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HomeMy WebLinkAbout06-03 RESOLUTIONRESOLUTION NO, 06-03 A RESOLUTION APPROVING THE CITY OF FAYETTEVILLE'S OFFER TO PURCHASE THREE (3) PARCELS OF LAND TOTALING 21.35 ACRES MORE OR LESS, LOCATED IN THE AREA OF INTERSTATE HIGHWAY 540 AND RAZORBACK ROAD IN THE AMOUNT OF TWO HUNDRED NINETY-FOUR THOUSAND FIVE HUNDRED DOLLARS ($294,500.00) AS PARTIAL SATISFACTION OF THE TERMS OF THE SETTLEMENT AGREEMENT REACHED IN SERAFINI ET AL v. CITY OF FAYETTEVILLE. 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 the City of Fayetteville's offer to purchase three (3) parcels of land totaling 21.35 acres more or less, located in the area of Interstate Highway 540 and Razorback Road for the amount of Two Hundred Ninety -Four Thousand Five Hundred Dollars ($294,500.00) as partial satisfaction of the terms of the Settlement Agreement reached in Serafini et al v. City of Fayetteville. Copies of the Offer and Acceptance contracts are attached hereto marked Exhibit "A" and made a part hereof. Section 2. That the City Council of the City of Fayetteville, Arkansas hereby authorizes the Mayor and the City Clerk to execute all documents necessary to complete these purchases. Section 3. That the City Council of the City of Fayetteville, Arkansas hereby declares that said lands shall be preserved in their natural state in perpetuity for the benefit of the citizens of the City of Fayetteville. PASSED AND APPROVED this 7th day of January, 2003. APPROV By ATTEST. By: ATHER WOODRUFF, C2ity Clerk DAN COODY, May OFFER AND ACCEPTANCE CONTRACT 1. The City of Fayetteville, Arkansas, a municipal corporation, hereinafter referred to as the Buyer, offers to buy, subject to the terms and conditions set forth herein, the following described property: SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION 2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the property at closing, the total and cash payment of $64.500. 3. Adjacent Parcel Contingency: Buyer asserts and Seller hereby acknowledges that this offer is expressly contingent upon the acceptance of the separate offers made this date for the purchase of two (2) adjacent parcels given Washington County Tax Parcel ID Number 765-15415-000 and Number 765-15422-000, and that the rejection of either of the above -referenced offers shall render this offer null and void. 4. Contingent Eamest Money Deposit: The Buyer will tender a check for $1.290.00 to J. O. Richardson Trustee of the James A Richardson Trust, hereinafter referred to as the Seller, as earnest money, which shall apply on the purchase price. This offer of purchase is contingent upon approval of the City Council of the City of Fayetteville, Arkansas, and, if they do not so approve, the earnest money deposit will be returned to the Buyer by the Seller If title requirements are not fulfilled or the Seller fails to fulfill any obligations under this contract, the earnest money shall be promptly refunded to the Buyer. If the Buyer fails to fulfill his obligations under this contract or after all conditions have been met, the Buyer fads to close this transaction, the earnest money may, at the option of the Seller, become liquidated damages to the Seller. Alternatively, the Seller may assert legal or equitable rights which it may have because of breach of this contract. A Vendor Form is attached hereto on which the Seller must provide to the Buyer a Tax Identification Number (Corporation) or Social Security Number so that the earnest money check can be written and mailed to the Seller within two weeks of the Seller's acceptance of this contract. 5. Conveyance will be made to the Buyer by general Warranty Deed, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the property. Such conveyance shall include mineral rights owned by the Seller 6. The Seller shall furnish a policy of title insurance in the amount of the purchase price from a title insurance company as selected by the Buyer. The cost of such title insurance policy shall be equally shared by Seller and Buyer. 7. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense, to survey the property. Seller agrees to cure any title problems which may result from any differences between the recorded legal descriptions of the property and the survey description. Said title problems, if any, must be solved prior to closing to the satisfaction of the Buyer. 8. Taxes and special assessments due on or before closing shall be paid by the Seller. Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be prorated as of closing. • • OFFER AND ACCEPTANCE CONTRACT Page 2 of 5 9. The closing date is to be within thirty (30 ) days after approval of this contract by __the Fayetteville City Council. If the last date of such closing falls on a weekend or holiday, it will be held the following working day. The closing agent will be a mutually agreed upon closing firm in Washington County. 10. Possession of the property shall be delivered to the Buyer on the date of closing. 11. Seller hereby grants permission for the Buyer or its employees or designates to enter the above described property and improvements for the purpose of inspection and/or surveying. 12. All fixtures, improvements and attached equipment are included in the purchase price. 13. Risk of loss or damage to the property by fire or other casualty occurring up to the time of closing is assumed by the Seller. 14. Seller shall disclose to Buyer any and all environmental hazards of which Seller has actual knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance, Buyer and Seller shall share equally the costs of any and all testing for the existence of environmental hazards. Should the existence of environmental hazards be known or determined, Seller shall cure such, at Seller's expense, or in the alternative, at Buyer's discretion, Buyer may cure such environmental hazard, and Seller shall indemnify Buyer for all costs associated with said cure. 15. This agreement shall be governed by the laws of the State of Arkansas. 16. This agreement, when executed by both the Buyer and the Seller shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede all price or contemporaneous agreements, representations and understanding with respect to such matters, and no oral representations or statements shall be considered a part hereof. 17. This contract expires, if not accepted by the Seller on or before the 27th day of November 2002. 18. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF THE COUNCIL TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE $1,290.00 EARNEST MONEY DEPOSIT. • • • OFFER AND ACCEPTANCE CONTRACT -- Page 3 of 5 SELLER: ?-0'%U Date: 1 l 141 rdson, Trustee of the James A. Richardson, Trust u/t/d May 1, 1998 AGENT OR WITNESS: BUYER: City of Fayetteville, Arkansas, a municipal corporation Dan oody, Mayor • City Clerk •�V.` j f�: Date: Date: /(f4-./ 0L Date: /0 -3O- (SEAL) • • • OFFER AND ACCEPTANCE CONTRACT Page 4 of 5 EXHIBIT "A" PROPERTY DESCRIPTION A part of the Northeast Quarter (NE%) of the Northwest Quarter (NW%) of Section 29 in Township 16 North of Range 30 West, described as follows, to - wit: Beginning at a point 1155.00 feet South of the NE corner of said 40 acre tract, thence South 165.0 feet, thence West 396 0 feet, thence North 330.0 feet, thence N 74 degrees 28'30" East 155.68 feet, thence South 206.67 feet, thence East 246 00 feet to the point of beginning, containing 2.1399 acres, more or less, except 15 feet off the South side thereof for road purposes and. subject to Cato Springs Road on the East. ALSO LESS & EXCEPT* Part of the Northeast Quarter (NW%) of the Northwest Quarter (NW%) of Section 29, in Township 16 North of Range 30 West in Washington County, Arkansas, more particularly described as follows: Starting at the Northeast corner of the Northeast Quarter (NE%) of the Northwest Quarter (NW%) of Section 29, thence South 02 degrees 31'05" West along the East line thereof a distance of 1142.30 feet to a point on the Northwesterly proposed right of line of State Highway 265 for the point of beginning; thence continue South 02 degrees 31'05" West along the East line of the Northeast Quarter (NE%) of the Northwest Quarter (NW%) of Section 29 a distance of 29.88 feet to a point on the Northwesterly existing right of way line of State Highway 265; thence in a Southwesterly direction along said existing right of way line on a curve to the left having a radius of 527.62 feet a distance of 77.41 feet to a point of the Westerly proposed right of way line of State Highway 265; thence North 18 degrees 18'14" East along said proposed right of way line a distance of 80.57 feet to a point, thence North 23 degrees 32'05" East along said proposed right of way line a distance of 24.93 feet to the point of beginning and containing 0.01 acre, more or less. SIGNED FOR IDENTIFICATION: SELLER: J/ •. Ric don, Trustee�Fte James A. Richardson Trust u/Ud May 1, 1998 BUY'`: Dan oody, ayor • • • OFFER AND ACCEPTANCE CONTRACT Page 5 of 5 ACKNOWLEDGMENT STATE OF ARKANSAS ) gtn+o.. ) ss. COUNTY OF WA€HINGTON ) 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 J. O. Richardson, Trustee of the James A. Richardson Trust. ulUd May 1. 1998 to me well known as the person(s) who executed the foregoing document, and who stated and acknowledged that he 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 LW& day of HOLLY F. JONES NOTARY PUBLIC, STATE OF ARKANSAS MY CONAAISStdN i,.= ARES O5-01-2008 BENTON COUNTY MY COMMISSION EXPIRES: 61 I lagE ►Jirnmh(✓ 2002. Notary toublic STATE OF ARKANSAS BENTCvJ COUNTY OF WASHINGTON ACKNOWLEDGMENT ) ) ) SS. BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and a;tin Nota Public Psublic within and for said County and State, personally appeared Dan Coody and r61i� ruff, to me well known as the persons who exec ted the foregoing document, and who stated and acknowledged that they are the Mayor andi yelerk 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 WU% day of CO -Car 2002. MY COMMISSION EXPIRES: -5)110R HOLLY F. JONES NOTARY PUBLIC, STATE OF ARKANSAS MY COMMISSION EXPIRES 05-01-2008 BENTON COUNTY ,VD0 D Jou 1b otary P blic • • OFFER AND ACCEPTANCE CONTRACT 1. The City of Fayetteville, Arkansas, a municipal corporation, hereinafter referred to as the Buyer, offers to buy, subject to the terms and conditions set forth herein, the following described property: SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION 2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the property at closing, the total and cash payment of $200,000. 3. Adjacent Parcel Contingency: Buyer asserts and Seller hereby acknowledges that this offer is expressly contingent upon the acceptance of the separate offers made this date for the purchase of two (2) adjacent parcels give Washington County Tax Parcel ID Number 765-15417-000 and Number 765-15422-000 and that the rejection of either of the above -referenced offers shall render this offer null and void. 4. Contingent Earnest Money Deposit: The Buyer will tender a check for $4.000.00 to Mary I. Heflin, Surviving Spouse of Walter L. Heflin hereinafter referred to as the Seller, as earnest money, which shall apply on the purchase price. This offer of purchase is contingent upon approval of the City Council of the City of Fayetteville, Arkansas, and, if they do not so approve, the earnest money deposit will be returned to the Buyer by the Seller. If title requirements are not fulfilled or the Seller fails to fulfill any obligations under this contract, the earnest money shall be promptly refunded to the Buyer. If the Buyer fails to fulfill his obligations under this contract or after all conditions have been met, the Buyer fails to close this transaction, the earnest money may, at the option of the Seller, become liquidated damages to the Seller. Alternatively, the Seller may assert legal or equitable rights which it may have because of breach of this contract. A Vendor Form is attached hereto on which the Seller must provide to the Buyer a Tax Identification Number (Corporation) or Social Security Number so that the earnest money check can be written and mailed to the Seller within two weeks of the Seller's acceptance of this contract. 5. Conveyance will be made to the Buyer by general Warranty Deed, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the property. Such conveyance shall include mineral nghts owned by the Seller 6. The Seller shall furnish a policy of title insurance in the amount of the purchase price from a title insurance company as selected by the Buyer The cost of such title insurance policy shall be equally shared by the Seller and the Buyer. 7. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense, to survey the property. Seller agrees to cure any title problems which may result from any differences between the recorded legal descriptions of the property and the survey description. Said title problems, if any, must be solved prior to closing to the satisfaction of the Buyer. 8. Taxes and special assessments due on or before closing shall be paid by the Seller. Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be prorated as of closing. OFFER AND ACCEPTANCE CONTRACT Page 2of5 9. The closing date is to be within thirty ( 30 ) days after approval of this contract by Fayetteville City Council. If the last date of such closing falls on a weekend or holiday, it will be held the following working day. The closing agent will be a mutually agreed upon closing firm within Washington County. 10. Possession of the property shall be delivered to the Buyer on the date of closing. 11. Seller hereby grants permission for the Buyer or its employees or designates to enter the above described property and improvements for the purpose of inspection and/or surveying. 12. All fixtures, improvements and attached equipment are included in the purchase price. 13. Risk of loss or damage to the property by fire or other casualty occurring up to the time of closing is assumed by the Seller. 14. Seller shall disclose to Buyer any and all environmental hazards of which Seller has actual knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance, Buyer and Seller shall share equally the costs of any and all testing for the existence of environmental hazards. Should the existence of environmental hazards be known or determined, Seller shall cure such, at Seller's expense, or in the alternative, at Buyer's discretion, Buyer may cure such environmental hazard, and Seller shall indemnify Buyer for all costs associated with said cure. 15. This agreement shall be governed by the laws of the State of Arkansas. 16. This agreement, when executed by both the Buyer and the Seller shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede all price or contemporaneous agreements, representations and understanding with respect to such matters, and no oral representations or statements shall be considered a part hereof. 17. This contract expires, if not accepted by the Seller on or before the 27th day of November 2002. 18. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF THE COUNCIL TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE $4,000.00 EARNEST MONEY DEPOSIT. toe • • • OFFER AND ACCEPTANCE CONTRACT Page 3 of 5 SELLER: WinHefl(. MaryI. l AGENT OR WITNESS: 4.&„,°7 a• lr.cc cc_ Date: 1/- /- o Date: 1/ - / - 07-1'G2_ B OFFICIAL SEAL DAVID A. SCI-AEFER NOTARY PUBUC-ARKANSAS yER. MADISON COUNTY WY COMMISSION EXPIRES 01.19.2000 Cty of Fayetteville, Arkansas, a municipal corporation -.101 Date: //1,Zy!7d7 Date: /19 ;3D O (SEAL) OFFER AND ACCEPTANCE CONTRACT Page 4 of 5 EXHIBIT "A" . PROPERTY DESCRIPTION A part of the Northeast Quarter of the Northwest Quarter of Section Twenty-nine (29) in Township Sixteen (16) North of Range Thirty (30) West, described as follows: Beginning at the Northeast corner of said forty acre tract, and running thence West forty (40) rods; thence South Eighty (80) rods to the South line of said forty acre tract; thence East Sixteen (16) rods; thence North Twenty (20) rods; thence Northeast to a point on the East line of said forty acre tract, which is Fifty-three and one third (53 1/3) rods South of the beginning point; thence North to the beginning point, containing sixteen and one-half (16'%) acres, more or less SIGNED FOR IDENTIFICATION: SELLER: J Mary I. Heflin BUYER. Dan oody, Mayor OFFICIAL SEAL DAVID A. SCHAEFER NOTARY PUBLIC -ARKANSAS MADISON COUNTY • • ---OFFER AND ACCEPTANCE CONTRACT Page 5 of 5 ACKNOWLEDGMENT STATE OF ARKANSAS ) ss. COUNTY OF ) 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 Mary I. Heflin, Surviving Spouse of Wafter L. Heflin, to me well known as the person(s) who executed the foregoing document, and who stated and acknowledged that she 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 MY COMMISSION EXPIRES: /-/9 • woo, day of )Zazi6-0,, 6sc2 , 2002. /{X Lc( cq( Q. Notary Public ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF WASHINGTON ) ss. MY WMMIbbIUN t1.Yli1t ' . 1..9eNJUp BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and a gin Not gclublic within and for said County and State, personally appeared Dan Coody and ssH, to me well known as the persons who eviii,gbittivpthe foregoing document, and who stated and acknowledged that they are the Mayor and City tferk 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 501-k day of Ogebar 2002. s I 9 cb-u.zn MY COMMISSION EXPIRES: r2, 1 RODS HOLLY F. JONES NOTARY PUSUC, STATE OF ARKANSAS MY CO%*A SSION EXPIRES 1:15-01-2008 BENTON COUNTY Notary Public • • • OFFER AND ACCEPTANCE CONTRACT 1. The City of Fayetteville, Arkansas, a municipal corporation, hereinafter referred to as the Buyer, offers to buy, subject to the terms and conditions set forth herein, the following described property SEE ATTACHED EXHIBIT "A' FOR PROPERTY DESCRIPTION 2. Purchase Price: Subject to the following conditions, the Buyer shall pay for the property at closing, the total and cash payment of $30.000. 3. Adjacent Parcel Contingency: Buyer asserts and Seller hereby acknowledges that this offer is expressly contingent upon the acceptance of the separate offers made this date for the purchase of two (2) adjacent parcels given Washington County Tax Parcel ID Number 765-15415-000 and Number 765-15417-000 and that the rejection of either of the above -referenced offers shall render this offer null and void. 4. Contingent Eamest Money Deposit: The Buyer will tender two checks of $300.00 each and totaling $600.00 to Alice G. Brandon and Hiram Brandon Family Trust hereinafter referred to as the Seller, as earnest money, which shall apply on the purchase price. This offer of purchase is contingent upon approval of the City Council of the City of Fayetteville, Arkansas, and, if they do not so approve, the earnest money deposit will be returned to the Buyer by the Seller. If title requirements are not fulfilled or the Seller fails to fulfill any obligations under this contract, the earnest money shall be promptly refunded to the Buyer If the Buyer fails to fulfill his obligations under this contract or after all conditions have been met, the Buyer fails to close this transaction, the earnest money may, at the option of the Seller, become liquidated damages to the Seller. Alternatively, the Seller may assert legal or equitable rights which it may have because of breach of this contract. A Vendor Form is attached hereto on which the Seller must provide to the Buyer a Tax Identification Number (Corporation) or Social Security Number so that the earnest money check can be written and mailed to the Seller within two weeks of the Seller's acceptance of this contract. 5. Conveyance will be made to the Buyer by general Warranty Deed, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the property. Such conveyance shall include mineral rights owned by the Seller. 6. The Seller shall furnish a policy of title insurance in the amount of the purchase price from a title insurance company as selected by the Buyer The cost of such title insurance policy shall be equally shared by the Seller and the Buyer. 7. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense, to survey the property. Seller agrees to cure any title problems which may result from any differences between the recorded legal descriptions of the property and the survey description. Said title problems, if any, must be solved prior to closing to the satisfaction of the Buyer. • • • OFFER AND ACCEPTANCE CONTRACT Page 2 of 5 8. Taxes and special assessments due on or before closing shall be paid by the Seller. Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be prorated -as of closing. 9. The closing date is to be within thirty (30) days after approval of this contract by the Fayetteville City Council. If the last date of such closing falls on a weekend or holiday, it will be held the following working day. The closing agent will be a mutually agreed upon closing firm within Washington County. 10. Possession of the property shall be delivered to the Buyer on the date of closing. 11. Seller hereby grants permission for the Buyer or its employees or designates to enter the above described property and improvements for the purpose of inspection and/or surveying. 12 All fixtures, improvements and attached equipment are included in the purchase price. 13. Risk of loss or damage to the property by fire or other casualty occurring up to the time of closing is assumed by the Seller. 14. Seller shall disclose to Buyer any and all environmental hazards of which Seller has actual knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance, Buyer and Seller shall share equally the costs of any and all testing for the existence of environmental hazards. Should the existence of environmental hazards be known or determined, Seller shall cure such, at Seller's expense, or in the alternative, at Buyer's discretion, Buyer may cure such environmental hazard, and Seller shall indemnify Buyer for all costs associated with said cure. 15. This agreement shall be governed by the laws of the State of Arkansas. 16. This agreement, when executed by both the Buyer and the Seller shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede all price or contemporaneous agreements, representations and understanding with respect to such matters, and no oral representations or statements shall be considered a part hereof. 17. This contract expires, if not accepted by the Seller on or before the 16th day of December 2002 18. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF THE COUNCIL TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE $600.00 EARNEST MONEY DEPOSIT. OFFER AND ACCEPTANCE CONTRACT Page 3 of 5 SELLER: �j I -/ / ✓'€ . !Tett .vc e T fn.,::a ✓us.- Date: /2 -iL o z_ Hiram gdon Family Trust AGENT OR WITNESS: CETI /1.101. 04),÷k BUYER: City of Fayetteville, Arkansas, a municipal corporation Date: 4 -/6 -0 Date: / 2.1f �7Z� Date: (SEAL) OFFER AND ACCEPTANCE CONTRACT Page 4 of 5 EXHIBIT "A" PROPERTY DESCRIPTION The East Half (E%) of the Southwest Quarter (SW%) of the Northeast Quarter (NE%) of the Northwest Quarter (NW%) of Section 29, Township 16 North, Range 30 West, containing 5 acres, more or Tess; LESS AND EXCEPT starting at the Southwest corner of the Northeast Quarter of the Northwest Quarter of Section 29; thence North 89°58' East along the South line thereof a distance of 330.0 feet to the point of beginning; thence North 1°42' West a distance of 654.55 feet to a point on the northeasterly proposed nght of way line of Fayetteville Loop; thence South 25°59' East along said proposed right of way line a distance of 658.3 feet to a point; thence South 33°20' East along said proposed right of way line a distance of 74.6 feet to a point on the South line of the Northeast Quarter of the Northwest Quarter of Section 29; thence South 89°58' West along said South line a distance of 310.0 feet to the point of beginning and containing 2.28 acres in the exception, leaving 2 72 acres; more or less. SIGNED FOR IDENTIFICATION: SELLER: 1/, /a , �9 cram; randon Family Trust BUYE afA Dan CooMayor /L -/6 -oz �.- �at er Woodruff, City Clerk OFFER AND ACCEPTANCE CONTRACT Page 5 of 5 STATE OF ARKANSAS COUNTY OF Nkkse'k ) ACKNOWLEDGMENT ) ) ) ss BE IT REMEMBERED, that on this date, before the undersigned, a dul , o acting Notary Public within and for said County and State, personally appeared to me well known as the Trustee of the Hiram Brandon Fami Tru: ', who executed the foregoing document, and who stated and acknowledged that he/she/they had • signed executed and delivered said instrument for the consideration, uses and purposestherein mentioned and set forth. WITNESS my hand and seal on this 6 day of b.CCh11er , 2002. MY COMMISSION EXPIRES: 1I-l5-94OC, STATE OF ARKANSAS COUNTY OF WASHINGTON QithAi Notarl. Publi 11\ 1 ACKNOWLEDGMENT ) ) ) BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Dan Coody and 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 111111���rri aan.d..behalf of said municipal corporation, and further stated and acknowledged that s ' they had g 1&t 4 and delivered said instrument for the consideration, uses and purposes therein on TTAKsel Q ITNESS my hand and seal on this /' day of / er..6mREt 2002.2 5 • %L•• PUBL\C.%�` MY COMMISSION EXPIRES: 7-/-40S/ Notary bl OFFER AND ACCEPTANCE CONTRACT The City of Fayetteville, Arkansas, a municipal corporation, hereinafter referred to as the Buyer, offers to buy, subject to the terms and conditions set forth herein, the following described property: SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION Purchase Price: Subject to the following conditions, the Buyer shall pay for the property at closing, the total and cash payment of $30.000. Adjacent Parcel Contingency: Buyer asserts and Seller hereby acknowledges that this offer is expressly contingent upon the acceptance of the separate offers made this date for the purchase of two (2) adjacent parcels given Washington County Tax Parcel ID Number 765-15415-000 and Number 765-15417-000, and that the rejection of either of the above -referenced offers shall render this offer null and void. 4. Contingent Eamest Money Deposit: The Buyer will tender two checks of $300.00 each and totaling $600 00 to Alice G. Brandon and Hiram Brandon Family Trust hereinafter referred to as the Seller, as earnest money, which shall apply on the purchase price. This offer of purchase is contingent upon approval of the City Council of the City of Fayetteville, Arkansas, and, if they do not so approve, the earnest money deposit will be returned to the Buyer by the Seller. If title requirements are not fulfilled or the Seller fails to fulfill any obligations under this contract, the earnest money shall be promptly refunded to the Buyer. If the Buyer fails to fulfill his obligations under this contract or after all conditions have been met, the Buyer fails to close this transaction, the earnest money may, at the option of the Seller, become liquidated damages to the Seller. Alternatively, the Seller may assert legal or equitable rights which it may have because of breach of this contract. A Vendor Form is attached hereto on which the Seller must provide to the Buyer a Tax Identification Number (Corporation) or Social Security Number so that the earnest money check can be written and mailed to the Seller within two weeks of the Seller's acceptance of this contract. 5. Conveyance will be made to the Buyer by general Warranty Deed, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the property. Such conveyance shall include mineral rights owned by the Seller. 6. The Seller shall furnish a policy of title insurance in the amount of the purchase price from a title insurance company as selected by the Buyer The cost of such title insurance policy shall be equally shared by the Seller and the Buyer. 7. Seller agrees to allow Buyer, if Buyer so desires, at Buyer's expense, to survey the property. Seller agrees to cure any title problems which may result from any differences between the recorded legal descriptions of the property and the survey description. Said title problems, if any, must be solved prior to closing to the satisfaction of the Buyer. OFFER AND ACCEPTANCE CONTRACT Page 2 of 5 8. Taxes and special assessments due on or before closing shall be paid by the Seller. Insurance, general taxes, ad valoremtaxes, special assessments and rental payments shall be prorated as of closing. 9. The closing date is to be within thirty (30) days after approval of this contract by the Fayetteville City Council. If the last date of such closing falls on a weekend or holiday, it will be held the following working day. The closing agent will be a mutually agreed upon closing firm within Washington County. 10. Possession of the property shall be delivered to the Buyer on the date of closing. 11. Seller hereby grants permission for the Buyer or its employees or designates to enter the above described property and improvements for the purpose of inspection and/or surveying. 12. All fixtures, improvements and attached equipment are included in the purchase price. 13. Risk of loss or damage to the property by fire or other casualty occurring up to the time of closing is assumed by the Seller. 14. Seller shall disclose to Buyer any and all environmental hazards of which Seller has actual knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance, Buyer and Seller shall share equally the costs of any and all testing for the existence of environmental hazards. Should the existence of environmental hazards be known or determined, Seller shall cure such, at Seller's expense, or in the alternative, at Buyer's discretion, Buyer may cure such environmental hazard, and Seller shall indemnify Buyer for all costs associated with said cure. 15. This agreement shall be governed by the laws of the State of Arkansas. 16. This agreement, when executed by both the Buyer and the Seller shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede all price or contemporaneous agreements, representations and understanding with respect to such matters, and no oral representations or statements shall be considered a part hereof. 17. This contract expires, if not accepted by the Seller on or before the 16th day of December , 2002 18. NOTICE: BUYER ASSERTS AND SELLER HEREBY ACKNOWLEDGES THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF THE COUNCIL TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO BUYER OF THE $600.00 EARNEST MONEY DEPOSIT. OFFER AND ACCEPTANCE CONTRACT Page 3 of 5 SELLER: &,9t (1� Alice G. Brandon AGENT OR WITNESS: BUYER: City of Fayetteville, Arkansas, a municipal corporation iat( Dan Coody, Mayor r Date: /2 - f G —02, Date: Date: / 2.1d z Date: /c>, /,e7 (SEAL) OFFER AND ACCEPTANCE CONTRACT Page 4 of 5 EXHIBIT "A" PROPERTY DESCRIPTION The East Half (EA) of the Southwest Quarter (SW%) of the Northeast Quarter (NE%) of the Northwest Quarter (NW%) of Section 29, Township 16 North, Range 30 West, containing 5 acres, more or less; LESS AND EXCEPT starting at the Southwest corner of the Northeast Quarter of the Northwest Quarter of Section 29; thence North 89°58' East along the South line thereof a distance of 330.0 feet to the point of beginning; thence North 1°42' West a distance of 654.55 feet to a point on the northeasterly proposed right of way line of Fayetteville Loop; thence South 25°59' East along said proposed right of way line a distance of 658.3 feet to a point; thence South 33°20' East along said proposed right of way line a distance of 74.6 feet to a point on the South line of the Northeast Quarter of the Northwest Quarter of Section 29; thence South 89°58' West along said South line a distance of 310.0 feet to the point of beginning and containing 2.28 acres in the exception, leaving 2 72 acres, more or less. SIGNED FOR IDENTIFICATION: SELLER: C :cp_, <Jear-- Alice G Brandon BUY 11:74 Coody, ayor f re• • • f 0• • /l • • • • erHeather Wo ruff, City Clerk