortgagors of the full
consideration for the estate or interest to he insured,
2, Instruments in insurable form which.roust be executed delivered and duly
filed for record:
(a) Warranty Deed from Fayetteville DeveioDrnent Fc'undation, Inc. to the City
of Fayetteville, Arkansas, conveying fee simple title
(b) Release of the insured premises by First National Bank, Trustee, from
mortgages recorded in Record Book 1118 at page 915 .and Book 1119 at page
01
(c) 'Payment of General Taxes for the year 1990 (if not paid these will become
an exception to the policy)
(d) Completion and return c.f lien affidavit to BRONSON ABSTRACT CO., INC.
G`'
BRONSON ABSTRACT COMPP.NY, INC.
28 EAST CENTER STREET
FAYETT.EVILLE; AR. 72701
STEWART TITLE
GUARANTY COMPANY
*********************************
•
•
•
ALTA Commitment -1970 SCHEDULE B -II Commitment No.STGC91-1554
Schedule P of the policy or policies to be issued will contain exceptions
to the following rnatters unless the same are disposed of to the satisfaction
of the Company:
Defects, 'liens, encumbrances, adverse clairns or other matters, if any,
created, first appearing in. the public records or attaching subsequent
to the effective data hereof but prior to the date of the proposed
insured acquires for value of record the estate or interest or mortoaoe
t hereon covered by this Commitment.
Rights or claims of parties in possession, boundary line disputes,
overlaps, encroachments, and any other matters not shown by the
public records which would be disclosed by an accurate survey and
inspection of the land described in Schedule A.
Easements, or clairns of easements, not shown by the public records.
4 Any lien, or right to a lien, for services, labor or material heretofore
of hereafter furnished, imposed by law and not shown by the public
records.
S Taxes or assessments which are not shown as existing liens by either
the public records or the records of any taxing authority that levies
t axes or assessments on real property.
6 General Taxes for the year 1991 and subsequent years not yet due and
payable.
7 Loss arising from security interest evidenced by financing
statements filed of record, as of the effective date hereof, under
the Arkansas Uniform Cornrnercial Code and Judgement Liens and other
liens of record in any United States District Court or Bankruptcy
Court ir, the State of Arkansas, as of the effective date.
Loss arising from Oil,.Gas or other Minerals, conveyed, retained,
assigned or arty other activity caused by the sub -surface rights or
ownership, including but not limited to the richt of ingress or
e gress for said sub -surface purposes.
This policy does not insure ac"eage. any mention thereof is for
descriptive purposes only
10 Utility Easements and set back lines, as shown on the recorded plat of
said Subdivision.
BRONSON .ABSTRACT COMPANY, INC..
28 EAST CENTER STREET
FAYETTEVILLE, AR. 72701
*********************************
STEWART TITLE
GUARANTY COMPANY
******************************
* * *
JI
CART IBIS STREET
•
YflEINDOD F000 STORES
C
•
STATION
AA BB CC
A 0170
i9ACi
Lot
d,SaCI < . Crt- /3
BURLINGTON
x acre
10 AC.
ANDREA
CORPORATION
•
•
I+p
GREEN
D
10.1*C.
AC
CITY OF
•
•
•4
•
•
4.
•
•T
J
•• 'ARGO
.�
ENGINEERING
€ 6 CO.. INC -
AREA
•*C. 0
R
I., AC.
CAMERAL/TOTS
TOOLS, INC.
v
are AC.
FAYETTEVILLE
K
ARES
4.•
C NSE MTM LEAGUE
N•
I[L0
rAD. e• Ac..
�. ..e•..A
IC*rtSW NCL
•Er NATIONAL[ ¢•a
;TIIRE; iMC. p
. ELECTRIC ,. a IxC.yS
tie/ CITY OF
do. ee
j f
Ai
AMERICAN•
AIR FILTER•
NCMIIEY SR.
TOOLS CORP. FIRER COOT coDt
GLASS KMT i
NORTNCRN RAILROAD
,.S AC.
N
ROAD
•
ARMSTRONG
BROS. TOOL CO.
-J[V1ia e��[ Ria ua[d
-
INDUSTRIAL PARK WEST
Fayetteville Development Foundation
T
IG -0 AC.
S
11.0 AC.
•
•
•
NORRIS INDUSTRIES
•INAMAC OIVISION
FAYETTEVILLE INDUSTRIAL PARK
City of Fayetteville, Arkansas
EXHIBIT C