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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