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HomeMy WebLinkAbout65-92 RESOLUTION• • RESOLUTION NO. 64_g9 A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE REQUIRED DOCUMENTS TO PURCHASE PROPERTY CONSISTING OF APPROXIMATELY 31 ACRES FROM THE ESTATE OF BRYAN WALKER FOR THE EXPANSION OF WALKER PARK FOR AN AMOUNT NOT TO EXCEED $200,000.00. BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section la. That the Mayor and City Clerk are hereby authorized and directed to execute the required documents to purchase property consisting of approximately 31 acres from the Estate of Bryan Walker for the expansion of Walker Park for an amount not to exceed $200,000.00. A copy of the contract authorized for execution hereby is attached hereto marked Exhibit "A" and made a part hereof. PASSED AND APPROVED this 21st day of April , 1992. ATTEST: By APPROVED: Mayor 1. Buyer, the conditions eP.S ( 5 'cit OFFER AND ACCEPTANCE CONTRACT • City of Fayetteville, offers to buy, subject to the terms and set forth herein, the following described property: Blocks C, D, E, F, G of Archibald Yell Subdivision, Washington County, Arkansae. Fayetteville, 2. Purchase Price: subject to the following conditions the Buyer shall pa for the property at closing the total and cash payment of $200.000.0 cash. y 0 3. Contingent Earnest Money Deposit: The Buyer herewith tenders a check for $1,000.00 to Coldwell Bankers Faucette Real Estate. Agent of said property of the Estate of Henry Bryan Walker. Jr.. deceased 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 eo 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 cloning. 8. The closing date is designated to be within sixty (60) 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. 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 costa of any and all testing for the exietence 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 "Offer and Acceptance Contract" is expressly contingent upon Seller obtaining, at Buyer's cost and with Buyer's assistance, approval ae required by ordinances of Washington County and the City of Fayetteville. 16. If you elect not to accept this offer, and at the discretion of the City of Fayetteville, a condemnation suit will be filed and the amount that the City of Fayetteville has determined to be estimated just compensation for the property will be deposited as just compensation for the property. If you elect to do so, the Circuit Court will be asked to enter Judgment in the sum of the estimated just condemnation suit. If you do not elect to accept the amount deposited as estimated just compensation, then you may withdraw the amount placed on deposit as estimated just compensation without prejudice to your rights to claim additional compensation. In this event, you will be entitled to a trial by jury by the Circuit Court of the County in which your lands are situated to determine just compensation for your lands condemned. In either event, payment of the estimated just compensation can be made available to you prior to transfer of ownership. 17. This contract expires, if not accepted, on or before, the 31st day of March , 1992.. 18. 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 $ %0001 00 EARNEST MONEY DEPOSIT. IN WITNESS WHEREOF, the Seller has fixed their hand and the name of the Buyer hae 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. SELLER: AGENT: BUYER: - v'•3-sz Date Date Date Date Date Date CITY OF FAYETTEVILLE, ARKANSAS, /�1-1� Y-,/-ya Date An Mayor CofF Rev. 1-29-92 Rev: 3-18-92 ^: ity Clerk Y- ./-y 7 Date IOWA . ADDENDUM TO THE OFFER AND ACCEPTANCE (General Addendum) Regarding the Offer and Acceptance dated 1/- 3 195.2_ between the Buyer, The City of Fayetteville and the Seller, The Bryan Walker Estate , covering the real properly known as Blocks C.D.E.F and G of Archibald Yell SID. Fayetteville. Washington County. Arkansas the undersigned Buyer and Seller hereby agree to the folbwing: IP REALTOR. 1) Paraaraphs 3 6 18 of said agreement is amended to include the following: "Ihe City Board has 30 days from date in which to approve this offer of � purchase: otherwise this contract shall become null and void. Li .011 .1) 2) The 1agnT dasoriptaor of the property harai*t dascribad in Paragraph E is foC ^!f ^ �T amended to include the following: "Less and except a lot 50'X150' in the al4tyiY" 55)' North part of Lot 8. Block D."16 .9 - 3) Paragraph 16 is deleted in its entirety. This addendum, upon its execution by both parties incorporates by reference all provisions of the above - referenced Offer and Acceptance not expressly rejected herein. AS USED IN THIS CONTRACT, AGENT SHALL MEAN COLLECTIVELY THE LISTING BROKER, SELLING BROKER AND THEIR RESPECTIVE AGENTS. BUYER ACKNOWLEDGES THAT AGENT IS THE AGENT OF THE SELLER AND THAT IT IS THE SELLER TO WHOM THE AGENT IS RESPONSIBLE THIS IS A LEGALLY BINDING CONTRACT WHEN S'GNEO BY BOTH THE BUYER AND SELLER. READ IT CAREFULLY. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART. CONSULT YOUR ATTORNEY BEFOPE SIGNING THE AGENT CANNOT GIVE YOU LEGAL ADVICE. Ib. eer l^a p'.'cl Ica' a^!1^0 . v.. s.... cur oar o0.' y'^al . la's 01 th t. etto' p✓c^ase aro irto ti- or tris bo;l kroN Lipo n^A b. et. rd lrn1 ■-yrTj._-.,I e e,e' r'0 by Xi o'r^oeop:. V.' la ,J.1' cis,r l,;s'a,. 'lr.eed•a 1-e 5'110 agreorrarl The above addendum is executed on COLDWELL BANKER FAUCETTE April 3 Selling Agent Firm 19 92 iitAiNdA Supervising Broker Sig re Social Security Numbers: O B„yar. � Selling Associate Buyer at 1 Buyer COLDWELL BANKER FAUCETTE 6164—/1 (j(Ilrlu�y Listing Agent Fun Supervising Bralkr 611,,44 d Listing Associate ARA it -A0090 Copyright 1990 Arkansas Realtors Association Soler Soler Social Security Numbers, Sell" trees nY 'Id 4 Seller .y,, r i • •1 • • OFFICIAL PROBATE 101131 11 PROBATE CODE, BEM 111 AND HI • TMe Form iiu Been OffIrla:lr P 'bee: by the S serene Court of Arkanese for Uwe Under the Probate Cale, Act 110 of the 11141 Acte of Arleen' Note: To be teed by t•ereonnl repreeen;uUtee and goer (lane of owes when red estate of decadent or ward le to be sold. and In wilts of Anand property when an •oprdee:nent le revelled be the cowl. • • IN TUE PROBATE COURT OF h'ASHINGTON IN TIIE i11ATTEIt OF TUE ESTATE Ok Henry Bryan Walker, Jr. The undersigned, APPIIAISEAIENT Vernon Tarver, COUNTY, ARKANSAS No P 90-272 ___. �t[GLth�leitlL ...,_,.and_ Keith Robbins having been appointed to appraise the property hereunder described, represented to us by Mahlon 'Gibson 1 a8 Administrator ,to be property of the captioned estate, do hereby appraise the value of each Item to be the amount set opposite the description thereof: Legal Description of Property and Interest Therein Owned by the Estate Value Blocks C,D,E,F, and G of Archiblad Yell subdivision, Fayetteville, AR. Less and accept a lot 50X150 in the North part of Lot 8, Block D $ 200,000.00 Total value $ 200,000.00 Each of the undersigned states on oath that he is not interested in the estate, the property appraised, or the sale of any item thereof; that he belieees himself to be well informed concerning the value of the property appraised; and that the foregoing appraisal is on the basis of the full and fair value of the property. DATED this... 1? -_ .-_.day of *larch STATE OF ARKANSAS COUNTY OF WASHINGTON —.. 19 92 (Appraiser) 7/0 -17 -Ata oz s ( her) (Apprahsr) Subscribed and aworn to before me this__.._12.__..._..day of... March ---___-r 19 92 (SEAL) oFFICiat. SEAL CHARLES D. WOODY NOTARY PUBLIC -ARKANSAS WASHINGTON COUNTY MY COMM. EXPIRES 10/1/99 YAW___... (0/1ioial Tills)