The URL can be used to link to this page

Home My WebLink About143-98 RESOLUTIONs• RESOLUTION NO 1 i, 3- 9 8 A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE AN OFFER AND ACCEPTANCE CONTRACT FOR REAL ESTATE AND A DEFERRED LOAN AGREEMENT FOR THE SALE OF A HOME AS PART OF THE COMMUNITY DEVELOPMENT HOME BUYER PROGRAM. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council hereby authorizes the Mayor and City Clerk to execute an Offer and Acceptance Contract for Real Estate and a Deferred Loan Agreement for the sale of a home as part of the community development home buyer program. A copy of the agreement is attached hereto marked Exhibit "A" and made a part hereof. PASSED AND APPROVED this day of November , 1998. • '.• \ Me •� e e I.,. \ ATT B Heather Woodruff, City Cler • APPROVED - By. �. ed Hanna, Mayor 1 t • REAL ESTATE CONTRACT (Offer and Acceptance) 1. BUYER. Ami D. Barrett, a single person EXHIBIT A October 22, 19 98 ofte s to buy, subject to the terms set torch herein, the following property. 3 Nest 4th Street 2. PROPERTY DESCRIPTION AND ADDRESS: lots 3&4, Block 4, Jennings Addition, .Fayetteville AR single story, woad frame,.residentiai 1. PURCHASE PRICE: The Buyer will pay $ 53,000.00 for the property at dosing. The down payment shall be S 1075.00* with the balanceYsubject to the following conditions: A. p1 NEW LOAN: 0 Conv. X1 FHA 0 VA The Buyer's ability to obtain a loan to be secured by the property in an amount not less than $ 51.975.00 less than�0 years, with interest not to exceed - 7 % par annum. Unless otherwise specified. all loan costs and prepaid items shall be paid by Buyer. If said loan is not available or is not closed, Buyer agrees to pay for loan costs incurred, including appraisal and credit reportunless failure to close is caused by Seller. B. 0 LOAN ASSUMPTION: The Buyer's ability to assume existing loan payable to in the aporox• payable over a period of not imate amount of $ currently payable at approximately $ Per month. including 0 principal. 0 interest, 0 existing taxes, and 0 existing insurance. Payments on existing loan to be current at closing. C. %) OTHER' * City of Fayeti_viila Lammunify Development downpayment and closing casts assistance. A1117_5.D1 dowu_payment + 100% of eligible closing c_ostl, aptj $3500-00- sae attached list of eligible costs. 4. APPLICATION FOR FINANCING: If applicable, Buyer agrees to make application fora new loan or loan assumption within 5 days from date of this contract. 5. EARNEST MONEY: Buyer herewith tenders a check for S 500.00 as earnest money, which shall apply on purchase price or closing costs if this offer is accepted. This sum shall be deposited by Agent and if offer is not accepted or if title requirements are not fulfilled. it shall be promptly refunded to Buyer. If, after acceptance. Buyer fails to fulfill his obligations, the earnest money shall become liquidated damages, WHICH FACT SHALL NOT PRECLUDE SELLER OR AGENT FROM ASSERTING OTHER LEGAL RIGHTS WHICH THEY MAY HAVE BECAUSE OF SUCH BREACH. 6. CONVEYANCE: Conveyance shall be made to Buyer, or as directed by Buyer by general warranty deed, except it shall be subject to recorded restrictions and easements, if any. which do not materially affect the value of the Property. Unless expressly reserved harem, such conveyance shall include mineral rights owned by seller. 7. ABSTRACT OR TITLE INSURANCE: The ownerlsl of the above property, hereinafter called Seller. shall furnish, at Seller's cost, a complete abstract reflecting merchantable title satisfactory to Buyer's attorney: however, Seller shall have an option to furnish Buyer, in place of abstract, a policy of title insurance in the amount of the purchase price, and submission of an abstract shell not constitute a waiver of this option. If objections are made to title, Seller shall have a reasonable time to meet the objections or to furnish title insurance. 8. PRORATIONS: Taxes and special assessments due on or before closing shall be paid by Seller. Any deposits on rental property are to be transferred to Buyer at closing. Insurance, current general taxes and special assessments, rental payments, and any Interest on assumed loans shall be prorated as of closing unless otherwise specified herein. 9. CLOSING: The closing date, which will be designated by Agent, is estimated to be on or about November 5, 1998 10. POSSESSION:.Possession shall be delivered to Buyer: A. AI Upon closing. B. 0 After closing. but not later than days after closing. In this event, Seller agrees to pay at closing $ per day from closing to date possesison is delivered and to leave this sum with Agent to be disbursed to the parties entitled thereto on the date possession is delivered. 11. FIXTURES AND ATTACHED EQUIPMENT: Unless specifically excluded herein, all fixtures and attached equipment. if any. are included in the purchase price. Such fixtures and attached equipment shall include, but not be limited to. the following; window air conditioners. carpeting, indoor and outdoor light fixtures, window and door coverings, gas or electric grills, awnings. mail boxes, garage door openers and remote units. water softeners. propane and butane tanks, antennas and any other items bolted. nailed, screwed, buried Or otherwise attached to the real property in a permanent manner. 12. TERMITE CONTROL REQUIREMENTS: A X None. B Purchase price to include a current termite control policy issued by licensed operator C. Purchase price to include termite control policy and inspection report, as required by HUD. VA, or lender. 13. INSPECTIONS AND REPAIRS: Buyer certifies that Buyer has inspected the property and is not relying upon any warranties. representations or statements of Agent or Seller as to age or condition o1 improvements, other than those specified herein. 13A and 139 do not apply to new previously unoccupied dwellings. A. 0 Buyer accepts the property in its present condition, subject only to the following' B. 0 The following items, if any, shall be in normal working order at closing: dishwashers, disposals, trash compactors, ranges, exhaust fans, heating and air conditioning systems, plumbing system, electrical system and Buyer shall have the right, at Buyer's expense, to inspect the above items prior to closing. If any of the above items are found not to be in normal working order. Buyer may notify Seller in writing prior to closing. After notice as provided herein. Seller agrees to pay the cost of repair of any such items up to 11 cost Of such repairs will exceed the above amount, and Seller refuses to pay the additional cost. Buyer may accept the property in its condition at closing with credit on the purchase price in the above amount; or Buyer may declare this contract null and void. If Buyer does not give notice of defects in writing prior to closing. all subsequent repairs shall be solely at Buyer's expense. 14. RISK OF LOSS- The 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. 15. EXPIRATION OF OFFER: This offer expires if not accepted within 3 0 days from this date. 16. OTHERCONDITIONS• a) Sale subiect to Community Development Deferred Loan Agreement (attached) The Deferred Loan is forgiven over the term of the affordibility oerLod of seven (7) years, and is subordinate to the primary mortgage loan. b) Contract is rnniinaant Upon aaprova] by the City Council of the City of Fayetteville. Failure to so approve makes this contract null & void; and buyer's ennest money deposit shall be returned. but not exceeding $ 1980 FTC Ruling INSULATION: (411 of the following information MUST be inserted if this is a NEW home) Insulation is / will be installed as follows: TYPE THICKNESS R -VALUE Exterior Walls Interior Walls Ceilings (1n all areas) WALLS for which above infor- mation varies such as special insulation in bedroom) The above information has been furnished by the insulation manufacturer or home builder and is relied on by Seller and Agent. THIS ISA LEGALLY BINDING CONTRACT WHEN SIGNED BY BOTH BUYER AND SELLER. IF NOT UNDERSTOOD, SEEK LEGAL ADVICE. Not.Applicahle Selling Agency Not Applicable Selling Associate S'gnatu re • - f Broker Sign The above offer is accepted on Novemher 3 19 98 services rendered in securing said offer. If for any reason the earnest divided equally between Seller and Agent after caVment of incurred Listing Agency Broker Not ApplirahlP Listing Associate Buye Buyer I: We agree to pay the below named agent a fee o4Jnt Appl trahl P for Professional money provided for herein is forfeited by Buye��rr/ under the provisions hereof, same shall be expenses. C e� Sell Not Applicable st Applicable pl Selier .4 Oarretb 0.? 42j-63-o86N (sof) 621-8092 Dale a..,9 4 £9Y 2� 70 :: -, .. - • SriJcesafre U r(. i 72702 Pay to-It(� (� ' the order of <1.-"'.r ,LO o t ya k) P 1 AJ 81-572/829 . ,c. e 2 i -4- PO D r - FIRST NATIONAL BANK OF LOWELL - ' ' BRANCH OF FIRST NATIONAL BANK 8 TRUST CO.. ROGERS MEMBER FDIC ARVEST BANK GROUP E - For` Lt..(MY 2-.4111 J1:0829057251:149 3241279211' at/ "—EP AV 1490 5DO.m Dollars 0