HomeMy WebLinkAbout193-91 RESOLUTION•
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RESOLUTION NO. 193-91
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK
TO EXECUTE AN OFFER AND ACCEPTANCE CONTRACT FOR THE
PURCHASE OF THE WITT/HARGIS 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 Contract
for the purchase of the Witt/Hargis property for the Walton Arts
Center Public Parking at the owner's counteroffer of $115,000.00.
A copy of the Offer and Acceptance authorized for execution hereby
is attached hereto marked Exhibit "A" and made a part hereof.
PASSED AND APPROVED this /6 day of r__7DB& , 1991.
ATTEST
By:
City Clerkad9
APP
By:
Mayor
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OPFER AND ACCEPTANCE CONTRACT
(Walton Arts Center Parking)
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": Tract 1 and Tract 2 as
described on attached
survey drawing H4-16
by Jack E. Stiffly, dated
4-10-91
2. Purchase Price: subject to the following conditions the Buyer
shall pay for the property at closing the total and cash
payment of $115,000.00 cash.
3. Contingent Earnest Money Deposit: The Buyer herewith tenders
a check for $1,000.00 to Robert Alan Lewis and Nancy Witt
Lewis, husband and wife, and James Hargis, 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.
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.
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.
12. This AGREEMENT shall be governed by the laws of the State of
Arkansas.
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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. This contract expires, if not accepted, on or before the 16th
day of October , 1991.
15. NOTICES 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 $1,000.00 EARNEST MONEY
DEPOSIT.
IN WITNESS WHEREOF, the Seller have fixed their hand and the
name of the Buyer has been affixed hereto by its Mayor and City
Clerk in their respective capacity and pursuant to the
authorization granted to them by the Board of Directors of the City
of Fayetteville.
Robert Alan Lewis, Seller James Hargis, Seller
Date Date
Nancy Witt Lewis, Seller Patricia A. Hargis, Seller
Date
CITY OF FAYETTEVILLE, ARKANSAS,
Buyer
ow
Mayor
12/27/90
Rev.
CofF 3/4/91
4/15/91
7/18/91
10/15/91
10/16/91
Clerk
Date
a$i /94/
Date'
04 is, / 59/
Date
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