HomeMy WebLinkAbout167-01 RESOLUTIONRESOLUTION NO. 167-01
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND
BRYAN WALKER III FOR THE PURCHASE OF LAND LOCATED
AT SOUTH SCHOOL AVENUE AND 19TH STREET IN THE
AMOUNT OF THREE HUNDRED SIXTY THOUSAND DOLLARS
($360,000.00) PLUS ASSOCIATED CLOSING COSTS AND
APPROVING A BUDGET ADJUSTMENT IN THE AMOUNT OF
FOUR HUNDRED FIFTY-NINE THOUSAND DOLLARS
($459,000.00) FOR SAME.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the City Council hereby approves an Offer and Acceptance
contract between the City of Fayetteville and Bryan Walker III for the purchase of
land located at South School Avenue and 19th Street in the amount of Three
Hundred Sixty Thousand Dollars ($360,000.00) plus associated closing costs. A
copy of the contract is attached hereto marked Exhibit "A" and made a part
hereof.
Section 2. That the City Council hereby approves a Budget Adjustment in
the amount of Four Hundred Fifty -Nine Thousand Dollars ($459,000.00) for
same.
Section 3. That the City Council hereby authorizes the Mayor to sign said
Offer and Acceptance contract with Bryan Walker III.
PASSED AND APPROVED this 4th day of December, 2001.
'tiOYE.rjF`
APPROVED:
By:
THER WOODRUFF, Cffty Clerk
DAN COODY, Mayor
NAME OF FILE:
CROSS REFERENCE:
Resolution No. 167-01
12/04/01
Resolution No. 167-01
Exhibit "A" (Offer and Acceptance Contract)
11/26/01
Copy of the Budget Adjustment Form
11/19/01
Departmental Correspondence to Fay. City Council thru Mayor Coody,
Greg Boettcher, PW Director, John Maguire, Economic Dev. Director,
Jim Beavers, City Engineer, from Ed Connell, City Land Agent/Plus
Appraisal Report/Other Information
11/16/01
Letter to Jim Beavers, City Engineer, from Victoria Y. Potratz, Senior
Project Manager, Terracon
12/04/01
Staff Review Form
12/06/01
Memo to Ed Connell, Engineering Division, from Heather Woodruff,
City Clerk
01/25/02
Title Insurance: Bryan Walker Property
NOTES:
RESOLUTION NO. 167-01
CC Mr
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND
BRYAN WALKER III FOR THE PURCHASE OF LAND LOCATED
AT SOUTH SCHOOL AVENUE AND 19Th STREET IN THE
AMOUNT OF THREE HUNDRED SIXTY THOUSAND DOLLARS
($360,000.00) PLUS ASSOCIATED CLOSING COSTS AND
APPROVING A BUDGET ADJUSTMENT IN THE AMOUNT OF
FOUR HUNDRED FIFTY-NINE THOUSAND DOLLARS
($459,000.00) FOR SAME
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the City Council hereby approves an Offer and Acceptance
contract between the City of Fayetteville and Bryan Walker III for the purchase of
land located at South School Avenue and 19th Street in the amount of Three
Hundred Sixty Thousand Dollars ($360,000.00) plus associated closing costs. A
copy of the contract is attached hereto marked Exhibit "A" and made a part
hereof.
Section 2. That the City Council hereby approves a Budget Adjustment in
the amount of Four Hundred Fifty -Nine Thousand Dollars ($459 000.00) for
same.
Section 3. That the City Council hereby authorizes the Mayor to sign said
Offer and Acceptance contract with Bryan Walker III.
PASSED AND APPROVED this 4th day of December, 2001.
APPROVED:
DAN COODY, Mayor
• •
OFFER AND ACCEPTANCE CONTRACT
Page 2 of 5
9. Seller and Buyer to equally share (50/50) closing costs to the title company.
10. Possession of the property shall be delivered to the Buyer on the date of closing.
11. Seller hereby grants permission for the Buyer or its employees or designates to
enter the above descnbed property and improvements for the purpose of inspec-
tion and/or surveying.
12. All fixtures, improvements and attached equipment are included in the purchase
price. •
13. Risk of Toss or damage to the property by fire or other casualty occurring up to the
time of closing is assumed by the Seller.
14. Seller shall disclose to Buyer any and all environmental hazards of which Seller has
actual 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 agreement shall be govemed by the laws of the State of Arkansas.
16. This agreement, when 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.
17. This contract expires, if not accepted on or before the 30th day of September, 2001.
18. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES THAT
THIS OFFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL
OF THIS OFFER OF PURCHASE BY THE CITY COUNCIL OF
FAYETTEVILLE AND THAT THE FAILURE OF THE COUNCIL TO
SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL
AND VOID. IF THIS OFFER TO PURCHASE IS NOT APPROVED BY
THE FAYETTEVILLE CITY COUNCIL, SELLER SHALL RETAIN THE
$5,000.00 OPTION/EARNEST MONEY DEPOSIT. •
OFFER AND ACCEPTANCE CONTRACT
Page 3 of 5
SELLER:
igeaeviff
Henry Brian Walker III
•
AGENT OR WITNESS:
BUYER:
City of Fayetteville, Arkansas,
a municipal corporation
Dan Coody, Mayor
Pia
Hea�kl` le#
Date: O9-13°ZJ
Date:
Date: 4/1/6/
Date: 0 + g '0 1
(SEAL)
'
• •
OFFER AND ACCEPTANCE CONTRACT
Page 4 of 5
EXHIBIT "A"
PROPERTY DESCRIPTION
Parcel Number: 765-15023-000:
Part of the Southwest Quarter (SW%) of the Southeast Quarter (SE%) of Section Twenty-one (21),
Township Sixteen(16) North, Range Thirty (30) West of the 5'" P. M., Washington County,
Arkansas described as beginning at a point 447.52 feet South of the Northeast comer of said forty
acre tract; thence south 308.45 feet; thence North 89° 35' 35" West 518.36 feet; thence North 9°
04' 00" East 65.00 feet; thence South 88° 58' 00" East 184.15 feet; thence North 7° 25' 39" East
261.54 feet; thence South 88° 43' 09" 658.58 feet to the Point of Beginning, containing 4.69 acres,
more or less, subject to easements and rights of way of record,
And
Part of the Southeast Quarter (SE%) of the Southeast Quarter (SE%) of Section 21,
Township 16 North, Range 30 West of the 5'" P.M., Washington County, Arkansas, lying
South of the centerline of an East-West Road (now 19'" Street) and being more particularly
described as follows, to -wit: Beginning at a point in the centerline of said road (now 19'"
Street) which is 408.33 feet South of the Northwest comer of the SE''A of the SE%of said
Section 21; thence along the centerline of said roadway S89° 51' 49" East 495.45 feet;
thence North 84° 27' 31" East 814.78 feet to the East line of theforty acre tract thence with
said East line South 976.96 feet to the SE comer of said forty acre tract; thence along the
south line of said forty acre tract West 1306.42 feet to the SW comer of said forty acre
tract; thence along the West line of said forty acre tract North 899.46 feet to the Point of
Beginning and containing 27438 acres, more or Tess, subject to all that portion of land lying
and being situated in the road along the North side thereof and easements of record.
SIGNED FOR IDENTIFICATION:
SELLER:
Henry Brian Walker III
BUYER:
The City of Fayetteville, Arkansas,
a municipal corporation
BY:
Dan Coody, Mayor
aim
• •
OFFER AND ACCEPTANCE CONTRACT
Page 5 of 5
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF WASHINGTON
ss.
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting
Notary Public within and for said County and State, personally appeared Henry Brian Walker III, to me well
known as the person who executed the foregoing document and further stated and acknowledged that he
had so signed, executed and delivered said instrument for the consideration, uses and purposes therein
mentioned and set forth.
WITNESS my hand and seal on this a6 day of ,c fa , 2001
MY COMMISSION EDWARD D.CCNNELI
=0 - 20 $
Washington County
My Commission Fires
.A t May 1, 2010
1
zisiaarde
Notary Public
STATE OF ARKANSAS
COUNTY OF WASHINGTON
ACKNOWLEDGMENT
ss
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting
Notary Public within and for said County and State, personally appeared Dan Coody and Neetherai ve3
Roberts Woodruff, to me well known as the pe nr�$� oQ, executed the foregoing document, and who stated and
acknowledged that they are the Mayor amity tlerk of the City of Fayetteville, Arkansas, a municipal
corporation, and are duly authorized in their respective capacities to execute the foregoing instrument for
and in the name and behalf of said municipal corporation, and further stated and acknowledged that they
had so signed, executed and delivered said instrument for the consideration, uses and purposes therein
mentioned and set forth.
WITNESS my hand and seal on this n day of 40gtr— 2001.
7
MY COMMISSION EXPI
93-O/-2o/o
Notary Public
City of Fayetteville, Arkansas
Budget Adjustment Form
� s /41-01
- Budget Year
2001
Department: General Fund
Division: Miscellaneous
Program:
Date Requested
I-74-01
Adjustment #
COPi'
Project or Item Requested:
Additional funding is requested for the purchase of property
from Bryan Walker III
Project or Item Deleted:
None. Funding for this transaction is from the sale of land to the.
Justification of this Increase:
The additional funding is needed to purchase land along South
School Street at 19th Street near the Engineering Research
Center "Genesis" site.
Justification of this Decrease:
Not Applicable.
Increase Expense (Decrease Revenue)
Account Name Amount Account Number Project Number
Land
Use of Fund Balance
Account Name
Gain/Loss of Sale of Assets
360,000 1010 6600 5805 00
99,000 1010 0001 4999 99
Decrease Expense (Increase Revenue)
Amount Account Number
459,000 1010 0001 4881 02
Project Number
Approval Signatures
Requested By
Date
X1fAdti /1-27-0/
Bue Manager Date
Department Director Date
Admin. Services Director Date
Mayor Date
Budget Office Use Only
Type: A B C
Date of Approval
Posted to General Ledger
Posted to Project Accounting
Entered in Category Log
E
Blue Copy: Budget & Research / White Copy: Requester H:IBUDGEfIPROJECTS1BUD_ADJIBA_200JIWALKER.WK4
0
cn
1
1-1
1
4-1
1
W
96'9[.6
SW -SE -21-16-30
765-15023-000
765-14990-000
T
b
3
�y r
z
30005
Net Acres = 26.48
N0009V'
899.46
O
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Q
Or O
4
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.PEs. /67-v/
FAYETTEVt.LE •
THE CITY OF FAYETTEVILLE, ARKANSAS
January 24, 2002
Mr. Henry Bryan Walker III
P. 0. Box 164
Fayetteville, AR 72702
RE: 32+ Acre Land at 19th and School Streets, Fayetteville
Dear Mr. Walker:
It is your intention to sell the subject land to the City of Fayetteville with closing on the 25th of January,
2002. It is understood that you currently have a residence on this property and anticipate a period of time,
after the closing on this property, to acquire and relocate your possessions. The City is to take possession
of the entire property, including the residence, at closing.
Based upon your request, the City of Fayetteville hereby is agreeable that you will have until Thursday,
April 25, 2002 (a period of 90 days from the date of closing) to vacate said residence and associated
facilities . During the period indicated, no rent will be charged for such occupancy, however, you will be
responsible for the maintenance, payment of all utilities and the cleanup of the house and associated
facilities. Further, you will advise and maintain you home owners insurance for the indicated period and
any claims made against the insurance company for facilities on the property will be to the benefit of the
City of Fayetteville. The City shall not be responsible or liable for any activities or injuries that might occur
on the property during this 90 day interim period. The City does not carry insurance for these purposes.
If you occupy any of the property facilities beyond the 90 days period indicated above, you agree to pay
the City $14.00 for each day that extends beyond that period. Such payment will be payable to the City of
Fayetteville on the Friday of each week. This letter agreement, in no way, prevents the City from taking
full possession of the entire property by any lawful means, including eviction, after April 25th, 2002.
It is further understood the City is not restricted from any or all activities on the remainder of the property.
If you are in agreement with the statements of this understanding, please so indicate with you signature of
this letter and return one original to the City. If you have any questions, do not hesitate to contact myself
at 575-8330 or Ed Connell at 444-3415.
Sincerely,
GregBoettcher, Director of Public Works
AGREED:
61'p�
Henry Bryan III
cc: Ed Connell
*
113 WEST MOUNTAIN 72701 501 521-7700
FAX 501 575-8257
DATE- 6/'2S =0
•
Parcel No. 765-15023-000 & &65-14990-000
WARRANTY DEED
An Unmarried Person
BE IT KNOWN BY THESE PRESENTS:
• AS. /(p%D/
LL 1
FOR RECORD
'02 JEN 25 Aft 10 50
THAT I, Henry Bryan Walker III an unmarried person hereinafter
called GRANTOR, for and in consideration of the sum of One Dollar ($1.00)
and other good and valuable consideration, the receipt of which is hereby
acknowledged, do hereby grant, bargain, sell and convey unto the City of
Fayetteville, Arkansas, a municipal corporation, hereinafter called GRANTEE,
and unto Grantee's successors and assigns, the following described land
situated in the County of Washington, State of Arkansas, to -wit:
WASHING
B STAMPS
•
Part of the Southwest Quarter (SW%) of the Southeast Quarter (SE%) of Section Twenty-one (21), Township
Sixteen (16) North, Range Thirty (30) West of the 5th P. M. , Washington County, Arkansas, described as beginning
at a point 447.52 feet South of the Northeast corner of said 40 acre tract; thence South 308.45 feet; thence South
89° 35' 35" West 518.36 feet; thence North 09° 04' 00" East 65.00 feet; thence North 88° 58' 00" West 184.15 feet
to the East right of way line of South School Street (State Highway 71B); thence along said State highway East right
of way North 07° 25' 39" East 261.54 feet to the South right of way line of 19'" Street; thence along said south right
of way line South 88° 43' 09" East 658.58 feet to the Point of Beginning, containing 4.69 acres. more or less, subject
to easements, easement plats and rights of way of record,
And
Part of the Southeast Quarter (SE'h) of the Southeast Quarter (SE%) of Section 21, Township 16 North, Range 30
West of the 5" P. M. Washington County, Arkansas, lying South of the centerline of an East-West road (now 19'"
Street) and being more particularly described as follows, to -wit: Beginning at a point in the centerline of said road
which is 408.33 feet South of the Northwest corner of the SE1/4 of the SE% of said Section2l; thence along the
centerline of said roadway South 89° 51' 49" East 495.45 feet; thence North 84° 27' 31" East 814.78 feet to the East
line of the forty acre tract; thence with said East line South 976.96 feet to the SE corner of said forty acre tract;
thence along the South line of said forty acre tract West 1306.42 feet to the SW corner of said forty acre tract;
thence along said West line of said forty acre tract North 899.46 Feet to the Point of Beginning and containing 27.68
acres, more or less, subject to all that portion of land lying and being situated in the road along north side thereof
and easements of record.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee
and Grantee's successors and assigns, forever. And the said Grantor, hereby covenants that it is lawfully seized
of said lands and premises; that the same is unencumbered, and that the Grantor will forever warrant and defend
the title to the said lands against all legal claims whatever.��L
WITNESS the execution hereof on this 2 -51A -day of 2002.
1 -1 -4 -mor ffity9 LOQ€4
Henry Bryan Walker III
ACKNOWLEDGMENT
STATE OF 42 VT/A) SA -3
COUNTY OF MASH/1J6)70/J
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary
Public within and for said County and State, personally appeared Henry Bryan Walker III an unmarried person to
me well known as the person who executed the foregoing document, and who stated and acknowledged that he
had so signed, executed and delivered said instrument for the consideration uses and purposes therein mentioned
and set forth.
WITNESS my hand and seal on this day of
'7
Official Seal Notaryyublic
MY OMMIIl t1R&SON, JR.
otary Pu lic-Arkansas
WASHINGTON COUNTY
M r ,....•ires 06-18-2002
2002.
2002012742
• •
1, Bette stamps, Circuit Clerk and Ex-o`fico Recorder
for Washington County, Arkansas, do hereby certify
that this Instrument was filed for record in my office as
indicated hereon and the same is now duly recorded
REs. /67-0 /
U.S.DEPARTMENT OF HOUSING AND UR
1 have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it is a true and accurate statement of all
receipts and disbursements made on my account or by me in this transaction. I further certify that I have received a copy of the HUD -1 Settle-
ment Statement.
THE CITY OF FAYEIItVILLE
dem
HENRY BRYAN WALKER III
ARKANSAS
Sellers
To the best of my knowledge, the HUD -1 Settlement Statement which I have prepared Is a true and accurate account of the funds which were
received and have been or will be di bus by th undersigned as part of this transaction.
Settlement Agent " Date
WARNING: It is a crime to knowingly make false statements to the United States on this or any other similar form. Penalties upon conviction can Include a fine and
imprisonment. For details see: Title 18 U. 5. C e Section 1001 and Section 1010.
Previous Edition IO91)Iete
F2366.LM (03/91) is
U(7/8/91)
12896
HUD -1 (07-87) RESPA, HB 4305.2
A' SETTLEMENT STATEMENT
B. TYPE OF LOAN
1.
4.
❑FHA
2.
FMHA 3. ❑ CONV.UNINS.
6. File Number
FATIC 02-12846
7. Loan Number
8. Mortgage Insurance Case Number
•
❑CONV.INS.
0 V 5.
C. NOTE: This form is furnished to give you statement of actual settlement costs. Amounts paid to and by the settlement agent are
outside the closing; they are shown here for Informational purposes and are not Included In the totals.
shown. Items marked "(p.o.c.)' were paid
D. NAME AND ADDRESS OF BORROWER
THE CITY OF FAYETTEVILLE
ARKANSAS
113 W. MOUNTAIN STREET,
FAYETTEVILLE,AR 72701
E. NAME ANDADDRESS
P. 0. BOX 164,
FAYETTEVILLE,AR
F. NAME AND ADDRESS OF LENDER
OF
III
72702
G. PROPERTY LOCATION
PT SW SE 21-16-30 ETC.
FAYETTEVILLE, ARKANSAS 72701
H. SETTLEMENT AGENT
BRONSON ABSTRACT CO., INC.
PLACE OF SETTLEMENT
3810 FRONT STREET, SUITE 5
FAYETTEVILLE, ARKANSAS 72703
I. SETTLEMENT DATE
DISBURSEMENT
1-25-02
DATE
J. SUMMARY OF BORROWERS TRANSACTION
K. SUMMARY OF SELLERS TRANSACTION
100. GROSS AMOUNT DUE FROM BORROWER
400. GROSS AMOUNT DUE TO SELLER
101. Contract sales price
360,000.00
401. Contract sales price
360,000.00
102. Personal Property
402. Personal Property
103. Settlement charges to borrower (line 1400)
615.00
403.
104.
404.
105.
405.
ADJUSTMENTS FOR ITEMS PAID BY SELLER IN ADVANCE
ADJUSTMENTS FOR ITEMS PAID BY SELLER
IN ADVANCE
106. City/Town taxes to
406. City/Town taxes to
107. County taxes to
407. County taxes to
108. Assessments to
408. Assessments to
109.
409.
110.
410.
111.
411.
112.
412.
120. GROSS AMOUNT DUE FROM BORROWER
360,615.00
420. GROSS AMOUNT DUE TO SELLER
360,000.00
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER
500. REDUCTIONS IN AMOUNT DUE TO SELLER
201. Deposit or earnest money
7,000.00
501. Excess Deposit (see Instructions)
7,000.00
202. Principal amount of new loan(s)
502. Settlement charges to seller (line 1400)
670.89
203. Existing loan(s) taken subject to
503. Existing loan(s) taken subject to
204. Application deposit
504. Payoff of first mortgage loan
205. Second Ilen mortgage
505. Payoff of second mortgage loan
206.
506.
207.
507.
208.
508.
209.
509.
ADJUSTMENTS FOR ITEMS UNPAID BY SELLER
ADJUSTMENTS FOR ITEMS UNPAID BY SELLER
210. City/Town taxes to
510. City/Town taxes to
211. county taxes 1-1-02 to 1-25-02
23.40
511. County taxes 1-1-02 to 1-25-02
23.40
212. Assessments to
512. Assessments to
213.
513.
214.
514.
215.
515.
216.
516.
217.
517.
218.
518.
219.
519.
220. TOTAL PAID BY/FOR BORROWER
7,023.40
520. TOTAL REDUCTION AMOUNT DUE SELLER
7,694.29
300. CASH AT SETTLEMENT FROM OR TO BORROWER
600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gross amount due from borrower (line 120)
360,615.00
601. Gross amount due to seller (line 420)
360,000.00
302. Less amounts paid by/for borrower (line 220)
( 7,023.4Q
602. Less reduction amount due seller (line 520)
( 7,694.29 )
303. CASH
FROM 0 TO BORROWER
353,591.60
603. CASH
TO 0 FROM SELLER
352,305.71
fi1
i
1 have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it is a true and accurate statement of all
receipts and disbursements made on my account or by me in this transaction. I further certify that I have received a copy of the HUD -1 Settle-
ment Statement.
THE CITY OF FAYEIItVILLE
dem
HENRY BRYAN WALKER III
ARKANSAS
Sellers
To the best of my knowledge, the HUD -1 Settlement Statement which I have prepared Is a true and accurate account of the funds which were
received and have been or will be di bus by th undersigned as part of this transaction.
Settlement Agent " Date
WARNING: It is a crime to knowingly make false statements to the United States on this or any other similar form. Penalties upon conviction can Include a fine and
imprisonment. For details see: Title 18 U. 5. C e Section 1001 and Section 1010.
Previous Edition IO91)Iete
F2366.LM (03/91) is
U(7/8/91)
12896
HUD -1 (07-87) RESPA, HB 4305.2
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
SETTLEMENT STATEMENT
Page 2
L SETTLEMENT CHARGES
700. TOTAL SAL FS/BROKFR'S COMMISSION based on once
Division of Commission (line 7001 as fonows• S 360 000.00 @
%- $
Ref 'S
lees. /G%D/
SWTTLENT
701 S
702 S
703. Commission paid at Settlement
704
800. ITEMS PAYABLE IN CONNECTION WITH LOAN
801 Loan Orla!nation Fee
802 Loan Discount
803 Appraisal Fee
804. Credit Report
805 Lender's Inspection Fee
806, VA FundIna Fee
807 Assumption Fee
808
809.
810
811._
812
813
814.
R15
900. ITEMS REQUIRED BY I ENDFR TO BE PAID IN ADVANCE
901 Interest from 1-25-02 to <Z$ /day
902 Mortaaae Insurance Premium for mos
903 Hazard Insurance Premium for vrs to
904 Ws to
ons
1000. RESERVES DEPOSITED WITH LENDER
1001 Hazard Insurance
1002 Mortaaae Insurance
mos. (J $ mo.
mos. c $ ma.
1003 City Property Taxes
1004 County Property Taxes
1005 Annual Assessments
mos (q1 S mo.
mos Rs $ mo
mos. @S mo,
1006
mos [1 $ mo
1007
mos @ S MO
1nnA Anff An I
1100. TITLE CHARGES
mine (a S min
1101 Settlement or Closina Fee to BRONSON ABSTRACT CO.. INC
1102. Abstract or Tltie Search
1103 Title Fxaminatlon
125 00
12500
1104, Title Insurance Binder
1105 Document Preparation
1106 Notary Fees
1107 Attorney's Fees
(Includes above Items No • )
1108 Title Insurance to FIRST AMERICAN TITI F INSURANCE
(Includes above Items No • 1
490 00
490.00
1109 Lender's Coverage S
1110 Owner's Coveraae $ 360.000.00
1112.
111'I
1200. GOVERNMENT RECORDING AND TRANSFER CHARGES
1201 Rec. Fgrs• Deed S
' Mto $ • Releases_I
1202 CItv.County tax/stamps• Deed S : Mortaaae $
1203 State tax/stamos; Deed $ • Mortaaae 5
1204 to
17ns to
1300. ADDITIONAL SETTI EMENT CHARGES
1301 Survey
1302 Pest Inspection
1303 COLLECTOR to 1785-14990-000
26.17
1304 COLLECTOR to 6765-15023-000
29 72
1305
1306,
sin?
1400. TOTAL SETTLEMENT CHARGES (enter on lines 103. Section J and 502, Section K)
Buyer TH
The Undersigned Acknowledges Recelpt of This Settlement Statement and Agreei¢o the Correctness Thereo
V/t)
Buyer ARKANSAS
Buyer
Buyer
Previous editions are obsolete
F15792.LMG (4/00)
17AA6
615.00 670.89
Seller HENRY BRYAN WALKER III
Seller
January 25, 2002
Date
form HUD -1 (3/86)
ref Handbook 4305.2
F 4
THE CITY OF FAYETTTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
DATE November 19, 2001
TO: Fayetteville City Council
Thru: Dan Goody, Mayor
Greg Boettcher, Public Works Director
John Maguire, Economic Devlo�pm"�e�nt Director
Jim Beavers, City Engmeey�t,'i• �fj/gto
FROM: Ed Connell, City Land Agen>.
RE: South Business Development Park
Purchase of 32± acres, M or L, from Henry Bryan Walker III
The City and the University of Arkansas have concluded that the" Genesis" program and the
Engineenng Center, located off of South School Ave. and Cato Springs Road, is to be the focal
point for the development of businesses opportunities associated with the research and small
scale developments that are created there. Right now, most of these developments are either
located elsewhere in the state or exported out of state. The City and the University want to
develop a business park which will allow these new businesses, some of them being high-tech, to
remain in the Fayetteville area and close to the research/development experts in those fields.
The City and the Program Development Group of the U of A have looked at the possibilities of a
park development around the Research Center on South School Ave and Cato Springs Road.
Together, we are looking for a minimum of 40 acres and up to 300 acres. When you look around
the Research Center, North is a moderate area of flood plain with residential lands North of that;
South of Cato Springs road is virtually all residential; West has a residential subdivision
(McClinton's 2nd Addition) followed by residential and industrial close to the railroad tracks. The
only available routing, at this time, for the development of a business park of any kind is to the
East of School Avenue There are undeveloped lands from School Avenue to Morningside Drive
where it connects with the Fayetteville West Industrial Park. There is only a limited amount of
undeveloped land surrounding the center itself.
The City's contribution to this overall effort includes the acquisition of lands and the development
of infrastructure for such business park with the eventual sale of such lands to business
establishments. .
Henry Bryan Walker III is sole owner of approximately 32± acres of undeveloped land along the
total South side of 19th Street, fronting on School Ave and extending East to the end of 19th
Street(approx 1,965 feet). The remaining distance to Morningside Dr. is about 2640 feet and
involves a number of property owners. With all of the above in mind and a specific client inquiring,
the City purchased an option of "first refusal" on this land in May of this year. We paid Mr. Walker
Fayetteville City Council • •
Agenda Memorandum
Purchase of Bryan Walker III Property
Page 2 of 2
$5,000 for that 90 day option, the amount being credited toward the purchase price if the City were
to acquire the land The land was appraised for $365,000 as noted in the attached Summary
sheet. Mr. Walker had two other offers (verbal) for the land during the above interim, one for
$350,000 and one for $359,000. Neither, however, were in writing. The City became aware of
these offers from other sources On August 9th, the City made an offer to Mr. Walker for $360,000
which was accepted. The attached Offer and Acceptance Contract is presented herewith for City
Council approval.
In considering the financing of this acquisition, the City Administration would like to sell to the
University of Arkansas approximately 4.0 acres of ;land which it owns on the West side of School
Ave. at 20th Street (Research Center Blvd.). The University Board of Trustees approved the
purchase of said land during their meeting of November 16, 2001. The City has had these two
parcels appraised, the net value being $459,000 or about $100,000 above the appraised/offer
value of the Walker property. We are awaiting our copy of the Offer and Acceptance document
from the UofA which will be attached to this document Closing will occur within 30 days after your
approval of the previous agenda item.
This acquisition would be a start to the needed development of a Business Park on the South side
of Fayetteville. The corridor will be narrow but needs to eventually extend to Morningside Drive
and the Industrial Park.
The sight proposed for purchase is adjacent a closed metal plating shop, now having moved
almost 20 years ago. To ensure that contamination has not migrated into the site of the proposed
to purchase, and to avoid later environmental liabilities, the City had sod samples taken both along
the nearest probable line to the former metal plating facility as well a sample close to the center of
the West portion of the property for background data The testing found no evidence of metals
contamination of the subject property. See attached letter from Terracon.
It is the opinion of the administration that this approach will benefit the economic and business
development in our city while taking advantage of the research and development expertise of the
university personnel and the grants they work under. The aggressive entrepreneur, who is willing
to undertake a new business venture with a modest size facility, needs to be close to technology
leaders. Your positive approval of this purchase will allow us to get started If you have any
questions, you can go through administrative channels or contact me directly at 444-3415.
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APPRAISAL REPORT
FOR
CITY OF FAYETTEVILLE
Complete Summary Appraisal Report
•
PROJECT Pt. of the SE Y. of Sec. 21, TI6N, 1230W (Ilenry Bryan Walker 111 Properties)
COUNTY Washington
PARCEL 765-15023-000 & 765-14990-000
LOCATION S.School Ave. and 19°i St.., Fayetteville, AR
FEE OWNER Henry Bryan Walker 111
ADDRESS 1954 S. School Ave., P.O. Box 164, Fayetteville, AR 72702
ESTATE APPRAISED Fee Simple
AREA OF SUBJECT PROPERTY 31.62 aces
ESTIMATED FAIR MARKET VALUE OF THE PROPERTY:
Land $365,000
Improvements (No Contributory Value)
Total 5365,000
FAIR MARKET VALUE OF SUBJECT PROPERTY 5365,000
As oldie ISP of June 2001
ALLOCATION OF FAIR MARKET VALUE OF SUBJECT PROPERTY
Fee Simple 31.62 Acres @ SI 1,500/Acre n S 363,630 Say S 365,000
Trees Included in Fee Simple Land Value 5 0
Improvements: Old House— No Contributory Value S 0
Total land, Trus, & Improvements S 0
Total Value $ 365,000
ATTACHMENTS:
X Certificate of Appraise
X Photographs
X Site, H&B Use Narrative
Legal Description
X Market Data Approach
X Plat Map
X Tax Assessment Card
Say 5365,000
Apdraiser, Mark E. Risk GAA, #CG0202
: 1 .
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•:,rn'mm�itunanana:'
November 16, 2001
Mr. Jim Beavers, P.E.
City Engineer
City of Fayetteville
113 West Mountain
Fayetteville, Arkansas 72701
Phone:
Fax:
Re:
(501) 575-8206
(501) 575-8202
•
lierracon
10930 East 56th St.
Tulsa, OK 74146
(918) 250-0461 Fax: (918) 250-4570
T
Report for Limited Environmental Site Investigation
Walker III Property
South School Avenue
Fayetteville, Arkansas
Terracon Project No. 53017069
Dear Mr. Beavers:
Terracon is pleased to submit the following Limited Environmental Site Investigation (ESI) report
for the above referenced property. This investigation was performed in accordance with
Terracon Proposal No. 5301137 dated October 24, 2001.
The objective of the ESI was to evaluate the presence of the eight RCRA metals in the on-site
shallow soils as a result of the historical operations at the adjacent facility which reportedly
operated as a chrome plating facility.
Soil Boring Installation
A total of five shallow hand auger soil borings were advanced on site (see attached Figure 1).
Four of the soil borings (HA -1 through HA -4) were advanced along the property boundary
between the Walker property and the adjacent former chrome plating facility. In addition, one of
the soil borings (HA -5) was advanced near the center of the Walker property as a "background"
location. The hand auger soil borings were advanced to a depth of 18 inches. Soil samples
were collected continuously using a hand auger to document lithology, color, and relative
moisture content.
The borings encountered approximately 3 inches of topsoil underlain by brown clayey gravel to
a depth of 12 inches (probable fill material). The gravel was underlain by a tan and brown clay
to the termination of each boring at 18 inches. Terracon assumes that the upper 18 inches of
soil have been present during the operation of the adjacent facility.
Arizona ■Arkansas ■ Colorado ■ Georgia • Idaho ■ Illinois • Iowa ■ Kansas • Kentucky ■ Minnesota ■ Missouri
Montana • Nebraska • Nevada ■ New Mexico ■Oklahoma • Tennessee ■ Texas • Utah ■ Wisconsin ■ Wyoming
Quality Engineering Since 1965
Limited ESI - Walker III Property Terracon
Project No. 53017069
November 16, 2001
Sampling equipment was decontaminated using an Alconox® detergent wash and potable water
rinse prior to commencement of the project and between collection of each sample. Following
completion of sampling activities, borings were backfilled with bentonite pellets and covered at
the surface with soil.
Soil Sampling and Analytical Laboratory Program
Terracon's soil sampling program consisted of the following:
• Collection of the following three composite soil samples from each soil boring: surface to 6 -
inch interval, 6 to 12 -inch interval, and 12 to 18 -inch interval.
Following the collection of the soil samples, each sample was placed in laboratory prepared
containers, labeled, and placed in a cooler which will be secured with a custody seal. The
samples and completed chain -of -custody forms were transported to ERMI Environmental
Laboratories for analysis.
A total
of five
soil samples
collected from the soil
boring were analyzed for the eight RCRA
metals
utilizing
EPA SW -846
Method 6010/7000.
Summary of Analytical Results
The results of the laboratory analysis are presented in the following table. The soil samples
collected from the 6 to 12 -inch interval and the 12 to 18 -inch interval were placed on hold
pending the analytical results of the 0 to 6 -inch interval.
E
Limited ESI — Walker III Property
Project No. 53017069
November 16, 2001
Terracon
Soil Sample Results - Total •RCRA Metals
Walker III Property ;
South School Road
Fayetteville, Arkansas •"
Sampl
Sample
Arsenic
Barium
Cadmium
Chromium
Lead
Mercury
Selenium
Silver
e ID
Depth (in)
(mg/Kg)
(mg/Kg)
(mg/Kg)
(mg/Kg)
(mg/Kg)
(mg/Kg)
(mg/Kg)
(mg/Kg)
HA -1
0-0.6"
8.4
46.0
1.3
26.0
66.0
<0.2
<1.0
0.5
HA -2
0-0.6"
7.8
47.0
<0.2
29.0
17.0
<0.2
<1.0
<0.35
HA -3
0-0.6"
8.2
56.0
0.35
25.0
25.0
<0.2
1.0
0.7
HA -4
0 - 0.6"
12.0
180.0
0.55
36.0
52.0
<0.2
2.2
1.1
HA -5
0 - 0.6"
6.5
59.0
<0.2
27.0
24.0
<0.2
<1.0
<0.35
Residential
22.0
5,400.0
39.0
210.0
400.0
23.0
390.0
390.0
Screening Level
Commercial
320.0
83,000.0
630.0
450.0
2,000.0
380.0
6,400.0
6,400.0
Screening Level
Soil to Groundwater
NA
82.0
810.0
2.0
NA
NA
0.3
2.0
Protection Level
Range of
2.6-27
200-1000
10-150
BDL-70
0.02-0.15
<0.1-2.5
Concentrations'
From "Elements In North American Soils" by James Dragun, Ph.D. and Andrew Chiasson
" Data not available for Arkansas
NA — value not calculated by the EPA
mg/Kg — milligrams per kilogram
The soil samples were analyzed for eight RCRA metals. The results of the laboratory analysis
were compared to the EPA Region 6 Human Health Medium -Specific Screening Levels for both
residential and commercial applications. These are levels (concentrations) at which the EPA
has concluded that concentrations below these values do not pose a threat to human health or
the environment. The values listed in the table above are the lowest (most conservative) risk -
based screening values for residential and commercial application. In addition, the Soil to
Groundwater Protection Level (soil concentration level below which you would not expect
contaminants to migrate to the groundwater in sufficient concentrations to be of concern) have
been listed in the table.
Laboratory analysis of the soil samples did not identify concentrations of the eight metals above
the referenced residential soil screening levels or commercial soil screening levels. In addition,
the concentrations of metals in these soils appears to be within the range of naturally occurring
concentrations for those metals (according to "Elements in North American Soils" by James
Dragun, Ph.D. and Andrew Chiasson). Concentrations of barium, chromium, and selenium in
several of the soil samples exceeded the referenced soil to groundwater protection level.
However, it should be noted that the soil to groundwater protection level for those three metals
3
Limited ESI — Walker III Property Terracon
Project No. 53017069
November 16, 2001
is within the range of naturally occurring background levels in Arkansas. In addition, the results
of samples HA -1 through HA -4 collected from along the property line are similar to that of the
"background" sample, HA -5.
Based on the results of the soil sample analysis, it does not appear that the portion of the
Walker III Property adjacent to the former industrial facility has been impacted by the eight
metals listed above. Based on the analytical laboratory results, the deeper soil samples from
each boring location were not analyzed.
Closing
The ESI Report was prepared for the exclusive use and reliance of the City of Fayetteville. Use
or reliance by any other party is prohibited without the written authorization of the City of
Fayetteville and Terracon.
Reliance on the ESI Report by the client and all authorized parties is subject to the terms,
conditions, and limitations stated in the Terracon's Terms and Conditions. The limitation of
liability defined in the Terms and Conditions are the aggregate limit of Terracon's liability to the
client and all relying parties.
The analysis, comments and recommendations presented in the written report were based on
the information collected as discussed in this report. Please note that Terracon does not
warrant the work of laboratories, regulatory agencies or other third parties supplying information
used in the preparation of the report.
Terracon's services were performed in a manner consistent with generally accepted practices of
the professional undertaken in similar studies in the same geographic area during the same
period. Terracon makes no warranties, either expressed or implied, regarding the findings,
conclusions or recommendations.
Findings, conclusions and recommendations resulting from these services were based upon
information derived from the most recent on -site activities and other services performed under
this scope of work; such information is subject to change over time. Certain indicators of the
presence of hazardous substances, petroleum products, or other constituents may have been
latent, inaccessible, unobservable, nondetectable or not present during these services, and we
cannot represent that the site contains no hazardous substances, toxic substances, petroleum
products, or other latent conditions beyond those identified during this ESI. Subsurface
conditions may vary from those encountered at specific borings or wells or during other surveys,
tests, assessments, investigations or exploratory services; the data, interpretations, and our
4
Limited ESI — Walker III Property Terracon
Project No. 53017069
November 16, 2001
recommendations was based solely upon data obtained at the time and within the scope of
these services.
We appreciate the
opportunity to
provide this service
to the City of Fayetteville.
If you should
have any questions
or comments
regarding this report,
please contact either of the
undersigned.
Sincerely,
l®rz
. Dann C.P.G.
Envronmental Department Manager
5
'Y
Victoria Y. Poriatz
Senior Project Manager
13 a.
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0 STAFF REVIEW FORM 0
X AGENDA REQUEST
CONTRACT REVIEW
GRANT REVIEW
For the Fayetteville City Council meeting of December 4, 2001
FROM:
En2ineering Public Works
Division Department
ACTION REQUIRED: The passage of a resolution approving the Offer and Acceptance Contract between the City
of Fayetteville and Bryan Walker III. ,dated August 13, 2001, for the sale of 32.91 acres of land in a part ofthe
SW -SE -21-16-30 for a price of $360,000, plus associated closing costs where applicable. 4rP&au c a L.,d0
COST TO CITY:
$ 360,000
o Cost this Request
6 0-5805.00
Account Number
NA
Project Number
BUDGET
REVIEW:
_ Budgeted Item
Budget Adjustment Attached
Administrative Services Director
Budge
r mato
$ 161.300
Category/Projectudget
$ 157,860
Funs dsed to Date
$ 3.460
Remaining Balance
Land Ac uisition
Category/Project Name
General fund
Fund
CONTRACT/GRANT/LEASE REVIEW:
1tate
unting a e__�
A ity U mey e
,"/or i✓A.l44e..
Purchasing Officer Date
GRANTING AGENCY:
or
to
Date
STAFF RECOMMENDATION: Staff recommends approval ofthe contract and the purchase ofthe property for the purpose of future
development of a business and light industrial park in conjunction with the University and the Genesis Center.
//-.20'0 I
Date Cross Reference
/1-L7D( New Item: Yes _ No
—fie
< < ( Prev Ord/Res #:
ate
Orig Contract Date: _
ate
0 4 0 EXHIBIT A OFFER AND ACCEPTANCE CONTRACT
AEs. I67 -
he City of Fayetteville, Arkansas, a municipal corporation, hereinafter referred to
s the Buyer, offers to buy, subject to the terms and conditions set forth herein, the
Blowing described property:
SEE ATTACHED EXHIBIT "A"
FOR PROPERTY DESCRIPTION
2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the
property at closing, the total and cash payment of $ 360,000.00.
3. Contingent Earnest Money Deposit: The Buyer has tendered a check for
$5,000.00 to Henry Brian Walker III, hereinafter referred to as the Seller, as
option/earnest money, which shall apply on the purchase price. This offer of
purchase is contingent upon approval of the City Council of the City of Fayetteville,
Arkansas, and, if they do not so approve, the earnest money deposit will be
retained by the Buyer as option liquidated damages. 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 the Buyer. If the Buyer fails to fulfill his
obligations under this contract or after all conditions have been met, the Buyer fails
to close this transaction, the earnest money may, at the option of the Seller,
become liquidated damages to the Seller. Alternatively, the Seller may assert legal
or equitable rights which it may have because of breach of this contract.
4. Conveyance will be made to the 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 the Seller.
5. The Seller shall furnish a policy of title insurance in the amount of the purchase
price from a title insurance company as selected by the Buyer. Buyer and Seller
shall equally share in the cost of said title insurance.
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 descriptions 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 2
rental payments shall be prorated as of closing.
W
O
8. The closing date is designated to be within days after approval of this contact -J
by the Fayetteville City Council. A date of closing will be established between the
parties after approval of the Fayetteville City Council.
• Page 2
STAFF REVIEW FORM
Description Purchase 32.91 Acres from Bryan Walker Ill, located along 19'" Street Meeting Date December 4, 2001
Comments:
Budget Coordinator
Accounting Manager
City Attorney
Purchasing Officer
ADA Coordinator
Internal Auditor
Reference Comments:
FAYETTEV&LE
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDEN
To: Ed Connell, Engineering Division
From: Heather Woodruff, City Clerk
Date: December 6, 2001
Please find attached a copy of your Staff Review Form approving the Offer and Acceptance
Contract with Bryan Walker, III, dated August 13, 2001, for the sale of 32.91 acres of land. The
original will be microfilmed and filed with the City Clerk
Your budget adjustment form will be forwarded to Budget & Research.
cc: Nancy Smith, Internal Audit
Steve Davis, Budget & Research
010 03 23ty of Fayetteville
Update Index Maintenance
Document Ite Action
Reference Date Ref. Taken Brief D
RES 12042001 167 OFFER
Enter Keywords........:
•
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.1 111 11
File Reference #......:
Security Class........:
Expiration Date.......:
Date for Cont/Referred:
Name Referred to......:
escription
AND ACCEPTNL
12/11/2001
10:24:51
CONTRACT
Retention Type:
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Cmd5-Abstract
Yes No
(c) 1986-1992
Munimetrix Systems Corp.
u
7-
Form No. 1402.92
(10/17/92)
ALTA Owners Policy
"IIII.I('�IIII; 'I'I'I'I.I�: I\�l I'�.►1\I'I:
S T AM E R,
C
v
ISSUED BY
f-ir•t .'�n�r-•rif�,an l��rlt-• ln�ffr:ai�lr-� ( fili>>pl,.in�
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE
B AND THE CONDITIONS AND STIPULATIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a California
corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage,
not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested other than as stated therein;
2. Any defect in or lien or encumbrance on the title;
3. Unmarketability of the title;
4. Lack of a right of access to and from the land.
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but
only to the extent provided in the Conditions and Stipulations.
ps T A M E R, BRONSON ABSTRACT COMPANY, INC.
' 3810 Front Street #5
Fayetteville, AR 72703
(501) 442-2700
Fax (501) 442-8475
Agent for:
First American Title Insurance Company
First American Title
Insurance Company
BY V` PRESIDENT
770668 ATTEST —_ [ SECRETARY
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apew s! uo!1eJl!gJe Aol puewap all alep gull uo $30149 u! saInH
all Aapun pue Aoilod sigl 0l luensmd uogeApgiy pamsu!
841 pue Auedwoo ay143oq Aq of paaA6e uagm Aluo pal2AggJe
eq I124s 000'000'1$ 10 5503x0 u! Si OouEAnsul;o lunowy
941 ua14M sieuew a!ge4!gJe IIV 'PDAnsu! eta JO Auedwoo 041
.1811119 jo uogdo 0141 le paleg!gie aq pegs ssal AO 000000' 1.$
s! aouemsul ;o lunowy all ualm siagew a!gerygie
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JO P3uenss! Sip gllm upg3auuO3 u! Auedwoo 941;o a3!AAas
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Auedwoo 041 UeeMlaglw!ep JO ASAanmwo3 Aug 'ol papw!l
Iou we It apnlou! Aew siagew algenpgiy 'uopepossy
uo!leAlgiy ue3uawy Bill to saInH uo9UAygJy 83uemsul alp!
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'sagugien6'sap!uwapui of pamsu! aW to sjg6u all'uogepwg
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-uou lsu!eOe uo!le6wgns to i6p s4uedwoo at
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'uope6wgns to lu6u s4uedwoo
alp jo luew!el3 pamsu! ail Aq Iuew!edw! 814j JO uoseaA
Aq Auedwoo ail of ISol 'Aue 1! lunowe all paeoxa pets
13!lm Aoilod s!ull Aq lsuieCe pamsu! sassol Aue jo lied wtp
Apo Aed of p9Ainbaj eq iiegs '1u0A01241 u!'Auedwoo all Inq
'A3pod s!ql P!OA Iou pets pe 1e41'anoge 10121 se'tuew!ep
pamsui Gill to i3e Aug ww; llnsaJ pings sso! II
•sso! eg$ 10
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uo!llodoid all u! sa!p8WaJ pue sig6u asap of paleOwgns
eq Il115 Auedwoo 0111 'luewlelci paJnsu! ail ID sso! Gill
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JO as!woidwoo 'ens ol!Auedwoo Gull !!wad pets wewlep
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slubu Ile Auedwoo 3144 01 Aa;sueJ1 II2ys luewlelo pamsu!
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w!elo all of loadsaj u! A1Aadwd A0 uoslad Ave puie6e pay
algep eq Iou Reis pue Aapew 124l of loadsal ql!m suoge6ggo
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JO waojad of 'aleOeJ66e 841 u! 'spaaoxa g3!ym sso! Aue 10
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of PaJ!nbaj swawAed alp uellJagw'a6ewep JO sso! pewiep
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ail Aq Pazuollne aJaM g3!gM luew!ep pamsu! 8ql Aq paun3u!
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pamsui all g1IM alias as!mJeilo A0 Aed of (!!)
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luawAed;o owg 011101 do Auedwoo ail Aq pazuoglne alaM
gb!4M Iuew!ep pamsu! Gill Aq paJmou! sesuadxa pue saw;
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Aol sagged Aaylo yllm alias os!MAa4Io JO Aed of (I)
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041 01 pals!wn; all pe4s luew!ep pamsu! 041 Aq of woes
pue pau6!s abewep A0 ssoj to loved e'Auedwoo 041 Pap!Awd
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'30VWy0 HO SS01 JO i00Hd '9
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ail Aew Auedwoo Gull;o uoiu!do Gill u! i3!gM 132 IniMel 191410
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agi6UipualapJO 6u!1noesold SasSauIIM 6uiu!elgo 'aouap!Aa
suunoas 'bu!paa3oid io uopoe Aug ul (!) p!e algeuose8A
Ile Auedwoo Gull OA16 hugs 'asuadxa s,Auedwoo aqi le
'pamsu! 941 'Auedwoo Gill Aq palsanbai AaAeUagM'asodmd
S!41Ao1 pamsw ay1;o aweu 941'uogdo sit le'asn of Auedwoo
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814 uI osua;ap ap!Awd JO ain3asoJd as 0114614 0111 Auedwoo
• 041 01 aln3as pegs pwnsu! 041 6u!paaowd JO uopOe
Aug 10 esua;ap 941 JOJ ap!Awd A0 eploasOJd of Auedwoo Gill
saJ!nbaJ JO sllwad Aogod 5!41 w04M 89523 Ile ul (p)
'aplo JO luaw6pnl aslanpe Aug ww; leadde ol'uogams!p
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ue IgBnwq 94214 pegs Auedwoo Gill AanauagM (o)
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EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which
arise by reason of:
1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting
or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improvement now or hereafter erected on the
land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental
protection, or the effect of any violation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof
or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date
of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance
resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any
taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) created, suffered, assumed or agreed to by the insured claimant;
(b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company
by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resulting in no loss or damage to the insured claimant;
(d) attaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy.
4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy,
state insolvency, or similar creditors' rights laws, that is based on:
(i) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or
(ii) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the
failure:
(a) to timely record the instrument of transfer; or
(b) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS.
The following terms when used in this policy mean:
(a) "insured": the insured named in Schedule A, and,
subject to any rights or defenses the company would have
had against the named insured, those who succeed to the
interest of the named insured by operation of law as
distinguished from purchase including, but not limited to,
heirs, distributees, devisees, survivors, personal representa-
tives, next of Idn, or corporate or fiduciary successors.
(b) "insured claimant": an insured claiming loss or
damage.
(c) "knowledge" or "known": actual knowledge, not
constructive knowledge or notice which may be imputed to
an insured by reason of the public records as defined in this
policy or any other records which impart constructive notice
of matters affecting the land.
(d) "land": the land described or referred to in
Schedule (A), and improvements affixed thereto which by law
constitute real property. The term "land" does not include any
property beyond the lines of the area described or referred
to in Schedule (A), nor any right, title, interest, estate or
easement in abutting streets, roads, avenues, alleys, lanes,
ways or waterways, but nothing herein shall modify or limit
the extent to which a right of access to and from the land is
insured by this policy.
(e) "mortgage": mortgage, deed of trust, trust deed,
or other security instrument.
(f) "public records": records established under state
statutes at Date of Policy for the purpose of imparting
constructive notice of matters relating to real property to
purchasers for value and without knowledge. With respect to
Section 1(a)(iv) of the Exclusions From Coverage, "public
records" shall also incude environmental protection liens filed
in the records of the clerk of the United States district court
for the district in which the land is located.
(g) "unmarketability of the title": an alleged or
apparent matter affecting the title to the land, not excluded or
excepted from coverage, which would entitle a purchaser of
the estate or interest described in Schedule A to be released
from the obligation to purchase by virtue of a contractual
condition requiring the delivery of marketable title.
2. CONTINUATION OF INSURANCE AFTER
CONVEYANCE OF TIRE.
The coverage of this"policy shag continue in force as
of Date of Policy in favor of an insured only so long as the
insured retains an estate or interest in the land, or holds an
indebtedness secured by a purchase money mortgage given
by a purchaser from the insured, or only so long as the
insured shall have liability by reason of covenants of warranty
made by the insured in any transfer or conveyance of the
estate or interest. This policy shall not continue in force in
favor of any purchaser from the insured of either (i) an estate
or interest in the land, or (ii) an indebtedness secured by a
purchase money mortgage given to the insured.
3. NOTICE OF CLAIM TO BE GIVEN BY
INSURED CLAIMANT.
The insured shall notify the Company promptly in
writing (i) in case of any litigation as set forth in Section 4(a)
below, (ii) in case knowledge shall come to an insured
hereunder of any claim of title or interest which is adverse to
the Ube to the estate or interest, as insured, and which might
cause loss or damage for which the Company may be liable
by virtue of this policy, or (iii) if tide to the estate or interest,
as insured, is rejected as unmarketable. If prompt notice shall
not be given to the Company, then as to the insured all liability
of the Company shall terminate with regard to the matter or
matters for which prompt notice is required: provided,
however, that failure to notify the Company shall in no case
prejudice the rights of any insured under this policy unless
the Company shall be prejudiced by the failure and then only
to the extent of the prejudice.
4. DEFENSE AND PROSECUTION OF ACTIONS;
DUTY OF INSURED CLAIMANT TO COOPERATE.
(a) Upon written request by the insured and subject to
the options contained in Section 6 of these Conditions and
Stipulations, the Company, at its own cost and without
unreasonable delay, shall provide for the defense of an
insured in litigation in which any third party asserts a claim
adverse to the titre or interest as insured, but only as to those
stated causes of action alleging a defect, lien or en-
cumbrance or other matter insured against by this policy. The
Company shall have the right to select counsel of its choice
(subject to the right of the insured to object for reasonable
cause) to represent the insured as to those stated causes of
action and shall not be liable for and will not pay the tees of
any other counsel. The Company will not pay any fees, costs
or expenses incurred by the insured in the defense of those
causes of action which allege matters not insured against by
this policy.
(b) The Company shall have the right, at its own cost,
to institute and prosecute any action or proceeding or to do
any other act which in its opinion may be necessary or
desirable to establish the title to the estate or interest, as
insured, or to prevent or reduce loss or damage to the
insured. The Company may take any appropriate action under
the terms of this policy, whether or not it shall be liable
hereunder, and shall not thereby concede liability or waive
any provision of this policy. If the Company shall exercise its
rights under this paragraph, it shall do so diligently.
(c) Whenever the Company shall have brought an
action or interposed a defense as required or permitted by the
provisions of this policy, the Company may pursue any
litigation to final determination by a court of competent
jurisdiction and expressly reserves the right, in its sole
discretion, to appeal from any adverse judgment or order.
(d) In all cases where this policy permits or requires
the Company to prosecute or provide for the defense of any
action or proceeding, the insured shall secure to the
Company the right to so prosecute or provide defense in the
action or proceeding, and all appeals therein, and permit the
Company to use, at its option, the name of the insured for this
purpose. Whenever requested by the Company, the insured,
at the Company's expense, shall give the Company all
reasonable aid (i) in any action or proceeding, securing
evidence, obtaining witnesses, prosecuting or defending the
action or proceeding, or effecting settlement, and (ii) in any
other lawful act which in the opinion of the Company may be
necessary or desirable to establish the title to the estate or
interest as insured. If the Company is prejudiced by the failure
of the insured to furnish the required cooperation, the
Companys obligations to the insured under the policy shall
terminate, including any liability or obligation to defend,
prosecute, or continue any litigation, with regard to the matter
or matters requiring such cooperation.
5. PROOF OF LOSS OR DAMAGE.
by this policy which constitutes the basis of loss or damage
and shall state, to the extent possible, the basis of calculating
the amount of the loss or damage. If the Company is
prejudiced by the failure of the insured claimant to provide the
required proof of loss or damage, the Company's obligations
to the insured under the policy shall terminate, including any
liability or obligation to defend, prosecute, or continue any
litigation, with regard to the matter or matters requiring such
proof of loss or damage.
In addition, the insured claimant may reasonably be
required to submit to examination under oath by any
authorized representative of the Company and shall produce
for examination, inspection and copying, at such reasonable
times and places as may be designated by any authorized
representative of the Company, all records, books, ledgers,
checks, correspondence and memoranda, whether bearing a
date before or after Date of Policy, which reasonably pertain
to the loss or damage. Further, if requested by any authorized
representative of the Company, the insured claimant shall
grant its permission, in writing, for any authorized rep-
resentative of the Company to examine, inspect and copy all
records, books, ledgers, checks, correspondence and mem-
oranda in the custody or control of a third party, which
reasonably pertain to the loss or damage. All information
designated as confidential by the insured claimant provided
to the Company pursuant to this Section shall not be
disclosed to others unless, in the reasonable judgment of the
Company, it is necessary in the administration of the claim.
Failure of the insured claimant to submit for examination
under oath, produce other reasonably requested information
or grant permission to secure reasonably necessary informa-
tion from third parties as required in this paragraph, unless
prohibited by law or governmental regulation, shall terminate
any liability of the Company under this policy as to that claim.
5. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;
TERMINATION OF LIABILITY.
In case of a claim under this policy, the Company shall
have the following additional options:
(a) To Pay or Tender Payment of the Amount of
Insurance.
To pay or tender payment of the amount of insurance
under this policy together with any costs, attorneys' fees and
expenses incurred by the insured claimant, which were
authorized by the Company, up to the time of payment or
tender of payment and which the Company is obligated to
Upon the exercise by the Company of this option, all
ility and obligations to the insured under this policy, other
than to make the payment required, shall terminate, including
any liability or obligation to defend, prosecute, or continue
any litigation, and the policy shall be surrendered to the
Company for cancellation.
(b) To Pay or Otherwise Settle With Parties Other than
•Insured or With the Insured Claimant.
(i) to pay or otherwise settle with other parties for
or in the name of an insured claimant any claim insured
against under this policy, together with any costs, attorneys'
fees and expenses incurred by the insured claimant which
were authorized by the Company up to the time of payment
and which the Company is obligated to pay; or
(ii) to pay or otherwise settle with the insured
claimant the loss or damage provided for under this policy,
together with any costs, attorneys' fees and expenses
incurred by the insured claimant which were authorized by the
Company up to the time of payment and which the Company
is obligated to pay.
Upon the exercise by the Company of either of the
options provided for in paragraphs (b)(i) or (ii), the Com-
panys obligations to the insured under this policy for the
claimed loss or damage, other than the payments required to
be made, shall terminate, including any liability or obligation
to defend, prosecute or continue any litigation.
7. DETERMINATION, EXTENT OF LIABILITY
AND COINSURANCE.
This policy is a contract of indemnity against actual
monetary loss or damage sustained or incurred by the
insured claimant who has suffered loss or damage by reason
of matters insured against by this policy and only to the extent
herein described.
(a) The liability of the Company under this policy shall
not exceed the least of:
(i) the Amount of Insurance stated in Schedule A;
or
(ii) the difference between the value of the insured
estate or interest as insured and the value of the insured estate
or interest subject to the defect, lien or encumbrance insured
against by this policy.
(b) In the event the Amount of insurance stated in
Schedule A at the Date of Policy is less than 80 percent of
the value of the insured estate or interest or the full
consideration paid for the land, whichever is less, or if
subsequent to the Date of Policy an improvement is erected
on the land which increases the value of the insured estate
or interest by at least 20 percent over the Amount of
Insurance stated in Schedule A. then this Policy is subject to
the following:
(i) where no subsequent improvement has been
made, as to any partial loss, the Company shall only pay the
loss pro rata in the proportion that the Amount of Insurance
at Date of Policy bears to the total value of the insured estate
or interest at Date of Policy; or (ii) where a subsequent
improvement has been made, as to any partial loss, the
Company shall only pay the loss pro rata in the proportion that
120 percent of the Amount of Insurance stated in Schedule
A bears to the sum of the Amount of Insurance stated in
Schedule A and the amount expended for the improvement.
The provisions of this paragraph shall not apply to
costs, attorneys' fees and expenses for which the Company
is liable under this policy, and shall only apply to that portion
of any loss which exceeds, in the aggregate, 10 percent of
the Amount of Insurance stated in Schedule A.
(c) The Company will pay only those costs, attorneys'
fees and expenses incurred in accordance with Section 4 of
these Conditions and Stipulations.
8. APPORTIONMENT.
If the land described in Schedule (A)(C) consists of two
or more parcels which are not used as a single site, and a loss
is established affecting one or more of the parcels but not all,
the loss shall be computed and settled on a pro rata basis as
if the Amount of Insurance under this policy was divided pro
rata as to the value on Date of Policy of each separate parcel
to the whole, exclusive of any, improvements made sub-
sequent to Date of Policy, unless a liability or value has
otherwise been agreed upon as to each parcel by the
Company and the insured at the time of the issuance of this
policy and shown by an express statement or by an
endorsement attached to this policy.
for any loss or damage caused thereby.
(b) In the event of any litigation, including litigation by
the Company or with the Company's consent, the Company
shall have no liability for loss or damage until there has been
a final determination by a court of competent jurisdiction,
and disposition of all appeals therefrom, adverse to the title
as insured.
(c) The Company shall not be liable for loss or
damage to any insured for liability voluntarily assumed by the
insured in settling any claim or suit without the prior written
consent of the Company.
10. REDUCTION OF INSURANCE; REDUCTION OR
TERMINATION OF LIABILITY.
All payments underthis policy, except payments made
for costs, attorneys' fees and expenses, shall reduce the
amount of the insurance pro Canto,
11. LIABILITY NONCUMULATIVE.
It is expressly understood that the Amount of In-
surance under this policy shall be reduced by any amount the
Company may pay under any policy insuring a mortgage to
which exception is taken in Schedule B or to which the
insured has agreed, assumed, or taken subject, or which is
hereafter executed by an insured and which is a charge or
lien on the estate or interest described or referred to in
Schedule A, and the amount so paid shall be deemed a
payment under this policy to the insured owner.
12. PAYMENT OF LOSS.
(a) No payment shall be made without producing this
policy for endorsement of the payment unless the policy has
been lost or destroyed, in which case proof of loss or
destruction shall be furnished to the satisfaction of the
Company.
(b) When liability and the extent of loss or damage has
been definitely fixed in accordance with these Conditions and
Stipulations, the loss or damage shall be payable within 30
days thereafter.
13. SUBROGATION UPON PAYMENT
OR SETTLEMENT.
(a) The Company's Right of Subrogation.
Whenever the Company shall have settled and paid a
m under this policy, all right of subrogation shall vest in
the Company unaffected by any act of the insured claimant.
The Company shall be subrogated to and be entitled to all
rights and remedies which the insured claimant would have
had against any person or property in respect to the claim
had this policy not been issued, If requested by the Company,
insured claimant shall transfer to the Company all rights
remedies against an? person or property necessary in
ider to perfect this right of subrogation. The insured
claimant shall permit the Company to sue, compromise or
settle in the name of the insured claimant and to use the name
of the insured claimant in any transaction or litigation
involving these rights or remedies.
If a payment on account of a claim does not fully cover
the loss of the insured claimant, the Company shall be
subrogated to these rights and remedies in the proportion
which the Companys payment bears to the whole amount
of the loss.
If loss should result from any act of the insured
claimant, as stated above, that act shall not void this policy,
but the Company, in that event, shall be required to pay only
that part of any losses insured against by this policy which
shall exceed the amount, if any, lost to the Company by
reason of the impairment by the insured claimant of the
Companys right of subrogation.
(b) The Companys Rights Against non -Insured
Obligors.
The Companys right of subrogation against non-
insured obligors shall exist and shall include, without
limitation, the rights of the insured to indemnities, guaranties,
other policies of insurance or bonds, notwithstanding any
terms or conditions contained in those instruments which
provide for subrogation rights by reason of this policy.
14. ARBITRATION.
Unless prohibited by applicable law, either the Com-
pany or the insured may demand arbitration pursuant to the
Title Insurance Arbitration Rules of the American Arbitration
Association. Arbitrable matters may include, but are not
limited to, any controversy or claim between the Company
and the insured arising out of or relating to this policy, any
service of the Company in connection with its issuance or
the breach of a policy provision or other obligation. All
arbitrable matters when the Amount of Insurance is
$1,000,000 or less shall be arbitrated at the option of either
the Company or the insured. All arbitrable matters when the
Amount of Insurance is in excess of $1,000,000 shall be
arbitrated only when agreed to by both the Company and the
insured. Arbitration pursuant to this policy and under the
Rules in effect on the date the demand for arbitration is made
or, at the option of the insured, the Rules in effect at Date of
Policy shall be binding upon the parties. The award may
include attorneys' fees only if the laws of the state in which
the land is located permit a court to award attorneys' fees to
a prevailing party. Judgment upon the award rendered by the
Arbitrator(s) may be entered in any court having jurisdiction
thereof.
The law of the situs of the land shall apply to an
arbitration under the Title Insurance Arbitration Rules.
A copy of the Rules may be obtained from the
Company upon request.
15. LIABILITY LIMITED TO THIS POLICY;
POLICY ENTIRE CONTRACT.
(a) This policy together with all endorsements, if any,
attached hereto by the Company is the entire policy and
contract between the insured and the Company. In interpret-
ing any provision of this policy, this policy shall be construed
as a whole.
(b) Any claim of loss or damage, whether or not
based on negligence, and which arises out of the status of
the title to the estate or interest covered hereby or by any
action asserting such claim, shall be restricted to this policy.
(c) No amendment of or endorsement to this policy
can be made except by a writing endorsed hereon or attached
hereto signed by either the President, a Vice President, the
Secretary, an Assistant Secretary, or validating officer or
authorized signatory of the Company.
16. SEVERABILITY.
In the event any provision of the policy is held invalid
or unenforceable under applicable law, the policy shall be
deemed not to include that provision and all other provisions
shall remain in full force and effect.
In addition to and after the notices required under
Section 3 of these Conditions and Stipulations have been
provided the Company, a proof of loss or damage signed and
sworn to by the insured claimant shall be furnished to the
Company within 90 days after the insured claimant shall
ascertain the facts giving rise to the loss or damage. The
proof of loss or damage shall describe the defect in, or lien
or encumbrance on the title, or other matter insured against
9. LIMITATION OF LIABILITY.
(a) If the Company establishes the tide, or removes the
alleged defect, lien or encumbrance, or cures the lack of a
right of access to or from the land, or cures the claim of
unmarketability of tille, all as insured, in a reasonably diligent
manner by any method, including litigation and the comple-
tion of any appeals therefrom, it shall have fully performed its
obligations with respect to that matter and shall not be liable
17. NOTICES, WHERE SENT.
Al notices required b be given tie Carpany and any statement
in fig raquied b be rumslbd the Company stall bickde to
numter ci this policy ad shat be addressed to the Company at
i Fust �ru an Way, Santa Maw Cailarnu 92707, orb the ofke
Policy No.J 770668
SCHEDULE A File No.FATIC 2001-12846
Amount of insurance: $360,000.00
Premium: STANDARD
Date of Policy: JANUARY 25, 2002 at 10:50 A.M.
Name of Insured:
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 Southwest Quarter (SW 1/4) of the Southeast Quarter (SE 1/4) of
Section Twenty-one (21), Township Sixteen (16) North, Range Thirty (30) West
of the 5th P.M., Washington County, Arkansas, described as beginning at a
point 447.52 feet South of the Northeast corner of said forty acre tract;
thence South 308.45 feet; thence South 89 degrees 35 minutes 35 seconds West
518.36 feet; thence North 9 degrees 04 minutes 00 seconds East 65.00 feet;
thence North 88 degrees 58 minutes 00 seconds West 184.15 feet; thence North 7
degrees 25 minutes 39 seconds East 261.54 feet; thence South 88 degrees 43
minutes 09 seconds East 658.58 feet to the point of beginning, containing 4.69
acres, more or less, subject to easements and rights of way of record.
Part of the Southeast Quarter (SE 1/4) of the Southeast Quarter (SE 1/4) of
Section 21, Township 16 North, Range 30 West of the 5th P.M., Washington
County, Arkansas, lying South of the centerline of an East-West Road (now 19th
Street), and being more particularly described as follows, to -wit: Beginning
at a point in the centerline of said road (now 19th Street) which is 408.33
feet South of the Northwest corner of the SE 1/4 of the SE 1/4 of said Section
21; thence along the centerline of said roadway South 89 degrees 51 minutes 49
COUNTERSIGNED BY: l.Qam1 �k�
BRONSON ABSTRACT COMPANY, INC*********************************
28 EAST CENTER STREET FIRST AMERICAN TITLE
FAYETTEVILLE, AR. 72701 INSURANCE COMPANY
*********************************
Policy No.J 770668
SCHEDULE A File No.FATIC 2001-12846
seconds East 495.45 feet; thence North 84
814.78 feet to the East line of the forty
line South 976.96 feet to the Southeast cc
thence along the south line of said forty
Southwest corner of said forty acre tract;
forty acre tract North 899.46 feet to the
27.68 acres, more or less, subject to all
situated in the road along the North side
degrees 27 minutes 31 seconds East
acre tract; thence with said East
rner of said forty acre tract;
acre tract West 1306.42 feet to the
thence along the West line of said
point of beginning, and containing
that portion of land lying and being
thereof and easements of record.
COUNTERSIGNED BY:
BRONSON ABSTRACT COMPANY, INC*********************************
28 EAST CENTER STREET FIRST AMERICAN TITLE
FAYETTEVILLE, AR. 72701 INSURANCE COMPANY
*********************************
t
Policy No.J 770668
SCHEDULE B File No.FATIC 2001-12846
This policy does not insure against loss or damage by reason of the following:
1 General taxes for the year 2001 and subsequent years not yet due and
payable.
2 Rights or claims of parties in possession, boundary line disputes,
overlaps, encroachments, and any other matters not shown by the
public records which would be disclosed by an accurate survey and
inspection of the land described in Schedule A.
3 Subject to a right of way granted to Arkansas Western Gas Company
recorded in record book 654 at page 247.
4 Subject to an easement granted to the City of Fayetteville, Arkansas,
recorded in record book 988 at page 124.
5 Subject to order of possession in favor of the City of Fayetteville,
Arkansas, against Fannie Walker, recorded in Circuit Court record book 41
at page 205.
6 Subject to any portion of herein described land that may lie within the
right of way of any public road.
BRONSON ABSTRACT COMPANY, INC
28 EAST CENTER STREET
FAYETTEVILLE, AR. 72701
*********************************
FIRST AMERICAN TITLE
INSURANCE COMPANY
*********************************
BRONSON ABSTRACT CO., INC. F°
Abstracts Title Insurance Escrows 3810 Front Street
Suite 5
Fayetteville, AR 72703
501 442-2700
Telecopier
501 442-8475
APRIL 18, 2002
CITY OF FAYETTEVILLE
113 W. MOUNTAIN STREET
FAYETTEVILLE, AR 72701
FATIC 2001-12846
INSURANCE POLICY NO. J 770668
NOTE: This letter contains IMPORTANT information about the real
estate transaction you have just recently completed. Read this
letter and retain it with your other valuable papers pertaining
to the property purchased.
The new home or other real estate you have purchased is protected
with a policy of title insurance issued thru BRONSON ABSTRACT
COMPANY., INC.
We have assigned the above number to your records to assure
prompt processing of future title orders involving the property,
If you sell or obtain a loan on this piece of land within four
(4) years, BRONSON ABSTRACT COMPANY, INC., WILL REDUCE THE USUAL
POLICY RATE
To obtain this SAVINGS, it will be necessary for you to inform
the real estate agent and/or loan officer handling further
transactions that such policies of title insurance if required
should be issued thru BRONSON ABSTRACT COMPANY, INC., and you
must request the real estate agent and/or loan officer to forward
this letter to us with the order for title insurance.
We appreciate the opportunity of serving you and will be glad to
assist you in any way, remembering that PROTECTION OF YOUR
PROPERTY IS YOUR FIRST CONSIDERATION --AND OURS.
FIRST AMERICAN TITLE INSURANCE CO.