No preview available
HomeMy WebLinkAbout122-95 RESOLUTIONRESOLUTION NO_ A RESOLUTION APPROVING A LAND ACQUISITION IN THE AMOUNT OF $275,000, PLUS A PORTION OF CLOSING COSTS, TO PURCHASE APPROXIMATELY 3.14 ACRES OF PROPERTY LOCATED ON SOUTH SCHOOL AVENUE AND APPROVAL. OF A BUDGET ADJUSTMENT. BE IT RESOLVED BY THE CITY COUNCIL Oh THE CITY OP FAYETTEVILLE, ARKANSAS: Section 1. The Council hereby authorizes a land acquisition, in the amount of $275,000, plus a portion of closing costs, to purchase approximately 3.14 acres of property located at 2025 South School Avenue. Section 2. The Council also approves a budget adjustment in the amount of $275,000 increasing Land Acquisition, Acct. No. 1010 6600 5805 00 by decreasing Use of Fund Balance, Aect. No. 1010 0001 4999 99. A copy of the budget adjustment is attached hereto and made a part hereof. PASSED AND APPROVED this 19th day of September , 1995. APPROVED: By:. red Hanna, Mayor ATTEST: By � - Traci Paul, City Clerk City oe Fayetteville, Arkansas Budget Adiastment Form Budget Year Department: General Government Date Requested Adjustment # 1995 Division: Miscellaneous September 19, 199 Program: roject or Item Requested: Project or Item Deleted: wading is requested to enable tlmt jse of approximately 3.14 None. Use of General Fund Fuad Balance is proposed n food res located on South School Met this request. .mon of this increase: erty adjoms the University of Arkansas' Engineering ;nests Technology Incubator complex Purchasing the will support the development of the University of College of Engineering Entmpreneunal Campus and on going efforts to improve and beautify the City s Justification of this Decrease: Sufficient fund balance remains to comply with City policy. Increase Account Name Amount _ Account Number Project Number and Acgmsition 275,000 1010 6600 5805 00 Decrease Account Name Amount Account Number Project Number se of Fund Balance 275,000 1010 0001 4999 99 eque ted By n fidget*1odaKtor apartment Director imm, CcS.Dirc9t9,r ay01 Type: A B C D ❑E F Date of Approval Posted to General ledger Entered in Category Log Budget Office Copy I i:� 4 THE CITY OF FAYET'EVILLE ARKANSAS DEPARTMENTAL CORRESPONDENCE DATE: September 16, 1996 TO: Traci Paul, City Clerk FROM: Ed Connell, City Land Agent epi RE: City Property Purchase Sugg Enterprises, Inc. & James C. Alexander 3.14 acres 2025 S. School Ave., Fayetteville Please find enclosed the original 'WARRANTY DEEDS" from Sugg Enterprises, Inc. (Deed Record # 95-0621 1 0) and James C. Alexander (Deed Record # 95-06211 1)which conveys each of their 50% interest in the 3.14 acres of land to the City of Fayetteville at the above location. Also Included please find Title Insurance Policy No. 584905 from First America Title Insurance Company in the amount of $275,000.00 relative to this property. The Fayetteville City Council authorized this purchase under Resolution No. 122-95. These documents are presented for your records and safe keeping. WARRANTY DEED• (CORPORATION, KNOW ALL MEN BY THESE PRESENTS: Sugg Enterprises, Incorporated, formerly Wiggans - That R'� -- a corporals Vorg size to er dnd by *virtue of the laws of Itte State of ARKANSAS __ refelnafter ca led Grantor, by its President and Secretary, d3.ly a,.lhi:l by proper resol.ttion of •ts Board of Directors. for and in cons dera: on or the sum of One Dollar f$1 001 and other good and va uable corsiCeratlor it hand paid by The City of Fayetteville, Arkansas, a municipal corporation heremaf:er called Grantee does hereby gran:, bargain and set unto The said Grantee and Grantee's reirs and ass gns the following described land situate I - WASHINGTON _ - County, State of Arkansas, to -wit Flt P n r,,., - ALL TS CNDIVTDF.D 1/2 INTEREST IN AND TO THE FOLLOWING: P.31't ,•` t 13•• c..t.11•r..3• f Q;..a r'' r3 1 S .'.3 of r 111 SL111 3N r•;;I 3,i rt Ir : til; i A} •i'lrl ,3 :+.tl t ` 11:• S: 31.f I.t, r••,' QtA.t r" 1•r' 1 4K 41 of 1 It(I Sont tr`.i �t Q. 3,3 rt ,•r i;1 itt S'r i i .r• Till .1 t} -•3t r' I: l i, Tot;ntil: 1. S •' 1 (111 f' f31 No l -t IT 4,31ty41 r' r'. .+I,, }:r rtlj rtorr I•.II t 3, 13t ,r'}' rl,•,• 1'1 Lr,l ,9!- 11 ,.1; lir^.j l r 3 . r'> L„ ,.".' 1,H tr ig' C..1113'1' ,:f ..,r 4u 3]• 11 IA r'h: QLI rt ,•3• ; Slti 1 �4) .` 1 } r S�+t.t l r -s :,t QIJA r' fr r' I SF 1 '4'1 of ti.A rl Siert i on "t.• •if } -o•n• ' "?1) , s;., i 1 }r . t t:1 1• • i r.j 3I �•>t i t trrj �,f .Ir r3nnuna•t1' n r : u 1;l.r 'r(J, PC),irl; 1h n, a 1 1f.11. f.••I di f•.'I 1 r„ rIll d til:'l:r; N :1 i Ili•,lt ,ae, I, oof 1 o" i ,' t -4r, Cf f,•rr. :3 a ter• 3:.11; Lrn3 r :;u 1]' 13 FO L• jr rr ;5' 42 isT Ae at »')"1, 6'l I 1 , 1 a ..•1 i I n1 ,• NJ 1; ,jlr -:)f-li}' g - S, hon tit roof ; t 13••n,• c, Ill }; Cr .lt•,j• r,•� ,,! " ii,•;,',f 1:,13y ti a r �j},:-of-a.,} n, 5 A `,• •t '.. .I .. I i .r.. 1 1rIll x••11 °[ i•yr,•,•ti �(+ 14'1 drti• "•711. e2 f.•rl t t I -,rt i i ,.n; t 13 TIC- c t.l } Cr. .l^y ..:•r:, 1 f,' 4f" lir+,t 4 in f) fro•: f ,t mot r•,;t t r.n •.l" r, 31 r i }•. S ,t.1 r of ' 1 t• R: ra• I,•.I:. ;1.,aI r•)' 1 ;= »l tf t`t,+ S,•1t Iiia,• -t .art• c; :1 1 .•f •1'u,•3,' }--orrt= i —'• ttr•a-r Ill. :tri t3 °^+ ,1 j• li' 42 i l f,,C f.•,•1 . .3 { 1 , I3.3 3,• of 1)r i't',i'rr r 1.It.,i•ri t• 'tj ) j ..1 .3 •' - •i. •.. lr•:,s. 'Ill,• ,L n,• :ir•ti: r'ltrrl 3. S ,r• rr 1 r,ar 1 ..rt-t,j , tl ], 1 1 }, i j111 - `-,v al .,f ! a1 S1r• t+:.ti 1,:3,3,1 it oft +j i to So it `t no -3•141,1 rX .3•4•?.ink t 1, ata � .til F: i •:1 1 -'tf 41.a} N l',•'Lt, r or not of r•Ar,ord, 1'tr .i: i.� 3.•,• t•il: •,1 ;.1 i a... .. 1 .a"1 el:• l3: it su b;ect ' :3 • h,•t l.urt 30•. • ',•31 f i v•:l t it 311 r;, rr ,3, 1311,.111 r I` :ter ••tl i t• 1 }•a .1r•:.•.r•r• of ;•onr-'. r.,:rl 1i+.•"»9r fi1�,11•.,l Fr•l:rrt,3ry ?S, 1`1hr) in 11+•• .`ri r 1 } nYd WAVE A7llfi Hbt'�EI the'sal)df lffafifi1Pd"'�pbrtkleh9nier s4 erI40"M011iUr4jin` "unli ';f l3'lsliid 431anliiiTVhd'Grantee's heirs and assigns, icrever. And said corporation hereby covenarts with the as d Grantee ti -a: It Is lawfully seized of said and and premises, flat The same s unlhcumbered, and that it will forever warrant and defend :he title 10 :he saiC lams against all legal claims whatever. IN TESTIMONv WsAEREOF, the name of the Grantor s hereunto affixed by is President a -d its seal Is affixed by its Secretary, this 15th day of November 1995 . SUCG ENTERPRISES INCORPORATED ,Seal) Name of Corporalicn THIS INSTRUMENT PPEPARED BY ByPresident BAC By �' _ _ Secre:a-y ACKNOWLEDOMISX State or ARKANSAS County of WASHINGTON as _ J On this the 15day cf November- _-_ __-_• 19 95, before me. a notary public, quali•ied and acting, wlihir and for the said Cou-ly and Stale apdeared n person the w thin named Ann. W. Sugg and - John G, Sugg to me personal y known, who slated ;net trey wave t"e P•esldent anC Secretary o' the Sugg Enterprises_ Incorporated _ _ _ - a corperatio- and were duly authorized In thele respect ve capac ties to execute the foregoing instrument for and In the name and beha t of said corporation, and further stated and acknowledged that ti-ey had so signed, executed and delivered said 3rstrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF. I IT Ic set my rand and%oil clal weal Wsdl? day\p' November 19 45 . My Comr§lssion Expirgs-; ��'yt`w!i � le / cll qtr•^_ Notary Public /,r n,OV 110 d'd55 F�1}iM•tMQ[ i9pooeu oiolao•xa Pim XIOID 7iaolla - - 6i ' Io Svp scgl pno0 piss jo Isas aql paxlae pule pusq Stu Sas olunaaaq aevq.I `,dOHliZHM SSaNIIM NI 0 d 92va l8 ' Moog U paooall ul 4uoeaa11l salleogllaaa pus WOMBpalmou)los 9ql 11llm papaooaa Slnp mou sI atues aql pule 'yQ RooloA Is — 61 "Q 'V ' jo Slep 9ql UO aolgo Am ul 'paooaa cob pal8 sem Bnlllam ;o Zuamnilsul BuloBaaal pus paxauus 9113 Ilegl S;Ilaao Sgaaaq op 'plssaloavv Sluno0 aql .coj aapaooag ololg0-xa pule RaelO I1noa10' `I m jo Sluno0 •ss A SVSBIVXUV 30 MLV.LS e.W Seg: GROOM 30 RZVOIJISE210 4 44 0 d U � ml N m 9 m Fi m A 0 V B O m 6 a w F yN PN m 0 G WARRANTY DEED• ..f • SINGLE PERSON KNOW ALL MEN BY THESE PRESENTS: That I. Tamar Cr Alexander a single oerso^. hereinafter called Grartor, for and it consideratior of the sum of One Dol ar ($1.00) and other good and valuable consideratlo- to me in hand pard by The City o: Fayetteville, Arkansas, a municipal corperation hereina'ter called Grantee, cc hereby gran:, bargain and ael' Into the said Grantee and Grantee's heirs and assigns, the following descr bed lard, situate in P.1 rt WASHINGTON __ County, State of Arkansas, to -wit: TO HAVE AND TO HOLD vie said lands and appurtenances thereurto belonging Into the said Grantee and Grantees heirs and assigns, forever Ard I, :'le said Grantor, hereby covenant that I am lawfully seized of said land and prem ses, .hat :'le sante s .1n.nc.lrrbered, and that I will fcrever warrant and defend the title to the said ands against all regal claims whatever WITNESS my hand and sea on this T -,IS INSTRUMENT PREPARED BY: DAC STATE OF ARKANSAS 1 ss - County of WASHTNGTON ljth day of November _ _ 19 gj . , (Seal) JAMES C. ALE NDER iSeal) (Seal) ACKNOWLEDGMENT Cn ih s M912- day of November , 19 95, befcre me, a notary pubic, personally appeared James C. Alexander _ known to me for satis•ae..orily proven) to be the persor. whose name s subscribed to the foregoing ir•strument and acknowledged the! heishe 'tad executed the same for the purposes therein se! forth. In:w9fi$ `4jR i"g°�i i'fi °Pn o $e 11 °iMnc1 and official sea. t 1 My Gommisslon Expires �•V ,z •..� C �:�t, �, Notary 11,11clic - 95/'1„{'•12,111 W DS All my undivided 1/2 Interest in and to the following, to -wit: P.1 rt r•r 1 111 S:,1.11.(•.1'1• ytll., T'• - , R- •l1 f I f t all S,)11t siW„­­%t r t.l rt r•r ( qW 1 1) 111--1 .,f t l,r• S:111' llw,";' S111n 1'r f•r f S;h Y ) of I ''lot Srl'It h(•.3 -A T 1 nl' : til' 1 ) .all Ir' S:•:' fill 1'1%1°n•', l:nr• f?'), "c•t,t., 1 :;:11x•.'1 lf,) Ib. r.f 1 fah 't :ir.1, 11,r,d..••t, :n',•l,j r:n,• :.ilt ir,l rrl, 11. Sx ' 11It f 11 Rf=,j rill Ir1 11u, Soul hwx1r,t ('orrlx'r of t'nom q t't "r (Si1 1 a:• of Ilii• S,m: llo.->,: Q11,1r t,'1' IS� s.1 41 Sr•x't i1:r1 Tw"Tit } - 'r.:' (? 1 : , :1.1 :i 1,;1 11' 11f•' 1111 I �t I ly ct atx• r On n"r+nt n r.1t n Sprint'., R1. Id t1 rt:,• ii,•ti• tf,.'n f 1111 111 .1.1 r•,•Itit1rly r.Ii1r,;.3Ikr; t I,, TAC: 1 (]r; :11-ijf 1-•,•'1 (:r x 1 r, I, }'.3'.' 1.1,1,'1] 1-x3,•1 to , '1x•1 1 rx 1.1; t lvini-o tix; if 'I nq (Icjr. 4I 111, 4 1.(IA fi'f•! 1., I d •rt :roi o�i i'n+ It „1t Ziyht-1-:r-SC.3} Srh, 1 S1 .4 .1 l,r-I,: r S::II }1 1.`, x1x•fl rx•x• 'Tr '1nr Iv, ,1 lr,ny l ri'.j1I' -. `-:t,11 "1 -.1 F' fr • • u .3 ..,• r•1•i; 1�':r•r1•,• lort'WI :'f� ,1,+yr,• n ;6' 1 w„ it, 3 t ;',D.9.' f:v•1 !:, a r.:n; li••1'r• ;n7t'i 11 3r•yr,•,•ti 10r SG" lti,• t :» ..00 r 1 1 ., 1 ::r. n,l: f, i 1'u• Soni'1 1 t ar,• x;1- t h,• q,: It 11,,1 ,t ,7. 4l.irt,•r (SF 1 4' ,,f hr Snu'ht„•:. (,?11 '14•1- (SN 11 :f 5.31,1 S,•, t i,:;, Tw,r>If }'-,.n.• (?1 :j r' 1. 429 rlf>yrr•••, ; 1 .12 ttir>•,t I 10.00 f,•.,t t ., t L _ :int ,.` I]:. irI.`1,,„ ,ol.' 1 I I.,, rr1 •:, ran( L1 11 ,,. Th„ .I :nn, ?. •,rl i }..,,1 '.. 1 31 r'1 , r 1' 1•,•' I y ti11I I -r-: o ! 'lit (:31'11 -.1f -1%.x} I r.3t I ti:,r i •1,) , T' -,j i l •• So1,' 1 1' nn ri.a r} .111 n} x.t'lr•r r„�rnr'tt 11 big] nr R yrlt-,-C:f-I•,".1} h,•, - f r:. . r.' Lx, 11 .. ' L> ..'r -.. S „rt r t r.3rt .11 ,r, . ,• i 1 '3 , .,r,] subject. 1 11' 0 1,:1t', ':11 1Ill- .4 nr',' Ti .,'1 r>'lt'1'1,., 1.1- illi' -11 1-x>fr' 1'r11I4•1=41 1'r t 1„ ..,1. -1 3"• ..,. 1+114F, f r31-,I',ru,.r '_5, 9�,� •}' , l'1 t'rr• offi: of tlr,• 'i�'IAi1 ,^lx•• -k ,t:. 1•-tif .I IPfIfr,1•>r ,If li,lt;ai '1.11- nn (`t111'It� '11'✓..3'x1.3,. TO HAVE AND TO HOLD vie said lands and appurtenances thereurto belonging Into the said Grantee and Grantees heirs and assigns, forever Ard I, :'le said Grantor, hereby covenant that I am lawfully seized of said land and prem ses, .hat :'le sante s .1n.nc.lrrbered, and that I will fcrever warrant and defend the title to the said ands against all regal claims whatever WITNESS my hand and sea on this T -,IS INSTRUMENT PREPARED BY: DAC STATE OF ARKANSAS 1 ss - County of WASHTNGTON ljth day of November _ _ 19 gj . , (Seal) JAMES C. ALE NDER iSeal) (Seal) ACKNOWLEDGMENT Cn ih s M912- day of November , 19 95, befcre me, a notary pubic, personally appeared James C. Alexander _ known to me for satis•ae..orily proven) to be the persor. whose name s subscribed to the foregoing ir•strument and acknowledged the! heishe 'tad executed the same for the purposes therein se! forth. In:w9fi$ `4jR i"g°�i i'fi °Pn o $e 11 °iMnc1 and official sea. t 1 My Gommisslon Expires �•V ,z •..� C �:�t, �, Notary 11,11clic - 95/'1„{'•12,111 W DS aapaoaeu oloilA}xa Pae Ramo 31naa1D , • *t r- -6T jo Ssp s}ql 1anoO piss Io leas aql paxldls pus pusq Attu las olunaaaq ansq I ',goaUZHAA SS3N.LIAA NI e8sd 19 '31oog paODag ui 'u09aacll alsoc111aa0 pus luam.2papAou31os aql glim papaooaa AInp mou el amas alp Pus 9•I11 31001060 —le—BT '•Q •y 10 Sep 9113 uo 931i10 Sm ui pa009a fol PaIId sum 2uppm 10 luaiunalsui 11ulo2aiol pus paxauus aql asgl ,Slpaao Spiaq op 'pissaaop .SlunoO aql ao1 aepaooau o10111O-xa Pus 31aa1O atnofiD 'I 10 Slum[) �{t SVSNVHHV 30 N.LVZS uIIma 30 2[ZVOI3I ac) F 4, 1, Ka hkm Harnme, Ctadt Cierk aro Ex•cd4 Mewo r for Washington 30MOy, AAW%=. OD ImraOy wr&y that this katrnnmt ■me Cad for reoard In my ofM1ce s tr>d ad here n arta the eeme Is, now &4 reo dVd Mdf aro admow•. lodgement and oertttloate thereon in Recall Bock and Page as IrAloated thereon. :r ' IN WRWEBB WHSkOF, I have here- unto sat my hand and aMfxad the seal of said Croat on me date kxitcated hereon Kathleen Hamess ClradP Clerk a^d Ex-otaao "*r hY —� c� — _ -arT M1•: 1432 9? �fl 792, A. A Owne'y Ponca �wJ POLICY OF 'TITLE INK.RANCE First American Title Insurance Company SUBJECT 'O THE EXCLUSIONS ;RWJ COVERAGE. THE EXCEP—IONS =RO"V1 COVERAGE CONTAINEDIIN SCHEDULE B AND THE CCNCI'IONS AND STIPJ_AT ONS, FIRST AMERICAN TITLE INSURANCE COMPANY. a :Cali°o•cla co .ora&io-. he -e n calle� the ComoanyAns.,res. assn` DateiW Po icy shown I- Schelde A, against o8s.orrdamage. not exceeding the Arroult f;1181.rance staled In )chncule A sjstafned or:i�.idrwei:lby thin msu-ec by •enon rft ' Inle to iV! es*ta. bi rlerost'm!gcriald -fn �RheCLlle rA oemm vnted ttae' it --a ri -as slated it"e'e.rl 2. Any defect in or ien or encumbrance o -i t"e title. 3 Jn-narketanilty:of the tle 4 Lack r(Y A fign! orf tarcess to land fv3vthe and The Company will also nay t7e ecosis, aComgs'fiees'a-.1fekpensr" ncub-e. in defense 61 ;he':life ,aslfns,.red. but only to the extent prop ded in th=:Condit.ons and .5tlp.ulativ& S.. Atr.eK�r BRONSON ABSTRACT �o, `� q�1, 384.b;Frbnt Street Su�le.5 `o fFayet:evsle AR 7e7C3 JAL 9;; G42 -27G3 First American tit{e Insurance Zompan.y, First American :Title Insurance Company - �' ,•' .i'Hr. til; 3F'\'i e PQlicy- No•.584905 SCHEDULE A Amount of insurance: $275,000.00 Premium: STANDARD Date of Policy: NOVEMBER 16, 1996 AT 2:25 P. M. 1. Name of Insured: File No.FATIC 95-6817 THE CITY OF FAYETTEVILLE, ARKANSAS, a municipal corporation 2. The estate or interest in the land described herein 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: Part of the Southeast Quarter (SE 1/4) of the Southwest Quarter (SW 1/4) and a part of the Southwest Quarter (SW 1/4) of the Southeast Quarter (SE 1/4) all in Section Twenty-one (21), Township Sixteen (16) North, Range Thirty (30) West of the Fifth Principal Meridian, being more particularly described as follows: Beginning at the Southwest Corner of the Southwest Quarter (SW 1/4) of the Southeast Quarter (SE 1/4) of said Section Twenty-one (21), said point being an existing state monument in Cato Springs Road; thence West 18.16 feet to an existing railroad spike; thence N 05 degrees 00' 10" East 540.00 feet to a set iron; thence South 89 degrees 35' 42" East 493.68 feet to a set iron on the West Right -Of -Way School Street; thence South 08 degrees 37' 56" West along said right-of-way 215.18 feet to a 'set iron; thence North 86 degrees 36' 14" West 379.92 feet to a set iron; thence South 00 degrees 10' 46" West 345.00 feet to a set cotton spindle on the South line of the Southeast Quarter (SE 1/4) of the Southwest Quarter (SW 1/4) of said Section Twenty-one (21); thence North 89 degrees 35' 4211 West 110.00 feet to the point of beginning, containing 3.15 acres, more or less. The above described 3.15 acre tract being subject to the right-of-way of Cato Springs Road along the South boundary and any other easements and/or Rights -Of -Way whether or not of record, the above described 3.15 acre tract also being subect to that portion contained in an encroachment referenced in the decree of court case No. 18148, filed February 25, 1969 in the office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas. COUNTERSIGNED BY: XI1x��f (J ,Lc L4V✓�,i BRONSON ABSTRACT COMPANY, INC ********************************* 28 EAST CENTER STREET FIRST AMERICAN TITLE FAYETTEVILLE, AR_ 72701 INSURANCE COMPANY ********************************* Policy- No-. 584905 . . . SCHEDULE B File No.FATIC 95-6817 This policy does not insure against loss or damage by reason of the following: 1 General Taxes for the year 1996 and subsequent years not yet due and payable. 2 Subject to encroachment as shown on the plat of survey by Alan Reid & Associated dated November 15, 1995 and as described in Chancery Court record #18148. 3 Subject to that portion of insured premises that lies within the right of way of Cato Springs Road as shown on the plat of survey by Alan Reid & Associated dated November 15, 1995. 4 Subject to a power line traversing the South side of insured premises as shown on the plat of survey by Alan Reid & Associates dated November 15, 1995. 5 Rights or claims of parties other than Insured in actual possession of any or all of the property. 6 Unrecorded easements, discrepancies or conflicts in boundary lines, shortage in area and encroachments which an accurate and complete survey would disclose. 7 Unfiled mechanics' or materialmen's liens. 8 This policy does not insure acreage, any mention thereof is for descriptive purposes only. 9 Loss arising from any judgment or lien, concerning Child Support or Alimony payments, rendered or construed under or pursuant to Act 983 of 1985 Statutes of the State of Arkansas. BRONSON ABSTRACT COMPANY, INC *******++++++++++++++++++++++++++ 28 EAST CENTER STREET FIRST AMERICAN TITLE FAYETTEVILLE, AR_ 72701 INSURANCE COMPANY +++++++++++++++++++++++++++++++++ OFFER AND ACCEPTANCE CONTRACT 1. Buyer. the C.ty of Fayetteville. Arkansas. a municipal corporation, offers to buy, subject to the terms and conditions set forth herein, the following described property: Part of the Southeast Quarter (SE'/4) of the Southwest Qjarter (SWI/4) AND part of the Southwest Quarter (SWI/4) of the Southeast Quarter (SEI/4) of Section Twenty-one (21), Township Sixteen (16) Nort^, Range Thirty (30) West of the 5th Principa: Meridian. described as follows, to -wit: Beginning at the Southwest corner of said SW1/4 of the SE/4, running thence West 18.0 feet: thence North 05" 00' 00" East 540.0 feet: thence Eas: 504.0 feet to the West line of the right of way of U. S. Highway No. 71; thence South 09 30' 00' West 216.5 feet: thence North 86G 47' 00' West 385.5 feet; thence South 345.0 feet to the Cato Springs Road; thence West '10.0 feet to the Point of Beginning. containing three (3) acres, more or less. Subject to encroachments by the property owners to the South of the East part of the above described land as described in Chancery Record 76 at Page 109. 2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the property at closing, the total and cash payment of $275,000.00 cash. 3. Contingent Earnest Money Deposit: The Buyer herewith tenders a check for $10,OOC.00 to Wiggans -Sugg Enterprises, Inc. and James C. Alexander, hereinafter referred to as Seiler, as earnest money. which shall apply on the purchase price. 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 jails to fulfill his obligations under this 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 oe made to Buyer by general Warranty Deeo, 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 Sei er. 5. Seller shall furnish a po ,cy of tit a insurance in the amount of the purchase price. Buyer shall select the originator of the title insurance policy. Buyer and Seller will each pay 50% of such title insurance cost. 6. Seller agrees to allow Buyer to have a survey performed. 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. Buyer and Seller will each pay 50% of such survey costs. 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 on or before November 15, 1995. 9. Possession of the property shall be delivered to the Buyer on the date of closing. t OFFER AND ACCEPTANCE CONTRACT Page 2 of 3 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 shaii be governed by the laws of the State of Arkansas. 13. This AGREEMENT, wnen executed by both the Buyer and the Seller, shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede 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 Serer should reasonably have knowledge. 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. Closing of this transaction is expressly contingent upon Seller either removing all tenants and tenants' trailers/mobile homes from the property or, upon Seller making arrangements satisfactory to the Buyer for the removal of all tenants and/or tenants' trailers/mobile homes from the property. Any trailers/mobile homes owned by the Seller which remain on the property at the time of closing shay become the property o4 the Buyer. Buyer agrees to cooperate with the Seller in removing tenants and tenants' trailers/ mobile homes from the property. 16. Buyer agrees to reimburse Seller at the time of closing for one month's water, sewer and sanitation bills and paid by the Seller during the month of October, 1995 on the subject property. 17. Buyer and Seller will each pay 50% of the closing costs of this transaction, excluding 1995 taxes which sha: be prorated in accordance with paragraph 5 above. 18. If the Seller elects not to accept this offer, and at the discretion of the City of Fayetteville. a condemnation suit may be filed and the amount that the City of Fayetteville has determined to be estimated just compensation for the property will be deaosited with the Circuit Court of Washington County, Arkansas as just compensation for the property. If the Seller elect to do so, the Circuit Court will be asked to enter Judgment in the sum of the estimated just compensation suit. If the Seller does not elect to accept the amount deposited as estimated just compensation. then the Seller may accept the amount deposited as estimated just compensation, and the Seller may withdraw the amount placed on deposit as estimated dust compensation without prejudice to the Seller's rights to claim additional compensation. In this event, the Seller will oe entitled to a trial by jury in the Circuit Court of the County in which your Seller's lands are situated to determine just compensation for the Seller's lands condemned. In either event, payment of the estimated just compensation can be made available to the Seller prior to transfer of ownership. 19. Seller shall be permitted to occupy the commercial building at 2025 and 2075 South School Avenue until December 31. 1995, inclusively. 20. This contract expires, if not acceptec, on or before the 4th day of October, 1995. OFFER AND ACCEPTANCE CONTRACT Page 3 of 3 IN WITNESS WHEREOF, the Sellers have fixed their hands and the name of the Buyer has been affixed by its Mayor anc City Clerk in their respective capacities and pursuant to the authorization grantec to them by the City Council of the City of Fayetteville, Arkansas. SELLER: 7W. ugg, Presidenof ans Sugg Enterprises, Inc. Liofhn� . Sugg, Secretary of i gans Sugg Enterprises. Inc. James C. Alexander BUYER: / Fred Hona. Mayor�//j^J, 114 Traci Paul, City Clerk Date e7 % ay/, Date Date r.. Date CITY OF FAYETTEVILLE 5•; 'Ful S••5`,CA;, GENERAL FUND '29/95 Wiggans -Sugg Enter?rises, Inc. and Alexander, James C. 2025 S. Schoci Avenue Fayetteville, AR 72701 169191 MuY *****10,000 DOLLARS AND NC CENTS***** 09/29!95 169191 $1C9000.00 Jl- iF' 16 9 i9 1Ill 1:08 29008 7 210 484 198LvL v506 I �14r- • 1 c n 1 n 1 EARNEST MONEY FOR PURCHASE OF 3.14 ACRES LOCATED AT: 20th STREE7 AND SOUTH SCHOOL 101000.00 M. 1 �ely 07e-- DATE ri DATE Nod. /, /%k,J _ SELLER Wil! �(J9G BUYERS STREE^_ AD RISS o?DoZ$� oS �Qisfsxo� /t'✓E.� Zvi '/E1�s�i��, ��%O� LEGAL DESCR_PTIOti SALES PRICE OTTr.R CREDITS: EXPENSES Or SAY" TITLE INSURANCE CLOSING PEE RECCRCING PErs S--�ao * (g�00T07G��- �+h PREPARING COCUMENTS SURVEY S 230.00 �£sT. 0.421,,%ca 7-074e.� REVENUC STAMPS EARNEST MONEY ZYSO.oO SALES CCMMISSION MORTGAGE PAYOrr TAXES TAX PRORATION 1;?� L 303 diayr) TOTAL E=NSES Cr CLOSILNC: NET AMOUNT DUE TO SELLER $�yon/E Joe. 7Z The undersigned ac;rnot1led-r }-, receii t of this cicsing :;;:atement and agrees to the correctnpF <.: f -hereof , ::-;i1 a.ith sizes the disbursement of the funds as stated there: -n. hY: SE:.LER -- ::LLk- Phe above is a r-onpre - tray- n', .-.,. rcc accn.mt Of ft:r. s received an•? disbursed in connection. ;:::'n it"(' nl::ve^,-.�.-,rsacL:nn. 1'i rC''.;l'i.S S"A: :1 EN 9�Ot�y/c. �sfinias� ^ 1� Z6 -9S DATI" _ ivrflv/�l8995` ?CRCHASC 2 _ Com'/Tci o,L—f1g %t Ile��sC - - SELLER _ �w>J.✓� - �—_�� �N�.��l�Es — STREET ADDRESS LEGAL CI:SCZIFTIOtij��©/,� -� SALES PRICE -- I.XPENSCS Of PCRCHAS3: TITLE INSCRAIM—', C:,OSI":S RECCRDISG !'EES SURVEY !?.tee 2N"'IE S' I%.%e i LA:iYERS r TOTAL I:XPEI\1S2S OF CRCSS AMCI,9N DCC •r.I,0X PCRCHIISEi'. CREDITS D'JF ^_C PJ C3AS R: r_ 7.O O _ CBAv 7277X• GO 70TweG 'EARNEST PRORATr:D TAX::S MCRTCACE ASSJ 1?iJ r SUR'IV':I_V— --- -- -- - TorA-. CREPITs: .tiE'r AIMOUNT DUD l'RO}; PCi.;:!i .SF i•.T p;;,; S o?T / ^ire u r?ersia::ed .a:_I:r:•;,:e,'.c e : r9^ •;— cf to s l0s'.r;:I ratcr.:e�E ar.:i agrees :"o the c: rYec`, `ur.9, as atr•e- he P")3CHASER ----- -•--- -- r7he ar.oce is a c, n r_ rr:;• .a .... .",,. r- %- a , owr.- f . •as o re:e and cis�ursec in irn •• :ed co^:;=c .,: