HomeMy WebLinkAbout05-03 RESOLUTION•
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RESOLUTION NO. 05-03
A RESOLUTION TO ENCOURAGE THE NEGOTIATION
OF A CONTRACT BETWEEN THE CITY OF FAYETTEVILLE
AND THE METHODIST WESTERN ASSEMBLY ASSOCIATION
FOR THE PURCHASE OF ABOUT SEVENTY ACRES OF
FORESTED HILLSIDE KNOWN AS SEQUOYAH FOREST
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 encourages the city administration to enter into negotiations to purchase
about seventy acres of forested hillside known as Sequoyah Forest from the
Methodist Western Assembly Association and to bring a proposed contract for
such purchase to the City Council for its consideration and approval.
PASSED and APPROVED this the 7th day of January, 2003.
ATTEST:
By:
eather Woodruff, City CI rk
APPROVED:
By
DAN COODY, Ma
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OFFER AND ACCEPTANCE CONTRACT
1. The City of Fayetteville, Arkansas, a municipal corporation, offers to buy, subject to
the terms and conditions set forth herein, the following descnbed property:
The East 895 feet of the Southeast Quarter (SE%) of the Northeast Quarter
(NEY.) of Section Fifteen (15), Township Sixteen (16) North, Range Thirty (30)
West, Washington County, Arkansas, being all that part of said 40 acre tract
not included in the plat of Westem Methodist Assembly subdivision to the City
of Fayetteville, Arkansas, containing 27.12 acres more or less
and
The Southwest Quarter (SW%) of the Northwest Quarter (NW%) of Section Fourteen
(14), Township Sixteen (16) North, Range Thirty (30) West Washington County,
Arkansas, containing 40 acres, more or less.
2 Purchase Price: Subject to the following conditions, the City of Fayetteville shall, pay
$ 1,300,000 to Mt. Sequoyah Assembly, Inc., an Arkansas non-profit corporation, for
the described property, which includes a cash payment of $ 600,000 at the time of
closing and a mortgage note in the principal amount of $ 700,000, payable in five (5)
annual installments of $140,000.00 plus 3% per annum interest on the unpaid
balance, the first installment being due on the anniversary date of this contract and
such date each year thereafter for the following four (4) years. The City of Fayetteville
shall have the right to prepay the principal amount due, plus accrued interest, at any
time. It is understood that the City of Fayetteville shall have full access to such
land(s) and may implement improvements to said land in their normal course of
improvement and maintenance of park or trails areas.
3. Contingent Eamest Money Deposit: The City of Fayetteville shall, within two weeks
after the full execution of this contract, tender a check for $ 13,000 to Mt. Sequoyah
Assembly Inc., as eamest money, which shall apply on the purchase price and
credited toward the cash payment at closing . This offer of purchase is contingent
upon approval of the City Council of the City of Fayetteville, Arkansas, and, if they do
not so approve, the eamest money deposit will be retumed to the City of Fayetteville
by the Mt. Sequoyah Assembly, Inc . If title requirements are not fulfilled or if Mt.
Sequoyah Assembly, Inc. fails to fulfill any obligations under this contract, the eamest
money shall be promptly refunded to the City of Fayetteville. If the City of Fayetteville
fails to fulfill his obligations under this contract or after all conditions have been met,
the City of Fayetteville fails to close this transaction, the earnest money shall become
liquidated damages to Mt. Sequoyah Assembly, Inc.
Pisa
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OFFER AND ACCEPTANCE CONTRACT
Page 2 of 5
4. Conveyance and Limited Land Use: Conveyance will be made to the City of
Fayetteville by General Warranty Deed,. This conveyance shall include mineral rights
owned by the Mt. Sequoyah Assembly, Inc. The City of Fayetteville intends to use
this land as a nature park, preserving the natural habitat as much as possible with
nature trails, picnic areas, benches, etc., and small parking lots at access areas.
Except where necessary to access the park, the trails and picnic areas shall not be
located near existing homes. The City of Fayetteville shall invite the purchase of its
development nghts for this acreage by the Fayetteville Natural Heritage Committee
for their conveyance of development rights to the Ozark Regional Land Trust.
5. Mt. Sequoyah Assembly, Inc. shall fumish a policy of title insurance in the amount of
the purchase price from a title insurance company as selected by the City of
Fayetteville. The City of Fayetteville and Mt. Sequoyah Assembly, Inc. shall equally
share in the cost of said insurance policy.
6. Mt. Sequoyah Assembly, Inc. agrees to allow the City of Fayetteville, if the City of
Fayetteville so desires, at City of Fayetteville's expense, to survey the property. Mt.
Sequoyah Assembly, Inc. agrees to cure any title problems which may result from any
differences between the recorded legal descriptions of the property and the survey
description. Said title problems, if any, must be solved prior to closing to the
satisfaction of the City of Fayetteville.
7. Taxes and special assessments due on or before closing shall be paid by the Mt.
Sequoyah Assembly, Inc.. Insurance, general taxes, ad valorem taxes, special
assessments and rental payments shall be prorated as of closing. Closing costs,
except those heretofore mentioned, shall be equally shared between the City of
Fayetteville and Mt. Sequoyah Assembly, Inc.
8. The dosing date shall be within sixty (60 ) days after approval of this contract by the
Fayetteville City Council.
(fra.v
9. Possession of the property shall be delivered to the City of Fayetteville on the date of
closing.
10. Mt. Sequoyah Assembly, Inc. hereby grants permission for the City of Fayetteville or
its employees or designates to enter the above described property and improvements
for the purpose of inspection and/or surveying.
11. All fixtures, improvements and attached equipment are included in the purchase pnce
12. Risk of Toss or damage to the property by fire or other casualty occurnng up to the
time of closing is assumed by Mt. Sequoyah Assembly, Inc..
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OFFER AND ACCEPTANCE CONTRACT
Page 3 of 5
13. Mt. Sequoyah Assembly, Inc. shall disclose to the City of Fayetteville any and all
environmental hazards of which Mt. Sequoyah Assembly, Inc. has actual knowledge.
Upon acceptance of all conditions and terms of this Offer and Acceptance, the City
of Fayetteville and Mt. Sequoyah Assembly, Inc. shall share equally the costs of any
and all testing for the existence of environmental hazards. Should the existence of
environmental hazards be known or determined, Mt. Sequoyah Assembly, Inc. shall
cure such, at Mt. Sequoyah Assembly, Inc.'s expense, or in the altemative, at the City
of Fayetteville's discretion, the City of Fayetteville may cure such environmental
hazard, and Mt. Sequoyah Assembly, Inc. shall indemnify the City of Fayetteville for
all costs associated with said cure.
14. This agreement shall be govemed by the laws of the State of Arkansas.
15. This agreement, when executed by both the City of Fayetteville and Mt. Sequoyah
Assembly, Inc. shall contain the entire understanding and agreement of the parties
with respect to the matters referred to herein and shall supersede all price or
contemporaneous agreements, representations and understanding with respect to
such matters, and no oral representations or statements shall be considered a part
hereof.
16. This contract expires, if not accepted by the Mt. Sequoyah Assembly, Inc. on or
before the 28th day of February, 2003.
17. NOTICE: THE CITY OF FAYETTEVILLE, ARKANSAS, ASSERTS AND MT.
SEQUOYAH ASSEMBLY, INC. HEREBY ACKNOWLEDGES THAT THIS
OFFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL OF
THIS OFFER OF PURCHASE BY THE CITY COUNCIL OF
FAYETTEVILLE AND THAT THE FAILURE OF THE COUNCIL TO SO
APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND
VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO THE
CITY OF FAYETTEVILLE OF THE $ 13.000 EARNEST MONEY
DEPOSIT.
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OFFER AND ACCEPTANCE CONTRACT
Page 4 of 5
Mt Sequoyah Asse bl nc.:
Dr. aries allace, to r t s , d -0 n1
WITNESS:
City of Fayetteville, Arkansas,
a muni al corpojptton
Dan Coody, Mayor
20IMd
Sondra Smith, City Clerk
Date: /�
Date:
Date: �3�3
a/3/D�
Date:
STATE OF ARKANSAS
COUNTY OF WASHINGTON
ACKNOWLEDGMENT
)
ss
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and
acting Notary Public within and for said County and State, personally appeared Dr.Charles Wallace
a loCfcfeaserTi.,ci Tr's-rcvs to me well known as the personS, who executed the foregoing
document, and who stated and acknowledged that fttEarectbealemsaa4 he Is Y"c Tr<s.dcnT
of Mt. Sequovah assembly, Inc. andarii duly authorized to execute the foregoing insvurntn_t for and in
the name and behalf of said corporation, and further stated and acknowledged that they hilt 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 /Y'"day of Fc Lin) a,,,c j 2003.
'MY COMMISSION EXPIRES:
/- 9 -0
O*FICTAL SEAL
A WIWSTINE SMITH
NOTARY PUNK - ARKANSAS
WASHINGTON COUNTY
MY COMMISSION WIRES: 12-09-2001
Notary Public
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OFFER AND ACCEPTANCE CONTRACT
Page 5 of 5
STATE OF ARKANSAS
COUNTY OF WASHINGTON
ACKNOWLEDGMENT
ss
BE IT REMEMBERED, that on this date, before the undersigned a duly commissioned and
acting Notary Public within and for said County and State, personally appeared Dan Goody and Sondra
Smith, 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 _3'r day of /B,cwA.ey 2003.
MY COMMISSION EXPIRES:
QSO/-10/O
EDWARD D. CONNELL
My Cam anE�kes
1,2010
Notary Public
l
t
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Form No. 1402.92
(10/1752)
ALTA Owner's Policy
0
1
00
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2140414111411*•41110. 101111311.04
MICROFILMED
POLICY OF TITLE INSURANCE
t ?I E n /
r.
"a dee
ISSUED IW
First American Title Insurance Company
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE
B AND THE CONDITIONS AND STIPULATIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a California
corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage,
not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested other than as stated therein;
2. Any defect in or lien or encumbrance on the title;
3. Unmarketability of the title;
4. Lack of a right of access to and from the land.
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but
only to the extent provided in the Conditions and Stipulations.
- 8955
Agent tor:
First American
BRONSON ABSTRACT COMPANY, INC.
3810 Front Street, #5
Fayetteville, AR 72703
(501) 442-2700
Fax: (501) 442-8475
Title Insurance Company
First American Title Insurance Company
�1-14-c
e_SECUETARY
RY
ATTEST
_bos**02,
PRESIDENT
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•
•
Policy No.J 784955
SCHEDULE B File No.FATIC 2003-14209
This policy does not insure against loss or damage by reason of the following:
1
General taxes for the year 2003 and subsequent years not yet due and
payable.
2 Rights or claims of parties in possession, boundary line disputes,
overlaps, encroachments, and any other matters not shown by the
public records which would be disclosed by an accurate survey and
inspection of the land described in Schedule A.
3 Subject to a street right of way, drainage and utility easement deed
executed by Mt. Sequoyah Assembly, Inc., to the public, filed for record
March 16, 2000 at 11:56 A.M., as instrument #2000020100.
4 Subject to a right of way agreement by and between Western Methodist
Assembly and Arkansas Western Gas Company, recorded in record book 258 at
page 591 of the records of Washington County, Arkansas.
5 Subject to any portion of herein described land that may lie within the
right of way of any public road.
6 Subject to a mortgage of herein described land executed by the City of
Fayetteville, Arkansas, a municipal corporation, to Mt. Sequoyah
Assembly, Inc., an Arkansas non-profit corporation, filed May 16, 2003 at
3:24 p.m., recorded as instrument #2003-00027313.
,toy sE12U n ya 4-
uPd-
oe
os,03
BRONSON ABSTRACT COMPANY, INC
28 EAST CENTER STREET
FAYETTEVILLE, AR. 72701
*********************************
FIRST AMERICAN TITLE
INSURANCE COMPANY
*********************************
•
Policy No.J 784955
SCHEDULE A File No.FATIC 2003-14209
Amount of insurance: $1,300,000.00
Premium: SPECIAL
Date of Policy: MAY 16, 2003 at 3:24 P.M.
1. Name of Insured:
CITY OF FAYETTEVILLE, ARKANSAS, a municipal corporation
2. The estate or interest in the land described herein and which is covered
by this policy is FEE SIMPLE and is at Date of Policy vested in:
3.
is
as
THE INSURED
The land referred to in this policy is described in the said instrument,
situated in the County of WASHINGTON, State of ARKANSAS, and is identified
follows:
The East 895 feet of the SE 1/4 of the NE 1/4 of Section 15, Township 16
North, Range Thirty (30) West, being all of said 40 acre tract not included in
the plat of Western Methodist Assembly.
The SW 1/4 of the NW 1/4 of Section 14, Township 16 North, Range 30 West,
Washington County, Arkansas, containing 40 acres, more or less.
COUNTERSIGNED BY:
BRONSON ABSTRACT COMPANY, INC
28 EAST CENTER STREET
FAYETTEVILLE, AR. 72701
ARKANSAS LICENSE 1173
********:t*,t*********************
FIRST AMERICAN TITLE
INSURANCE COMPANY
*********************************
•
•
BRONSON ABSTRACT CO., INC.
Abstracts Title Insurance Escrows
JUNE 6, 2003
CITY OF FAYETTEVILLE
113 W. MOUNTAIN
FAYETTEVILLE, AR 72701
FATIC 2003-14209
INSURANCE POLICY NO. J 784955
3810 Front Street
Suite 5
Fayetteville, AR 72703
479 442-2700
Telecopier
479 442-8475
NOTE: This letter contains IMPORTANT information about the real
estate transaction you have just recently completed. Read this
letter and retain it with your other valuable papers pertaining
to the property purchased.
The new home or other real estate you have purchased is protected
with a policy of title insurance issued thru BRONSON ABSTRACT
COMPANY., INC.
we have assigned the above number to your records to assure
prompt processing of future title orders involving the property,
If you sell or obtain a loan on this piece of land within four
(4) years, BRONSON ABSTRACT COMPANY, INC., WILL REDUCE THE USUAL
POLICY RATE
To obtain this SAVINGS, it will be necessary for you to inform
the real estate agent and/or loan officer handling further
transactions that such policies of title insurance if required
should be issued thru BRONSON ABSTRACT COMPANY, INC., and you
must request the real estate agent and/or loan officer to forward
this letter to us with the order for title insurance.
We appreciate the opportunity of serving you and will be glad to
assist you in any way, remembering that PROTECTION OF YOUR
PROPERTY IS YOUR FIRST CONSIDERATION --AND OURS.
BY:
CLAYTON R. BRONSON
REPRESENTING:
FIRST AMERICAN TITLE INSURANCE CO.
015 04 C of Fayetteville 8/25/2004
Maintenance/Inquiry • 10:07:43
Document em Action
Reference Date Ref. Taken. Brief Description
RES 1/07/2003 05-03 MT. SEQUOYAH/METHODIST WESTERN
Keywords METHODIST WESTERN ASSEMBLY
70 ACRES
FORESTED HILLSIDE
MT. SEQUOYAH
RES. 05-03
05-03
Mt. Sequoyah/Methodist Western
Western Assemby
Methodist Western Assembly
File Reference # • CC OFC
Security Class
Expiration Date
Date for Cont/Referred:
Name Referred to
Retention Type:
**** Active ****
Press Cmd 6 to Update
Cmdl-Return Cmd2-Check Out CmdB-Retention Cmd3-End Press 'ENTER' to Continue
Cmd5-Abstract Yes No (c) 3986-11992 Munimetrix Systems Corp.
Ory 11001111y Vy C UIIU WYE, a uu ora ld ay
made by the insured in any transfer or conveyance al the
estate or interest. This policy shag not continue in force in
favor of any purchaser from the insured of either (i) an est
or interest in the land. or hi). an indebtedness secured b
purchase money mortgage given to the insured.
3. NOTICE OF CLAIM TO BE GIVEN BY
INSURED CLAIMANT.
The insured shall notify the Company prompty in
writing (i) in case of any litigation as set forth in Section 4(a)
below, (ii) in case knowledge shall come t0 an insured
hereunder of any claim of title or interest which is adverse to
the title to the estate or interest. as insured, and which might
cause loss or damage for which the Company may be liable
by virtue of this policy, or (iii) d bile to the estate or interest,
as insured. is rejected as unmarketable. If prompt notice shall
not be given to the Company, then as to me insured all liability
of the Company shall terminate with regard to the matter or
matters for which prompt notice is required: provided.
however, that failure to notify the Company shall in no case
prejudice the rights of arty insured under this policy unless
the Company shall be prejudiced by the failure and Then only
to the extent of Me prejudice.
4. DEFENSE AND PROSECUTION OF ACTIONS;
DUTY OF INSURED CLAIMANT 10 COOPERATE.
(a) Upon written request by the insured and subject to
the options contained in Section 6 of mese Conditions and
Stipulations, the Company, at its own cost and without
unreasonable delay. shall provide for the defense of an
insured in litigation in which any third party asserts a claim
adverse to Me title or interest as insured. but only as to those
stated causes of action alleging a defect, lien or en-
cumbrance or other matter insured against by this policy. The
Company shall have the right to select counsel of its choice
(subject to the right of the insured t0 object for reasonable
cause) t0 represent the insured as to those staled causes of
action and shall not De fable for and will not pay the fees of
any other counsel. The Company will not pay any fees. costs
or expenses incurred by the insured in the defense of Mose
causes of action which allege matters not insured against by
this policy.
(b) The Company shall have Me right, at its own cost,
to institute and prosecute any action or proceeding or to do
any other act which in its opinion may be necessary or
desirable to establish the title to the estate or interest. as
insured, or to prevent or reduce loss or damage to the
insured. The Company may lake any appropriate action under
the terms of this policy. whether or not it shall be liable
hereunder. and shall not thereby concede liability or waive
any provision of this policy. II the Company shall exercise its
rights under this paragraph, it shall do so diligently.
(c) Whenever the Company shall have brought an
action or interposed a defense as required or permitted by the
provisions of this policy. the Company may pursue any
Iitigauon to final determination by a court of competent
jurisdiction and expressly reserves the right, in its sole
discretion. to appeal from any adverse judgment or order.
(d) In all cases where this policy permits or requires
the Company to prosecute or provide for the defense of any
action or proceeding, the insured shall secure to the
Company me right to so prosecute or provide defense in the
action or proceeding. and all appeals therein, and permit Me
Company to use. at its option. the name of the insured for mis
purpose. Whenever requested by the Company, the insured.
at the Companys expense, shall give the Company all
reasonable aid (i) in any action or proceeding. securing
evidence. obtaining witnesses. prosecuting or defending the
action or proceeding, or effecting settlement, and (ii) in any
other lawful act which in the opinion of the Company may be
necessary or desirable to establish the title to Me estate or
interest as insured. U the Company is prejudiced by the failure
of the insured to furnish the required cooperation. the
Company's abligations to the insured under the policy shall
terminate. including any liability or obligation to defend,
prosecute. or continue any litigation, with regard to the matter
or matters requiring such cooperation.
5. PROOF OF LOSS OR DAMAGE.
In addition to and after the notices required under
Section 3 of these Conditions and Stipulations have been
provided the Company. a proof of bss or damage signed and
sworn to by the insured claimant shall be furnished to the
Company within 90 days after the insured claimant shall
ascertain the facts giving rise to the loss or damage. Tne
proof of loss or damage shall describe the defect in, or lien
or encumbrance on the title, or other matter insured against
Company for cancellation.
(0) To Pay or Otherwise Settle With Parties Other than
the Insured w With the Insured Claimant.
. (i) to pay or otherwise settle with other parties
or in the name of an insured claimant any claim insured
against under this policy, together with any costs, attorneys'
fees and expenses incurred by the insured claimant which
were authonzed by the Company up to the time of payment
and which the Company i5 obligated to pay: or
(ii) to pay or otherwise settle with the insured
claimant the bss or damage provided for under this pblicy.
together with any costs, attorneys' fees and expenses
incurred by the insured claimant which were authorized by the
Company up to the time of payment and which the Company
is obligated to pay.
Upon the exercise by the Company of either of the
optlons provided far in paragraphs (b)(i) or (ii). the Com-
panys obligations to the insured under this policy for the
claimed loss or damage, other than the payments required 10
be made. shall terminate. including any liability or obligation
to defend, prosecute or continue any litigation.
7. DETERMINATION, EXTENT OF LIABILITY
AND COINSURANCE.
This policy is a contract of indemnity against actual
monetary bss or damage sustained or incurred by me
insured claimant who has suffered bss or damage by reason
of matters insured against by this policy and only to the extent
herein described.
(a) The liability of the Company under this policy shall
not exceed the least o1:
(i) the Amount of Insurance staled in Schedule A;
or
(ii) the difference between the value of the insured
estate or interest as insured and [Revalue of the insured estate
or interest subject to the defect, lien or encumbrance insured
against by this policy.
(b) In the event the Amount of Insurance staled in
Schedule A at the Date of Policy is less than 80 percent of
the value of the insured estate or interest or the full
consideration paid for the land, whichever is less, or it
subsequent to the Date of Policy an improvement is erected
on me land which increases the value of the insured estate
or interest by at least 20 percent over the Amount of
Insurance stated in Schedule A, men this Policy is subject to
the following:
(i) where no subsequent improvement has been
made, as to any partial loss. the Company shall only pay the
bss pro rata in the proportion that the Amount of insurance
at Date of Policy bears to the total value of the insured estate
or interest al Date of Policy: or (ii) where a subsequent
improvement has been made. as to any partial loss, the
Company shall only pay the loss pro rata in the proportion that
120 percent of the Amount of Insurance stated in Schedule
A bears to the sum of the Amount of Insurance stated in
Schedule A and the amount expended for the improvement.
Tne provisions of this paragraph shad not apply to
costs. attorneys' fees and expenses for which the Company
is liable under this policy, and shall only apply to that portion
of any loss which exceeds. in the aggregate. 10 percent 01
the Amount of Insurance stated in Schedule A.
(c) The Company wig pay only those costs. attorneys'
fees and expenses incurred in accordance with Section 4 of
these Conditions and Stipulations.
8. APPORTIONMENT.
II the land described in Schedule (A)(C) consists of Iwo
or more parcels which are not used as a single site. and a loss
is established affecting one or more 01 the parcels but not all.
the bss shall De computed and settled on a pro rata basis as
if the Amount of Insurance under this policy was divided pro
rata as to the value on Date of Policy of each separate parcel
to Me whole. exclusive of any improvements made sub-
sequent to Date of Policy, unless a liability or value has
otherwise been agreed upon as to each parcel by me
Company and the insured al the time of the issuance of this
policy and shown by an express statement or by an
endorsement attached to this policy.
9. LIMITATION OF LIABILITY.
(a) II the Company establishes the tittle, or removes the
alleged defect. lien or encumbrance. or cures the lack of a
right of access to or from the land, or cures the claim of
unmarketability of hole, all as insured. in a reasonably diligent
manner by any method, including litigation and the comple-
tion of any appeals therefrom, it shall have fully performed its
obligations with respect t0 that matter and shall not be liable
nae against any person or property in respect to trie claim
had this policy not been issued. If requested by the Company.
the insured claimant shall transfer t0 the Company all rights
and remjdies against any person or properly necessary in
order to perfect this right of subrogation. The insured
claimant shall permit the Company to sue. compromise or
settle in the name of the insured claimant and to use the name
of the insured claimant in any transaction or litigation
involving these rights or remedies.
If a payment on account of a claim does not fully cover
the loss of the insured clamant, the Company shall be
subrogated to these rights and remedies in the proportion
which me Companys payment bears to the whole amount
of the loss
N loss should result from any act of the insured
claimant, as stated above, that act shall not void this policy,
but Me Company, in that event, shall be required to pay only
that part of any losses insured against by this policy which
shall exceed me amount. if any. lost to the Company by
reason of the impairment by the insured claimant of the
Companys right of subrogation.
(b) The Company's Rights Against eon -Inured
Obligors.
The Companys right of subrogation against non-
insured obligors shag exist and shall include. without
irritation. Me rghls of the insured to indemnities, guaranties,
other policies of insurance or bonds. notwithstanding any
terms or conditions contained in dose instruments which
provide for subrogation rights by reason of this policy.
14. ARBRRATION.
Unless prohibited by applicable law. either the Com-
pany or the insured may demand arbitration pursuant to the
Title Insurance Artitratwn Rules of the American Arbitration
Association. Arbitrable matters may include. but are not
limited to, any controversy or claim between the Company
and Me insured ansing out of or relating to this policy, any
service of the Company in connection with its issuance or
the breach of a policy provision or other obligation. All
arbitrable matters when the Amount of Insurance i5
51.000,000 or less shag be arbitrated at the option of either
Me Company or the insured. All arbitrable matters when the
Amount of Insurance is in excess al S1,000,000 shall be
arbitrated only when agreed to by both the Company and the
insured. Arbitration pursuant to this policy and under the
Rules in effect on the date the demand tor arbdration i5 made
or. at the option of Me insured. the Rules in effect at Date of
Policy shall be binding upon the parties. The award may
include attorneys' lees only it the laws of the state in which
Me land is located permit a court to award attorneys' fees to
a prevailing party Judgment upon the award rendered by the
Arbitrator(s) may be entered in any court having junsdbtion
thereof.
The law of the situs of the land shall apply to an
arbitration under the Tile Insurance Amination Rules.
A copy of the Rules may be obtained from the
Company upon request.
15. LIABILITY LIMITED TO THIS POLICY;
POLICY ENTIRE CONTRACT.
(a) This policy together with all endorsements, d any.
attached hereto by the Company is me entire policy and
contract between the insured and the Company. In interpret-
ing any provision of this policy. this policy shall be construed
as a whole.
(b) Any claim of loss or damage, whether or not
based on negligence and which arises out of the status of
the title to the estate or interest covered hereby or by any
action asserting such claim. shall be restricted to this policy.
(c) No amendment of or endorsement to this policy
can be made except by a writing endorsed hereon or attached
hereto signed by either the Resident. a Vice President. the
Secretary. an Assistant Secretary, or validating officer or
authorized signatory of the Company.
16. SEVERABILITY.
In the event any provision of the policy is held invalid
or unenforceable under applicable law. the policy shall be
deemed not to include that provision and all other provisions
shall remain in fun lorce and effect.
17. NOTICES, WHERE SENT.
Al rafts owed b be pen the Gamily aid any sraenenl
b aging requied b be barbed the C ry slug mare me
number a du poky and shall be addressed b the Cnncany M
1 Fa, Arercal way. Sada Ara CYbrnia 92707. ab tteoen
etch Meed It racy
• _ • RQ d - 0 5-03
My name is Karen Rollet -Crocker, Landscape Architect and member of the Fayetteville
Natural Heritage Association. I would like to address the question of why it is so
important to save the Mt. Sequoyah Woods site and make it available to the citizens of
Fayetteville.
The Natural Heritage Association has been given permission by the director of Mt.
Sequoyah to study the natural and archaeological features of the site. Kevin Hickey of
the State Forestry Commission has been assessing the trees. Although his inventory and
analysis has not been completed, he has noted that the property is a cool east facing slope
which is a rich growing environment. Theo Witsell of the Arkansas Natural Heritage
Commission visited the site today and noted over 50 varieties of shrubs, grasses and
wildflowers. He believes there would be double to triple that number if he had come in
the spring or summer. Trees include 7 kinds of oaks, from post to black, chinquapin,
shumard, black jack, white and northern red There are 4 kinds of hickories, from
mockernut to black, shagbark and bitternut. Other trees are black walnut, hackberry, ash,
locust, persimmon and dogwood. There are also some invasive plants which need to be
removed such as honeysuckle, ailianthus, bittersweet and euonymous. The lower slopes
are more untouched and natural. Reports will be coming from both these agencies.
Tomorrow, Jerry Hilliard of the Arkansas Archaeological Survey will be visiting the site.
If you would look at your map, you will see that there are three major areas: the upper
slope, a central area with stream beds and steep rocks, and a lower flatter slope. It is the
middle area that has the most unusual plants, due to water seeping through rocks and into
moist slopes. In addition to these natural habitats, there are some potential recreational
uses for this site. As you know, this property has had long use as a nature retreat and for
hiking and walking. However, we believe there is a much broader range of public uses.
The lower, flatter area could become a shaded park with picnic tables pavilions, play
areas and easy trails which fit the requirements of the American Disabilities Act. Above
this area would be hiking trails which would lead to the wet seeps and the upper slopes.
The park would be accessible to the population of Fayetteville from highway 16 via 265
from the south and from highway 45 and Joyce Street via 265 from the north.
Finally, I would like to quote Dr. Neil Compton who founded the Ozark Society and
saved the Buffalo River. In his statement before Congress, he linked the preservation of
natural places with the need for healthful living. He talked about the unending miles of
pavement and urban development which, as he said, `requires us more and more to seek
out undisturbed and beautiful places for spintual, emotional and physical restoration.' He
could ask you to save this land much more eloquently than I. Please support the effort to
save the Mt. Sequoyah woods.
• •
RESOLUTION NO.
A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE
CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND THE
METHODIST WESTERN ASSEMBLY ASSOCIATION FOR THE
PURCHASE OF APPROXIMATELY SEVENTY (70) ACRES
KNOWN AS SEQUOYAH FOREST IN AN AMOUNT NOT TO
EXCEED ONE MILLION THREE HUNDRED THOUSAND
DOLLARS (51,300,000.00).
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 approves an Offer and Acceptance contract between the City of
Fayetteville and the Methodist Western Assembly Association for the purchase
of approximately seventy acres known as Sequoyah Forest in an amount not to
exceed One Million Three Hundred Thousand Dollars ($1,300,000.00). A copy of
the contract is attached hereto marked Exhibit "A" and made a part hereof.
Section 2. That the City Council of the City of Fayetteville, Arkansan
hereby authorizes the Mayor to sign said Offer and Acceptance contract wi.11114
Methodist Western Assembly Association. 1 .
PASSED AND APPROVED this 7th day of January, 2
By
l
`APPROVED:
HtATHER'WOODRUFF, City
It
Y, Mayor
• MT SI C,4 U OYI\N t?C ou
2� Tof='Oct rAFLiY (FKCf'I
E-- UNT5E_QUOYAH
CONFERENGE ANO
RETREAT GENTE{Z
er-ROPERTY iOs_5ALE
{TH AfRRCX'I f`1ATz
BLiNLIARy
• MT 5 QUOYAH WOODS
_21 TFo RAFHY (FROM Ctv OF FAYETTEVILLE)
•
E
N