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HomeMy WebLinkAbout156-91 RESOLUTION• • i . {... _ 1 , RESOLUTION NO. 156-91 A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN "OFFER AND ACCEPTANCE CONTRACT" FOR THE PURCHASE OF THE COFFIN PROPERTY ON NORTH SCHOOL AVENUE FOR THE APPRAISAL PRICE OF $71,000. 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 the "Offer and Acceptance Contract" for the purchase of the Coffin property on North School Avenue at the appraisal price of $71,000.00. A copy of the contract authorized for execution hereby is attached hereto marked Exhibit "A" and made a part hereof. PASSED AND APPROVED this 20th day of August , 1991. APPROVED: B ATTEST: ByO oGftpvn4✓ City Cl4k • it 8. Mayor OFFER AND ACCEPTANCE CONTRACT (Walton Arts Center Parking) (Coffin Property) 1. Buyer, the City of Fayetteville, offers to buy, subject to the terms and conditions set forth herein, the following described property. Part of Block Numbered Five (5) as designated upon the original plat of the town (now city) of Fayetteville, and more particularly described as follows, to wit: Beginning at a point which is One Hundred (100) feet North of the Southwest corner of said Block, and running thence East One Hundred Fifty-five (155) feet, thence North One Hundred Fifty (150) feet, thence West One Hundred Fifty-five (155) feet, thence South One Hundred Fifty (150) feet, to the place of beginning. 2. Purchase Price: subject to the following conditions the Buyer shall pay for the property at closing the total and cash payment of $71,000.00 cash. 3. Contingent Earnest Money Deposit: The Buyer herewith tenders a check for $1,000.00 to Coldwell Bankers Faucette Real Estate, as agent of Maude V. Coffin, Fern B. Neal, Fairy M. Lynd, Wayne V. Coffin, and Kathryn J. Duvall, hereinafter referred to as Sellers, 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 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 prorated as of closing. 8. The closing date is designated to be within thirty (30) days after acceptance of this offer by the Buyer. 9. Possession of the property shall be delivered to the Buyer on the date of closing. The Seller shall have building(s) removed from property by September 1, 1991. The Seller shall be responsible for all and any liabilities associated with the removal of said building(s). 10. All fixtures, improvements and attached equipment are included in the purchase price. '2 N • 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. 12. This AGREEMENT shall be governed by the laws of the State of Arkansas. 13. 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. 14. Seller shall disclose to Buyer any and all environmental hazards of which Seller has actual knowledge, or of which Seller should reasonably have knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance, Buyer and Seller shall share equally the costs of any and all testing for the existence of environmental hazards. Should the existence of environmental hazards be known or determined, Seller shall cure such, at Seller's expense, or in the alternative, at Buyer's discretion, Buyer may cure such environmental hazard, and Seller shall indemnify Buyer for all costs associated with said cure. 15. This contract expires, if not accepted, on or before the t - day of �V<dST , 1991. 16. 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 $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 authorization granted to them by the Board of Directors of the City of Fayetteville. Maude V. Coffin, Seller Fern B. Neal, Seller Fairy H. Lynd, Seller Wayne V. Coffin, Seller Kathryn J. Duvall, Seller CITY OF FAYETTEVILLE, ARKANSAS, Buyer aciele r Mayor -at -4/ Date ,t& 4 1.tyClerk Date 6-5-91 6-7-91 7-18-91