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HomeMy WebLinkAbout17-02 RESOLUTION• • RESOLUTION NO. 17-02 A RESOLUTION TO AUTHORIZE THE MAYOR TO EXECUTE A CONTRACT FOR SALE OF REAL PROPERTY TO PURCHASE A BLOCK OF LAND FROM WASI-IINGTON REGIONAL MEDICORP FOR TI -IE NEW CITY LIBRARY SITE IN THE AMOUNT OF $268,000.00 WHEREAS, the City of Fayetteville entered into an Option To Purchase the block of land bounded by School, Rock, West and Mountain Streets in Fayetteville, Arkansas for an amount not to exceed 5268,000.00 with Washington Regional Medicorp on September 29, 7999; and WHEREAS, the City of Fayetteville needs to exercise its option and purchase this land as the site of the new city library. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council of the City of Fayetteville, Arkansas hereby authorizes the Mayor to execute the Contract For Sale of Real Property (attached as Exhibit A) to buy this real property from Washington Regional Medicorp for a total sales price of $268,000.00. PASSED and APPROVED this the 5th day of February, 2002. ather Woodruff, City C r APPROVED: By: • NAME OF FILE: CROSS REFERENCE: Resolution No. 17-02 • 02/05/02 Resolution No. 17-02 12/18/01 Contract for Sale of Real Property 10/05/99 Exhibit "A" (Resolution No. 127-99) 02/20/02 Quit Claim Decd 01/31/02 Commitment for Title Insurance issued by First American Title Insurance Company 02/05/02 Staff Review Form 02/11/02 Memo to Ed Connell, Engineering, from Heather Woodruff, City Clerk NOTES: • RESOLUTION NO. r copy A RESOLUTION TO AUTHORIZE THE MAYOR TO EXECUTE A CONTRACT FOR SALE OF REAL PROPERTY TO PURCHASE A BLOCK OF LAND FROM WASHINGTON REGIONAL MEDICORP FOR THE NEW CITY LIBRARY SITE IN THE AMOUNT OF $268,000.00 WHEREAS, the City of Fayetteville entered into an Option To Purchase the block of land bounded by School, Rock, West and Mountain Streets in Fayetteville, Arkansas for an amount not to exceed $268,000.00 with Washington Regional Medicorp on September 29, 1999; and WHEREAS, the City of Fayetteville needs to exercise its option and purchase this land as the site of the new city library. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council of the City of Fayetteville, Arkansas hereby authorizes the Mayor to execute the Contract For Sale of Real Property (attached as Exhibit A) to buy this real property from Washington Regional Medicorp for a total sales price of $268,000.00. PASSED and APPROVED this the day of February, 2002. APPROVED: By: DAN COODY, Mayor ATTEST: By: Heather Woodruff, City Clerk • C 41 IP /a5./%D% CONTRACT FOR SALE OF REAL PROPERTY THIS AGREEMENT is entered into at the City of Fayetteville, Washington County, Arkansas on December /$, 2001, by and between Washington Regional MediCorp., an Arkansas Nonprofit Corporation, hereinafter "Seller", and The City of Fayetteville, Arkansas, a municipal corporation, hereinafter "Buyer". 1. Sale. Seller shall sell and convey to Buyer, and Buyer shall purchase and pay for, that real property more particularly described as follows: All of Block Thirty -Four (34) in the Original Town (now City) of Fayetteville, Arkansas as per plat of record in the Office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas, located m the Northwest Quarter (NW'h) of the Southeast Quarter (SE'h) of Section Sixteen (16) West, being more particularly descnbed as follows: Begmnmg at the Northeast corner of said Block 34 and running South 32° 37' 27" West — 324.49 feet to the Southeast corner of said Block 34; thence North 87° 19' 06" West — 326.31 feet to the Southwest corner of said Block 34; thence North 02° 37' 27" East — 324.33 feet to the Northwest corner of said Block 34; thence South 87° 20' 48" East — 326.31 feet to the Northeast corner of said Block 34 to the Point of Beginning, contauung 2.43 acres, more or less, andsubject to any easements and/or nghts of way of record applicable to such lands. The above-descnbed premises, hereinafter "Property", shall include the land and all buildings, fixtures, improvements, rights, privileges, and easements appertaining thereto. 2. Purchase Price. The total purchase price for the Property is Two Hundred Sixty Eight Thousand Dollars (5268,000.00) and shall be paid in cash to the Seller by Buyer at the time and place for closing as set forth herein. Said price and purchase have heretofore been agreed upon and established by Seller and Buyer pursuant to a certain Option to Purchase Agreement dated September 29, 1999, which agreement was approved by Buyer through passage of Resolution No. 127-99 of The City of Fayetteville dated October 5, 1999, the terms, covenants and conditions of which are expressly incorporated herein and made a part hereof. 3. Contingent Earnest Money Deposit. The Buyer has heretofore tendered earnest money in the amount of One Thousand Dollars (51,000.00) to Seller, which amount shall be applied to the Purchase Price set forth in paragraph 2 above. In the event Seller fails to fulfill any of its obligations herein, that earnest money shall be promptly refunded to CONTRACT FOR SALE OF REAL PROPERTY Page 1 of 4 Pages • • • • Buyer. In the event Buyer fails to fulfill any of its obligations herein, Seller may retain that earnest money as liquidated damages and may pursue any legal or equitable remedies available at law. 4. Closing. The Closing of this transaction shall occur within 28 days after acceptance of this offer by Seller at the offices of The City of Fayetteville, 113 W Mountain Street, Fayetteville, Arkansas In the event the scheduled date of Closing shall fall on a weekend or holiday, the Closing shall be held on the next following business day. Buyer shall be responsible for all costs associated with Closing on the Property except for those specifically assigned to Seller as set forth in paragraph 7 herein. 5. Deed. The Seller shall convey the Property to Buyer by quitclaim deed. Buyer shall have the right to inspect and conduct a survey of the Property, the cost and expense of which shall be borne solely by Buyer, at any time prior to Closing. 6. "As Is" Condition. Seller shall deliver possession of the Property to Buyer m its "as is" condition as of the date of Closing, excepting reasonable wear and tear. 7. Taxes. The Seller shall pay all taxes or special assessments due or owing on or before Closing. Insurance, general taxes, ad valorem taxes, and special assessments shall be prorated as of the date of Closing. 8. Title Insurance. Seller agrees to procure title insurance in an amount equal to the purchase price of the Property from a suitable title insurance company selected by Buyer, the cost of which title insurance shall be paid to Seller by Buyer at Closing. 9. Casualty. Seller shall bear and assume all risk of loss or damage to the Property by fire or other casualty up to the date of Closing Buyer shall bear and assume all risk of loss or damage to the Property by fire or other casualty from and after the date of Closing and Buyer shall procure its own insurance policies to be effective from and after the date title to the Property is transferred to Buyer. 10. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Arkansas. 11. Time of Essence. Time is of the essence of this Agreement. 12. Entire Agreement. All prior understandings and agreements between the parties, excepting that Option to Purchase Agreement dated September 19, 1999 as incorporated herein and described in paragraph two hereinabove, are merged in this contract, which constitutes the entire agreement of the parties. This contract is entered into after full investigation made by Seller and Buyer, and neither party relies upon any statement or CONTRACT FOR SALE OF REAL PROPERTY Page 2 of 4 Pages /fes /%Da representation made by anyone unless contained herein. IN WITNESS WHEREOF, the parties hereunto set their hands this$' 'day of December, 2001. SELLER: WASHINGTON REGIONAL MEDICORP., An Arkansas Nonprofit Corporation BY: 4 /( YI'"— ,q, TITLE: AA f (L4 .t .J�//�lzCi BY Janet sher, Assistant Secretary BUYER: THE CITY OF FAYETTEVILLE, ARKANSAS A Municipal Corporation BY: I.I Dan Coolly, Mayor ATTEST: BY: QG H ather Woodruff, City Clerk CONTRACT FOR SALE OF REAL PROPERTY Page 3 of 4 Pages • ACKNOWLEDGMENT STATE OF ARKANSAS ) ss COUNTY OF WASHINGTON ) • its. /7 02 BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for the said County and State, personally appeared /77Lke /YJMLea_.w_ and Janet Absher, to me well known as the persons who executed thee foregoing document, and who stated and acknowledged that they are the 14Ae N'e.5idaa- and Assistant Secretary of Washington Regional Medicorp, an Arkansas nonprofit corporation, and are duly authorized to execute the foregoing instrument for and in the name and behalf of said Washington Regional Medicorp, 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. ,//��,,-� et WITNESS my hand and seal on this/ day of/WX '►cb2/LJ , 2001. Notary P ACKNOWLEDGMENT STATE OF ARKANSAS ) ss COUNTY OF WASHINGTON ) BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for the said County and State, personally appeared Dan Coody and Heather Woodruff, to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Mayor and City Clerk 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/,97* day of aeon -hex, . 2001. My Commission Exp Lee EDWARD D. ��� �: Washingtco a -eV -2,0/0 " • My Cammtssion ublic May 1, 2010 CONTRACT FOR SALE OF REAL PROPERTY Page 4 of 4 Pages • • CONTRACT FOR SALE OF REAL PROPERTY THIS AGREEMENT is entered into at the City of Fayetteville, Washington County, Arkansas on " 200 , by and between Washington Regional MediCorp., an Arkansas Nonprofit Corporation, hereinafter "Seller", and The City of Fayetteville, Arkansas, a municipal corporation, hereinafter `Buyer". 1. Sale. Seller shall sell and convey to Buyer, and Buyer shall purchase and pay for, that real property more particularly described as follows: All of Block Thirty -Four (34) in the Original Town (now City) of Fayetteville, Arkansas as per plat of record in the Office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas, located in the Northwest Quarter (NW%) of the Southeast Quarter (SE%) of Section Sixteen (16) West, being more particularly described as follows: Beginning at the Northeast comer of said Block 34 and running South Q2° 37' 27" West — 324.49 feet to the Southeast corner of said Block 34; thence North 87° 19' 06" West — 326.31 feet to the Southwest corner of said Block 34; thence North 02° 37' 27' East — 324.33 feet to the Northwest corner of said Block 34; thence South 87° 20' 48" East — 326.31 feet to the Northeast corner of said Block 34 to the Point of Beginning, containing 2.43 acres, more or less, and subject to any easements and/or rights of way of record applicable to such lands. The above-described premises, hereinafter "Property", shall include the land and all buildings, fixtures, improvements, rights, privileges, and easements appertauung thereto. 2. Purchase Pnce. The total purchase pnce for the Property is Two Hundred Sixty Eight Thousand Dollars (5268,000.00) and shall be paid in cash to the Seller by Buyer at the time and place for closing as set forth herein. Said price and purchase have heretofore been agreed upon and established by Seller and Buyer pursuant to a certain Option to Purchase Agreement dated September 29, 1999, which agreement was approved by Buyer through passage of Resolution No. 127-99 of The City of Fayetteville dated October 5, 1999, the terms, covenants and conditions of which are expressly incorporated herein and made a part hereof. 3. Contingent Earnest Money Deposit The Buyer has heretofore tendered earnest money in the amount of One Thousand Dollars (51,000.00) to Seller, which amount shall be applied to the Purchase Price set forth in paragraph 2 above. In the event Seller fails to fulfill any of its obligations herein, that eamest money shall be promptly refunded to CONTRACT FOR SALE OF REAL PROPERTY Page I of 4 Pages • • Buyer. In the event Buyer fails to fulfill any of its obligations herein, Seller may retain that earnest money as liquidated damages and may pursue any legal or equitable remedies available at law. 4. Closing. The Closing of this transaction shall occur within 28 days after acceptance of this offer by Seller at the offices of The City of Fayetteville, 113 W. Mountain Street, Fayetteville, Arkansas. In the event the scheduled date of Closing shall fall on a weekend or holiday, the Closing shall be held on the next following business day. Buyer shall be responsible for all costs associated with Closing on the Property except for those specifically assigned to. Seller as set forth in paragraph 7 herein. 5. Deed. The Seller shall convey the Property to Buyer by quitclaim deed. Buyer shall have the nght to inspect and conduct a survey of the Property, the cost and expense of which shall be borne solely by Buyer, at any time prior to Closing. 6. "As Is" Condition. Seller shall deliver possession of the Property to Buyer in its "as is" condition as of the date of Closing, excepting reasonable wear and tear. 7. Taxes. The Seller shall pay all taxes or special assessments due or owing on or before Closing. Insurance, general taxes, ad valorem taxes, and special assessments shall be prorated as of the date of Closing. 8. Title Insurance. Sella agrees to procure title insurance in an amount equal to the purchase price of the Property from a suitable title insurance company selected by Buyer, the cost of which title insurance shall be paid to Sella by Buyer at Closing. 9. Casualty. Seller shall bear and assume all risk of loss or damage to the Property by fire or other casualty up to the date of Closing Buyer shall bear and assume all risk of loss or damage to the Property by fire or other casualty from and after the date of Closing and Buyer shall procure its own insurance policies to be effective from and after the date title to the Property is transferred to Buyer. 10. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Arkansas. 11. Time of Essence. Time is of the essence of this Agreement. 12. Enure Agreement. All pnor understandings and agreements between the parties, excepting that Option to Purchase Agreement dated September 19, 1999 as incorporated herein and described in paragraph two hereinabove, are merged to this contract, which constitutes the entire agreement of the parties. This contract is entered into after hill investigation made by Seller and Buyer, and neither party relies upon any statement or CONTRACT FOR SALE OF REAL PROPERTY Page 2 of 4 Pages • • representation made by anyone unless contained herein. IN WITNESS WHEREOF, the parties hereunto set their hands this. _ day of , 200 .. SELLER: WASHINGTON REGIONAL MEDICORP., An Arkansas Nonprofit Corporation BY: /viet ,TITLE: VA.t 4 as04 A../�//u•1 A BY Janet .i • sher, Assistant Secretary BUYER: THE CITY OF FAYETTEVILLE, ARKANSAS A Municipal Corporation BY: Dan Coady, Mayor ATTEST: BY: Hdather Wooaruff, City Clerk CONTRACT FOR SALE OF REAL PROPERTY Page 3 of 4 Pages • • ACKNOWLEDGMENT STATE OF ARKANSAS ) ss. COUNTY OF WASHINGTON ) BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for the said County and State, personally appeared //)life inaLea.A. and Janet Absher, to me well known as the persons who executed thforegomg document, and who stated and acknowledged that they are the i ize neg./tie-a- and Assistant Secretary of Washington Regional Medicorp, an Arkansas nonprofit corporation, and are duly authorized to execute the foregoing instrument for and in the name and behalf of said Washington Regional Medicorp, 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/ day of,4td2nc..be,t, , 2001. MY Commission Expires: STATE OF ARKANSAS 11 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 the said County and State, personally appeared Dan Coody and Heather Woodruff, to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Mayor and City Clerk 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/31 day of �� i,or„ , 2001. My Commission Expi ar-O/-ZO/U ac ry et EDWARD D. .i Washington 1) a1NConmissbn :,s ublic to wyi,pw CONTRACT FOR SALE OF REAL PROPERTY Page 4 of 4 Pages EXHIBIT 'A" OPTION AGREEMENT 1-11 RESOLUTION NO 127-99 MICROFILMED A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE OPTION TO PURCHASE AGREEMENT IN AN AMOUNT NOT TO EXCEED $268,000 BETWEEN THE CITY OF FAYETTEVILLE AND WASHINGTON REGIONAL MEDICORP, FOR PROPERTY BOUND BY SCHOOL, ROCK, WEST AND MOUNTAIN STREETS WHICH IS THE PROPOSED SITE FOR THE NEW PUBLIC LIBRARY. 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 the option to purchase agreement, in an amount not to exceed $268,000, between the City of Fayetteville and Washington Regional Medicorp, for property bound by School, Rock, West and Mountain Streets which is the proposed site for the new public library. A copy of the agreement is attached hereto marked Exlubit "A" and made a part hereof. PASSED AND APPROVED this day of October , 1999. APPROVED. � By. 4 ATTEST: By: Heather WoCtff, City Clergy E �/4, v • Fred Hanna, Mayor • R • • EXHIBIT 'A" OPTION AGREEMENT 2-11 OPTION TO PURCHASE KNOW ALL MEN BY THESE PRESENTS: EXHIBIT A That for and in consideration of the sum of One Thousand Dollars, ($1000), paid by the City of Fayetteville, Arkansas, a municipal corporation, hereinafter called Grantee, the receipt of which is hereby acknowledged, Washington Regional MediCorp , hereinafter called Grantor, docs hereby give and grant unto the Grantee, and unto its heirs and assigns, the right, privilege and option to purchase at anytime on or before the expiration date, in the manner, for the price and on the terms hereinafter set forth, the following described property in Washington County, Arkansas: See Exhibit "A" attached hereto and made a part hereof. • 1. Exercise of Option. If the Grantee elects to exercise this option, written notice shall be given on or before October 5 2002 . In the event that notice exercising the option is not given on or before the expiration date provided herein, this option shall at once cease and terminate and the Grantee shall have no further rights hereunder. 2. Purchase Price. The purchase price of the above-described property is $ 268,000. At the time of closing, to be determined by agreement of the parties upon exercise of this option, the sum of $ 267,000. shall be paid in cash (which with the S 1000.00 paid for this option represents the total agreed payment. 3. Use. Seller agrees to sell the subject property for the use of a library only. Therefore, if prior to exercise of this option it is determined that this site will not be used for a library, this option shall terminate. Further, if after closing, but prior to beginning construction, it is determined that the property will not be used for a library, the property shall revert to Seller and the purchase price shall be refunded to Buyer. 4. Offer and Acceptance. Upon exercise of this option, the parties shall enter into an offer and acceptance contract reflecting the terms set forth herein. Further, the offer and acceptance shall set forth additional terms as agreed to by both parties (i.e, closing date, prorate taxes, merchantable title, title insurance, misc., etc.). 5. General. Time is of the essence of this agreement, and if the Grantee shall not have exercised this option to purchase within the time and in the manner herein stated, all of the Grantee's rights hereunder shall at once cease and determine. IN WITNESS WHEREOF, we have hereunto set our hands and seals this etl day of Sepienthr 19v? . WASHINGTON REGIONAL MEDICORP. GRANTOR By:��,1�� Title: F et, • • • EXHIBIT 'A' OPTION AGREEMENT 3-11 ATTEST: ACKNOWLEDGMENT STATE OF ARKANSAS ) )ss: COUNTY OF WASHINGTON) BE IT REMEMBERED, that on this day came before the undersigned, a Notary Public thin and for the County aforesaid, duly commissioned and acting, Washington Regional MediCorp. by ,e.E l/yen and Sant/ .hsAF r to me well know to be the Grantor in the foregoing Option to Purchase, and stated that they had executed the same for the consideration and purposes therein mentioned an set forth. WITNESS my hand and seal as such Notary P lic this ofr`day of Seto/MAW 1999. 1 , ,:ori! . , �* My Commission Expires: CITY OF FAYETTEVILLE, ARKANSAS GRANTEE By: �/� red Hanna, Mayor ATTEST: By: atAes. Heather Wo , City Clerk 41110 Notary Public ACKNOWLEDGMENT STATE OF ARKANSAS ) )ss: COUNTY OF WASHINGTON) BE IT REMEMBERED, that on this day came before the undersigned, a Notary Public within and for the County aforesaid, duly commission and acting, the City of Fayetteville, by Fred Hanna, Mayor, and rHeatiter-Weedreffreirreerk, to me well known to be the Grantee in the foregoing Option to Purchase, and stated that they had executed the same for the consideration and purposes therein mentioned and set forth. Theresa Johnson, Deputy City Clerk WITNESS my hand and sealAastach Notary Public thi % day of Oct , 1999. �PNA l3ti;Gp,, aC:' NOT ... Notary Public My Commission Expires: s t ABY ....tP 3 y-/-6, se =2 `A' 3 •A A` , `. Pti ..'n. •• EXHIBIT "A" OPTION AGREEMENT 4-11 • Alta ,✓ra..J ST• •• Tr# 2h 9520 sq. ft. 765-02015-000 FCH to WRMC 1430-279 65-02014=000\ TR# 2f Tr# 2a 15,999 sq. ft. 765-02010-000 FCH to WRMC 1430-279 G•. ' of r �z • 0 •c• A \\QTR#\2d\\\ �\ �N* �\\\ • 6746 ft \ \� \:.; gq ft: \\\ �� \\\\\\. 765-2009 000.\ \ \\\1430279 \��\ \\\ \ WRM Hao>WRMC 765-02014-000 4364/9'.FCH to WRM 1430-279 376.3 S90°02 ciT. ;, Title: Parcels that Comprise Blk 34 : Survey distances Date: 10-15-2001 Scale: 1 inch = 50 feet File: B1k36-a.des • • • EXHIBIT 'A" OPTION AGREEMENT 1-11 RESOLUTION NO 127-99 MICR °FI MED A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE OPTION TO PURCHASE AGREEMENT IN AN AMOUNT NOT TO EXCEED $268,000 BETWEEN THE CITY OF FAYETTEVILLE AND WASHINGTON REGIONAL MEDICORP, FOR PROPERTY BOUND BY SCHOOL, ROCK, WEST AND MOUNTAIN STREETS WHICH IS THE PROPOSED SITE FOR THE NEW PUBLIC LIBRARY. 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 the option to purchase agreement, in an amount not to exceed $268,000, between the City of Fayetteville and Washington Regional Medicorp, for property bound by School, Rock, West and Mountain Streets which is the proposed site for the new public library. A copy of the agreement is attached hereto marked Exhibit "A" and made a part hereof. PASSED AND APPROVED this day of October , 1999. ATTEST: By: Heather Woyfliltff, City Cleric APPROVED; By. ,.0/rt./ Fred Hanna, Mayor • EXHIBIT "A" OPTION AGREEMENT 2-11 OPTION TO PURCHASE KNOW ALL MEN BY THESE PRESENTS: EXHIBIT A That for and in consideration of the sum of One Thousand Dollars, ($1000), paid by the City of Fayetteville, Arkansas, a municipal corporation, hereinafter called Grantee, the receipt of which is hereby acknowledged, Washington Regional MediCorp , hereinafter called Grantor, does hereby give and grant unto the Grantee, and unto its heirs and assigns, the right, privilege and option to purchase at anytime on or before the expiration date, in the manner, for the price and on the terms hereinafter set forth, the following described property in Washington County, Arkansas: See Exhibit "A" attached hereto and made a part hereof. 1. Exercise of Option. If the Grantee elects to exercise this option, written notice shall be given on or before October 5 2002 . In the event that notice exercising the option is not given on or before the expiration date provided herein, this option shall at once cease and terminate and the Grantee shall have no further rights hereunder. 2. Purchase Price. The purchase price of the above-described property is $ 268.000. At the time of closing, to be determined by agreement of the parties upon exercise of this option, the sum of $ 267.000. shall be paid in cash (which with the $ 1000.00 paid for this option represents the total agreed payment. 3. Use. Seller agrees to sell the subject property for the use of a library only. Therefore, if prior to exercise of this option it is determined that this site will not be used for a library, this option shall terminate. Further, if after closing, but prior to beginning construction, it is determined that the property will not be used for a library, the property shall revert to Seller and the purchase price shall be refunded to Buyer. 4. Offer and Acceptance. Upon exercise of this option, the parties shall. enter into an offer and acceptance contract reflecting the terms set forth herein. Further, the offer and acceptance shall set forth additional terms as agreed to by both parties (i.e, closing date, prorate taxes, merchantable title, title insurance, misc., etc.). 5. General. Time is of the essence of this agreement, and if the Grantee shall not have exercised this option to purchase within the time and in the manner herein stated, all of the Grantee's rights hereunder shall at once cease and determine. IN WITNESS WHEREOF, we have hereunto set our hands and seals this ot7' day of Sepierfib.:/ /49Y . WASHINGTON REGIONAL MEDICORP. GRAN -TOR By. �.f 09*- Title: r F ci • EXHIBIT "A" • OPTION AGREEMENT 3-11 ATTEST: ACKNOWLEDGMENT STATE OF ARKANSAS ) )ss: COUNTY OF WASHINGTON) BE IT REMEMBERED, that on this day came before the undersigned, a Notary Public thin and for the County aforesaid, duly commissioned and acting, Washington Regional MediCorp. by ,tL Flynn , and aa.nf f Abs! e / , to me well know to be the Grantor in the foregoing Option to Purchase, and stated that they had executed the same for the consideration and purposes therein mentioned an set forth. WITNESS my hand and seal as such Notary Public this t9"day of SeeniMiet 1999. ( 612 G• . .: . Notary Public ,", •?:;) fif0 '. 1.9. My Commission Expires: CITY OF FAYETTEVILLE, ARKANSAS GRANTEE / By: !�/%�+� red Hanna, Mayor ATTEST: By: Heather Woff., City Clerk 111. STATE OF ARKANSAS ) )ss: COUNTY OF WASHINGTON) ACKNOWLEDGMENT • • BE IT REMEMBERED, that on this day came before the undersigned, a Notary Public within and for the County aforesaid, duly commission and acting, the City of Fayetteville, by Fred Hanna, Mayor, and , • , to me well known to be the Grantee in the foregoing Option to Purchase, and rstated that they had executed the same for the consideration and purposes therein mentioned and set forth. Theresa Johnson, Deputy City Clerk WITNESS my hand and sea��4,a�such.Notary Public this % day of Oct , 1999. `' \AA BhG• ., �'(fJ ...... < d4/4.4 et/NOT .,N a q Notary Public My Commission Expires: s i Ry GI. 0 C. ... • . 111 Parcel Nos 765-02017-000. 785-02016-000 765-02009. 765-02010-000. 765-02018-000. 765-02017-000, 765-02011-000, 765-02019-000 765-02012-000. 765-02015-000.765-02013-000 79502014000 QUIT CLAIM DEED CORPORATION BE IT KNOWN BY THESE PRESENTS: • ,_i FOR RECOit '02 FEB 20 AM 11 04 THAT Washington Regional Medicorp., an Arkansas Nonprofit Corporation, hereinafter called GRANTOR, by its Sr. Vice President, duly authorized hereby by lawful resolution of it's Board of Directors, for and in consideration of the sum of Ten Dollar ($10.00) and other good and valuable consideration, paid by the City of Fayetteville, Arkansas, a municipal corporation, hereinafter called GRANTEE, the receipt of which is hereby acknowledged, does hereby quit claim unto Grantee, and unto Grantee's successors and assigns forever, all of Grantor's rights, title and interest in the following described land situated in the County of Washington, State of Arkansas, to -wit: WASHIRQ•wi B. STAMPS All of Block Thirty-four (34) in the Original Town (now City) of Fayetteville, Arkansas, as per Plat of Record in the Office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas and located in the Northwest Quarter (NW%) of the Southeast Quarter (SE'/.) of Section 16, Township 16 North, Range 30 West, more particularly described as follows, to -wit; Beginning at the Northeast corner of said Block Thirty- four (34) and run South 02° 37' 27" West - 324.49 feet to the Southeast corner of said Block; thence North 87° 19' O6" West - 326.31 feet to the Southwest corner of said Block; thence North 02° 3T 2T East - 324.33 feet to the Northwest corner of said Block; thence South 87° 20' 48" East - 326.31 feet to the Point of Beginning, containing 2.43 acres, more or less and subject to easements and rights of way 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.. IN WITNESS WHEREOF, thM name of the Grantor is hereto affixed by its Sr. Vice President and attested by its Assistant Secretary this n)(/ day of TehKI/AQly 2002 ATTEST: n4tes ter° ilavey(2 BY: ,Assistant Secretary Washington Regional Medicorp. , Sr. Vice president ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON 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 M R INS-% c L E and SPr` ET A� S h tR to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Senior Vice President and Assistant Secretary of Washington Regional Medicorp., duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument forthe consideration, uses and purposes therein mentioned and set forth. ^^ WITNESS my hand and seal on this d 0�� day oof�cl3Qur 2002. Y�4Aau (kW-- POI.CLK MY COMMISSION EXPIRES: )o/oj/aofo OFFICIAL SEAL JOYCE ANN PATRICK NOTARY PUBLIC . ARKANSAS WASHINGTON COUNTY COMMISSION EXP. 10/012010 2002025291 Notary Public 0 0 0: • • I, Bette Stamps, Circuit Clerk and Ex -officio Recorder for Washington County, Arkansas, do hereby certify that this instrumert was filed for record In my office as Indicated hereon and the same Is now duly recorded wiin�Record the a Book andgment Page ythereon as Indicated thereon. IN WITNESS WHEREOF, I have hereunto set my hand and united the seal of said Court on the data Indi- cated hereon. Betty Stamps Circuit C d Excic10 Recorder by •• 111.1 • • I / I / , - :' 1 i / 1, WARNING THIS CHECK IS PROTECTED BY SPECIAL SECURITY GUARD PROGRAM " FEATURES y�Il� JJ II ..: `4. :sF lyli`i �.{i✓{' �:(� l" 1"' .1P • •. .�.••'nl yi{t, •LiC .�•�.��♦f •/\ •^VJA S/l'1'� . ,Nt\ "^♦ r ±r1�; '• yM1Z�w{I Lk �N r. n.I • t {•bi� �T,,.:�l�ll ♦ V4a^.\ ry YM1 ..• ` / \.:♦Y V.,•�Y. �r�A1Y�1x�✓ •, � • `�' �}!!ti ' yam. \.'✓ w��'Id a.:i}rS �•'ly}L� i♦ 1•/ r.•[ I iyi •YV / lrli 1 I' "r \I liti_./•�' f i�. •`1�_ •a {! •V. ♦ ' n :1 Y I.".1•,;�! �n• / n ft'�� t ..( n:1 •�"•� fY •� 4.L \ `♦``,/„. •r'ti n��V` •P <;M1i '�. .. `•Q!:'(• JL`VN • yi - �.`� �y M1•.M1 J� lyl .(�, ;V" O �.. ..`JlF1V Y1(�. a �'`� ';!.�.. w M 'tom • Y��x•+r �M"Y. �f%;.�£`/-�{v +,L •L' �� �'♦'si[-�/ n /�• t1�v���[!�'� ����. f.�'� µ�\ �•'J. t�/ • 'I /�i' ' •{��[j •Y i'yi♦YI ZIQ.. • �t i:' a�`Y'' J♦ ..✓ �` i'i i \' f ".. ♦ '! 4j�;��. ♦ �,•y Y i ,ty rr" . i ;',"l, �:y' 3C . f l t' i � �� ♦ �l4 .S � �✓/t (7i."•mob :r ^/"`o .`. .♦. a' 1•. I •. II J Y1•Iw ` ♦. . ��• .l 1 Lc..'•��3;r. /i % It I �• .qN '• l . •♦, C` 1 Jf} SV -.. '•C CUHC 11 AIUIII M1 IIICI U0 1 INVI>IIIL I. 11111 P. •':I UIO191.q II1:C. • VUIII I I A111111. I'.L: I lI1.IIAI II • I LPU:ILI 1:1 I.1 IIAC KI II • I!IIOY:4'JMI: OIL CICAI IICAC IAI.I U.S.DEPARTMENT DF HOIIR3Nf} ANn IIP�ntui neuc.n • _._... we rto}5COOJm A- SETTLEMENT STATEMENT B. TYPE OF LOAN 1. OFHA 2. ❑ FMNA 3.0 CONV.UNINS. 4. OVA S OCONV.INS, e. FM Numb. FATIC O1-12828 }. Le, N it I. Ympps m4sw. Ca. C. NOR. Th.. lot,,. 4 IVCnaW to . )w .Yt mvt of act j um«nw4 coils..1mw.. pp to Yle o} 0 nW.m«t an we sbowrt n.m$ mY.p -w O c )- saws y0 OM.N. M cb.Yq. may we Yqw, MIS to tm.�t00rW wSA�0e*. ask itsrrc I .O d Y, Ow IOYM. D. NNAME MO ACOFa55 OF 1pnitp4ER THE CITY OF FAYETTEVILLE, ARKANSAS 113 W. MOUNTAIN, FAYETTEVILLEAR 72701 IE Z M3tuEUIONAL MEDICORP ` NA N F, NAM!! Asa ADDne55 OF ll!,S(R a P R1Y tP A104 BLOCK 34, ORIGINAL TOWN, FAYETTEVILLE, ARKANSAS 72701 ,t SEflWILHT Aq HT BRONSON ABSTRACT CO., INC. SflTuMo47 381 3810 FRONT SS TREET, SUITE 5 FAYETTEVILLE, ARKANSAS 727O3 EENwR } 152-22O rt o-s2-2O-ONt wR z-zo 02 J. SUMMARY OF BORROVFER'S TRANSACTON N. SUMMARY OF SELLERS TRANSACTON 100. GROSS AMOUNT DUE FROM BORROWER 400. GROSS AMOUNT DUE TO SELLER 101. cono.ct M4s Wks 268,000.00 401. cwwM, s.4n Arcs 268,000.00 ax. wnonal wro«Iy .p}. hrwr.l a3. 5eNemw a,.rpe. to Narrower 1400) 1,151.00 Cl. w 404, I. 4. ADJUSTMENTS FOR ITEMS PAID BY SELLER IN ADVANCE ADJUSTMENTS FOR ITEMS PAID BY SELLER IN ADVANCE Im QNrtowl _sass to . Row1 tan, to Iw. Co/t, was tO 40}. OMy tan, to l ..Uusw,r . l0 4. A.Msmen to 1W - 401. 110. 410. 11. 411. Ill. 41}. 120. GROSS AMOUNT DUE FROM BORROWER 269,151.00 420. GROSS AMOUNT DUE TO SELLER 268,000.00 200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER 500. REDUCTIONS IN AMOUNT DUE TO SELLER Ml. DepOM w _,n.., 1.000.00 501. aecns O.00.e bat nwvmw+) 1,000.00 1Ox. wnce.l .man_ 01 n... Mows) 5M. s rimm.. wpn to .me(W_14m1 1,996.30 2m. EYs bets) Wn a can to 5m. E.xw1Q 4Y,la tuan Y41M.1 to 204. __ola w' O.Oo.n 504. P vt! w M1a woe, 2V& 5.c s«t mm0.Q. 5m. F 'Cf? a ucwe bn 208. A7. bx. BOB BOB SOe ADJUSTMENTS FOR ITEMS UNPAID BY SELLER ADJUSTMENTS FOR ITEMS UNPAID BY SELLER 210. cn/Town 4,14 10 310. CgRosn Wss to nl. owe„, w,.. 1-1-O2 to 2-20-02 274.97 511. Own, a.n 1-1-02 tot -2O -O 274.97 x1}. An..sm"s to Si?, Ann.m.Rs to 211. 513. 214 514. 215 511 }we Sit. 217. 51x. xa me. 219 511 x20 TOTAL PND 6.,•aa 60M1OWER 1,274.97 520. TOTAL lcotc lore A1.OVNr Dpe 5Euan 3.271.27 300. CASH AT SETTLEMENT FROM OR TO BORROWER 600. CASH AT SETTLEMENT TO OR FROM SELLER 301. Oros..mow1 Ou. nom omovnr (m a 120) 269,151.00 801. boss amps. _atosueIt.no 268,000.00 sax. Ise. ea.an4 Pra a,nw awrowr (.,. x20) C1,274.97) 80x. Los. noucoon anowe Ga ..4r (ante S20) I 3.271.27 I 303. CASH ® FROM 0 TO BORROWER 267,876.03 603. CASH ® TO 0 FROM SELLER 264,728.73 I nave carmay revbwee me MUIFi J81uYnM1 J4atentp,l an0 to Ins Met 01 my kllowl60peand bet, 0 Le a we end acNrale statanlant of as receipts and dsEtlra la rtrde on my account w by ma N thh emuabn. I ludher c that I have received a copy of the HUD I Seale. ment am / I // � lr1Js/. (/F/1iyQ�`�� THE CITY OF T44JTtKZP.1 _WASHINOTON_REGIONAl._MEPICORP FAVETEVIUE ARKANSAS V o«s «. TO the but 01 my knowledge. the HUD -1 Smlwnenl Statamerll wNch I have prepared Is a we and accurate account OI the kinds which wars received and have On wt SWur.ed by the underelpned as part of Ihh IrulsacUon. mw 'V1CCC Q c.0 5L• 7-c -OZ_ WA NINO. II IS csIT. to .ro,WQy ins. was .m.mwe to u. Lkw.e SYt.. on IM w «1, evict anti« twm Press. w.m corMCIWn Can nck,O a M aM (0747) r[SPA be ey15 x '2126 PARTIAL DEED OF RELEASE CORPORATION KNOW ALL MEN BY THESE PRESENTS: That in consideration of the partial payment and satisfaction of the debt and obligations which are secured by a mortgage executed by Fayetteville City Hospital to Washington Regional Medical System, filed for record June 28, 1991, in record book 1421 at page 674 in the office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas, the undersigned hereby releases the aforesaid mortgage only as to the following described land, to -wit: A part of Block Thirty-four (34) in the City of Fayetteville, described as: Beginning on the East boundary line of said Block at a point 113 feet South of the Northeast corner of said Block and running thence West 200 feet; thence South 80 feet; thence East 200 feet, and thence North 80 feet to the place of beginning, being a part of said Block 34, as designated on the original plat of the Town (now City) of Fayetteville, in Washington County, Arkansas, ALSO Beginning at a point 212 feet East of the Northwest corner of Block Thirty-four (34) in the City of Fayetteville, and running, thence South 113 feet; thence East to the East line of said Block; thence North to the Northeast comer thereof; thence West to the point of beginning. ALSO A part of Block Numbered Thirty-four (34) in the Original Plat of the Town (now City) of Fayetteville, described as follows: Beginning at a point which is sixty-three (63) feet East of the Northwest comer of said Block, and running thence East sixty-nine (69) feet; thence South one hundred forty-seven (147) feet ten and one-half(10' h) inches; thence West sixty-nine (69) feet; thence North one hundred forty-seven (147) feet ten and one-half (10 'h) inches to the place of beginning. ALSO Part of Block Numbered Thirty-four (34) in the City of Fayetteville, Arkansas. being more particularly described as follows, to -wit: Beginning sixty-five and a half (65 'h) feet North of the Southeast comer of said Block, thence West one hundred forty-three (143) feet, thence North sixty-five and a half (65 'h) feet, thence East one hundred forty-three (143) feet, thence South sixty-five and a half (65 'h) feet to the point of beginning. ALSO Part of Block Numbered Thirty-four (34) in the Original Town of Fayetteville, described as follows: Beginning seventy (70) feet East of the Southwest comer of said Block 34, and running, thence North one hundred thirty-six (136) feet; thence East sixty-two (62) feet; thence South one hundred thirty-six (136) feet to the North line of Rock Street; thence West on the North side of Rock Street sixty-two (62) feet to the place of beginning. A part of Block Numbered Thirty-four (34), Original Plat of the Town (now City) of Fayetteville, more particularly described as beginning at a point 140 feet West of the Southeast corner of said Block and running thence North sixty-five and a half (65'h) feet; thence West three (3) feet; thence North sixty-five and a half (65 K) feet; thence West fifty (50) feet; thence South one hundred thirty-one (131) feet; thence East fifty-three (53) feet to the place of beginning. ALSO Part of Block Thirty-four (34) in the Original Plat of the Town of Fayetteville. Arkansas, described as beginning at the Northwest comer of said Block, thence East a distance of sixty- three (63) feet, thence South a distance of one hundred forty-seven (147) feet and ten and one half( 10'/1) inches, thence West sixty-three (63) feet, thence North to the place of beginning, a distance of one hundred forty-seven (147) feet and ten and one-half (10'/,) inches. ALSO Part of Block Numbered Thirty-four (34) in the Original Plat of the Town (now City) of Fayetteville, Arkansas, described as beginning at the Southwest comer of said Block and running thence East with the North line of Rock Street Seventy (70) feet; thence North one hundred thirty-six (136) feet; thence West seventy (70) feet to the East line of West Street; thence South with the East line of West Street one hundred thirty-six (136) feet to the beginning. ALSO A part of Block Numbered Thirty-four (34) of the Original Town of Fayetteville, plat as shown and recorded in the office of the Ex -Officio Recorder and Circuit Clerk of Washington County, Arkansas, and being more particularly described as follows, to -wit: Beginning at a point which is 136 feet North of the Southwest comer of said Block Numbered 34; thence East 132 feet; thence North 42 feet; thence West 132 feet; thence South 42 feet to the point of beginning. and the said mortgage is hereby released and discharged of record, In testimony whereof, said Washington Regional Medical System, by its 'I, Pu. �f1't , who is duly authorized by its by-laws, has hereunto signed its corporate name at its office in the City of Fayetteville, Arkansas, on this Z0 day of February 2002. WASHINGTON REGIONAL MEDICAL SYSTEM By: ` .J,.....7C Title ACKNOWLEDGMENT STATE OF ARKANSAS 55. COUNTY OF WASHINGTON On thisiQ day of February 2002, before me a notary public duly commissioned, qualified and acting, within and for the said county and state, appeared in person the withip named MA (Mc Lmn. , to me personally known, stated that he was the s'u !flL4.kq of Washington Regional Medical System, a corporation, and was fully authorized in his respective capacities to executed the foregoing instrument for and in the name and behalf of said corporation, and further stated and acknowledged that he had so signed, executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. In witness whereof I hereunto set my hand and official seal. Notary Public My commission expires: WINFI' S.,JNSON, JR. NOT..r r.:[.c ATMANMO OH COUNTY a, Ca+a, V., taw fl. IF.IP4 •ELLER'S/BORROWER'S AFFIDAVIT • State of ARKANSAS County of WASHINGTON The undersigned, referred to as Seller/Borrower, whether one or more, being first duly sworn on oath that the Seller/Borrower Is the owner of the following described lands, situtated in WASHINGTON County, ARKANSAS . To -wit DESCRIPTION BEING THE SAME AS SHOWN ON EXHIBIT 'AATTACHED HERETO AND MADE A PART HEREOF. 11 /I r y g26 Ot 644ea e, /MaM0.?O( dilct ixl(.rr t Seller/Borrower further state he follohhwing facts are true: �_.tY 2r-9atter/Eo pv&ston VI 5.110 lands W1yyN 3. There are no unrecorded options to purchase, sal s contracts or lease agreements outstanding, which affects the property described above. 4. There have been no Improvements made on the property described above during the past 130 days for which a mechanics' and materialmens' lion may be flied. 5. No appliances have been Installed In the property described above on deferred payments which are unpaid for. 6. The property described above is not traversed by any roadways or easements except those shown on record. 7. There are no delinquent assessments due on the resident's association on the property described above, if applicable. 8. That no money whatsoever is owed on subject property to any person, firm, or corporation other then the following 9. There are no outstanding judgments against Seller/Borrower as a result of legal action to Include, but not limited to, tax Ilene, divorce, bankruptcy or foreclosure. 10. That the marital status of Seller/Borrower has not changed since they acquired above described property. Witness the hand and seal of the undersigned of this 20 fay of Feb. , 2002 SellerINGTON REGIONAL MEDICORP Borrower, THE CITY OF Seller: Borrower. FAYETTEVILLE, ARKANSAS Subscribed and sworn to before me, a Notary Public on thi! 20 day of Feb. , 2002 /jd(,f 1 WINFIELD S. BRONSON, JR. Notary ubllc: My Co{R'g & : Please return this to Dronson Title Services, Inc., 1419 W. Walnut, Rogers, Arkansas, 72765. File N_ •1 Fore EXHIBIT "A" All of Block Thirty-four (34) in the Original Town (now City) of Fayetteville, Arkansas, as per plat of record in the office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas, located in the Northwest Quarter (NW 1/4) of the Southeast Quarter (SE 1/4) of Section Sixteen (16), Township Sixteen (16) North of Range Thirty (30) West, being more particularly described as follows: Beginning at the Northeast corner of said Block 34, and running South 02 degrees 37 minutes 27 seconds West 324.49 feet to the Southeast corner of said Block 34; thence North 87 degrees 19 minutes 06 seconds West 326.31 feet to the Southwest corner of said Block 34; thence North 02 degrees 37 minutes 27 seconds East 324.33 feet to the Northwest corner of said Block 34; thence South 87 degrees 20 minutes 48 seconds East 326.31 feet to the Northeast corner of said Block 34 to the point of beginning, containing 2.43 acres, more or less, and subject to any easements and/or rights of way of record. Ll INDEMNITY AGREEMENT DATE: February 20, 2002 RE: WASHINGTON REGIONAL MEDICORP PROPERTY ADDRESS: BLOCK 34. ORIGINAL TOWN, FAYETTEVILLE, ARKANSAS 72701 LEGAL: DESCRIPTION BEING THE SAME AS SHOWN ON EXHIBIT •A• PARCEL a VARTOUS ATTACHED HERETO AND MADE A PART HEREOF. WHEREAS. CLOSING AGENT Is required to wled county proprty tun for prior years from the SELLER end prorate funds for the year 2002 . In order to satUty tills requirements. and WHEREAS. CLOSING AGENTS Inlonrouw regarotng said taxes Is based on figures Obtained from the records of the WASHINGTON COUNTY TAX ASSESSOR'S OFFICE: and said Intoma0on available at the time of the dosing of the dansacuw from the said Assessor's offce Is or, some ocaalon only an n6nste of the tun to the parch of red property or said property may wnently be or at some tans M the future be reassessed. NOW. THEREFORE. In ca+skfanton of CLOSING AGENT dosing INa tranadlot to, ale BORROWERS) md/o SELLER(S) based on Infomauon avalabte to CLOSING AGENT, the BORROWER($) and/or SELLER(S) agree wth CLOSING AGENT as follows: 1) In the event the funds coseded to pay tun to prier years and proated toes IN the year 2002 . as shown on the SETTLEMENT STATEMENT to the BORROWER(S) and/or SELLER(S) herein, are nol sulmdad to pay In full the actual real propety toes to said Wender yean, the BORROWER(S) and/or SELLER(S) agree to hold the CLOSING AGENT hunteas from any china and demands from my kndng aladlutlons or othe entitles IN payment of said taxes. and 2) If CLOSING AGENT Is required to advance my of Its own funds to pay said tun, the BORROWER(S) and/or SELLER(S) win NdennRy CLOSING AGENT tar any wch funds so advanced. 3) The SELLERS) w0 make an additional pronto payment of said tun based on the parentage relMded on the respecMe SETTLEMENT STATEMENT regardng this transaction when acted by the CLOSING AGENT that the funds aedted to the BUYER(S) Cl the closing In. payment of said tun were not wlfdent to pay same. Cl PRIOR YEAR TAXES are based on amount reported by WASHINGTON COUNTY TAX COLLECTOR. ❑ PRORATED TAXES we based on elrlounf reported by WASHINGTON COUNTY TAX COLLECTOR. ❑ PRORATED TAXES aedted to the BUYER(S) are based on an esunMte. cakuMted as folows: PURCHASE PRICE s 20% A MILEAGE RATE • ESTIMATED TAXES. ® WASHINGTON COUNTY TAX COLLECTORS books are wmmty dosed Pier yen tun end prorated tun may be based on Prier year repatalgs. In the event the property Is reassessed or to figures are adjusted. BORROWER(S) and/or SELLER(S) w0 be responsible to any difference between mount caaeded and the aduel erromt reposed on the to b(W,g for the anent year. THIS AGREEMENT shall be bin*g of the hess, succesoon and assigns of the patties hello. MR THE CITY scuuy A T N RE L M DIC RP 'WI am rIn Sl An eWMTVEmSUER SSV SELLER'S FORWARDING ADDRESS: oauOMR I(ZS N. CO b9L �ALIC vT7 11O) FteeraLMQ (6901 12an EXHIBIT "A" All of Block Thirty-four (34) in the Original Town (now City) of Fayetteville, Arkansas, as per plat of record in the office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas, located in the Northwest Quarter (NW 1/4) of the Southeast Quarter (SE 1/4) of Section Sixteen (16), Township Sixteen (16) North of Range Thirty (30) West, being more particularly described as follows: Beginning at the Northeast corner of said Block 34, and running South 02 degrees 37 minutes 27 seconds West 324.49 feet to the Southeast corner of said Block 34; thence North 87 degrees 19 minutes 06 seconds West 326.31 feet to the Southwest corner of said Block 34; thence North 02 degrees 37 minutes 27 seconds East 324.33 feet to the Northwest corner of said Block 34; thence South 87 degrees 20 minutes 48 seconds East 326.31 feet to the Northeast corner of said Block 34 to the point of beginning, containing 2.43 acres, more or less, and subject to any easements and/or rights of way of record. l JI43WMV ss CO�IITMENT•FOR TITLE INSURAI ISSUED BY First American Title Insurance Company a California corporation, herein called the Company, fora valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A. in favor of the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A. upon pa rment of the premiums and charges therefor: all subject to the provisions of Schedules A and Band to the Conditions and Stipulations hereof. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies conunittedfor have been inserted in Schedule A hereof hr the Company, either at the time of the issuance of this Commitment or hi' subsequent endorsement. This Commitment i.s preliminar r to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate ninety (90) days after the effective date hereof or when the policy or policies committed for.shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. This Conuniunent shall not he valid or binding until countersigned below by a Validating Offerer or Agent. IN WITNESS WHEREOF, First American Title Insurance Company has caused its corporte name and seal to be hereunto affixed by its duly authorized officers on the date shown in Schedule A. FIRST AMF-RICAN TITLE INSURANCE COMPANY I Authorized Signature. As Agent M •{^ G. 1Gcr..�.�• CONDITIONS AND STIPULATIONS Swvvtary I.The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. 2. If the proposed Insured has or acquires actual knowledge of any defect, lien• encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing. the Company shall he relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company or if the Company otherwise acquires actual knowledge of any such defect, lien. encumbrance. adverse claim or other matter, the Company at its option may amend Scheduled B of this Commit- ment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursu- ant to Paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B. or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and the Conditions and Stipulations, and the exclusions from coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. 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 or the lien of the insured mortgage covered hereby or any action asserting such claim. shall be restricted to the provisions and conditions and stipulations of this Commitment. AMERICAN LAND TITLE ASSOCIATION COMMITMENT -1966 ALTA Commitment -10/17/1992 SCHEDULE A 1. Effective Date: JANUARY 31, 2002 at 7:00 A.M. 2. Policy or Policies to be issued: ALTA Owner's Policy (Amended 10-17-70) Proposed Insured: Commitment No.FATIC 2002-12828 Amount $268,000.00 THE CITY OF FAYETTEVILLE, ARKANSAS, a municipal corporation ALTA Loan Policy (Amended 10-17-70) $ Proposed Insured: 3. The estate or interest in the land described or referred to in this Commitment and covered herein is a FEE SIMPLE. 4. Title to the FEE SIMPLE estate or interest in said land is at the effective date hereof vested in: WASHINGTON REGIONAL MEDICORP, an Arkansas nonprofit corporation 5. The land referred to in this Commitment is situated in the County of WASHINGTON, State of ARKANSAS, and is described as follows: All of Block Thirty-four (34) in the Original Town (now City) of Fayetteville, Arkansas, as per plat of record in the office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas, located in the Northwest Quarter (NW 1/4) of the Southeast Quarter (SE 1/4) of Section Sixteen (16), Township Sixteen (16) North of Range Thirty (30) West, being more particularly described as follows: Beginning at the Northeast corner of said Block 34, and running South 02 degrees 37 minutes 27 seconds West 324.49 feet to the Southeast corner of said Block 34; thence North 87 degrees 19 minutes 06 seconds West 326.31 feet to the Southwest corner of said Block 34; thence North 02 degrees 37 minutes 27 seconds East 324.33 feet to the Northwest corner of said Block 34; thence South 87 degrees 20 minutes 48 seconds East 326.31 feet to the Northeast corner of said Block 34 to the point of COUNTERSIGNED BY: BRONSON ABSTRACT COMPANY, INC. 28 EAST CENTER STREET FAYETTEVILLE, AR. 72701 w / / FIRST AMERICAN TITLE INSURANCE COMPANY ALTA Commitment -10/17/1992 SCHEDULE A Commitment No.FATIC 2002-12828 beginning, containing 2.43 acres, more or less, and subject to any easements and/or rights of way of record. COUNTERSIGNED BY: BRONSON ABSTRACT COMPANY, INC. 28 EAST CENTER STREET FIRST AMERICAN TITLE FAYETTEVILLE, AR. 72701 INSURANCE COMPANY xri';t:F:t:t*X%*XXXX;t XJk*IFXXy: :1'XX*A'*"k'*'*'k% S I ALTA Commitment -10/17/1992 SCHEDULE B -I Commitment No.FATIC 2002-12828 The following are the requirements to be complied with: 1. Payment to, or for the account of, the sellers or mortgagors of the full consideration for the estate or interest to be insured. 2. Instruments in insurable form which must be executed, delivered and duly filed for record: (a) Release of mortgage executed by Washington Regional Medi Corp, a corporation to Mcllroy Bank & Trust, recorded as instrument !12001091095. (THIS ACCOUNT MUST BE CLOSED) (b) Release of herein described land from a mortgage executed by Fayetteville City Hospital to Washington Regional Medical Center, recorded in record book 1421 at page 674. (c) Release of mortgage executed by Fayetteville City Hospital to First National Bank, Fayetteville, Arkansas, recorded as instrument #1151 at page 289. (d) Quitclaim deed conveying herein described land from Washington Regional MediCorp, an Arkansas nonprofit corporation, to the City of Fayetteville, Arkansas, a municipal corporation. BRONSON ABSTRACT COMPANY, INC.******************************XXX 28 EAST CENTER STREET FIRST AMERICAN TITLE FAYETTEVILLE, AR. 72701 INSURANCE COMPANY ALTA Commitment -10/17/1992 SCHEDULE B -II Commitment No.FATIC 2002-12828 Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company: 1 Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 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 Easements, or claims of easements, not shown by the public records. 4 Any lien, or right to a lien, for services, labor or material heretofore of hereafter furnished, imposed by law and not shown by the public records. 5 Taxes or assessments which are not shown as existing liens by either the public records or the records of any taxing authority that levies taxes or assessments on real property. 6 Zoning ordinances, resolutions, lot split or lot line adjustment regulations, and subdivision requirements of the municipality or county in which the insured premises is located. 7 General Taxes for the year 2002 and subsequent years not yet due and payable. 8 The policy will not insure acreage, any mention thereof is for descriptive purposes only. 9 Subject to a Bill of Assurances executed by Fayetteville City Hospital to the City of Fayetteville, Arkansas, recorded in record book 1399 at page 33. 10 Subject to an easement granted to the City of Fayetteville, Arkansas, recorded in record book 1071 at page 743. 11 Subject to an agreement by and between Fayetteville City Hospital and the City of Fayetteville, Arkansas, recorded in record book 1071 at page 745. BRONSON ABSTRACT COMPANY, INC. 28 EAST CENTER STREET FAYETTEVILLE, AR. 72701 FIRST AMERICAN TITLE INSURANCE COMPANY I ALTA Commitment -10/17/1992 SCHEDULE B -II BRONSON ABSTRACT COMPANY, INC. 28 EAST CENTER STREET FAYETTEVILLE, AR. 72701 Commitment No.FATIC 2002-12828 FIRST AMERICAN TITLE INSURANCE COMPANY STAFF REVIEW FORM • _X_ AGENDA REQUEST CONTRACT REVIEW GRANT REVIEW FOR: COUNCIL MEETING OF February 5, 2002 MAYOR'S APPROVAL FROM: Mayor's Office Name Division Department ACTION REQUIRED: A Resolution To Authorize The Mayor To Execute A Contract For Sale Of Real Property To Purchase A Block Of Land From Washington Regional Medicorp For The New City Library Site In The Amount Of $268,000.00 COST TO CITY: Cost of this Request Account Number Category/Project Budget Funds Used to Date Category/Project Name Program Name Project Number Remaining Balance Fund BUDGET REVIEW: Budgeted Item Budget Adjustment Attached Budget Coordinator Administrative Services Director CONTRACT/GRANT/LEASE REVIEW: GRANTING AGENCY: Ac nung Maiiger Date f/2g(CL City Attorney Date Purchasing Officer Date STAFF RECOMMENDATION: Division Head Department Director Ad trauv • •rvices U' ector h ayor Date Date Internal Auditor ADA Coordinator CROSS REFERENCE New Item: Yes No Previous Ordinance/ Resolution No.: Date 2f Date Date Date FAYETTEV?LLE � THE CITY OF EAYETTEVILLE, ARKANSAS DEPARTMENTAL CORRESPONDENCE To: Ed Connell, Engineering From: Heather Woodruff, City Clerk Date: February 11, 2002 Attached is a copy of the resolution approving the purchase of property for the new library. The original will be microfilmed and filed with the City Clerk. cc: Nancy Smith, Internal Audit S7EJJAJrs, gua6e-r - �2sC-APed 010 03 City of Fayetteville 2/15/2002 Update Index Maintenance • 11:46:59 Document Item Action Reference Date Ref. Taken Brief Description RES 2052002 17-02 LAND PURCHASE/WRMC/NEW CITY LIBRARY Enter Keywords........: RES. 17-02 CONTRACT SLAE REAL PROPERTY BLOCK WASHINGTON REGIONAL MEDICOR? LIBRARY SITE $268, 000 00 File Reference # ......: MICROFILM Security Class........: Expiration Date........ Date for Cont/Referred: Name Referred to......: Retention Type: **** Active * Cmdl-Return Cmd8-Retention Cmd4-Delete Cmd3-End Press 'ENTER' to Continue Cmd5-Abstract Yes No (c) 1986-1992 Munimetrix Systems Corp.