HomeMy WebLinkAbout210-04 RESOLUTIONRESOLUTION NO. 210-0 G
A RESOLUTION EXPRESSING THE INTENT OF THE CITY OF
FAYETTEVILLE, ARKANSAS TO REIMBURSE CERTAIN
EXPENDITURES OF THE CITY PERTAINING TO FINANCING,
PLANNING, ACQUISITION AND DEMOLITION IN CONNECTION
WITH THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT
DISTRICT PROJECT WITH THE PROCEEDS OF AN ISSUE OR
ISSUES OF TAX-EXEMPT BONDS; AND STATING OTHER
MATTERS PERTAINING THERETO
WHEREAS, in order to alleviate blight and encourage development within the City of
Fayetteville, Arkansas (the "City"), the City presently intends (i) to acquire certain real property
and demolish existing structures thereon, which property is located within the Highway 71 East
Square Redevelopment District and consists primarily of the former Mountain Inn property, and
(i) to sell such cleared property to a private developer for the purpose of constructing a hotel and
meeting facility thereon; and
WHEREAS, the City presently intends to finance the costs of acquiring and demolishing
such property (the "Project") through the issuance of one or more series of tax-exempt bonds of
the City (the "Bonds"); and
WHEREAS, the City has determined the need to expend its funds to pay certain costs of
the Project prior to the issuance of the Bonds; and
WHEREAS, in order to utilize the proceeds of tax-exempt bonds to reimburse original
expenditures made by the City with respect to the Project, it is necessary under the Internal
Revenue Code of 1986, as amended (the "Code") and U S Treasury Regulation Section 1.150-2
that the City make a present declaration of its official intent to make such reimbursement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City intends to issue its Bonds in one or more series in aggregate
principal amount not to exceed Five Million Dollars ($5,000,000.00) under the Constitution and
laws of the State of Arkansas to finance acquisition and demolition costs related to the Project.
Section 2: That the City intends to utilize a portion of the proceeds of the Bonds to
reimburse itself for certain expenditures relating to the Project made by the City prior to the
issuance of the Bonds with respect to financing, planning, acquisition and demolition. It is
anticipated that the Project expenditures to be reimbursed will be made from the City's general
fund.
• •
Section 3: That the City intends this resolution to be its declaration of `official intent"
under the Code and U.S. Treasury Regulation Section 1.150-2 to reimburse certain original
expenditures with respect to the Project.
ADOPTED and APPROVED this 215` day of December, 2004.
ATTEST:
.. iiiiiii
rte% ••(,\SY O,c •e&l::S
-U• ••
; FAY ETT EVILLE
;
J
SONIIRA SMITH, City Clerk
2
APPROVED:
ProfessiiPal Land Title Company of •kansas
2713 S.E. I St ,Ste 7 CAN N
Bentonville, AR 72712 ,�
479-271-6003 • 479-271-6075(fax)
June 27, 2005
City of Fayetteville
Fayetteville, AR 72701
Re: Property at: 16 E Mountain Street , Fayetteville, AR 72701
Dear City of Fayetteville:
Please find enclosed the following documents:
12. Original Final Title Policy Number: OP6530849
2. Original Warranty Deed Filed: April 22, 2005 @ 11:22:59 AM
If you have any questions, please call our office.
Sincerely,
Final Policy Department
It/4/0
ECS,;fit IA51
Y�it;Ray Marr
f l (JJ math.
FATIC-402-M
Owner's Schedule A
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COMMERCIAL X RESIDENTIAL CONSTRUCT. LOAN❑ NEW HOME SALEU RESALE X 21e MORTGAGED REFINANCED FORECLOSUREO
REISSUE? PRIOR POLICY # AMOUNT $ SIMUL. POLICY# AMOUNT
FIRST AMERICAN TITLE INSURANCE COMPANY
SCHEDULE A
Issuing Agent: Professional Land Title Company of Arkansas.
2713 S.E. I St., Ste 7
Bentonville, AR 72712
Issuing Agent # IA20
Agent's File No.: 111-028
Policy Number: OP6530849
Amount: $500,000.00
1. DATE OF POLICY: April 22, 2005 @ 11:22:59 AM
2. Name of Insured:
City of Fayetteville
3 The estate or interest in the land insured herein is designated as:
FEE SIMPLE
•
The instruments creating the estate or the interest in the real estate which is hereby insured are described as follows:
Warranty Deed from McRoy and McNair Inc. to City of Fayetteville , dated April 20, 2005 and filed on April 22, 2005
@ 11:22:59 AM as Instrument # 2005-00017155 in the records of Washington County, Arkansas.
The land referred to in this Policy is in the State of Arkansas, County of Washington described below or, if no description
appears below, is the land described in the instrument(s) set forth in item 4. above:
A strip of the equal and uniform width of One (1) foot off of the West side of Lot Numbered Fifteen (15) and all of Lot
Numbered Fourteen (14) in Block Twenty-eight (28) in the City of Fayetteville, as designated on the original plat of
the Town of Fayetteville, now on file in the office of the Circuit Clerk and Ex -Officio Recorder of Washington County,
Arkansas.
June 27, 2005
Professional La
Issuing Agent
Signing Agents
Michael P. Ragsdale, SA20-02
Brian A. Perry, SA20-03
FATIC-102-M
Owners Schedule B
Agent File No.: 111-028
• •
First American Title Insurance Company
SCHEDULE B
Policy Number FA - OP6530849
OWNERS
This policy does not insure against loss or damage by reason of the following:
1. Rights or claims of parties in possession and visible easements not shown by public records.
2. Easements, or claims of easements, not shown by the public records.
3. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or
inspection of the premises.
4. Any lien, or right to a lien, for services labor or material heretofore or hereafter furnished, imposed by law and not shown by
the public records.
5. Community property, dower, curtesy, survivorship, or homestead rights, if any, of any spouse of the insured.
6. Any title or rights asserted by anyone including but not limited to person, corporations, governments or other entities, to tide
lands, or lands comprising the shores or bottoms of navigable rivers, lakes bays, ocean or gulf, of lands beyond the line of the
harbor or bulkhead lines as established or changed by the United States Government or water rights, if any.
7. Reservations contained in Patent from the United States of America or State where the land described in Schedule A is located.
8. Restrictive Covenants affecting the property described in Schedule A.
9. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of
the operation of federal bankruptcy, state insolvency, or similar creditor's rights laws.
10. General and taxes for 2005 and special taxes for 2006 and subsequent years not yet due and payable.
I I. Covenants or Restrictions other than city or county ordinances, but deleting any covenant, condition or restriction indicating
a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the
extent such covenants, condition or restrictions violate 42 USC 3604(c).
Parcel No. 765-01938-000
•
WARRANTY DEED
CORPORATION
BE IT KNOWN BY THESE PRESENTS:
THAT WE, McRoy & McNair, Inc., an Arkansas Corporation,
hereinafter called GRANTOR, for and in consideration of the sum of One
Dollar ($1.00) and other good and valuable consideration, the receipt of
which is hereby acknowledged, do hereby grant, bargain, sell and convey
unto the City of Fayetteville, Arkansas, a municipal corporation,
hereinafter called GRANTEE, and unto Grantee's successors.and assigns,
the following described land situated in the County of Washington, State of
Arkansas, to -wit:
•
DIVUItM
D c30
Recorded
Fee Amt:
Washlnat
B etts St
F11e2
ILIIILIIOIps[IILIIUhlII 1111111111111111111
009409600001 Tvoe REL
04/22/2005 at 1:22:69 AM
$8.00 Peas of 1
n County. AR
mos Clrcult Clerk
05-00017155
A strip of the equal and uniform width of one (1) foot off of the west side of Lot Numb- red Fifteen (15) and all
of Lot Numbered Fourteen (14) in Block Numbered Twenty-eight (28) in the City of F. yetteville, as designated
on the original plat of the Town of Fayetteville, now on file in the office of the Circ it Clerk and Ex -Officio
Recorder of Washington County, Arkansas.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonting unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that the are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant an• defend the title to the said lands
against all legal claims whatever.
IP
Don
WITNESS the execution hereof on thisPCth day of April, 2005.
/
OF Star.
1
McRoy & McNair, Inc., an
Arkansas Corporation
oftis
///l s r t in"
[Please Print Title]
e•n Fowler
[Please Print Title]
STATE OF ARKANSAS
COUNTY OF
ACKNOWLEDGMENT
)
BE IT REMEMBER. D, th :t on this date, before the undersigned, a duly commission
and for said County and Stat: •e .onally appeared duly commissi•'ed,arl�d acting, Don , o
known as the persons who executed the foregoing document as + t. 411tear and
d and acting Notary Public within
is and Leon Fowler, to me well
I QJl &p,n-- respectively of
McRoy & McNair, Inc., an Arkansas Corporation, and who stated and acknowledged thatt
delivered said instrument for the consideration, uses and purposes therein mentioned and
46
WITNESS my hand and seal on.this. (xv ' day of April,
MY COMMISSION EXPIRE
NOTApy
viesmatoi
CatlimmORT��r,
ey had so signed, executed and
et forth.
Notary Public
Professi&l Land Title Company of Ilkansas
2713 S.E I St., Ste 7 SCAN N
Bentonville, AR 72712
479-271-6003 4 479-271-6075(fax)
June 27, 2005
City of Fayetteville
Fayetteville, Ar 72701
Re: Property at. 20 E. Mountain, Fayetteville, Ar 72701
Dear City of Fayetteville:
Please find enclosed the following documents:
12. Original Final Title Policy Number: OP6530851
2. Original Warranty Deed Filed: April 22, 2005 @ 11:22:17 AM
If you have any questions, please call our office.
Sincerely,
Final Policy Department
i ipPis.
ono --0
acy b Wee 0,t, 7400
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.
First American The Insurance Company
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39Va3A03 WOW SNOIS1113X3
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.
First American Title Insurance Company
42-304 12192
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3
FATIC-402-M
Owners Schedule A
• •
COMMERCIAL X RESIDENTIAL CONSTRUCT. LOANO NEW HOME SALEO RESALE X 2ND MORTGAGED REFINANCED FORECLOSUREO
REISSUE? PRIOR POLICY # AMOUNT $ SIMUL. POLICY# AMOUNT
FIRST AMERICAN TITLE INSURANCE COMPANY
SCHEDULE A
Issuing Agent: Professional Land Title Company of Arkansas.
2713 S.E. I St., Ste 7
Bentonville, AR 72712
Issuing Agent if IA20
Agent's File No.: 111-039
Policy Number: OP6530851
Amount: $500,000.00
1. DATE OF POLICY: April 22, 2005 @ 11:22:17 AM
2. Name of Insured:
City of Fayetteville
3 The estate or interest in the land insured herein is designated as:
FEE SIMPLE
4. The instruments creating the estate or the interest in the real estate which is hereby insured are described as follows:
Warranty Deed from Marjorie H Niblock, surviving spouse of Walter Niblock to City of Fayetteville , dated April 20,
2005 and filed on April 22, 2005 @ 11:22:17 AM as Instrument tt 2005-00017153 in the records of Washington County,
Arkansas.
5. The land referred to in this Policy is in the State of Arkansas, County of Washington described below or, if no description
appears below, is the land described in the instrument(s) set forth in item 4. above:
Lot Numbered Fifteen (15) in Block Twenty -Eight (28) as designated upon the original plat of the Town of Fayetteville,
Arkansas, now on file in the Office of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas,
except a strip of equal and uniform width of One (1) foot off the West side thereof.
June 27, 2005
Professional /. '01. mpany of Arkansas
Issuing A,/
/
Signing Agents
Michael P. Ragsdale, SA20-02
Brian A. Perry, SA20-03
FATIC-402 M
owners schedule B
Agent File No.: 111-039
• •
First American Title Insurance Company
SCHEDULE B
Policy Number FA - OP6530851
OWNERS
This policy does not insure against loss or damage by reason of the following:
1. Rights or claims of parties in possession and visible easements not shown by public records.
2. Easements, or claims of easements, not shown by the public records.
3. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or
inspection of the premises.
4. Any lien, or right to a lien, for services labor or material heretofore or hereafter furnished, imposed by law and not shown by
the public records.
5. Community property, dower, curtesy, survivorship, or homestead rights, if any, of any spouse of the insured.
6. Any title or rights asserted by anyone including but not limited to person, corporations, governments or other entities, to tide
lands, or lands comprising the shores or bottoms of navigable rivers, lakes bays, ocean or gulf, of lands beyond the line of the
harbor or bulkhead lines as established or changed by the United States Government or water rights, if any.
7. Reservations contained in Patent from the United States of America or State where the land described in Schedule A is located.
8. Restrictive Covenants affecting the property described in Schedule A.
9. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of
the operation of federal bankruptcy, state insolvency, or similar creditor's rights laws.
10. General and taxes for 2005 and special taxes for 2006 and subsequent years not yet due and payable.
11. Covenants or Restrictions other than city or county ordinances, but deleting any covenant, condition or restriction indicating
a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the
extent such covenants, condition or restrictions violate 42 USC 3604(c).
Parcel No. 765-01939-000
•
WARRANTY DEED
BE IT KNOWN BY THESE PRESENTS:
THAT WE, Marjorie H. Niblock, surviving spouse of Walter R.
Niblock, deceased, hereinafter called GRANTOR, for and in consideration
of the sum of One Dollar ($1.00) and other good and valuable consideration,
the receipt of which is hereby acknowledged, do hereby grant, bargain, sell
and convey unto the City of Fayetteville, Arkansas, a municipal
corporation, hereinafter called GRANTEE, and unto Grantee's successors
and assigns, the following described land situated in the County of
Washington, State of Arkansas, to -wit:
r
11111111111111111101113111111111 III
Do D 40840968000 Tvoe REL
Reno ded 04/22/2006 at 1 22 17 AM
Fos mt: S8.00 Pace 1 of 1
Wa h naton County. AR
Be t Stamps Circuit Cle k
005-00017153
Fie
Lot Numbered Fifteen (15) in Block Twenty-eight (28) as designated upon the ori
Fayetteville, Arkansas, now on file in the office of the Circuit Clerk and Ex-Offici
County, Arkansas, except a strip of equal and uniform width of One (1) foot off the
inal plat of the Town of
Recorder Washington
est side thereof.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that the are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant an defend the title to the said lands
against all legal claims whatever.
WITNESS the execution hereof on this �O day of April, 2005.
Marjorie iblock
STATE OF ARKANSAS
ACKNOWLEDGMENT
COUNTY OF
r
BE IT REMEMBE' EP .that on this date, before the undersigned, a duly commission
and for said County and Stat- rsonally appeared Marjorie H. Niblock, surviving spouse
to me well known as the person who executed the foregoing document, and who stated an
signed, executed and delivered said instrument for the consideration, uses and purposes th
ss.
WITNESS my hand and seal on this
MY COMMISSION EXPI
day of April, 2005.
Notary Public
d and acting Notary Public within
f Walter R. Niblock, deceased,
acknowledged that she had so
rein mentioned and set forth.
Professitl Land Title Company of kansas
2713 S.E.1St.,Ste 7 SCANNED
Bentonville, AR 72712
479-271-6003 • 479-271-6075(fax)
July 13, 2005
City of Fayetteville
Fayetteville, AR 72701
Re: Property at: 41 East Center Street, Fayetteville, AR 72701
Dear City of Fayetteville:
Please find enclosed the following documents:
12. Original Final Title Policy Number: OP6530853
2. Copy of Warranty Deed Filed: April 22, 2005 @ 11:22:41 AM
If you have any questions, please call our office.
Sincerely,
Final Policy Department
pori
71316
tentAet
4Et.
aio-o4
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.
42-304 12/92
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39(133003 WOW SNOISf 13X3
FATIC-40241
Owners Schedule A
• •
COMMERCW.❑ RESIDENTIAL X CONSTRUCT. WAND NEW HOME SALED RESALE X 2"e MORTGAGED REFINANCED FORECLOSURED
REISSUE? PRIOR POLICY # AMOUNT $ SIMUL. POLICY# AMOUNT
FIRST AMERICAN TITLE INSURANCE COMPANY
SCHEDULE A
Issuing Agent: Professional Land Title Company of Arkansas.
2713 S.E. I St., Ste 7
Bentonville, AR 72712
Issuing Agent # IA20
Agent's File No.: 116-001
Policy Number: OP6530853
Amount: $413,000.00
I. DATE OF POLICY: April 22, 2005 @ 11:22:41 AM
2. Name of Insured:
City of Fayetteville, a Limited Liability Company
3 The estate or interest in the land insured herein is designated as:
FEE SIMPLE
4. The instruments creating the estate or the interest in the real estate which is hereby insured are described as follows:
Warranty Deed from Washington County, Arkansas to City of Fayetteville, Arkansas, a municipal corporation , dated
April 20, 2005 and filed on April 22, 2005 @ 11:22:41 AM as Instrument # 2005-00017154 in the records of Washington
County, Arkansas.
5. The land referred to in this Policy is in the State of Arkansas, County of Washington described below or, if no description
appears below, is the land described in the instrument(s) set forth in item 4. above:
Lot Numbered One (1), in Block Numbered Twenty -Eight (28), in the Original Plat of the Town (now City) of
Fayetteville, Arkansas, as shown upon the plat thereof, on file in the office of the Circuit Clerk and Ex -Officio Recorder
of Washington County, Arkansas.
July 13
Profes
Issuin
tle Company of Arkansas
Signing Agents
Michael P. Ragsdale, SA20-02
Brian A. Perry, SA20-03
FATIC-403-M
Owners Schedule e
Agent File No.: 116-001
• a•
First American Title Insurance Company
SCHEDULE B
Policy Number FA - OP6530853
OWNERS
This policy does not insure against loss or damage by reason of the following:
1. Rights or claims of parties in possession and visible easements not shown by public records.
2. Easements, or claims of easements, not shown by the public records
3. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or
inspection of the premises.
4. Any lien, or right to a lien, for services labor or material heretofore or hereafter furnished, imposed by law and not shown by
the public records.
5. Community property, dower, curtesy, survivorship, or homestead rights, if any, of any spouse of the insured.
6. Any title or rights asserted by anyone including but not limited to person, corporations, governments or other entities, to tide
lands, or lands comprising the shores or bottoms of navigable rivers, lakes bays, ocean or gulf, of lands beyond the line of the
harbor or bulkhead lines as established or changed by the United States Government or water rights, if any.
7. Reservations contained in Patent from the United States of America or State where the land described in Schedule A is located.
8. Restrictive Covenants affecting the property described in Schedule A.
9. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of
the operation of federal bankruptcy, state insolvency, or similar creditor's rights laws.
10. General and taxes for 2005 and special taxes for 2006 and subsequent years not yet due and payable.
11. Covenants or Restrictions other than city or county ordinances, but deleting any covenant, condition or restriction indicating
a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the
extent such covenants, condition or restrictions violate 42 USC 3604(c).
Parcel No 765-01929-000
•
WARRANTY DEED
CORPORATION
BE IT KNOWN BY THESE PRESENTS:
THAT WE, Washington County, Arkansas, hereinafter called
GRANTOR, for and in consideration of the sum of One Dollar ($1.00) and
other good and valuable consideration, the receipt of which is hereby
acknowledged, do hereby grant, bargain, sell and convey unto the City of
Fayetteville, Arkansas, a municipal corporation, hereinafter called
GRANTEE, and unto Grantee's successors and assigns, the following
described land situated in the County of Washington, State of Arkansas, to -
wit:
•
Doc tD
Recorded
Fee Amt:
Washlnato
Bette Sta
F11e20
1111111111111111111
008409590001 TVDO REL
04/22/2005 at 1422 41 AM
8.00 Facie
of 1
County. AR
os Circuit Clerk
5-00017154
Lot Numbered One (1), in Block Numbered Twenty-eight (28), in the Original Plat o the Town (now City) of
Fayetteville, Arkansas, as shown upon the plat thereof, on file in the office of the Cir•uit Clerk and Ex -Officio
Recorder of Washington County, Arkansas.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belon ing unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that the are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the title to the said lands
against all legal claims whatever.
WITNESS the execution hereof on this 626 4--- of April, 2005.
ATTEST: a
Washington County, Arkansas
G• e •-; ' \�
[Please Print Name &Title]
CC1 L>3 -c -• t..(- -?1 \ t.
unto
I /
rrt /flAJr104S/dt -. 6.
[Please Print Name & Tltl=]
STATE OF AR SAS .
COUNTY OF
ACKNOWLEDGMENT
ss.
BE IT REMEMBE ED, t at on this date, before the undersigned, a duly commissione
and for said County and Sta = • - sonally appeared duly commissioned and acting, Jerry H
to me well known as the persons who executed the foregoing document as County Judge
respectively of Washington County, Arkansas, and who stated and acknowledged that th
delivered said instrument for the consideration, uses and purposes therein mentioned and s
WITNESS my hand and seal on this cZb#1 day of April, 2005.
and actin. Notary Public within
nto and . ,•ir.-
nd : o
MY COMMIS
Notary Public
had so sig -d, executed -nd
t forth.
Professioal Land Title Company of 41kansas
2713 S.E. I St., Ste 7
Bentonville, AR 72712
479-271-6003 ♦ 479-271-6075(fax)
July 25, 2005
City of Fayetteville
Fayetteville, AR 72701
RECEIVED
JUL 262005
ENGINEERING DIV.
Re: Property at: Mountain Inn Parking Deck, Lots 2,16,17,18,19 Blk 28 Original
Dear City of Fayetteville:
Please find enclosed the following documents:
12. Original Final Title Policy Number: OP6530850
2. Original Warranty Deed Filed: April 22, 2005 @ 11:21:53 AM
If you have any questions, please call our office.
Sincerely,
Final Policy Department
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-w! Aue 10 11048301 JO SUOISUaw!p Jal3eJego 041 (g)'puel 0144 40 luawSolue Jo 'asn 'Aouednaoo all (!) of 6u!lelal Jo 6uil!q!yold 6u@elnooi
'6u!l3!AsoJ (Suoileln60J Jo 'sa3ueulpJo sMel 6u!uoz pue 6u!p fnq of pal!w!l IOU inq 6u!pnloui) uo!1eln09J Ia!U0wwano6 JO GOUeu!pJO 'Mel AuV (e)
'£
.Z
:Jo uoseaJ Aq asue 43!4M sasuadxa Jo
saaJ ,sAaujolle 'Slso3 'abewep Jo SSOI Aed IOU ll!M Auedwoo aqi pue Ao!lod 5141 l0 a6EJaAOO 0111 woJJ papnl3xa Alssaidxa ale sJallew 6u!Mollol 941
3DV83AOO WOW SNOIsn19X3
FATIC-402.M
Owners Schedule A
COMMERCIAL❑ RESIDENTIAL X CONSTRUCT. WAND NEW HOME SALE❑ RESALE X 2Ne MORTGAGED REFINANCED FORECLOSURE❑
REISSUE? PRIOR POLICY# AMOUNT $ SIMUL. POLICY# AMOUNT
FIRST AMERICAN TITLE INSURANCE COMPANY
SCHEDULE A
Issuing Agent: Professional Land Title Company of Arkansas.
2713 S.E. I St., Ste 7
Bentonville, AR 72712
Issuing Agent # IA20
Agent's File No.: 111-037
Policy Number: OP6530850
Amount: $1,200,000.00
I. DATE OF POLICY: April 22, 2005 @ 11:21:53 AM
2. Name of Insured:
City of Fayetteville
3 The estate or interest in the land insured herein is designated as:
FEE SIMPLE
4. The instruments creating the estate or the interest in the real estate which is hereby insured are described as follows:
Warranty Deed from Stellabella Plaza, L.L.C., an Arkansas Limited Liability Company and Mountain Inn Parking
Plaza, L.L.C. to City of Fayetteville, Arkansas, a municipal corporation dated April 20, 2005 and filed on April 22, 2005
@ 11:21:53 AM as Instrument # 2005-00017152 in the records of Washington County, Arkansas.
5. The land referred to in this Policy is in the State of Arkansas, County of Washington described below or, if no description
appears below, is the land described in the instrument(s) set forth in item 4. above:
Lots 2,18,19, and Part of Lot 17, Block 28, Original Plat of the Town (Now City) of Fayetteville, Washington County,
Arkansas.
AND,
PARKING DECK DESCRIPTION Lot Numbered Sixteen (16) and a Part of Lot Numbered Seventeen (17), in Block
Numbered Twenty -Eight (28), of the Original Plat of the Town (Now) City of Fayetteville, Arkansas, being more particularly
described as follows: Beginning at the Northwest corner of said Lot Sixteen (16); thence S 8958'07" E, along the North line of
said Lots Sixteen (16) and Seventeen (17) 87.06 feet; thence S 0014'25" W, 102.09 feet to a point on the South line of said Lot
Seventeen (17); thence N 8958'28" W, 86.48 feet to the Southwest corner of said Lot Sixteen (16); thence N 0005'06" W, 102.10
feet to the Point of Beginning. The above described tract having permanent rights of ingress and egress over and across the
following described access easement: PARKING DECK ACCESS DESCRIPTION A part of Lot Numbered Seventeen (17),
a Part of Lot Numbered Eighteen (18), and a Part of Lot Numbered Nineteen (19), all in Block Twenty -Eight (28), of the
Original Plat of the Town (Now City) of Fayetteville, Arkansas, being more particularly described as follows: Beginning at the
Southeast corner of said Lot Nineteen (19); thence N 8958'28" W, along the South line of said Lot Nineteen (19) 24.95 feet to
the East Face of an existing building; thence N 0009'41" W along the East face of said building feet; thence N 7013'54"
E, along the East face of said building 1.41 feet; thence N 0035'46" W, along the East face of s b ding 6.43 feet; thence S
Profess
July Professional Lnal L
5,
a a of Arkansas
Issuing Agent
Signing Agents
Michael P. Ragsdale, SA20-02
Brian A. Perry, SA20-03
8735'45" W along the East face of said building 1.64 feet; thence N 0308'30" W along the East face of said building 0.70 feet
to the Northeast corner of said building; thence N 8953'42" W, 87.99 feet along the North face of said building to the Northwest
corner of said building, the same also being the South edge of an existing concrete ramp leading to a parking deck; thence
leaving the South edge of said concrete ramp S 0009'15" W, 26.75 feet along the East wall of an entry way to a point on the
South line of said Lot Seventeen (17); thence N 8958'28" W along the South line of said Lot Seventeen (17) 5.04 feet to the West
wall of said entry way, the same being the East wall of an existing Parking Deck; thence N 0014'25" E, 49.99 feet along the West
Wall of said entry way and the East Wall of said Parking Deck to a point on the North Edge of the above mentioned concrete
ramp; thence leaving the East wall of said Parking Deck S 8956'13" E, along the North edge of said concrete ramp 50.69 feet;
thence S 8951'39" E, along the North edge of said concrete ramp 37.36 feet; thence N 7043'23" E, 26.64 feet to a point on the
East line of said Lot Nineteen (19); thence S 0006'52" E, 58.69 feet to the Point of Beginning.
July 25,
of Arkansas
Issuing
Signing Agents
Michael P. Ragsdale, SA20-02
Brian A. Perry, SA20-03
FATIC-40241 •
owners Schedule B
C
Agent File No.: 111-037
First American Title Insurance Company
SCHEDULE B
Policy Number FA - OP6530850
OWNERS
This policy does not insure against loss or damage by reason of the following:
I. Rights or claims of parties in possession and visible easements not shown by public records.
2. Easements, or claims of easements, not shown by the public records.
3. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or
inspection of the premises.
4. Any lien, or right to a lien, for services labor or material heretofore or hereafter furnished, imposed by law and not shown by
the public records.
5. Community property, dower, curtesy, survivorship, or homestead rights, if any, of any spouse of the insured.
6. Any title or rights asserted by anyone including but not limited to person, corporations, governments or other entities, to tide
lands, or lands comprising the shores or bottoms of navigable rivers, lakes bays, ocean or gulf, of lands beyond the line of the
harbor or bulkhead lines as established or changed by the United States Government or water rights, if any.
7. Reservations contained in Patent from the United States of America or State where the land described in Schedule A is located.
8. Restrictive Covenants affecting the property described in Schedule A.
9. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of
the operation of federal bankruptcy, state insolvency, or similar creditor's rights laws.
10. General and taxes for 2005 and special taxes for 2006 and subsequent years not yet due and payable.
11. Covenants or Restrictions other than city or county ordinances, but deleting any covenant, condition or restriction indicating
a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the
extent such covenants, condition or restrictions violate 42 USC 3604(c).
Parcel No. 765-01930-000
Parcel No. 765-01940-000
Parcel No. 765-01940-001tint
DEED
\\%\�\\\%�����������! IIIII1111IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
CORPORATION 9570002 Tvt
! Doc ID: X48 2/2006 at 11.21.63 AM
Recotd0d.$'j1. 0 pea'
BE IT KNOWN BY THESE PRESENTS: FOS atop co l Quit clerk
watt* $tamp0` 00017152
THAT WE, StellaBella Plaza, L.L.C., an Arkansas Limited File C.
Liability Company AND Mountain Inn Parking Plaza, L.L.C., an
Arkansas Limited Liability Company, hereinafter called GRANTORS, for
and in consideration of the sum of One Dollar ($1.00) and other good and
valuable consideration, the receipt of which is hereby acknowledged, do
hereby grant, bargain, sell and convey unto the City of Fayetteville,
Arkansas, a municipal corporation, hereinafter called GRANTEE, and
unto Grantee's successors and assigns, the following described land
situated in the County of Washington, State of Arkansas, to -wit:
Lots Two (2), Sixteen (16), Seventeen (17), Eighteen (18), and Nineteen (19), Block Twenty-eight (28),
Original Plat of the Town (now City) of Fayetteville, Washington County, Arkansas.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belon ing unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that theji are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant an defend the title to the said lands
against all legal claims whatever created by, through, or under Grantors, subject, howev r, to recorded instruments and
easements, if any.
/ f�
WITNESS the execution hereof on this ! 1 day of April, 2005.
STELLABELLA PLAZA, L.L.C.
An Arkansas Limited Liability Co.
S dtA tl`IA a c f
[Please Print Name & itle]
ATTES� ��
//7 , C f�Jt,��
/ OtJI J..NIL'i �✓l�o`7, /��Id2h°v,
[Please Print (dame & Title] ' [Please
MOUNTAIN INN PARKING PLAZA, L.L.C.
An Arkansas Limited Li bility Co.
[Please Print
rn
Mountain Inn Deed
Page 2 of 2
ACKNOWLEDGMENT
STATE OF OHIO
SS.
COUNTY OF CUYAHOGA
BE IT REMEMBERED, that on this date, before the undersigned, a duly commission d and acting Notary Public within
and for said County and State, personally appeared duly commissioned and acting, Stella Moga, to me well known as the
person who executed the foregoing document as the sole member and manager of STE LABELLA PLAZA, L.L.C., An
Arkansas Limited Liability Company, and who stated and acknowledged that she had so igned, executed and delivered
said instrument for the consideration, uses and purposes therein mentioned and set forth.
WITNESS my hand and seal on this 19th day of April, 2005.
MY COMMISSION EXPIRES:
ACKNOWLEDGMENT
STATE OF OHIO
COUNTY OF CUYAHOGA
PAUL! SINGE
Notary Pu
My commission
BE IT REMEMBERED, that on this date, before the undersigned, a duly commission'
and for said County and State, personally appeared duly commissioned and acting, Stella
person who executed the foregoing document as the sole member and manager MOUNTAI?
and who stated and acknowledged that she had so signed, executed and delivered said instri
and purposes therein mentioned and set forth.
WITNESS my hand and seal on this 19th day of April, 2005.
MY COMMISSION EXPIRES:
Notary Public -
My commission has
ACKNOWLEDGMENT
STATE OF OHIO
ss.
COUNTY OF CUYAHOGA
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissi
and for said County and State, personally appeared Stella Moga, to me well known as the
document, and who stated and acknowledged that she had so signed, executed and
consideration, uses and purposes therein mentioned and set forth.
WITNESS my hand and seal on this 19th day of April, 2005.
MY COMMISSION EXPIRES:
Law
date.
and acting Notary Public within
oga, to me well known as the
NN PARKING PLAZA, L.L.C.,
lent for the consideration, uses
date.
and acting Notary Public within
on who executed the foregoing
vered said instrument for the
PAUL J. SINGERMAN, Attorney At
Notary Public - State of Ohio
My commission has no expiration
Section 147.03 R. C.
9
NAME OF FILE: Resolution No. 210-04
CROSS REFERENCE:
Item # Date Document
1 12/02/04 memo to mayor & City Council
2 draft resolution
3 draft resolution
4 Staff Review Form
5 memo to Steve Davis
6
7
8
9
10
11
12
13
14
15
16
NOTES:
• City of Fayetteville •
Staff Review Form
City Council Agenda Items
Contracts
21 -Dec -04
City Council Meeting Date
Stephen Davis
Submitted By
to
FIS Director
Division
Action Requir
)urse for City expenses
Finance & Internal Services
Department
This resolution provides the mechanism for the City to be reimbursed for expenses associated with developing
a TIE.
$0.00
Cost of this request
Account Number
Category/Project Budget
I
Funds Used to Date
Program Category / Project Name
Program / Project Category Name
$ - General Fund
Project Number Remaining Balance Fund Name
Budgeted Item Budget Adjustment Attached LJ
Depart ent Director
City Attorn
Chief Administrative Officer
Mayor
Previous Ordinance or Resolution #
/1 —/-
Date Original Contract Date:
Original Contract Number:
Date
Received in Mayor's Office
7z/6/dV
Date
Received in City Clerk's Office
l2
Date
• /L/Z//O(
FAYETTEaILLE 7/ �S St
THE CITY OF FAYETTEVILLE, ARKANSAS G�I/
�G✓2)op,narfr 1Y'
DEPARTMENTAL CORRESPONDENCE
TO: Mayor Dan Coody and Fayetteville City Council
FROM: Stephen Davis, Finance & Internal Services Director
DATE: December 2, 2004
SUBJECT: TIF Bond Program: Approval of Resolution of Intent to Reimburse
Recommendation
Staff recommends approval of the resolution of intent to reimburse.
Background
The Citizens of Arkansas approved, at the General Election in 2000, Amendment 78 to the Arkansas
Constitution. Amendment 78 provides, in part, authorization for cities to enter into short-term bond
issues and capital lease agreements that are supported by the general revenues of the city. City
Councils are authorized to execute these debt instruments without a public vote. The Arkansas
Constitution limits the debt to no more than five (5) years and to no more than five (5%) per cent of
the assessed value of taxable property within the city. The City of Fayetteville approved a Debt
Management Policy on November 5, 2002 (Resolution 173-02) that established the policy and
underlying analysis that must be completed prior to initiating any debt agreements.
On November 7, 2002 the City of Fayetteville advertised and solicited requests for qualifications
(RFQ) for Bond Counsel Services and solicited requests for proposals (RFP) for Underwriter
Services and Leasing Services.. The City of Fayetteville Debt Committee (established by Resolution
173-02) received the responses to the request for qualifications and request for proposals in January,
2003. The Debt Committee selected Gordon Wilbourn of Kutak Rock as Bond Counsel, Dennis
Hunt of Stephens, Inc and Crews and Associates as Bond Underwriter(s) and Bank of America
(BOA) Leasing for leasing services. Agreements with each of these service providers will be
developed and submitted to City Council for consideration and approval.
Discussion
The City has identified numerous geographic areas within the City that appear eligible for tax
increment financing (TIF) funding. TIF projects, by their nature, require enhanced analysis prior to
the initiation of a bond issue to insure that a revenue stream will exist to amortize any debt issued.
City Council is currently being requested to approve contracts with the University of Arkansas to
conduct financial feasibility studies related to each individual TIF and Crews and Associates for
bond underwriting services. Approval of the Resolution of Intent to Reimburse will enable the City
J:\Debt Financing\TIF\TIF Bonds Resolution of Intent To Reimbure.doc
to pay for services rendered in developing a TIF project and when TIF bonds are issued, submit
invoices to the bond trustee for reimbursement.
Budget Impact
The City's out-of-pocket cost will be accumulated in the General Fund until a TIF bond issue is
completed and then the TIF bond issue will reimburse General Fund. The TIF bond issue will be
funded from growth in property taxes paid on property located within the TIF boundary.
J:\Debt Financing\TIF\TIF Bonds Resolution of Intent To Reimbure.doc
•
RESOLUTION NO.
A RESOLUTION TO EXPRESS THE CITY'S INTENT TO BE
REIMBURSED FOR ITS EXPENSES IN CREATING ANY AND
ALL TIF DISTRICTS FROM THE PROCEEDS OF TIF BONDS
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
expresses its intent that the City shall be reimbursed for all of its expenses in creating a
TIF district from the proceeds of the TIF bonds issued for that district.
PASSED and APPROVED this 21S1 day of December, 2004.
ATTEST:
By:
SONDRA SMITH, City Clerk
APPROVED:
By:
DAN COODY, Mayor
'4,4',
TIP lord'
RESOLUTION NO.
A RESOLUTION EXPRESSING THE INTENT OF THE CITY OF
FAYETTEVILLE, ARKANSAS TO REIMBURSE CERTAIN
EXPENDITURES OF THE CITY PERTAINING TO FINANCING,
PLANNING, ACQUISITION AND DEMOLITION IN CONNECTION
WITH THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT
DISTRICT PROJECT WITH THE PROCEEDS OF AN ISSUE OR
ISSUES OF TAX-EXEMPT BONDS; AND STATING OTHER
MATTERS PERTAINING THERETO
WHEREAS, in order to alleviate blight and encourage development within the City of
Fayetteville, Arkansas (the "City"), the City presently intends (i) to acquire certain real property
and demolish existing structures thereon, which property is located within the Highway 71 East
Square Redevelopment District and consists primarily of the former Mountain Inn property, and
(i) to sell such cleared property to a private developer for the purpose of constructing a hotel and
meeting facility thereon; and
WHEREAS, the City presently intends to finance the costs of acquiring and demolishing
such property (the "Project") through the issuance of one or more series of tax-exempt bonds of
the City (the "Bonds"); and
WHEREAS, the City has determined the need to expend its funds to pay certain costs of
the Project prior to the issuance of the Bonds; and
WHEREAS, in order to utilize the proceeds of tax-exempt bonds to reimburse original
expenditures made by the City with respect to the Project, it is necessary under the Internal
Revenue Code of 1986, as amended (the "Code") and U.S. Treasury Regulation Section 1.150-2
that the City make a present declaration of its official intent to make such reimbursement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City intends to issue its Bonds in one or more series in aggregate
principal amount not to exceed Five Million Dollars ($5,000,000.00) under the Constitution and
laws of the State of Arkansas to finance acquisition and demolition costs related to the Project.
Section 2: That the City intends to utilize a portion of the proceeds of the Bonds to
reimburse itself for certain expenditures relating to the Project made by the City prior to the
issuance of the Bonds with respect to financing, planning, acquisition and demolition. It is
anticipated that the Project expenditures to be reimbursed will be made from the City's general
fund.
C
n
Section 3: That the City intends this resolution to be its declaration of "official intent"
under the Code and U.S. Treasury Regulation Section 1.150-2 to reimburse certain original
expenditures with respect to the Project.
PASSED and APPROVED this 21st day of December, 2004.
ATTEST:
By:
SONDRA SMITH, City Clerk
APPROVED:
By: ®�
DAN COODY, Mayor
2
aye e NS e
ARKANSAS
I DEPARTMENTAL CORRESPONDENCE
To: Steve Davis
Finance & Internal Services �p
From: Clarice Buffalohead-PearmanC'
City Clerk Division
Date: January 7, 2005
Re: Res. No. 210-04
City Clerk Division
113 West Mountain
Fayetteville, AR 72701
Telephone: (479) 575-8323
Fax: (479) 718-7695
city_clerk@ci.fayetteville.ar.us
The City Council approved the above resolution on December 21, 2004. Attached is a copy of
the resolution expressing the City's intent to reimburse bonds.
I'm sorry for the delay in returning this resolution, I've been out of the office and trying to play
catch this week.
If anything else is needed please let the clerk's office know. Thanks.
/cbp
attachments
cc: Internal Auditor
Parcel No. 765-01938-000
WARRANTY DEED
CORPORATION
BE IT KNOWN BY THESE PRESENTS:
THAT WE, McRoy & McNair, Inc., an Arkansas Corporation,
hereinafter called GRANTOR, for and in consideration of the sum -of One
Dollar ($1.00) and other good and valuable consideration, the receipt of
which is hereby acknowledged, do hereby grant, bargain, sell and convey
unto the City of Fayetteville, Arkansas, a municipal corporation,
hereinafter called GRANTEE, and unto Grantee's successors. and assigns,
the following described land situated in the County of Washington, State of
Arkansas, to -wit:
Recorded: 04/22/2 0
005aT
t 11:22:59 AM
Fee Amt: $8.00 Peas I of I
Mashlnaton County, AR
Betto Stamps Circuit Clerk
Fi1a2005-00017155
A strip of the equal and uniform width of one (1) foot off of the west side of Lot Numbered Fifteen (15) and all
of Lot Numbered Fourteen (14) in Block Numbered Twenty-eight (28) in the City of Fayetteville, as designated
on the original plat of the Town of Fayetteville, now on file in the office of the Circuit Clerk and Ex -Officio
Recorder of Washington County, Arkansas.
TO HAVE AND TO HOLD. the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the title to the said lands
against all legal claims whatever.
WITNESS the execution hereof on this _ day of April, 2005.
McRoy & McNair, Inc., an
Arkansas Corporation a7` lJ'
Don oo is S e n Fowler
[Please Print Title] [Please Print Title]
v
ACKN'0WL.EDGMENT
STATE OF ARKANSAS )
COUNTY OF f ss.
1 ,
BE IT REMEMBER D, th t onthis date, before the undersigned, a duly commissioned and acting Notary Public within
and for said County and Stat a onalty appeared duly commissi ed a d a ting, Don oftis and Leon Fowler, to me well
known as the persons who executed the foregoing document as � and , respectively of
McRoy & McNair, Inc., an Arkansas Corporation, and who 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 April, ?695. n n
MY COMMISSION EXPI
A. Settlement Statement U.S. q9partment of Housing -Ir
and ljrban Development OMB No. 2502-0265
B. Typo of Loan
1.0 FHA 2.0 FmHA 3.®Conv. Unlns.
4.0 VA 5.0 Cony. Ins.
6. File Number
111-028
7. Loan Number
8. Mortgage Insurance Case Number
C. Note: This form is furnished to give you a statement of actual sef�lement costs. Amounts paid to and by the settlement agent are shown. Items
marked'(p.o.c)' were paid outside the dosing; they are shown here for Information purposes and are not included in the totals.
D. Name and Address of Borrower
City of Fayetteville
Fayetteville, AR 72701
E. Name and Oddness of Seller
McRoy and r cNak Inc
16 E Mountain Street
Fayettavllle 'AR 72701
F. Name and Address of Lender
CASH
G. Pmpery Location -
16 E Mountain Street
FayetlevWe, AR 72701
H. SeWement Agent
Professional Land Title Company
Place of Settlement
2713 S.E. I SL, Ste 7
Bentonw9e, AR 72712
I. Settlement Date
0400)05
DD:
J. SUMMARY OF BORROWERS TRANSACTION:
K SUMMARY OF SELLERS TRANSACTION:
100. GROSS AMOUNT DUE FROM BORROWER
400. GROSS AMOUNT DUE TO SELLER
101. Contract sales puce
500,000.00
401. Contract sales pica
500,000.00
102. Personal
402. Personal property
103. Sediment charges to borrower (line 1400)
333.00
403.
104,
404.
105.
405.
Adjustments for Items paId by caller In advance I
Adjustments for Items paid by seller In advance
106. CI/town taxes to
I
406. CI /town taxes to
107. County taxes to
I
407. County taxes to
108. Assessments to
408. Assessments to
109.
409.
110.
410.
11.
411.
112.
412.
120. GROSS AMOUNT DUE FROM BORROWER
00,333.00
420. GROSS AMOUNT DUE TO SELLER
500,000.00
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER
I
500. REDUCTIONS IN AMOUNT TO SELLER
201. Deposit or earnest money
i
501. Excess Deposit (see Insirudbns)
202. Principal amount of new ban(s)
502. Settlement dirges to seller (line 1400)
1,372.75
203. Second Mortgage
503. Second Mortgage
204.
504. Payoff of first mortgage loan
221.47022
Arvest Bank
205.
505. Payoff of second mortgage loan
206.
506.
207.
607.
208.
508.
209.
509.
Adjustments for Items unpaid by seller I
Ad ustments for Items unpaid by seller
210. CI/town Axes b .
510. G /town taxes to
211. County taxes 01101 to 04/20
I 476.50
511.County taxes 01/01 to 0420
476.50
212. Assessments to
512. Assessments m
213.
513.
214.
514. 2004RE Taxes #765-01938-000
1,581.11
215.
515.
216,
518.
217.
517.
218.
518.
219.
519.
220. TOTAL PAID BY I FOR BORROWER
476.50
520. TOTAL REDUCTION AMOUNT DUE SELLER
224,900.58
300. CASH AT SETTLEMENT FROM OR TO BORROWER
600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gross amount due from bomlwer (line 120)
500,333.00
601. Gross amount due to sailer (line 420)
500,000.00
302. Less amounts paid b/for borrower line 220)
476.50
602. Less reduction amount due to seller line 520)
224,900.58
303. CASH FROM BORROWER
499,85830
b03. CASH TO SELLER
275,099.42
RESPA, HB 4305.2 - REV. HUDI(3/86)
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SETTLEMENT STATEMENT PAGE 2
L. SETTLEMENT CHARGES: File Number 111-028 PAID FROM PAID FROM
700. TOTAL SALES/BROKER'S COMMISSION based on prlci $ = BORROWER'S SELLER'S
FUNDS AT FUNDS AT
Division of commission(line 700) as follows: SETTLEMENT SETTLEMENT
701. $ to
702. $ to
703. Commission paid at Settlement
704.
800. ITEMS PAYABLE IN CONNECTION WITH LOAN P.O.C.
801. Loan Origination Fee %
802. Loan Discount V.
803. Appraisal Fee to
804. Credit Report to
805. Lenders Inspection Fee to
806. Mt . Ins. ppllcation Fee to
807. to
808.
809.
810.
811.
812.
813.
814.
815.
900. ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
901. Interest from to $ /day
902. Mortgage Insurance Premium to
903. Hazard Insurance Premium yts. to
904.
905.
1000. RESERVES DEPOSITED WITH LENDER FOR
1001. Hazard Insurance no. $ 1 Mo.
1002, Mortgage Insurance mo. @$ / mo.
1003. City pCitypropertytaxes mo. $ /mo.
1004. County pCountypropertytaxes mo. $ - Imo.
1005. Annual Assessments mo. $ / mo.
1006. mo. $ E / mo.
1007. no. $ / mo.
1008. Aegate Reserve for Hazard/Flood Ins, City/CountyCity/County Prop Taxes, Mortgage Ins & Annual Assessments
1100. TITLE CHARGES
1101. Settlement or dosing fee to Pro Land Title 200.00 200.00
1102. Abstrad or title search to ProLand Title 125.00 125.00
1103. Title examination to
1104. Title Insurance binder to
1105. Document r ration to
1106. Note fees to
1107. Attorney's fees to
(includes above Item No:
1108. Title Insurance to Pro Land Tilt 1,047.75
includes above Item No:
1109. Lenders coverage
1110. Owner's coverage 500,000.00 -1397.00 Less 25%
1111.
1112.
1113. Releas&Asslgivnent Services Fee
1200. GOVERNMENT RECORDING AND TRANSFER CHARGES
1201, Recordin fees Deed $ 8.00 ; Mo a e $ ; Releases $ 8.00
1202. CI /coon /stems Deed $ : Mortgage $
1203. State tax/stam Deed $ ; Mortgage $
1204. -
1205.
1300. ADDITIONAL SETTLEMENT CHARGES
1301. Survey to
1302. Pest inspection to
1303.
1304.
1305.
1306.
1307.
1308.
1400. TOTAL SETTLEMENT CHARGES (enter on lines 103 and 502, Sections J and K) 333.00 1,372.75
I
RESPA, HB 4305.2- REV. HUD1(3/86)
File No: 111-028
HUD; I CERTIFICATION
I have carefully reviewed the IIUD-1 Settlement Statement and to the best of my knowledge and belief,
it is a true and accurate statement of all receipts and disbursements made on my account or by me in
this transaction. I further certify that I'have received a copy of the HUD -1 Settlement Statement.
SELLER'S AND/OR PURCHASER'S STATEMENT: Seller's and Purchaser's signature hereon
acknowledges his/their approval of tax proration and signifies their understanding that prorations
were based on taxes for the proceeding year, or estimates for the current year, and in the event of any
change for the current year, all necessary adjustments must be made between Seller and Purchaser;
likewise any default in delinquent taxes!will be reimbursed to Title Company by the Seller.
Title Company, in its capacity as Escri
receives in this transaction in any fins
institution may provide Title Company
a separate entity which, if affiliated
reasonable and proper compensation the
by any party involved in this transaction.
but not for aforesaid accounting and am
or other charges on the earnest moneys
it at any time. Sellers and Purchasers t
money in financial institutions with whic
and further consent to the retention b3
(including advantageous interest rates o
such financial institutions by reason of
w Agent, is and has been authorized to deposit all funds it
ecial institution, whether affiliated or not. Such financial
:omputer accounting and audit services directly or through
ith Title Company, may charge the financial institution
efore and retain any profits therefrom. Any escrow fees paid
shall only be for check writing and input to the computers,
it services. Title Company shall not be liable for any interest
ad shall be under no duty to investor reinvest funds held by
:reby acknowledge and consent to the deposit of the escrow
iTitle Company has or may have other banking relationships
Title Company and/or its affiliates of any and all benefits
loans) Title Company and/or its affiliates may receive from
ieir maintenance of said escrow accounts.
The parties have read the above sentences, recognize that the recitations herein are material, agree to
same and recognize Title Company is relying on the same.
McNair Inc,
eon P. Fowler, Secretary/Treasurer
BORROWERS _ . FILER
To the best of my knowledge the HUD -1 Settlement statement which I have prepared is a true
and accurate account of the funds which were received and have been or will be disbursed by
the undersigned as part of the settlement of this transaction.
Company
Settlement
Date: April 20, 2005
WARNING: It is a crime to knowingly make false statements to the United States on this or
any other similar form Penalties upon conviction can include a fine and imprisonment. For
detail see: Title 18: U.S. Code Section 1001 and Section 1010.
File No: 111-028
NOTICE AND WAIVER OF OWNER'S TITLE INSURANCE
TO: City of Fayetteville
DATE: April 20, 2005
BUYING PROPERTY IDENTIFIED AS: 16 E Mountain Street
Fayetteville, AR 72701
Pursuant to the Regulationslof the Department of Commerce and Insurance of the State of
Arkansas notice is hereby given!that MORTGAGEE'S TITLE INSURANCE policy is to be issued
to your mortgage lender, that such policy DOES NOT AFFORD TITLE INSURANCE
PROTECTION TO YOU IN THE EVENT OF A DEFECT OR CLAIM OF DEFECT IN TITLE
TO THE REAL ESTATE WHICH YOU ARE ACQUIRING (SUCH AS UNPAID BILLS FOR
LABOR AND MATERIAL, FORGERY, MISSING HEIRS OR TAX LIENS), and that an owner's
title insurance policy in your favor for the amount of your purchase price (or for the amount of
your purchase price plus the cost of any improvements which you anticipate making) may be
purchased.
Departmental Regulations require that you sign the statement below if you do not wish to
purchase this protection.
This is to certify that we have received the foregoing notice and waive our right to purchase an
owner's title insurance policy for our protection. We acknowledge that
Professional Land Title Company and shall have no responsibility to us for the status of the title to
the real estate which we are acquiring.
DATE: April 20, 2005
By:
CLOSER'S CERTIFICATE
As evidence of compliance with Departmental Rule 0780-1-12-.10, Department of Commerce
Insurance, State of Arkansas, I certify to the above title company that the foregoing NOTICE
AND WAIVER was read by, the Mortgagor(s) in my presence and that the WAIVER was
signed by the Mortgagor(s) io my presence..
File No: 111-028
"OWNER'S AFFIDAVIT"
AFFIDAVIT AND INDEMNITY AGREEMENT AS TO LEASES, CONTRACTS, FIXTURES,
ENCUMBRANCES, MECHANICS' LIENS, ETC.
STATE OF: ARKANSAS
COUNTY OF: Washington
Before me, the undersigned Notary fliblic in and for said County and State, personally appeared , of McRoy and
McNair Inc.,, known tome and being fist duly sworn, deposes and says:
1. That it owns the real property n Washington County, AR; known municipally or referenced as follows:
To wit: 16 E Mountain Street, Fayetteville, AR 72701
Lot 14, WI ft. Lot 15'Btk 28 Fay. Original
2. That said owner is in possession of said property, and the following is a list of all tenants with rental terms:
NAME DATE FROM DATE TO
NONE
3. That all indebtedness due anyone for labor, materials, or service which might be liens on said property are
fully paid.
4. That no security interest under the Uniform Commercial Code has been perfected against the improvements.
5. That there are no judgments, pending litigation, executions or attachments in or from any court affecting said
property of said owner(s).
6. That no bankruptcy proceeding in any Federal Court has been filed against or by any owner of said property.
There is no outstanding contract of sale, conveyance or encumbrance affecting said property, except:
NONE
7. That all persons who have executed or will execute instruments conveying or encumbering said property are
at least 18 years old and arc free from legal disability.
8. That the undersigned makes this statement for the express purposes of inducing:
FIRST AMERICAN TITLE INSURANCE CORPORATION
to insure title to said property to be free from adverse claims or liens not otherwise herein stated, and of
enabling said owner(s) to receive the consideration for sale, lease or mortgage of said property. Affiant
guarantees and warrants the statements of fact herein, which shall be construed as a continual contractual
obligation in favor of said companies.
9. That in consideration of the issuance of title insurance by said companies as aforesaid, the undersigned agrees
to indemnify and hold harmless the above indicated title insurance company against all loss or expense on
account of any matter or thing omitted from the foregoing factual statement, including expense of enforcing
this agreement.
I0.That undersigned's United States Taxpayer Identification Number is
and my United States address is 16 E Mountain Street, Fayetteville, AR 72701
11. That undersigned is not a "foreign person" as the term is defined in Section 1445 of the Internal Revenue
Code.
By: Don R. Loftis,
P. Fowler,
By.
Subscribed and sworn to before me this the 20th day of
Notary Public
My commission expires:
Date: April 20, 2005
Re: 16 E Mountain Street, Fayetteville, AR 72701
I/We, the undersigned, do hereby state that I/we understand that the taxes for the year 2004
are due in March 2005, are not yet payable and the amount collected at closing has not been
certified by the Tax Collector. Therefore, should the amount increase Uwe will be responsible
for reimbursing the buyer of any shortages, within 10 calendar days of notification Should the
amount decrease Uwe will be responsible for refunding the seller the difference within 10
calender days of notification.
Signed and sealed this _ day of 2005.
jQl Al
t _ 4lrA a
0,T 'V..ri.
State of Arkansas
County of Washington
SIGNED AND SWORN before me this day of
Agents File No. 111.028
EXHIBIT A -
LEGAL
A strip of the equal and uniform width of One ( ) foot off of the West side of Lot Numbered
Fifteen (15) and all of Lot Numbered Fourteen 4) in Block Twenty-eight (28) in the City of
Fayetteville, as designated on the original plat ot the Town of Fayetteville, now on file in the office
of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas.
DATA SHEET REAL ESTATE 1099-S
THIS FORM MUST BE FILLED OUT BY THE TRANSFEROR/SELLOR
TILE INFORMATION CONTAINED ON THIS FORM IS IMPORTANT TAX INFORMATION AND IS
BEING FURNISHED TO THE INTERNAL REVENUE SERVICE
As the Transferor/Seller YOU are required by law to provide your correct taxpayer Identification number.
If your correct taxpayer identification number is not provided, you may be subject to civil or criminal penalties
imposed by law.
Under penalties of perjury, I certify that the Taxpayer Identification Number shown on this statement is
the correct Taxpayer Identification Number. Also, I understand that IT IS THE RESPONSIBILITY of the
Transferor/Seller to report any and all proceeds received from this sale.
SS# or Tax ID
SS# or Tax ID
Only one Form 1099 is required if the transferor is husband and wife or a partnership.
FOR MULTIPLE TRANSFERORS: A SEPARATE FORM 1099-S MUST BE COMPLETED
FOR EACH TRANSFEROR RECEIVING PROCEEDS FROM SALE OF REAL ESTATE
***************************************************************************
In order to insure filing, it is extremely important that you provide us with the following
information. If incorrect information is provided Professional Land Title Company of
Arkansas, Inc. is responsible for the misfiling of this report.
PLEASE PRINT:
TRANSFEROR NAME 1:
TRANSFEROR NAME 2:
ADDRESS WHERE YOU WISH FOR 1099 TO BE MAILED:
Street:
City:
PLEASE CONSULT YOUR CPA FOR INFORMATION REGARDING THE FILING OF THIS REAL
ESTATE SALE TO IRS.
** ***** * ***************************** ** * ******* * * ********** ** *************** **
DO NOT FILL OUT THIS SECTION
Description of Property: 16 E Mountain Street
Property Address of 16 E Mountain Street, Fayettevile,Arkansas72701
Contract Sales Price: $500,000.00 Net proceeds:
Closing Date: April 20, 2005
Date: April 20, 2005File No.
CLOSING AGENT INFORMATION (to be completed by closing agent)
Professional Land Title Company of AR, Inc.
S09 West 3rd Street
Wale Rock, Arkansas 72201
(501)661-1701
CHOICE OF ATTORNEY
(Broker / Lender) has informed me (us) that I
(we) have the option of choosing (legal counsel / title company) to close my
mortgage loan. I (we) understand that said legal counsel shall represent the
Broker/Lender at the closing.
) I (We) select:
Attorney / Tide Company
( ) I (We) having been i
(We) have reviewed the E
title companies, I (We) have
Attorney / Title
ed of this option and having no preference, I
/ LegOi is list of approved closing attorneys /
x ) I (We) acknowledge that I (We) have been giving the opportunity to select
a rney / title company to close my (our) mortgage loan. I (We) have no
preference regarding closing attorney / title company and choose not to select one.
App 'cant Date
tness Date
A - Y
Co -Applicant Date
Witness Date
?3�PRD LAND
TITLE
��n• I
Professional Land Trtie Company
70 North College Avenue, Suite 1
Fayetteville, AR 72701 PAT 479 113-5659
479-443-5692 fax
479-966-0703 mobile Blasingame
877-251-9048 toll free Closing Agent
pblasingameC prolandtide.com
www.pmlanddde.00rn
Vt4vI C
OMB No. 2502-0265
I
A.
Settlement
Statement
U.S.
Department of Housing
and
Urban Development
B. Type of Loan i'
1.❑ FHA 2.0 FmHA 3.2Conv. Unins.
4.❑ VA 5.0 Cony. Ins.
6, File Number
111-028
7. Loan Number
8. Mortgage Insurance Case Number
Mlr1�
C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items
marked "(p.o.c.)" were paid outside the closing; they are shown here for information purposes and are not included In the totals. Y'
D. Name and Address of Borrower
City of Fayetteville
Fayetteville, AR 72701
E. Name and Address of Seller
McRoy and McNair Inc.
16 E Mountain Street
Fayetteville, AR 72701
F. Name and Address of Lender AF6
CASH
G. Property Location
16 E Mountain Street
Fayetteville, AR 72701
H. Settlement Agent
Professional Land Title Company
Place of Settlement
2713 S.E. I St., Ste 7
Bentonville, AR 72712
I. Settlement Date
04/20/05
DD:
J. SUMMARY OF BORROWER'S TRANSACTION:
K. SUMMARY OF SELLER'S TRANSACTION:
100. GROSS AMOUNT DUE FROM BORROWER
400. GROSS AMOUNT DUE TO SELLER
101. Contract sales price
500,000.00
401. Contract sales price
500,000.00
102. Personal property402.
Personal property
103. Settlement charges to borrower line 1400)
333.00
403.
104.
404.
105.
405.
Adjustments for Items paid by seller In advance
Adjustments for items paid by seller In advance
106. City/town taxes to
406. City/town taxes to
107. County taxes to
407. County taxes to
108. Assessments to
408. Assessments to
109.
409.
110.
410.
111.
411.
112.
412.
120. GROSS AMOUNT DUE FROM BORROWER
500,333.00
420. GROSS AMOUNT DUE TO SELLER
500,000.00
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER
500. REDUCTIONS IN AMOUNT TO SELLER
201. Deposit or earnest money
501. Excess Deposit (see instructions)
202. Principal amount of new loan(s)
502. Settlement charges to seller (line 1400)
1,372.75
203. Second Mortgage
503. Second Mortgage
204.
504. Payoff of first mortgage loan
221,470.22
Arvest Bank
205.
505. Payoff of second mortgage loan
206.
506.
207.
507.
208.
508.
209.
509.
Adjustments for items unpaid by seller
Adjustments for items unpaid by seller
210. City/town taxes to
510. City/town taxes to
211. County taxes 01/01 to 04/20
476.50
511. County taxes 01/01 to 04/20
476.50
212. Assessments to
512. Assessments to
213.
513.
214.
514. 2004 RE Taxes #765-01938-000
1,581.11
215.
515.
216.
516.
217.
517.
218.
518.
219.
519.
220. TOTAL PAID BY I FOR BORROWER
476.50
520. TOTAL REDUCTION AMOUNT DUE SELLER
224,900.58
300. CASH AT SETTLEMENT FROM OR TO BORROWER
600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gross amount due from borrower (line 120)
500,333.00
601. Gross amount due to seller (line 420)
500,000.00
302. Less amounts paid by/for borrower (line 220)
476.50
602. Less reduction amount due to seller line 520
224,900.58
303. CASH FROM BORROWER
. 499,856.50
603. CASH TO SELLER
275,099.42
RESPA, MB 4305.2 - REV.
SETTLEMENT STATEMENT
PAGE 2
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
L. SETTLEMENT CHARGES: File Number: 111-028
PAID FROM
BORROWER'S
FUNDS AT
SETTLEMENT
PAID FROM
SELLEA
FUNDS AT
SETTLEMENT
700. TOTAL SALES/BROKER'S COMMISSION based on price $ =
Division of commission (line 700) as follows:
701.
$ to
702. $ to
703.
Commission paid at Settlement
704.
800.
ITEMS PAYABLE IN CONNECTION WITH LOAN
P.O.C.
801.
Loan Origination Fee
802.
Loan Discount
803.
Appraisal Fee to
804.
Credit Report to
805.
Lender's Inspection Fee to
806.
Mtg. Ins. Application Fee to
807.
to
808.
809.
810.
811.
812.
813.
814.
815.
900.
ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
901.
Interest from to $
/da
902.
Mortgage Insurance Premium to
903.
Hazard Insurance Premium yrs. to
904.
905.
1000.
RESERVES DEPOSITED WITH LENDER FOR
1001.
Hazard Insurance mo. $
/ mo.
1002.
Mortgage Insurance mo. @$
/ mo.
1003.
City roe taxes mo. @$
/ mo.
1004.
County roe taxes mo. @$
/ mo.
1005.
Annual Assessments mo. $
/ mo.
1006.
mo. @$
/ mo.
1007.
mo. $
/ mo.
1008.
Aggregate Reserve for Hazard/Flood Ins, City/CountyCity/County Prop Taxes, Mortgage Ins & Annual Assessments
1100.
TITLE CHARGES
1101.
Settlement or closing fee to Pro Land Title
200.00
200.00
1102.
Abstract or title search to Pro Land Title
125.00
125.00
1103.
Title examination to
1104.
Title insurance binder to
1105.
Document preparation to
1106.
Notary fees to
1107.
Attorney's fees to
includes above item No:
1108.
Title insurance to Pro Land Title
1,047.75
(includes above item No:
1109. Lenders coverage
1110. Owner's coverage 500,000.00 - 1397.00 Less 25%
1111.
1112.
1113.
Release/Assignment Services Fee
1200.
GOVERNMENT RECORDING AND TRANSFER CHARGES
1201.
Recording fees Deed $ 8.00 ; Mortgage $ ;
Releases $
8.00
1202.
City/county/stamps Deed $ ; Mortgage $
1203.
State tax/stamps Deed $ ; Mortgage $
1204.
-
1205.
1300.
ADDITIONAL SETTLEMENT CHARGES
1301.
Survey to
1302.
Pest inspection to
1303.
1304.
1305.
1306.
1307.
1308.
1400.
TOTAL SETTLEMENT CHARGES (enter on lines 103 and 502, Sections J and
K)
333.00
1,372.75
RESPA, NB 4305.2 - REV. HUD1(3/86)
File No: 111-028
HUD -1 CERTIFICATION
I have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief,
it is a true and accurate statement of all receipts and disbursements made on my account or by me in
this transaction. I further certify that I have received a copy of the HUD -1 Settlement Statement.
SELLER'S AND/OR PURCHASER'S STATEMENT: Seller's and Purchaser's signature hereon
acknowledges his/their approval of tax prorations and signifies their understanding that prorations
were based on taxes for the proceeding year, or estimates for the current year, and in the event of any
change for the current year, all necessary adjustments must be made between Seller and Purchaser;
likewise any default in delinquent taxes will be reimbursed to Title Company by the Seller.
Title Company, in its capacity as Escrow Agent, is and has been authorized to deposit all funds it
receives in this transaction in any financial institution, whether affiliated or not. Such financial
institution may provide Title Company computer accounting and audit services directly or through
a separate entity which, if affiliated with Title Company, may charge the financial institution
reasonable and proper compensation therefore and retain any profits therefrom. Any escrow fees paid
by any party involved in this transaction shall only be for check writing and input to the computers,
but not for aforesaid accounting and audit services. Title Company shall not be liable for any interest
or other charges on the earnest money and shall be under no duty to invest or reinvest funds held by
it at any time. Sellers and Purchasers hereby acknowledge and consent to the deposit of the escrow
money in financial institutions with which Title Company has or may have other banking relationships
and further consent to the retention by Title Company and/or its affiliates of any and all benefits
(including advantageous interest rates on loans) Title Company and/or its affiliates may receive from
such financial institutions by reason of their maintenance of said escrow accounts.
The parties have read the above sentences, recognize that the recitations herein are material, agree to
same and recognize Title Company is relying on the same.
City of Fayetteville McRoy and McNair Inc,
Don R. Loftis, President
Leon P. Fowler, Secretary/Treasurer
BORROWERS SELLER
To the best of my knowledge the HUD -1 Settlement statement which I have prepared is a true
and accurate account of the funds which were received and have been or will be disbursed by
the undersigned as part of the settlement of this transaction.
Professional Land Title Company
By:
Settlement Agent
Date: April 20, 2005
WARNING: It is a crime to knowingly make false statements to the United States on this or
any other similar form. Penalties upon conviction can include a fine and imprisonment. For
detail see: Title 18: U.S. Code Section 1001 and Section 1010.
File No: 111-028
"OWNER'S AFFIDAVIT"
AFFIDAVIT AND INDEMNITY AGREEMENT AS TO LEASES, CONTRACTS, FIXTURES,
ENCUMBRANCES, MECHANICS' LIENS, ETC.
STATE OF: ARKANSAS
COUNTY OF: Washington
Before me, the undersigned Notary Public in and for said County and State, personally appeared , of McRoy and
McNair Inc.,, known to me and being first duly sworn, deposes and says:
1. That it owns the real property in Washington County, AR; known municipally or referenced as follows:
To wit: 16 E Mountain Street , Fayetteville, AR 72701
Lot 14, W 1 ft. Lot 15 Blk 28 Fay. Original
2. That said owner is in possession of said property, and the following is a list of all tenants with rental terms:
NAME DATE FROM DATE TO
NONE
3. That all indebtedness due anyone for labor, materials, or service which might be liens on said property are
fully paid.
4. That no security interest under the Uniform Commercial Code has been perfected against the improvements.
5. That there are no judgments, pending litigation, executions or attachments in or from any court affecting said
property of said owner(s).
6. That no bankruptcy proceeding in any Federal Court has been filed against or by any owner of said property.
There is no outstanding contract of sale, conveyance or encumbrance affecting said property, except:
NONE
7. That all persons who have executed or will execute instruments conveying or encumbering said property are
at least 18 years old and are free from legal disability.
8. That the undersigned makes this statement for the express purposes of inducing:
FIRST AMERICAN TITLE INSURANCE CORPORATION
to insure title to said property to be free from adverse claims or liens not otherwise herein stated, and of
enabling said owner(s) to receive the consideration for sale, lease or mortgage of said property. Affrant
guarantees and warrants the statements of fact herein, which shall be construed as a continual contractual
obligation in favor of said companies.
9. That in consideration of the issuance of title insurance by said companies as aforesaid, the undersigned agrees
to indemnify and hold harmless the above indicated title insurance company against all loss or expense on
account of any matter or thing omitted from the foregoing factual statement, including expense of enforcing
this agreement.
10.That undersigned's United States Taxpayer Identification Number is
and my United States address is 16 E Mountain Street , Fayetteville, AR 72701
11. That undersigned is not a "foreign person" as the term is defined in Section 1445 of the Internal Revenue
Code.
McRoy and McNair, Inc.
By: Don R. Loftis, President
Leon P. Fowler, Secretary/Treasurer
By:
Subscribed and sworn to before me this the 20th day of April, 2005.
Notary Public
My commission expires:
File No: 111-028
NOTICE AND WAIVER OF OWNER'S TITLE INSURANCE
TO: City of Fayetteville
DATE: April 20, 2005
BUYING PROPERTY IDENTIFIED AS: 16 E Mountain Street
Fayetteville, AR 72701
Pursuant to the Regulations of the Department of Commerce and Insurance of the State of
Arkansas notice is hereby given that MORTGAGEE'S TITLE INSURANCE policy is to be issued
to your mortgage lender, that such policy DOES NOT AFFORD TITLE INSURANCE
PROTECTION TO YOU IN THE EVENT OF A DEFECT OR CLAIM OF DEFECT IN TITLE
TO THE REAL ESTATE WHICH YOU ARE ACQUIRING (SUCH AS UNPAID BILLS FOR
LABOR AND MATERIAL, FORGERY, MISSING HEIRS OR TAX LIENS), and that an owner's
title insurance policy in your favor for the amount of your purchase price (or for the amount of
your purchase price plus the cost of any improvements which you anticipate making) may be
purchased.
Departmental Regulations require that you sign the statement below if you do not wish to
purchase this protection.
This is to certify that we have received the foregoing notice and waive our right to purchase an
owner's title insurance policy for our protection. We acknowledge that
Professional Land Title Company and shall have no responsibility to us for the status of the title to
the real estate which we are acquiring.
City of Fayetteville
DATE: April 20, 2005 By:
By:
CLOSER'S CERTIFICATE
As evidence of compliance with Departmental Rule 0780-1-12-.10, Department of Commerce
Insurance, State of Arkansas, I certify to the above title company that the foregoing NOTICE
AND WAIVER was read by the Mortgagor(s) in my presence and that the WAIVER was
signed by the Mortgagor(s) in my presence..
Professional Land Title Company
Closing Agent
Date: April 20, 2005
Re: 16 E Mountain Street, Fayetteville, AR 72701
I/We, the undersigned, do hereby state that I/we understand that the taxes for the year 2004
are due in March 2005, are not yet payable and the amount collected at closing has not been
certified by the Tax Collector. Therefore, should the amount increase Uwe will be responsible
for reimbursing the buyer of any shortages, within 10 calendar days of notification Should the
amount decrease I/we will be responsible for refunding the seller the difference within 10
calender days of notification.
Signed and sealed this day of , 2005.
City of Fayetteville McRoy and McNair Inc.
Don R. Loftis, President
Leon P. Fowler, Sec/Treasurer
State of Arkansas
County of Washington
SIGNED AND SWORN before me this day of , 2005.
Notary Public
My Commission Expires:
DATA SHEET REAL ESTATE 1099-S
THIS FORM MUST BE FILLED OUT BY THE TRANSFEROR/SELLOR
THE INFORMATION CONTAINED ON THIS FORM IS IMPORTANT TAX INFORMATION AND IS
BEING FURNISHED TO THE INTERNAL REVENUE SERVICE
As the Transferor/Seller YOU are required by law to provide your correct taxpayer identification number.
If your correct taxpayer identification number is not provided, you may be subject to civil or criminal penalties
imposed by law.
Under penalties of perjury, I certify that the Taxpayer Identification Number shown on this statement is
the correct Taxpayer Identification Number. Also, I understand that IT IS THE RESPONSIBILITY of the
Transferor/Seller to report any and all proceeds received from this sale.
McRoy and McNair Inc.
Don R. Loftis, President SS# or Tax ID
Leon P. Fowler, See/Treasurer
SS# or Tax ID
Only one Form 1099 is required if the transferor is husband and wife or a partnership.
FOR MULTIPLE TRANSFERORS: A SEPARATE FORM 1099-S MUST BE COMPLETED
FOR EACH TRANSFEROR RECEIVING PROCEEDS FROM SALE OF REAL ESTATE
In order to insure filing, it is extremely important
that you provide us
with the following
information. If
incorrect information is provided
Professional Land
Title Company of
Arkansas, Inc. is
responsible for the misfiling of this
report.
PLEASE PRINT:
TRANSFEROR NAME 1:
TRANSFEROR NAME 2:
ADDRESS WHERE YOU WISH FOR 1099 TO BE MAILED:
Street:
City:
PLEASE CONSULT YOUR CPA FOR INFORMATION REGARDING THE FILING OF THIS REAL
ESTATE SALE TO IRS.
******************************************************************************
DO NOT FILL OUT THIS SECTION
Description of Property: 16 E Mountain Street
Property Address of 16 E Mountain Street, Fayetteville, Arkansas 72701
Contract Sales Price: $500,000.00 Net proceeds:
Closing Date: April 20, 2005
Date: April 20, 2005File No.
CLOSING AGENT INFORMATION (to be completed by closing agent)
Professional Land Title Company of AR, Inc.
809 West 3rd Street
Little Rock, Arkansas 72201
(501)661-1701
Agents File No. 111-028
EXHIBIT A -
LEGAL DESCRIPTION
A strip of the equal and uniform width of One (1) foot off of the West side of Lot Numbered
Fifteen (15) and all of Lot Numbered Fourteen (14) in Block Twenty-eight (28) in the City of
Fayetteville, as designated on the original plat of the Town of Fayetteville, now on file in the office
of the Circuit Clerk and Ex -Officio Recorder of Washington County, Arkansas.
CHOICE OF ATTORNEY
(Broker / Lender) has informed me (us) that I
(we) have the option of choosing (legal counsel / title company) to close my
mortgage loan. I (we) understand that said legal counsel shall represent the
Broker/Lender at the closing.
( ) I (We) select:
Attorney / Title Company
( ) I (We) having been informed of this option and having no preference, I
(We) have reviewed the Broker / Lender's list of approved closing attorneys /
title companies, I (We) have selected:
Attorney / Title Company
( ) I (We) acknowledge that I (We) have been giving the opportunity to select
an attorney / title company to close my (our) mortgage loan. I (We) have no
preference regarding closing attorney / title company and choose not to select one.
Applicant Date
Witness Date
Co -Applicant Date
Witness Date
Parcel No. 765-01930-000
Parcel No. 765-01940-000
Parcel No. 765-01940-001
WARRANTY DEED
CORPORATION
BE IT KNOWN BY THESE PRESENTS:
THAT WE, StellaBella Plaza, L.L.C., an Arkansas Limited File
Liability Company AND Mountain Inn Parking Plaza, L.L.C., an
Arkansas Limited Liability Company, hereinafter called GRANTORS, for
and in consideration of the sum of One Dollar ($1.00) and other good and
valuable consideration, the receipt of which is hereby acknowledged, do
hereby grant, bargain, sell and convey unto the City of Fayetteville,
Arkansas, a municipal corporation, hereinafter called GRANTEE, and
unto Grantee's successors and assigns, the following described land
situated in the County of Washington, State of Arkansas, to -wit:
PAM
9710/65
1" A3
;)8409670002 Type: REL
/22/2005 at 11.21.53 AM u)/e2.1a6rl
t.00
pace 1 of 2
5 Circuit Clerk
15-00017152
Lots Two (2), Sixteen (16), Seventeen (17), Eighteen (18), and Nineteen (19), Block Twenty-eight (28),
Original Plat of the Town (now City) of Fayetteville, Washington County, Arkansas.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the title to the said lands
against all legal claims whatever created by, through, or under Grantors, subject, however, to recorded instruments and
easements, if any.
t�.
WITNESS the execution hereof on this / 9 day of April, 2005.
STELLABELLA PLAZA, L.L.C.
An Arkansas Limited Liability Co.
c .i' 1' 103A mt 16r
[Please Print Na &TTitle]
ATTES .
Cz2
[Please Print tme & Tile]
MOUNTAIN INN PARKING PLAZA, L.L.C.
An Arkansas Limited Liability Co.
ATTES
[Please PrintName & Title]
Mountain Inn Deed
Page 2 of 2
ACKNOWLEDGMENT
STATE OF OHIO
ss.
COUNTY OF CUYAHOGA
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 duly commissioned and acting, Stella Moga, to me well known as the
person who executed the foregoing document as the sole member and manager of STELLABELLA PLAZA, L.L.C., An
Arkansas Limited Liability Company, 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 19th day of April, 2005.
MY COMMISSION EXPIRES:
Notary Public PAUL J. SINGERMAN, Attorney At Lit
Notary Public - State of Ohio
My commission has no expiration date.
ACKNOWLEDGMENT
STATE OF OHIO
ss.
COUNTY OF CUYAHOGA
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 duly commissioned and acting, Stella Moga, to me well known as the
person who executed the foregoing document as the sole member and manager MOUNTAIN INN PARKING PLAZA, L.L.C.,
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 19th day of April, 2005.
MY COMMISSION EXPIRES:
Notary Public - State of Ohio
My commission has no expiration date.
ACKNOWLEDGMENT
STATE OF OHIO
ss.
COUNTY OF CUYAHOGA
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 Stella Moga, to me well known as the person 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 19th day of April, 2005
MY COMMISSION EXPIRES:
Notary Public
PAUL J. SINGERMAN, Attorney At Law
Notary Public - State of Ohio
My commission has no expiration date.
Section 147.03 R. C.
04/19/2005 13:30 FTP
userl ®005/013
A. Settlement Statement U.B. Deparmxnt atHOwtog
and Urban Development
air
OMB No. 2502-0265
B. Type of Loan
1.0 FHA 2.0 FmHA 3.Conv. Unw.
4.O VA 5.0 Caw. Ins.
6. Ft NumSM
111-037
7. Loan Nwnber
6. Matpape Inalnarroe Case Number
C. Note: THs lien Is f nishod to give you a slatemml of actial setdsment owe. Nnounls paid to and by the iMtlment agent am shoat. Items
marked 'fpo.o.Y wet, paid oubld The doain0. fly we shown hen for Infvmretion pupoaw end em not Included In the totals.
D. Name and Address of Borrows
City of Faynvile
FeystwMo. AR 72701
E. Name oho Address Of Sevcr
O.T. TrarMler 6 Exohwtps 4 ace
so00nvwdsbr M Sta4aM6a Plaza U.
well MaMaln Inn Putbg Rau LLC
341 Enlelpnse Parfny. Suss 200
wsrdMeed, ONO 44132
F. Name end Address of Leader
CASH
0. Property Loobon
Momnal Inn Plating Doak
Lon 2.16,17.18.19 6a 28 Original
H. SeWmentAgent ..
Professional 1.4 Ti's Conpany
Place of Stateroom
2713 SE 1 St, Sle 7
Barden MS, AR 72112
L Sewemsnl gets
0412003
DD:
J. SUMMARY OF BORROWER'S TRANSACTION:
K. SUMMARY OF SELLERS TRANSACTION:
100. GROSS AMOUNT DUE FROM BORROWER
40. GROSS AMOUNT DUE TO SELLER
101. Cannot sales plc.
1200.000.00
401. ConDwt ales Kc_____________
1,000.00
102. Personal
402. Pawmal
103. Ssnmmt thve. to bonawr br 140
1.e81.00
403.
104.
404.
105.
405.
M usbwnts for Barns pal4 by seller In advanceAdjustments
for Roma paid by nutsrIn advance
106. CltvVb.vn taxes to
406. atynov.ii taaa to
107. Coun taxes b
407. Camty taxes to
196. Assasmanls to
406. Assessments m
100.
409.
110.
_
410.
111.
411. ._-
112.
412.
120. GROSS AMOUNT DUE FROM BORROWER
1201 I.00
420. GROSS AMOUNT DUE TO SELLER
1 00 .00
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER
600. REDUCTIONS IN AMOUNT TO SELLER
201. Deposit or earnest mm
501. Excess Deposit (in Instructors
202. Principal mount of new ban(s)
502. S.Nemem deign to sell w 1400)
29.105.98
203. Second Map7age
60.7. Second
204.
604. Payoff of Post mortgages bon
206.
505. Payoff of ascots motlga9. ben
206.
500. Tax Defined Money
1,133.305.01
207.
607.
206.
509.
200.
609.
M uatment for Name unpaid by seller
A ustmmts for Issme un eltl stir
210.p Aown taxes
510.G /town taxes to
211. loxes OI/01 W04120
6492.70
511. taxes 01101 to 04120
8.492.79
212. Aeseamm to
512.Aseeaamenb- b
213.
513.2003 RE Taxes W76S01040000
6 24
214.
514, 2004 RE Taxis S7SL01040000
6 1p
215.
615.2003 RE Timm #76601930000
',U2.32
216.
516.2004 RE Taxm*763-01044000
4042.49
217.
517.2002-2003 RE Tons 076541040.001
6 1.05
218.
510.2004 RE Taus #70601940001
2,JU.68
210.
619.
220. TOTAL PAID DV? FOR BORROWER
402-7D
620. TOTAL REDUCTION AMOUNT DUE SELLER
1,200,000.00
300. CASH AT SETTLEMENT FROM OR TO BORROWER
600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gross amount des 6m borrower bra 120)
1 201.661.00
601. Gross amaml do 10 seller the 420
1 200 w0.00
302. Lisa amounb pWd byfla borrows Oh. 220
8 49210
602. Less reduotm amount des to sells 520
1 000.00
303. CASH FROM BORROWER
1193.368S1
603. CASH TO SELLER
0.00
NB 4305.2 • REV. HUDI(3/86)
04/19/2005 13:30 FTP • userl ®008/013
X. DEPARTMENT OP HOUSING AND URBAN DEVELOPMENT SET 7LENENTBTATEMENf PA092
L. SETTLEMENT CHARGES: Fie Number: 111.037_-______________
PAID PROM
RT4
BFUNDSAT
SETTLEMENT
PAID PROM
SELLER'S
FUNDS AT
SETTLEMENT
700. TOTAL SALESIBROKER'S COMMISSION based on lee S .
Divielon of oommSson Me 780 as blow,:
701.$
to
702. b
703.
CommIssW p.C at Sadlamant
704.
800.
ITEMS PAYABLE IN CONNECTION WITH LOAN
P.O.C.
601.
Lees On lon Fee %
_- „--
602.
Loon Disown) %
003.
Aa.IW Fee to
.._••
_
004. Cred1R rt b .
80$.
LAndw s IMDSCO.l Pee to
816.
Mig Ins. den Fss to
807.
to
BOB.
009.
810.
011.
812.
813.
014.
815.
900.
ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
Wi.
Interest Gam to
$02.
M s osuryles Prombm b
903.
Karat lnsumnos Promlun
904.
905.
-
-
1000.
RESERVES DEPOSITED WITH LENDER FOR
7 1.
rd Maw9na me. S
Imo.
1002.
M • Insurenoo ma. $
Imo.
1003.
Otypnipedyuxn m0.
1 nb.
1004.
Corm )axes mo. $
/me.
7005.
Mnual Assassmente mo.
Imo.
1001.
mo. S
Imo.
1007.
mars
Imo.
100&
b Raunw b Haar&Flood M Tsxu
W S Mai& Attu
1100.
TITLE Ch ARGES
1101.
Saldrnent er doshig M b Pro Lund T.
400.00
1192.
Abstract or 1tle .earth Pro 1r4 Tide
260.00
1103.
TMe axamWtlon to
1i04.
TMe m,Urenq binder b
110$.
Doament noon to
1106.
Nets fees to
1107.
Momtees _-- b omen MI1 D..b.rg S Kaurh Co. LPA
2J
ndudes above Item No:
1108.
Tide k,su,ncs to Pro Land TOM
/ SO
b Item No:
1109. Lond✓s aewre
1110. Owne f nnge 1.200 000.00 -1200.10
1111.
Tax Ea SaMoa O.T. Transfer & s Corp.
1112.
_i.00000
1113.
Repeat) S.Mue Fee
1200.
GOVERNMENT RECORDINO AND TRANSFER CHARGES
1201.
R less DeedS 11.00 9
;Rebate.
1ll10
1202.
Cfty/oo.ityI.lamc. Deed
1203.
State texfstLm Deed S e S
1204.
1
1300.
ADDITIONAL SETTLEMENT CHARGES
1301.
Say to
1302.
Pest Inspection to
1303.
AflS + Hod Punars
8
1304.
CaaW FN Pro Land TYWFad Ex
60.QC
1306.
1308.
1307.
130L
7400.
TOTAL SETTLEMENT CHARGES (.nor an Gnu 103 and 602.
Sedons J and K)
1,841.00
29.105.96
RESPA, 8843052. REV. HUDI(3/B8)
04/18/2005 13:30 FTP + userl ®007/013
File No: 111-037
HUD -1 CERTIFICATION
I have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it
is a true and accurate statement of all receipts and disbursements made on my account or by me in this
transaction. I further certify that I have received a copy of the HUD -1 Settlement Statement.
SELLER'S AND/OR PURCHASERS STATEMENT; Seller's and Purchases signature hereon
acknowledges his/their approval of tax proration and si gni fees their understending that proration were based
on taxesfor the proceeding year, or estimates for the current year, and in the event of any change for the
current year, all necessary adjustments must be made between Seller and Purchaser,, likewise any default in
delinquent taxes will be reimbursed to Title Company by the.Seller.
Title Company, in its capacity as Escrow Agent, is and has been authorized to deposit all funds it receives
in this transaction in any financial institution, whether affiliated or not Such financial institution may
provide Title Company computer accounting and audit services directly or through a separate entity which,
if affiliated with Title Company, may charge the financial institution reasonable and proper compensation
therefore and retain any profits therefrom. Any escrow fees paid by any party involved in this transaction
shall only be for chock writing and input to the computers, but not for aforesaid accounting and audit
services. Title Company shall not be liable for any interest or other charges on the earnest money and shall
be under no duty to Invest or reinvest funds held by It at any time. Sellers and Purchasers hereby
acknowledge and consent to the deposit of the escrow money in financial institutions with which Title
Company has or may have otharbanking relationships and further comet to the retention by Title Company
and/or its affliatea of any and all benefits (including advantageous interest rates on loans) Title Company
and/or its affiliates may receive from such financial institutions by reason of their maintenance of said
escrow accounts.
G.T. Transfer & Exchange as the
accommodator for StellaBeua Plaza LLC
pueiptmtalnjpn Parking Plaza LLC i
BORROWERS
Stella Mogs, Memb o tellaBella Plaza
LLC and Mountain Parking Plaza
LLC
SELLER
To the best of my knowledge the BUD -I Settlement statement which I have prepared is a true and
accurate account of the funds which were received and have been or will be disbursed by the
undersigned as part of the settlement of this transaction.
Company.
WARNING: It is a crime to owin make false statements to the United States on this or any
other similar form. Penalties upon conviction can include a fine and imprisonment. For detail see:
Title 18: U.S. Code Section 1001 and Section 1010.
Parcel No. 765-01930-000
Parcel No. 765-01940-000
Parcel No. 765-01940-001
WARRANTY DEED
CORPORATION
BE IT KNOWN BY THESE PRESENTS:
THAT WE, StellaBella Plaza, L.L.C., an
Liability Company AND Mountain Inn Parking
Arkansas Limited Liability Company, hereinafter ca
and in consideration of the sum of One Dollar ($1.00)
valuable consideration, the receipt of which is hereb
hereby grant, bargain, sell and convey unto the C
Arkansas, a municipal corporation, hereinafter ca
unto Grantee's successors and assigns, the follov
situated in the County of Washington, State of Arkans
Arkansas Limited
Plaza, L.L.C., an
ed GRANTORS, for
and other good and
acknowledged, do
fy of Fayetteville,
,d GRANTEE, and
ng described land
is, to -wit:
Lots Two (2), Sixteen (16), Seventeen (17), Eighteen (18), and Nineteen (19), Block Twenty-eight (28),
Original Plat of the Town (now City) of Fayetteville, Washington County, Arkansas.
TO HAVE AND TO HOLD the said lands land appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the title to the said lands
against all legal claims whatever created by, through, or under Grantors, subject, however, to recorded instruments and
easements, if any.
WITNESS the execution hereof on this /'7 day of April, 2005.
STELLABELLA PLAZA, L.L.C.
An Arkansas Limited Liability Co.
I
t77
/-OUl S..N e, ..-,soh,
(Please Print name & TIfie]
MOUNTAIN INN PARKING PLAZA, L.L.C.
An Arkansas Limited Liability Co.
NJ ve!-yo n A LRn, �A
[Please Print Flame & Title] �—
04/18/2005 13:30 FTP
+ userl ®008/013
FileNo:
"OWNER'S AFFIDAVIT"
AFFIDAVIT AND INDEMNITY AGREEMENT AS TO LEASES, CONTRACTS, FIXTURES,
ENCUMBRANCES, MECHANICSLIENS, ETC.
STATE OF:
COUNTY OF:
Before me, the uedenig<ned Notary Public to sad for Said County and State, Personally appeased G.T, Transfer
& Exchange as the, aecoommmodator for Stquabfua Pl Plan LLC r Mt [an Parking Plaza LLC, (mown to me and
being tint duly sworn, and sa. jig. de ,.A
1. That they own the real property in Washington County, 16,17,18,19 B1k 28 Original; known municipally
or refuenced as follows:
To wit.. Mountain Ins Parking Deck, Lots 2,16,17,1$19 Bak 28 Original
Lot 16 & 17 Blk 28 Fayetteville Original
2. That said owners are in poarerrion of Said property, and the following is a tin of all meant& with rental wml:
NAME
NONE
DATE PROM DATE TO
7. That all persons who haw executed orwill execute iwnuments conveying or encumbering said property are
at lest 18 years old and are free from legal disability.
8. That the undersigned make this Statement for the express purposes of inducing:
FIRST AMERICAN TITLE INSURANCE CORPORATION
m Tatum tide m said property to be free from adverse claims or lies not otherwise herein statedo and of
enabling said owner(s) to receive the consideration for sale, tease or mortgage of said property. Affiant s
guarantee and warrant the .ratemems of fact heron which &hall be construed u a continual conttacmal
obligation In favor otsaid companies.
9. That in oosideradon of the issuance of title insurance bysdd companies as aforesaid, the undenignod ague
to indeamity and hold harmless the above indicated tide iseuraoee company against all loss or expose on
account of anymattet or thing omitted from the foregoing factual statement, including expense of enforcing
this agreement
10.That undersigned's United States Taxpayer Identification Number Is
and my United States address Is 3401 Enterprise Parkway, Suite 200, Beachwood,
Ohio 44122
11. That undersigned is not a "foreign pawn" as the teem is defined in Section 1443 of the Internal Revenue
Code.
BY G.T. Transfer & Exchange as the
1cc0ozod310ttr&tJlsBcllaPin LLC and
1015. WC� �.
. ' tl: f : :r: ;::
:1:11' t' / \ f 1 1 ,
1
,
I
04/19/2005 13:31 FTP
+ userl Q 009/013
Date: Apr1120, 2005
Re: Mountain Inn Parking Deck, Lots 2,16,17,18,19 Blk 28 Original
i/We, the undersigned, do hereby state that I/we understand that the taxes for the year 2004 are due
in March 2005, are not yet payable and the amount collected at closing has not been certified by the
Tax Collector. Therefore, should the amount increase 1/we will be responsible for reimbursing the
buyerof any shortages, within 10 calendar days ofnotification Should the amount decrease I/we will
be responsible for rettmding the seller the difference within 10 calender days of notification.
.1
State of
County of . ai
/pf
SIGNED AND SWORN before me this/ / day of
My Commission Expires:
rr:
My
commission has no expiration date.
Section 147.03 R. C.
04/18/2005 13:31 FTP • userl ®010/013
DATA SHEET REAL ESTATE 1099-S
THIS FORM MUST BE FILLED OUT BY THE TRANSFEROR/SELIJOR
THE INFORMATION CONTAINED ON THIS FORM IS IMPORTANT TAX INFORMATION AND IS B E W G
FURNISHED TO THE INTERNAL REVENUE SERVICE
As the Tmmafaror/Seller YOU are required by law to provide your aoocct taxpayer identifuatioo number.
Ifyourcorreet taxpayer identification nlmberis not provided, you maybe subject to civil or criminal penalties Imposed
by law.
I wtity that the Taxpayer Identifiation Number shown on this statement U the eorrem
r. Also, I undratand that IT IS THE RESPONSIBILITY of the T rammfemr/SeUer to
ived from this sale.
It•d34z663
Stella Moga, Member SS# or Tax ID
Mountain Ian Par'k1i Plaza LLC SS# or Tax ID
Only one Form 1099 is required if the transferor is husband and wife or a partnership.
FOR MULTIPLETRANSFERORS: A SEPARATE FORM 1099-S MUST BE COMPLETED
FOR EACH TRANSFEROR RECEIVING PROCEEDS FROM SALE OF REAL ESTATE
+++tar+wrrr+t++tr++w+rrrtrrrtt+rrrew»++++r++w+++rr+++a+rrt+rrarrrwwwww.r++
In order to insure filing, it is extremely important that you provide us with the following information.
If incorrect information is provided Professional Land Title Company of Arkansas, Inc. is
responsible for the misfiling of this report.
PLEASE PRINT:
TRANSFEROR NAME 1: StelaBeils Plan LLC
TRANSFEROR NAME 2: Mountain Inn Parkin` Plaza LLC
ADDRESS WHERE YOU WISH FOR 1 1099 TO BE MAILED:
Street: I4S HV o u) • de n Zt A D
PLEASE CONSULT YOUR CPA FOR INFORMATION REGARDING THE FILING OF THIS REAL ESTATE
SALE TO IRS.
e Me H•attr•+AAiwp•eew•A{pp q*wi+NHMtl*A++twit+b*AA• •qe*• t getetHNiw
DO NOT FILL OUT THIS SECTION
Description of Proputy. Mountain Inn & Parking Deck
Property Address of Mountain Ian Parking Deck, Lots 2, Arkansas
Contact Sala Price: $1,200,000.00 Net proceeds:
Closing Date: April 20, 2005
Date: April 20, 2005File No.
CLOSMC A0ENT INFORMATION (re be meWkrcd by rlodaa aswq
Pnfead®tl land MOO COopmy Of AX. IN.
109 wen Ld sbm
lick Racy, AdArW 73201
(501)661.1101
04/19/2005 13:31 FTP
Agents Fne No. 111-037
+ userl ®011/013
EXIIIBIT A -
LEGAL DESCRIPTION
Lots 2,18,19, and Part of Lot 17, Block 28, Original Plat of the Town (Now City) of Fayetteville,
Washington County, Arkansas.
AND,
PARKING DECK DESCRIPTION Lot Numbered Sixteen (16) and a Part of Lot Numbered
Seventeen (17), in Block Numbered Twenty -Eight (28), of the Original Plat of the Town (Now)
City of Fayetteville, Arkansas, being more particularly described as follows: Beginning at the
Northwest comer of said Lot Sixteen (16); thence S 8958'07" E, along the North line of said Lots
Sixteen (16) and Seventeen (17) 87.06 feet; thence S 0014'25" W, 102.09 feet to a point on the
South line of said Lot Seventeen (17); thence N 9958'28" W, 86.48 feet to the Southwest comer of
said Lot Sixteen (16); thence N 0005'06" W, 102.10 feet to the Point of Beginning. The above
described tract having permanent rights of ingress and egress over and across the following
described access easement: PARKING DECK ACCESS DESCRIPTION A part of Lot Numbered
Seventeen (17), a Part of Lot Numbered Eighteen (18), and a Part of Lot Numbered Nineteen (19),
all in Block Twenty -Eight (28), of the Original Plat of the Town (Now City) of Fayetteville,
Arkansas, being more particularly described as follows: Beginning at the Southeast corner of said
Lot Nineteen (19); thence N 8958'28" W, along the South line of said Lot Nineteen (19) 24.95 feet
to the East Face of an existing building; thence N 0009'41" W along the East face of said building
19.10 feet; thence N 7013'54" E, along the East face of said building lAl feet; thence N 0035'46"
W, along the East face of said building 6A3 feet; thence 6 873$'45" W along the East face of said
building 1.64 feet; thence N 0308'30" W along the East face of said building 0.70 feet to the
Northeast corner of said building; thence N 8953'42" W, 87.99 feet along the North face of said
building to the Northwest comer of said building, the same also being the South edge of an
existing concrete ramp leading to a parking deck; thence leaving the South edge of said concrete
ramp S 0009'15" W, 26.75 feet along the East wall of an entry way to a point on the South line of.
said Lot Seventeen (17); thence N 8958'28" W along the South line of said Lot Seventeen (17) 5.04
feet to the West wall of said entry way, the same being the East wall of an existing Parking Deck;
thence N 0014'25" E, 49.99 feet along the West Wall of said entry way and the East Wall of said
Parking Deck to a point on the North Edge of the above mentioned concrete ramp; thence leaving
the East wall of said Parking Deck S 8956'13" E, along the North edge of said concrete ramp 50.69
feet; thence S 8951'39" E, along the North edge of maid concrete ramp 37.36 feet; thence N
704323" E, 26.64 feet to a point on the East line of said Lot Nineteen (19); thence S 0006'52" E,
58.69 feet to the Point of Beginning.
04/19/2005 13:31 FTP • userl ® 013/013
CHOICE OF ATTORNEY
(Broker /Lender) has informed me (us) that I (we)
have the option of choosing (legal counsel / title company) to close my mortgage loan. I
(we) understand that said legal counsel shall represent the Broker/Lender at the closing.
) I (We) select:
Attorney / Title Company
( ) I (We) having been informed of this option and having no preference, I (We)
have reviewed the Broker / Lender's list of approved closing attorneys / title companies, I
(We) have selected:
Attorney / Title Company
(X) I (We) acknowledge that I (We) have been giving the opportunity to select an
attorney / title company to close my (our) mortgage loan. I (We) have no preference
regarding closing attorney / title company and choose not to select one.
Witness Date
ACTION BY WRITTEN CONSENT
OF THE SOLE MEMBER AND MANAGER OF
STELLABELLA PLAZA, L.L.C. AND
MOUNTAIN INN PLAZA, L.L.C.,
EACH AN ARKANSAS LIMITED LIABILITY COMPANY (the "Companies")
The undersigned, Stella Moga,
being
the
sole member and manager
of the Companies,
hereby
takes the
following
actions and
adopts
the
following
resolutions
by
her
written consent:
WHEREAS,. Stella Moga and/or StellaBella Plaza, .L.L.C. entered into a
Commercial Real Estate Contract last executed as of October 26, 2004, as
amended by a First Amendment to Commercial Real Estate Contract dated as of
February 28, 2005 (the "Contract"), pursuant to which Stella Moga and/or
StellaBella Plaza, L.L.C. agreed to sell to Richard Alexander and John Nock or
their, assigns certain real property located in Fayetteville, Arkansas, and
commonly referred to as the Mountain Inn and Parking Deck (collectively, the
"Property"); and
WHEREAS, Mountain Inn Parking Plaza, LLC is the owner of the Parking Deck;
and -
WHEREAS, the Contract has been assigned by Richard Alexander and John Nock
to the City of Fayetteville, Arkansas (the "Buyer");
NOW, THEREFORE, BE IT RESOLVED, that each of the Companies hereby
ratifies and confirms the Contract and agrees to sell the Property to Buyer as
provided in the Contract;
RESOLVED FURTHER, that the Companies shall assign the Contract to G.T.
Transfer & Exchange Corp., or another qualified intermediary designated by the
Companies (the "Qualified Intermediary"), in order to enable the • Companies to
sell the Property in a transaction qualifying as a Tax -Deferred Exchange under
Section 1031 of the Internal Revenue Code;
RESOLVED FURTHER, that Stella Moga, as the sole member and manager of
the Companies, is hereby authorized and directed to execute and deliver for and
on behalf of the Companies all such documents, instruments, and agreements as
may be necessary or desirable to assign the Contract to a Qualified Intermediary
and to consummate the sale of the Property as a Tax -Deferred Exchange;
00031297
1
RESOLVED FURTHER, that all actions heretofore taken by Stella Moga or
either of the Companies in connection with the sale of the Property be, and each
of such actions hereby is, ratified and approved.
IN WITNESS WHEREOF, the and
the Companies, has executed this Action by
being the sole member and the manager of
:psent as of the 18th day of April, 2005.
-2-
04/1.9/2005 13:30 FTP + usorl 1001/013
04/15/2005 09:29 PAX 501 324 9421 LAND COMMISSIONER OO2/003
County: Washington
PETITION TO REDEEM
MARK WILCOX
COMMISSIONER OF STATE LANDS
STATE OF ARKANSAS
109 State Capitol, Little Rock, Arkansas 72201
501-324-9222 FAX 501-324.9421
Code: 5-12 2002 Year Porfelted: 2002 Date: 4!15!2005
Sale Date: To Be Set.
Parcel Number.
765-01940-001
Entered by; palexander
According to the records of the Commissioner of State Lands Office MOUNTAININN PARIQNG PLAZA, LLC
was the owner of the following described real property at the time the same was forfeited and certified to the State of
Arkansas for the non-payment of taxes, to wit:
Descriptions LOT 16 & PILOT 17, BLOCK 28 Section: 16 Township: 16N Range: 30W Acreage: 0 Lot 16 & 17 Block: 28
City: FAMETEVILLB Addition: FAYRTFEVTLLE ORIGINAL School Dist 011
SEE OTHER SIDE FOR INSTRUCTIONS
THIS SECTION TO BE COMPLETED BY THE PETITIONER:
ALL PETITIONERS MUST COMPLETE ALL
OF THIS FORM. INCOMPLETE PETITIONS
WILL BE RETURNED.
Name in which redemption deed should be issued.
--Y
— a
Arkansas
If the owner Is different than the name printed on
this form, send copies of recorded deeds showing
how the title transferred from the name listed on
this form to the new owner_
Address: (Tax statement will be mailed here)
mailed if
Petition to Redeem Mailed to:
CITY 0 FAYETTEVILLE
479-443-5892
ATTN PAT
TAXES 2002-2003 *4,338.45
$0.00
Interest $434.75
Penalty $433.85
County Cost $3.00
Recording Fee / $11.00
State Costs $30.00
• I •- M . 1 I., q 1 p 1 1• 1 I• .
V Record Owner Acent Ana on behalf of reoerd owner
vv 1
Subscribed and sworn before xe this %'1 day of
20 4.5,
NoAvy Public
)31y CosumLidon apirnPAUIJ.SINGERMAN,AttorneyAtLaw
Notaryrgotaryruojlc-ba10t0rn0
My commission has no expiration data
FOR OFrrlCE USE ONLY
Receipt No.
Dead No. Data
04/19/200513:30 FIT + usorl I�j002/013
04/15/2005 09:29 PAZ 501 324 0421 LAND COMMISSIONER 1003/003
Instructions for Completing
A Petition to Redeem
Petition& to Redeem are valid for 80 days from the date printed unless a sale date is pending, the par-
cel has been sold`, or otherwise indicated an the front of the petition. If the petition date has expired,
an updated Petition to Redeem must be requested. Further, petitions and payments must be received
by this office prior to the expiration date. Postmarks will not be accepted.
Please be aware of the sale date of the property. To avoid the sale of the property, the past due
amount must be paid in full. Possession of a valid Petition to Redeem does not postpone the sale
date.
'In
the
the event
property.
the property is sold, the record
If not redeemed
owner has 30 days from the date of the sale to redeem
within 30 days,
the sale Is final and the property cannot be redeemed.
tax statements will be mailed to
2. Provide the name and address where you want the redemption deed malted. If it Is the same
Information, you may write ssames
.
3. Sian the Petition to Redeem in the space indicated. Indicate you are the record owner below
your signature in the space provided.
4. Have the Petition to Redeem o rize . All Petitions to Redeem must be notarized.
5. Mall the Petltlnn to pease... ...a. -.. ...e.. - - . -
- • •- -• -w%w '-a....a ., nee. rarual payments cannot be accepted. Submit a
separate check for each parcel. Checks should be made payable to the Commissioner of State
Lands.
6, Incomplete Petitions to Redeem will be returned for further information.
o LOU cannot redeem a parcel of prone n your name unless you are the owner.
a If You are now the owner of the nroDerty,provide a "Chain of itle Include all recorded
documents that Indicate the transfer of title from the former record owner to you. Copies of re-
corded deeds can be obtained from the Circuit Clerk's office in the county in which the property is
located. Complete the Petition to Redeem following steps 1-6 listed above.
O IfyQU are actina on bahalf of the ----..,.... -. - - -
- •••--• -- =$¢nuun snowing you are an heir, or that you have been appointed to act
on the owners behalf. In some cases, a signed and notarized statement may be acceptable. The
record owner must sign all petitions unless he/she is deceased, physically or mentally Incapaci-
tated, or a minor.
If you have any questions, contact the Records Division at 501-683-3053 or fax 501-324-9421.
When making inquiries, reference the parcel number listed in the upper right hand comer of the Peti-
tion to Redeem.
Mark Wilcox
Commissioner of State Lands
109 State Capitol Bldg
Little RockAR 72201
Parcel No. 765-01930-000
Parcel No. 765-01940-000
Parcel No. 765-01940-001
WARRANTY DEED
CORPORATION
BE IT KNOWN BY THESE PRESENTS:
THAT WE, StellaBella Plaza, L.L.C., an Arkansas Limited
Liability Company AND Mountain Inn Parking 1 Plaza, L.L.C., an
Arkansas Limited Liability Company, hereinafter called GRANTORS, for
and in consideration of the sum of One Dollar ($1.00) and other good and
valuable consideration, the receipt of which is hereby acknowledged, do
hereby grant, bargain, sell and convey unto the City of Fayetteville,
Arkansas, a municipal corporation, hereinafter called GRANTEE, and
unto Grantee's successors and assigns, the following described land
situated in the County of Washington, State of Arkansas, to -wit:
Lots Two (2), Sixteen (16), Seventeen (17), Eighteen (18), and Nineteen (19), Block Twenty-eight (28),
Original Plat of the Town (now City) of Fayetteville, Washington County, Arkansas.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the title to the said lands
against all legal claims whatever created by, through, or under Grantors, subject, however, to recorded instruments and
easements, if any.
WITNESS the execution hereof on this / 9. day of April, 2005.
STELLABELLA PLAZA, L.L.C.
An Arkansas Limited Liability Co.
•
ATTES .
A/�
u STas1e, Yf oh, / I>'1d2ht�
[Please Print Name & Tile]
MOUNTAIN INN PARKING PLAZA, L.L.C.
An Arkansas Limited Liability Co.
/ NJ C.19P lM•e,n k4.n;yl
[Please Printgame & Title] 1
Mountain Inn Deed
Page 2 of 2
ACKNOWLEDGMENT
STATE OF OHIO
COUNTY OF CUYAHOGA
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 duly commissioned and acting, Stella Moga, to me well known as the
person who executed the foregoing document as the sole member and manager of STELLABELLA PLAZA, L.L.C., An
Arkansas Limited Liability Company, 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 19th day of April, 2005.
MY COMMISSION EXPIRES:
• Notary Public PAUL J. SINGERMAN, Attorney At Law
• Notary Public - State of Ohio
My commission has no expiration date.
ACKNOWLEDGMENT
STATE OF OHIO
ss.
COUNTY OF CUYAHOGA
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 duly commissioned and acting, Stella Moga, to me well known as the
person who executed the foregoing document as the sole member and manager MOUNTAIN INN PARKING PLAZA, L.L.C.,
and who stated and acknowledged that she 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 19th day of April, 2005.
MY COMMISSION EXPIRES:
Notary M1JINcERMAN, Attorney w
Notary Public • State of Ohio
My commission has no expiration date.
n__..__
ACKNOWLEDGMENT
STATE OF OHIO
ss.
COUNTY OF CUYAHOGA
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 Stella Moga, to me well known as the person 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 19th day of April, 2005
MY COMMISSION EXPIRES:
Notary Public
PAUL J. SINGERMAN, Attorney At Law
Notary Public • State of Ohio
My commission has no expiration date.
Section 147.03 R. C.
FATIC-305
SNSak A, C,mmltmmt
First American Title Insurance Company
COMMITMENT
SCHEDULE A
Issued by: Professional Land Title Company of Arkansas
809 West 3rd
Little Rock, AR 72201
(501) 661-1701
Issuing Agent # IA20
TYPE OF POLICY: ALTA Owners Policy
Effective Date of this commitment: April 8, 2005 at 8:00 a.m.
Agents File No.111-037
Commitment No. 00 -BV 10450
NAME OF PRESENT OWNER: Mountain Inn Parking Plaza, LLC and Stellabella Plaza, LLC
NAME OF PURCHASER: City of Fayetteville
LEGAL DESCRIPTION OF THE LAND REFERRED TO IN THIS COMMITMENT:
Amount
$1,200,000.00
TRACT A: Lots, 2,18,19, and Part of Lot 17, Block 28, Original Plat of the Town (Now City) of Fayetteville,
Washington County, Arkansas.
AND,
TRACT B: PARKING DECK DESCRIPTION
Lot Numbered Sixteen (16) and a Part of Lot Numbered Seventeen (17), in Block Numbered Twenty -Eight
(28), of the Original Plat of the Town (Now) City of Fayetteville, Arkansas, being more particularly described
as follows: Beginning at the Northwest corner of said Lot Sixteen (16); thence S 89°58'07" E, along the North
line of said Lots Sixteen (16) and Seventeen (17) 87.06 feet; thence S 00°14'25" W, 102.09 feet to a point on
the South line of said Lot Seventeen (17); thence N 89°58'28" W, 86.48 feet to the Southwest corner of said
Lot Sixteen (16); thence N 00°05'06" W, 102.10 feet to the Point of Beginning. The above described tract
having permanent rights of ingress and egress over and across the following described access easement:
PARKING DECK ACCESS DESCRIPTION
A part of Lot Numbered Seventeen (17), a Part of Lot Numbered Eighteen (18), and a Part of Lot Numbered
Nineteen (19), all in Block Twenty -Eight (28), of the Original Plat of the Town (Now City) of Fayetteville,
Arkansas, being more particularly described as follows: Beginning at the Southeast corner of said Lot
Nineteen (19); thence N 89°58'28" W, along the South line of said Lot Nineteen (19) 24.95 feet to the East
Face of an existing building; thence N 00°09'41" W along the East face of said building 19.10 feet; thence N
70°13'54" E, along the East face of said building 1.41 feet; thence N 00°35'46" W, along the East face of said
building 6.43 feet; thence S 87°35'45" W along the East face of said building 1.64 feet; thence N 03°08'30" W
along the East face of said building 0.70 feet to the Northeast corner of said building; thence N 89°53'42" W,
87.99 feet along the North face of said building to the Northwest corner of said building, the same also being
the South edge of an existing concrete ramp leading to a parking deck; thence leaving the South edge of said
concrete ramp S 00°09'15" W, 26.75 feet along the East wall of an entry way to a point on the South line of
said Lot Seventeen (17); thence N 8958'28" W along the South line of said Lot Seventeen (17) 5.04 feet to the
West wall of said entry way, the same being the East wall of an existing Parking Deck; thence N 00°14'25" E,
49.99 feet along the West Wall of said entry way and the East Wall of said Parking Deck to a point on the
North Edge of the above mentioned concrete ramp; thence leaving the East wall of said Parking Deck S
89°56'13" E, along the North edge of said concrete ramp 50.69 feet; thence S 89°51'39" E, along the North
edge of said concrete ramp 37.36 feet; thence N 70°43'23" E, 26.64 feet to a point on the East line of said Lot
Nineteen (19); thence S 00°06'52" E, 58.69 feet to the Point of Beginning.
April 19, 2005
Profe,c.Aional Land Title Company of Arkansas
a
Sherry K Woos
Michael P. Rag
Brian A. Perry,
Washington County
Property Address: Mountain Inn & Parking Deck, Fayetteville, AR 72701
First American Title Insurance Company
COMMITMENT FOR TITLE INSURANCE
a California corporation, herein called the Company, for a valuable consideration, hereby commits to issue its policy or
policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named Schedule A, as owner or mortgagee of
the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges
therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof.
This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy and policies
committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by
subsequent endorsement.
This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations
hereunder shall cease and terminate six months after the effective date hereof or when the policy or policies is not the fault of the
Company.
This Commitment shall not be valid or binding until countersigned below by the Validating Officer or Agent.
IN WITNESS WHEREOF, First American Title Insurance Company has caused its corporate name and seal bo be hereunto
affixed by its duly authorized officers on the date shown in Schedule A
First American Title Insurance Company
/S/Mark R. Arneson /S/ Parker S. Kennedy
Secretary President
CONDITIONS AND STIPULATIONS
1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument.
2. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter
affecting the estate or -interest or -mortgage thereon covered by -this Commitment other -than -those shown in Schedule B
hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for
any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose
such knowledge. If the proposed Insured shall disclose such knowledge to the Company or if the Company otherwise
acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option
may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability
previously incurred pursuant to Paragraph 3 of the Conditions and stipulations.
3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included
under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance
hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in
Schedule B, or (c) to acquire or created the estate of interest or mortgage hereon covered by this Commitment. In no event
shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is
subject to the insuring provisions and the Conditions and Stipulations, and the exclusions from coverage of the form of
policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a
part of this Commitment except as expressly modified herein.
4. Any action of actions or rights of action that the proposed Insured may have or may bring against the Company arising out of
the status of the title to the estate or interest to the status of the mortgage thereon covered by this Commitment must be based
on and are subject to the provisions of this Commitment.
FATIC.201-M
SCHEDULE B, PARTI COMM rrK (r
First American Title Insurance Company
COMMITMENT
SCHEDULE B -PART I
Agents File No. 111-037
Commitment No. 00-B V 10450
REQUIREMENTS
Showing defects and objections to be removed or eliminated; liens and encumbrances to be satisfied and discharged of record and
requirements to be complied with before policy of title insurance can be issued without exception thereto:
1. Proper documents creating the estate or interest to be insured must be executed and duly filed for record to wit:
File a Redemption Deed from the Commissioner of State Lands, State of Arkansas to Mountain Inn Parking Plaza,
LLC.(Conveying Tract B)
Execution and recordation without intervening rights of a Warranty Deed by Mountain Inn Parking Plaza, LLC conveying the
property described in schedule "A" hereof to City of Fayetteville. (Conveying Tract B)
Execution and recordation without intervening rights of a Warranty Deed by Stellabella Plaza, LLC conveying the property
described in schedule "A" hereof to City of Fayetteville (Conveying Tract A)
2. Full consideration for the interest or estate to be insured must be paid to or for the account of grantors or mortgagors.
3. Furnish satisfactory evidence that there are no outstanding mechanics' or materialmen's liens against the property (Attorney
should examine parties carefully, and attach owners' and contractors' affidavits where there has been construction during the
statutory period for liens.
4. Payment of all Taxes, charges, assessments levied and assessed against subject property, which are DUE and DELINQUENT.
5. Execution of an Owner' and Contractor's Final Affidavit, Owner's and Seller's Affidavit & Indemnity and Notice of Availability
of Owner's Title Insurance in all forms acceptable to the Company.
6. Payment of the premium and other fees and costs due the company.
7. This company will provide an ALTA 8.1 endorsement on the final policy.
8. Furnish this office with a Corporate Resolution from the board of directors (or other managing authority) authorizing the
transaction and naming those officers authorized to execute documents to consummate said transaction for Mountain Inn Parking
Plaza, LLC.
9. Payment of all franchise taxes now due to the office of the Secretary of the State of Arkansas by the Mountain Inn Parking Plaza,
LLC according to the Secretary of States office said corporation in not in good standing at this time due to non-payment of
franchise taxes since 2004.
10. Furnish this office with a Corporate Resolution from the board of directors (or other managing authority) authorizing the
transaction and naming those officers authorized to execute documents to consummate said transaction for Stellabella Plaza LLC.
11. Payment of all franchise taxes now due to the office of the Secretary of the State of Arkansas by the Stellabellaa Plaza, LLC
according to the Secretary of States office said corporation in not in good standing at this time due to non-payment of franchise
taxes since 2004.
FATIC-202-M
SCHEDULE B, PART I1, COMMmMENr
First American Title Insurance Company
COMMITMENT
SCHEDULE B PART II
Agent File No.: 111-037
Commitment No.: 00 -BV 10450
EXCEPTIONS
Part H Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed
of the satisfaction of the Company:
I. Defects, liens, encumbrances, adverse claims or other matter, if any, created first appearing in the public records or attaching
subsequent to the effective date hereof but prior to the date the proposed insured acquires for value of record the estate or
interest or mortgage thereon covered by this Commitment.
2. Rights or claims of parties in possession not shown by the public records.
3. Easements, or claims of easements, not shown by the public records.
4. Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate surveyor inspection
of the premises.
5. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed bylaw and not shown by
the public records.
6. Any adverse claim to any portion of said land which has been created by artificial means or has accreted to any such portion
so created and riparian rights, if any.
7. Taxes or special assessments which are not shown as existing liens by public records.
8. Any prior reservation or conveyance, together with release of damages, of minerals of every kind and character, including, but
not limited to oil, gas, sand, and gravel in or on and under subject property.
9. General and special taxes for 2004 and subsequent years not yet due and payable.
10. Subject to all rights of ways, easements, building lines, covenants, or restrictions and all reservations of record or any other of
the same, that a physical inspection or survey might disclose.
11. Covenants or Restrictions other than city or county ordinances, but deleting any covenant, condition or restriction indicating
a preference, limitation or discrimination based on race, color,-religion,.sex.handicap, familial.statusornationaLorigin to the
extent such covenants, conditions or restrictions violate 42 USC 3604(c):
12. Reservations, restrictions, dedications, easements, right-of-way and setback lines as may be shown on the plat of said
Fayetteville Original, recorded in plat record Book 4 at Page 3.
Assessments, obligations, fees, reservations, restrictions, easements, dedications, rights -of -way, setback lines, covenants and
conditions, as contained in the Restrictive/Protective Covenants and/or Bill of Assurance of Fayetteville Original, if any.
13. A Parking Easement in favor of Center Court Square, LLC recorded on September 18, 2001 as land document # 2001114998.
14. The rights of the public and others to use that portion of subject property lying within the right-of-way of Mountain St. on the
South side, South College on the East side, and Center Street on the North side of subject property.
15. Reservations, restrictions, right-of-way, easements, dedications and setback lines as are shown on plat of survey, dated
November 8, 2000, by Crafton, Tull, & Associates, Inc., as job # 003021-00..
PRO LAND
T4TLE
Professional Land Trde Company
70 North College Avenue, Suite 1
4778 ass 97e7O1 PAT
4713-443-5793 x Blasingame
473mobe 977-9743
777-2515toN 747 toll free G Age
PrProlandtitle.carn
www.Prolenddtla.com
04/19/2005 13:30 FTP
A. Settlement Statement U.S. Department of Housln9
and Urban Development
+ userl/0005/013
OMB No. 2502-0265
B. Type of Loan
1.0 FHA 2.0 FmFA 3.®Cenv. UNos.
4.0 VA 5.0 Cony. Ins.
!�
6. POs Number
111-037 ,
7. Loan Number
0, Mortgage Insurance Ca.. Number
C. Note: This form la furnished to give you a statement of actual settlement oasis. Amounts paid to end by the aMMement agent w Mown. IWms
marked '(p.o.c.)' were paid outside the dosing. may am shown hre for Information purposes and am not Included In the taste.
D. Name end Address of Borower E. Name and Address of War F. Name and Address of Land&
City of Faysttav ie G.T. Trensler 6 Exdmnge ai me CASH
Foystt.v ., AR 72701 eommmodatsr for Stallab.Ua Plana LL
and Mountain Ion Perking Plrixa LLC
3401 Enwrplee Paflway. Suite 200
Baadwmod, Ohio 44122
0. Property Loaurn H. Settlement Agent
Mountain Ion Perking Dock Prolesslonal Land TIW Company
Lam 2.16.17.18.10 Bo 28 Original
Place of SeMement 1. SCW M.nt Oat@
2713 B.E. I SL, $ts 7 04/20/06
BentmAlle, AR 72712
00:
J. SUMMARY OF BORROWER'S TRANSACTION:
K. SUMMARY OF SELLER'$ TRANSACTION:
100. GROSS AMOUNT DUE FROM BORROWER
400. GROSS AMOUNT DUE TO SELLER
101. Contract sales price
1,200,000.04
401. Connot sale0 prloo
l,200.000.00
102. Personal props.ty402.
Personal property
103. S@Mement cJ,errs to borrowecIns 1400
1$1.00
403,
104.
404,
105.
405.
ustments for Items Dald by seller In advance
ustments for Items paidb dl In advance
105. atynown ones to
405. CI/town taxes m
107. Coun taxes to
407. Coup taxes to
106. Assessment. m
406. Aeseeamente —.
109.
400.
110.
410.
Ill.
411,
112.
412.
120. GROSS AMOUNT DV! FROM BORROWER
1201,861.00
420. GROSS AMOUNT DUE TO SELLER
1,200,000.00
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER
600. REDUCTIONS IN AMOUNT TO SELLER
201. Deposit or earnest money
501. Excess Deposit (see Instructions)
202. Prod sl amount of new loin(s)
502. Settlement charges to seller 1400) _
29.105.90
203. Second Mortgage
603. Second Mo4a�.
204.
604, Payoff of fiat mortgage loan
205.
505. Payoff of second mgr loan
206.
500. Tex Deferred Money
1133 08.01
207.
607.
208.
508.
209.
509.
uatmrtt. for Hem. unpaid by seller
Adjustments for Isms unpaid by seller
210. G /town taxes
w
510. G /own taxes to
211. Coinly taxes 01/01 to 04/20
8,402.70
511. Caunty tax.. 01/01 to 04/20
8.492.70
212.Assessma to
612.Assessmenm to
213.
513.2003 RE Texas #766-01840.000
6,652.24
214.
514. 2004 RE Taxes #786-01846000
6201.26
215.
515.2006 RE Taxes #765-01936000
4,562.52
216.
516.2004 RE Taxes #763-01046000
4042.40
217.
317.2002-2003 RE Taxes #765-01940.001
6,251.05
218.
516, 2004 RE Tax.. #765-01940-001
2 303.66
210.
610.
220. TOTAL PAID BY I FOR BORROWER
649279
620. TOTAL REDUCTION AMOUNT DUE SELLER
1200 .00
300. CASH AT SETTLEMENT FROM OR TO BORROWER
600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gm.. amount due from borrower One 120
1201,061.00
601. Gress amoun due to seller line 420)
1.200 000.00
302. Lees amounts paid /Ion borrower W. 220
6,492.70
002. Less reduction amount due to sellr (IIsle 520
/ 200 000.00
303. CASH FROM BORROWER
719336871
603. CASH TO SELLER
0.00
RESPA. PIG 4305.2 - REV. HUDI(3/86)
04/19/2005 13:30 FTP + userl ®006/013
tin. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SETTLEMENT STATEMENT PAGE 2
L SETTLEMENT CHARGES: File Number: 111.037_--_____________
PAID FROM
BFUNDS A RY
FTTLE AT
SETTLEMENT
PAID FROM
AT
FUNDS AT
SETTLEMENT
700. TOTAL SALESIBROKER'S COMMISSION bawd on Ics S .
Dlvlebn of mmmisalon Iln 700 n Follows:
701.
f to
702. 10
703.
Commission old M Sattlsmant
704.
800.
ITEMS PAYABLE IN CONNECTION WITH LOAN
P.O.C.
_•,_
801.
IoM OdQraon Fg. 14
$02.
Loan Diacowtt %
_
803.
Isd Fn to
.-
.. _..
804.
Credit Repod to
806.
LMdah Irtapd1oa PM to
506.
M ins. Applc.bon Fn to
807.
to
809.
800.
610.
811,
812
813.
914.
815.
900.
ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
001.
Intern.? from to
/d
002
Moflapo teoureMe Premium M
003.
Hazard Insuring. Prwnlum a to
004.
-
-
006.
1000.
RESERVES DEPOSITED WITH LENDER FOR
_
1001.
Hazard Inwuena ma. S
Imo.
1002.
MO.lQagslniurwc. mo. $
limo.
1003.
Otya1ytrn. mo. S
limo.
1004.
Covnlypiop.nytaxn mo. $
/mo.
1005.
Mnu.I As.Ksm.ts mo.
Imo.
1006.
ma. $
Imo.
1007.
nq. 0
Imo.
1008.
Agnit. Rnerre Ier Han,FMud In; Piop Taaea Mongs9.
kit A Mnual A4..nmnts_
1100.
TITLE CHARGES
1101.
Sstdemsnt or plot fm to ProLand Tide
400.00
1102.
Abebaot or title seamlt to Pro Land T44
250-00
1103,
Title eaeminatlon to
1104.
Tide inaurwncs tender 4
1106.
Dommsnt noon to
1106.
Notary fen ro
1107.
Anoms fen m Sin emwti Milo Daan A Kann¢ Co. LPA
23,000.00
Includes above Item No:
1108.
fld.Inwnno, to Pro land Title
1200.00
In itam No:
1109. Land✓s oowra
1110. ON1efs Downs 1,200,000.00-1,200.00
1111.
T.x€xeMng. Sarvia G.T. Tinsfr A Eadange Corp.
.• 1.000
1112.
1113.
ReMan/Aas rv,nnt S.Mas Fos
1200.
GOVERNMENT RECORDING AND TRANSFER CHARGES
1201.
R fa.. Dead 11.00 : Mon s S
' RNnna
11.00
1202.
C Dour /stem Deed 5 Motl.o.
1203.
State Ixntem a Dead $ Mod.g. $
1204.
1205.
1300.
ADDITIONAL SETTLEMENT CHARGES
1301.
9 m
1302.
Pet inspection 4
13D3.
MeniM 1 W�.t Donicy + HodPam.n
d S .
1304.
Cater Fn Pro Land Tltlefod Ex
50.00
1306.
1308.
1307.
1308.
1100.
TOTAL SETTLEMENT CHARGES (enter on lug. 103 ate 602,
SwKions J end K)
1,881.00
29.106. ee
RESPA. HS 4305.2 • REV. HUD7(3/S6)
04/19/2005 13:30 FTP
• userl ®007/013
File No: 111.037
HUD -1 CERTIFICATION
I have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it
is a true and accurate statement of all receipts and disbursements made on my account or by me in this
transaction. I further certify that I have received a copy of the HUD -I Settlement Statement.
SELLER'S AND/OR PURCHASER'S STATEMENT: Seller's and Purchaser's signature hereon
on taxes for the proceeding year, or estimates for the current year, and in the event of my change for the
current year, all necessary adjustments must be made between Seller and Purchaser, likewise any default in
delinquent taxes will be reimbursed to Title Company by the Seller.
Title Company, in its capacity as Escrow Agent, is and has been authorized to deposit all funds it receives
in this transaction in any financial institution, whether affiliated or not. Such financial institution may
provide Title Company computer accounting and audit services directly or through a separate entity which,
if affiliated with Title Company, may charge the financial institution reasonable and proper compensation
therefore and retain any profits therefrom. Any escrow fees paid by any party involved in this transaction
shall only be for check writing and input to the computers, but not for aforesaid accounting and audit
services. Title Company shall not be liable for say interest or other charges on the earnest money and shall
be under no duty to invest or reinvest funds held by it at any time. Sellers and Purchaser hereby
acknowledge and consent to the deposit of the escrow money in financial institutions with which Title
Company has ormay have otherbanking relationships and Autherconsent to the retention by Title Company
and/or its affiliates of any and all benefits (including advantageous interest rates on loans) Title Company
and/or its affiliates may receive from such financial institutions by reason of their maintenance of said
escrow accounts.
The panics have read the above sentences, recognize that the recitations herein are material, agree to same
and recognize Title Company is relying on the same.
City of Fayetteville G.T. Transfer & Exchange as the
accommodator for StellaBeua Plaza LLC
pziHvIpflfltalnJpn Parking Plaza LLC
BORROWERS
Stella Moga, Mem o tellafella Plaza
LLC and Mountain Parking Plaza
LLC
SELLER
To the best of my knowledge the HUD -I Settlement statement which I have prepared is a true and
accurate account of the funds which were received and have been or will be disbursed by the
undersigned as part of the settlement of this transaction.
Professional Land Tide Company
By: Date: April 20, 2005
Settlement Agent
WARNING: It is a crime to knowingly make false statements to the United States on this or any
other similar form. Penalties upon conviction can include a fine and imprisonment. For detail see:
Title 18: U.S. Code Section 1001 and Section 1010.
04/19/2005 13:30 FTP + userl ®008/013
File No:111-037
"OWNER'S AFFIDAVIT"
AFFIDAVIT AND INDEMNITY AGREEMENT AS TO LEASES, CONTRACTS, PIXfBtES,
ENCUMBRANCES, MECHANICSI]ENS, ETC.
STATE OF:
COUNTY OF:
Before me, the undersigned Notary Public in and for said County and State, personally appeared C.T. Transfer
& Exchange u the, accommodator for Sc$lsbella Plea LIC and Mt IParking Plan LLC, (mown to me and
being fin; duly sworn, depose and say4a TL 6 et� •{�re .^: km.'.A.
1. That they own the real property in Washington County, 16,17,1&19 Blk 28 Original; known municipally
or referenced as follows:
To wit: Mountain Ire Puking Deck, Lots 2,16,17,18,19 BILL 28 Original
Lot 16 & 17 Blk 28 Fayetteville Original
2. That mid owners are inposseseion ofsaidproperty, and the following is a list of all tersnts with rental terms:
NAME DATE FROM DATE TO
NONE
3. That all indebtedness due anyone for labor, materials, or service which night be liens on said property are
Filly Dail
4. That no security interest under the Uniform Commercial Code has been perfected against the improvements.
S. That there are no judgments, pending litigation. executions or attachments in or from any court affecting mid
property of said owner(s).
6. That no bankruptcy proceeding in any Federal Court has been filed against or by any owner of mid property.
There is no outstanding contract of isle, conveyance or evmmtbrance affecting said property, except
NONE
7. That all persons who have executed or will execute instnmients conveying or encumbering said property are
at least 18 years old and are free from legal disability.
8. That the undersigned make this statement for the express purposes of inducing:
FIST AMERICAN TITLE INSURANCE CORPORATION
toinsuretide tosaid property to be free from adverse claims or lieu not otherwise herein stated,and of
enabling said owns(s) to receive the consideration for min, lease or mortgage of sold property. Affiant a
guarantee and warrant the statements of fact herein, which &hall be construed u e continual contactual
obligation In favor of said companies.
9. That in consideration of the issuance of title insurance by mid companies as aforesaid, the undersigned agree
to indemnify and hold harmless the above indicated title insurance company against all lore or expense on
account of any matter or thing omitted from the foregoing factual statement, including expense of enforcing
this agreement.
10.Tbat undersigned's United States Taxpayer Identification Number is
and my United States address is 3401 Enterprise Parkway, Suite 200, Beachwood,
Ohio 44122
11. That undersigned is note "foreign person' as the room is defined in Section 1445 oldie Internal Revenue
Codes
tithe
a LLC amt
/ �t41-, Mountain Inn Parking Plea
Subscribed and sworn to before me this tha2ic day of April, 200
PA24 j. SINGtRMAN, Attorney At Law
My commission expires; Notary Public - State of Ohio
My commission has no expiration date.
Section 147.03 R. C.
Parcel No. 765-01930-000
Parcel No. 765-01940-000
Parcel No. 765-01940-001
WARRANTY DEED
CORPORATION
BE IT KNOWN BY THESE PRESENTS:
THAT WE, StellaBella Plaza, L.L.C., an Arkansas Limited
Liability Company AND Mountain Inn Parking Plaza, L.L.C., an
Arkansas Limited Liability Company, hereinafter called GRANTORS, for
and in consideration of the sum of One Dollar ($1.00) and other good and
valuable consideration, the receipt of which is hereby acknowledged, do
hereby grant, bargain, sell and convey unto the City of Fayetteville,
Arkansas, a municipal corporation, hereinafter called GRANTEE, and
unto Grantee's successors and assigns, the following described land
situated in the County of Washington, State of Arkansas, to -wit:
Lots Two (2), Sixteen (16), Seventeen (17), Eighteen (18), and Nineteen (19), Block Twenty-eight (28),
Original Plat of the Town (now City) of Fayetteville, Washington County, Arkansas.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the title to the said lands
against all legal claims whatever created by, through, or under Grantors, subject, however, to recorded instruments and
easements, if any.
WITNESS the execution hereof on this /1 day of April, 2005.
STELLABELLA PLAZA, L.L.C.
An Arkansas Limited Liability Co.
ATTES
flqp
[Please Print name & Title)
MOUNTAIN INN PARKING PLAZA, L.L.C.
An Arkansas Limited Liability Co.
/N./
ATTTES
/l v' tttr.oni ��c27[vl
[Please Print F2ame & Title)
Mountain Inn Deed
Page 2 of 2
ACKNOWLEDGMENT
STATE OF OHIO
ss.
COUNTY OF CUYAHOGA
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 duly commissioned and acting, Stella Moga, to me well known as the
person who executed the foregoing document as the sole member and manager of STELLABELLA PLAZA, L.L.C., An
Arkansas Limited Liability Company, 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 19th day of April, 2005.
MY COMMISSION EXPIRES:
PAUL J. SINGERMAN, Attorney At Law
Notary Public - State of Ohio
My commission has no expiration data
ACKNOWLEDGMENT
STATE OF OHIO
ss.
COUNTY OF CUYAHOGA
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 duly commissioned and acting, Stella Moga, to me well known as the
person who executed the foregoing document as the sole member and manager MOUNTAIN INN PARKING PLAZA, L.L.C.,
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 19th day of April, 2005.
MY COMMISSION EXPIRES:
Notary AN, Attorney AuIw
Notary Public - State of Ohio
My commission has no expiration date.
Section 147O4 R C
ACKNOWLEDGMENT
STATE OF OHIO
ss.
COUNTY OF CUYAHOGA
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 Stella Moga, to me well known as the person 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 19th day of April, 2005
MY COMMISSION EXPIRES:
Notary Public fr
PAUL J. SINGERMAN, Attorney At Law
Notary Public - State of Ohio
My commission has no -expiration date.
Section 147.03 R. C.
APR.20.2005 8:30AM GUARDIAN TITLE NO.493 P. 2
ASSIGNMENT OF PURCHASE & SALE
AGREEMENT FOR EXCHANGE PROPERTY
This Assignment, entered into by and between MOUNTAIN' INN PARKING PLAZA,
LLC and STELLABELLA PLAZA, LLC (hereinafter called "Exchangor") and G. T. Transfer &
Exchange Corp., 1370 West 6th Street, Suite 300, Cleveland, Ohio 44113 (hereinafter called
"Intermediary").
WHEREAS, Exchangor as seller entered into that certain Purchase Agreement dated
October 22, 2004, assigned to the City of Fayetteville (hereinafter called the "Purchaser"), a copy of
which is attached hereto as Exhibit A and is incorporated herein by this reference (hereinafter called
the "Real Estate Purchase & Sale Agreement"); and
WHEREAS, Exchangor and Intermediary have executed a Exchange Agreement for
Exchange of Real Property in which Exchangor has agreed to transfer the property described in
Exhibit A to Assignee, in consideration of Intermediary's promise to acquire suitable replacement
property and transfer same to Exchangor; and
WHEREAS, Exchangor desires to effect a tax deferred exchange pursuant to Section 1031
of the Internal Revenue Code and Intermediary is willing to act as a "qualified intermediary" as that
term is defined in Treasury Regulations Section 1.1031 (k)-1(g)(4)(iii);
NOW, THEREFORE, the parties agree;
(1) Exchangor hereby assigns to Intermediary the Exchangor's right, title and interest in
the Real Estate Purchase & Sale Agreement for the relinquishment of the
exchange property,
(2) Intermediary hereby assumes the Exchangor's rights, title and interest (but not
Exchangor's obligation) in the Real Estate Purchase & Sale Agreement.
(3) Intermediary, exercising its discretion under Paragraph (12) of The Exchange
Agreement, hereby requests and directs Exchangor to deed directly to the Purchaser
thereunder the property subject to the Real Estate Purchase & Sale Agreement
APR.20.2005 8:30AM GUARDIAN TITLE
NO. 493 P. 3
IN WITNESS WHEREOF, the parties have executed this agreement as their free and
voluntary act and deed, on the date indicated by each signature.
Dated: . 2005 ASSIGNOR:
By: Stella Moga
Stellabella Plaza, LLC
By: Stella Moga
ASSIGNEE:
Cz T. Transfer & change Corp.
By:
Gayl. , Jonas
Notice to Purchaser
You are hereby notified that all of Exchangor's right, title and interest (but not Exchangor's
obligation) in and to the Real Estate Purchase & Sale Agreement have been assigned to CUT.
Transfer & Exchange Corp.
Receipt Acknowledged: City of Fayetteville
By: Date
04/19/2005 13:30 FTP
04/15/2005 09:29 FAX 301 324 9421
+ userl
LAND COMMISSIONER
fm 001/013
IM 002/003
County: Washington Code:
PETITION TO REDEEM
MARK WILCOX
COMMISSIONER OF STATE LANDS
STATE OF ARKANSAS
109 State Capitol, Little Rock, Arkansas 72201
501-324-9222 FAX 501-324-9421
5-12 2002 Year Forfeited: 2002 Date: 4/15/2005
Sale Date: To Be Set.
Parcel Number:
765-01940-001
Entered by: palexander
According to the records of the Commissioner of State Lands Office MOUNTAIN INN PARKING PLAZA, LLC
was the owner of the following described real property at the time the same was forfeited and certified to the State of
Arkansas for the non-payment of taxes, to wit:
Description: LOT 16 & PT LOT 17, BLOCK 28 Section: 16 Township: 16N Range: 30W Acreage: 0 Lot: 16 & 17 Block: 28
City: FAYEITEVILLE Addition: FAYRTTEVTLLB ORIGINAL School Dist 011
SEE OTHER SIDE FOR INSTRUCTIONS
THIS SECTION TO BE COMPLETED BY THE PETITIONER:
ALL PETITIONERS MUST COMPLETE ALL
OF THIS FORM. INCOMPLETE PETITIONS
WILL BE RETURNED.
Name in which redemption deed should be issued.
Arkansas
a
If the owner Is different than the name printed on
this form, send copies of recorded deeds showing
how the title transferred from the name listed on
this form to the new owner_
TAXES
Interest
Penalty
County Cost
Recording Fee
State Costs
I state lbat the fc
the beat of ray k
above described
agent to redet
2002-2003
*4,338.45
$0.00
$434.76
$433.65
$3.00
$11.00
$30.00
afonnation is true and correct to
and that I am the owner of the
or I am the owner's authorized
i1996't&ed property./
V Record Owner Agent 9 on behalf of reoa d owner
Address: (Tax statement will be mailed here)
Subscribed and sworn before me this/ qt L day of
—20a'
Name and Address where Redemption Deed should be
mailed if different from address listed on this form:
Notary Public
My Comrnisrioa oy;u s PAUL I SINGERMAN, Attorney At law
Nobly YbUC - Statea m
My commission has no expiration date.
Petition to Redeem Mailed to:
FOR OFFICE VSE ONLY
CITY 0 FAYETI'EVILLE Receipt No.
479-643-5892
ATTN PAT
Deed No. Date
04/19/2005 13:30 FTP + userl 1j002/013
04/15/2005 09:29 FAX 501 324 0421 LAND COMMISSIONER ®003/003
Instructions for Completing
A Petition to Redeem
Petitions to Redeem are valid for 90 days from the date printed unless a sale date is pending, the par-
cel has been sold+, or otherwise indicated on the front of the petition. If the petition date has expired,
an updated Petition to Redeem must be requested. Further, petitions and payments must be received
by this office prior to the expiration date. Postmarks will not be accepted.
Please be aware of the sale date of the property. To avoid the sale of the property, the past due
amount must be paid in full. Possession of a valid Petition to Redeem does not postpone the sale
date.
'In
the
the event
the property is sold, the record
if not
owner has
30 days
from the date of the sale to redeem
property.
redeemed within 30 days,
the sale Is
final and
the property cannot be redeemed.
tax statements will be mailed to
2. Provide the name and address whore you want the redemption deed mailed, if it is the same
information, you may write "Same".
3. Sign the Petition to Redeem In the space indicated, Indicate you are the record owner below
your signature In the space provided.
4. Have the Petition to Redeem notarized. All Petitions to Redeem must be notarized.
5. Mail the Petlfinn r„ Rn inu.. dw r ..1 _
separate check for each parcel. Checks should be made payable to the Commissioner of State
Lands.
d. incomplete Petitippa to Redeem will be returned for further info olio .
it you are now the owner of the roe
rovlde a "C at of T' e". Include all recorded
documents that indicate the transfer of title rom the former record owner to you. Copies of re-
corded deeds can be obtained from the Circuit Clerk's office in the county in which the property is
located. Complete the Petition to Redeem following steps 1-6 listed above.
o If you are actingon behalf of the owner you must establish your right to act on their behalf.
You must submit documentation showing you are an heir, or that you have been appointed to act
on the owner's behalf. In some cases, a signed and notarized statement may be The
he
record owner must sign all petitions unless he/she is deceased, physically or mentally incapaci-
tated, i-
tated, or a minor.
o If you are acting nn hah&B../ a IL... wu_- -'-- _ --. _ _
If you have any questions, contact the Records Division at 501-683-3053 or fax 501-324-9421.
When making inquiries, reference the parcel number listed In the upper right hand corner of the Peti-
tion to Redeem.
Mark Wilcox
Commissioner of State Lands
109 State Capitol Bldg
Little Rock AR 72201
04/19/2005 13:31 FTP + userl 1 009/013
Date: April 20, 2005
Re: Mountain Inn Parking Deck, Lots 2,16,17,15,19 Blk 28 Original
I/We, the undersigned, do hereby state that Uwe understand that the taxes for the year 2004 are due
in March 2005, are not yet payable and the amount collected at closing has not been certified by the
Tax Collector. Therefore, should the amount increase Uwe will be responsible for reimbursing the
buyer ofany shortages, within 10 calendar days ofnotifieation Should the amount decrease Uwe will
be responsible for refunding the seller the difference within 10 calendar days of notification.
Signed and sealed this 1 Q day of A__
City of Fayetteville Stella Moga, Mom or (the
StetlaBella Plaza LLC and untain
Inn Parking Plaza LLC
State of
Countyof . +
t
SIGNED AND SWORN before me this 9 day
My Commission Expires: PAUL 1. SINGERMAN, Aftorriby Altaw
Notary Public - State of Ohio
My commission has no expiration data.
Section 147.03 R. C.
04/19/2005 13:31 FTP + userl ®010/013
DATA SHEET REAL ESTATE 1099-S
THIS FORM MUST BE FILLED OUT BY THE TRANSFEROR/SELLOR
THE INFORMATION CONTAINED ON THIS FORM IS IMPORTANT TAX WFORMATION AND IS BEING
FURNISHED TO THE INTERNAL REVENUE SERVICE
As the Treaafwor/Seller YOU am required by law to provide your correct taxpayer identification number.
If your correct taxpayer idendficationamber is not provided, you maybe subject to civil or criminal penalties imposed
by law.
coley that the Taxpayer Identification Number shown on this sateroent is the correct
Also, I understand that IT IS THE RESPONSIBILITY of the Transferor/Seller to
ad from this sale,
_/ ` t.OSMz663
Stella Moga, Member SS# or Tax ID
a
Mountain Inn Parkink Plaza LLC SS# or Tax ID
Only one Form 1099 is roquired if the transferor is husband and wife or a partnership.
FOR MULTIPLE TRANSFERORS: A SEPARATE FORM 1099-S MUST BE COMPLETED
FOR EACH TRANSFEROR RECEIVING PROCEEDS FROM SALE OF REAL ESTATE
*t*trNttrrttaaaaaa******fatrtirrrrrrrtffffasafrR***ffir**i*rr***rrrfrrfrfa
In order to insure filing, it is extremely important that you provide us with the followinginformation.
If incorrect information is provided Professional Land Title Company of Arkansas, Inc. is
responsible for the muffling of this report.
PLEASE PRINT:
TRANSFEROR NAME 1: StelaBella Pan LLC
TRANSFEROR NAME 2: Mountain Inn Parking Plan LLC
ADDRESS WHERE YOU WISH FOR
1099 TO BE MAILED:
Street: 4IAS AV nt1, r \XG n ZeA D
City: RJi�.1 t O�� L1`l0I --
PLEASE CONSULT YOUR CPA FOR INFORMATION REGARDING THE PILING OF THIS REAL ESTATE
SALE TO IRS.
Nitgttrtatittttlitttttitt♦ V!Nltilii Rf iHai!!t!liitbiutalNlN •Mt!•Mtltt
DO NOT FILL OUT THIS SECTION
Description of Property: Mountain Inn & Parking Deck
Property Address of Mountain Inn Parking Deck, Lots 2, Arkansas
Contract Silo Price: $1,200,000.00 Net proceeds:
Closing Date: April 20, 2005
Date: AprO 20, 2005File No.
CLOSING AGENT INFORMATION (m be mmplctcd by analog Pleat)
Prefouleo.I ttndTldo Company of AR, Im.
cog wta 3rd swell
Jul. Rock,AAm,d 72201
(501)661.170)
04/19/2005 13:31 FTP + userl 2 011/013
Agents File No. 111-037
I*:i..`tt7M ;
LEGAL DESCRIPTION
Lots 2,18, 19, and Part of Lot 17, Block 28, Original Plat of the Town (Now City) of Fayetteville,
Washington County, Arkansas.
AND,
PARKING DECK DESCRIPTION Lot Numbered Sixteen (16) and a Part of Lot Numbered
Seventeen (17), in Block Numbered Twenty -Eight (28), of the Original Plat of the Town (Now)
City of Fayetteville, Arkansas, being more particularly described as follows: Beginning at the
Northwest corner of said Lot Sixteen (16); thence S 8958'07" E, along the North line of said Lots
Sixteen (16) and Seventeen (17) 87.06 feet; thence S 0014'25" W, 102.09 feet to a point on the
South line of said Lot Seventeen (17); thence N 8958'28" W, 86,48 feet to the Southwest corner of
said Lot Sixteen (16); thence N 0005'06" W, 102.10 feet to the Point of Beginning. The above
described tract having permanent rights of ingress and egress over and across the following
described access easement: PARKING DECK ACCESS DESCRIPTION A part of Lot Numbered
Seventeen (17), a Part of Lot Numbered Eighteen (I8), and a Part of Lot Numbered Nineteen (19),
all in Block Twenty -Eight (28), of the Original Plat of the Town (Now City) of Fayetteville,
Arkansas, being more particularly described as follows: Beginning at the Southeast corner of said
Lot Nineteen (19); thence N 8958'28" W, along the South line of said Lot Nineteen (19) 24.95 feet
to the East Face of an existing building; thence N 0009'41" W along the East face of said building
19.10 feet; thence N 7013'54" E, along the East face of said building 1.41 feet; thence N 003546"
W, along the East face of said building 6A3 feet; thence S 8735'45" W along the East face of said
building 1.64 feet; thence N 0308'30" W along the East face of said building 0.70 feet to the
Northeast corner of said building; thence N 8953'42" W, 87.99 feet along the North face of said
building to the Northwest corner of said building, the same also being the South edge of an
existing concrete ramp leading to sparking deck; thence leaving the South edge of said concrete
ramp S 0009'15" W, 26.75 feet along the East wall of an entry way to a point on the South line of
said Lot Seventeen (17); thence N 8958'28" W along the South line of said Lot Seventeen (17) 5.04
feet to the West wall of said entry way, the same being the East wall of an existing Parking Deck;
thence N 0014'25" E, 49.99 feet along the West Wall of said entry way and the East Wall of said
Parking Deck to a point on the North Edge of the above mentioned concrete ramp; thence leaving
the East wall of said Parking Deck S 8956'13" E, along the North edge of said concrete ramp 50.69
feet; thence S 8951'39" E, along the North edge of said concrete ramp 3736 feet; thence N
7043'23" E, 26.64 feet to a point on the East line of said Lot Nineteen (19); thence S 0006'52" E,
58.69 feet to the Point of Beginning.
04/19/2005 13:31 FTP • userl ®013/013
CHOICE OF ATTORNEY
(Broker / Lender) has informed me (us) that I (we)
have the option of choosing (legal counsel / title company) to close my mortgage loan.
(we) understand that said legal counsel shall represent the Broker/Lender at the closing.
I (We) select:
Attorney / Title Company
( ) I (We) having been informed of this option and having no preference, I (We)
have reviewed the Broker / Lender's list of approved closing attorneys / title companies, I
(We) have selected:
rU ka'O1 1 -\`a-
Attorney / Title Company
(X) I (We) acknowledge that I (We) have been giving the opportunity to select an
attorney / title company to close my (our) mortgage loan. I (We) have no preference
regarding closing attorney / title company and choose not to select one,
f
r
Co -Applicant Date
Witness Date
ACTION BY WRITTEN CONSENT
OF THE SOLE MEMBER AND MANAGER OF
STELLABELLA PLAZA, L.L.C. AND
MOUNTAIN INN PLAZA, L.L.C.,
EACH AN ARKANSAS LIMITED LIABILITY COMPANY (the "Companies")
The undersigned, Stella Moga,
being
the
sole member and manager
of the Companies,
hereby takes
the following
actions and
adopts
the
following resolutions by her
written consent:
WHEREAS, Stella Moga and/or StellaBella Plaza, L.L.C. entered into a
Commercial Real Estate Contract last executed as of October 26, 2004, as
amended by a First Amendment to Commercial Real Estate Contract dated as of
February 28, 2005 (the "Contract"), pursuant to which Stella Moga and/or
StellaBella Plaza, L.L.C. agreed to sell to Richard Alexander and John Nock or
their assigns certain real property located in Fayetteville, Arkansas, and
commonly referred to as the Mountain Inn and Parking Deck (collectively, the
"Property"); and
WHEREAS, Mountain Inn Parking Plaza, LLC is the owner of the Parking Deck;
and
WHEREAS, the Contract has been assigned by Richard Alexander and John Nock
to the City of Fayetteville, Arkansas (the "Buyer");
NOW, THEREFORE, BE IT RESOLVED, that each of the Companies hereby
ratifies and confirms the Contract and agrees to sell the Property to Buyer as
provided in the Contract;
RESOLVED FURTHER, that the Companies shall assign the Contract to G.T.
Transfer & Exchange Corp., or another qualified intermediary designated by the
Companies (the "Qualified Intermediary"), in order to enable the Companies to
sell the Property in a transaction qualifying as a Tax -Deferred Exchange under
Section 1031 of the Internal Revenue Code;
RESOLVED FURTHER, that Stella Moga, as the sole member and manager of
the Companies, is hereby authorized and directed to execute and deliver for and
on behalf of the Companies all such documents, instruments, and agreements as
may be necessary or desirable to assign the Contract to a Qualified Intermediary
and to consummate the sale of the Property as a Tax -Deferred Exchange;
00031297
RESOLVED FURTHER, that all actions heretofore taken by Stella Moga or
either of the Companies in connection with the sale of the Property be, and each
of such actions hereby is, ratified and approved.
IN WITNESS WHEREOF, the and
the Companies, has executed this Action by
being the sole member and the manager of
onsent as of the 18th day of April, 2005.
STELLA
-2-
OPERATING AGREEMENT FOR
MOUNTAIN INN PARKING PLAZA, L.L.C.,
AN ARKANSAS LIMITED LIABILITY COMPANY
THIS OPERATING AGREEMENT (the "Agreement") is entered into by and between
the members of MOUNTAIN INN PARKING PLAZA, L.L.C., an Arkansas limited liability
company (the "Company"). The undersigned, being all of the members of the Company, hereby
agree as follows:
1.0 PURPOSE.
1.01 To engage in the business of buying, selling, owning, and managing real property;
1.02 To transact any other lawful business for which limited liability companies may
be organized under the Arkansas Small Business Entity Tax Pass Through Act (the "LLC Act").
1.03 Notwithstanding the foregoing and not precluding the Company from engaging in
any other permitted activity, the Company shall be in the business of buying, renovating,
refurbishing, and managing retail, commercial, office, and/or residential real estate.
2.0 OWNERSHIP.
2.01 Percentage Points. Each member shall own units in the Company equal to the
following percentages (the "Percentage Points"):
Member Stella Moga 100%
3.0 MANAGEMENT.
3.01 Management Authority. It is mutually agreed by the members of the Company
that, except as otherwise provided by law or the terms of this Operating Agreement, authority to
manage the business and affairs of the Company shall be delegated exclusively to those•
designated managers as shall be elected from time to time by a majority of the Percentage Points
of the members. Only members shall be eligible to serve as managers of the Company. Unless
they are sooner removed or resign, managers shall serve until their successors shall have been
elected and qualified. Managers can be removed with or without cause at any time upon the rate
of a majority in interest of the Percentage Points of the Company.
3.02 Managerial Duties. Each member shall discharge the member's managerial duties
in good faith, with the care an ordinarily prudent person in a like position would exercise under
similar circumstances and in a manner the member reasonably believes to be in the best interest
of the Company.
00031288
3.03 Meetings. The members may, but shall not be required to, meet at least once
annually to discuss the affairs of the Company. Each member shall receive at least ten (10) days'
advance notice of the time and place of any meeting, unless such member waives such notice or
attends the meeting absent such notice. Special meetings may be called by any member for any
purpose. The notice of any meeting shall set forth the time, place, and purpose(s) of the meeting.
The business transacted at a meeting shall be limited to the purposes stated in the notice of the
meeting. Any action taken by the members at any meeting held in violation of this section shall
be null and void ab initio. Members may participate at any meeting via telephone or similar
communication equipment.
3.04 Voting. Each member shall have one vote for each Percentage Point the member
owns in the Company. Members may vote by proxy. The affirmative vote of members holding
a majority of the Percentage Points shall be required to approve any material action to be taken
by the Company.
3.05 Ouorum. All meetings of the members shall require a quorum of the members. A
quorum shall be constituted by the members holding a majority of the Percentage Points.
3.06 Member Approval Requirements. The affirmative vote, approval, or consent of a
majority in Percentage Points shall be required to decide any matter connected with the business
of the Company, except the affirmative vote, approval, or consent of all members shall be
required to:
(a) amend this Operating Agreement;
(b) amend the Articles of Organization of the Company (other than to reflect a
change with respect to the registered office or registered agent);
(c) approve any act in contravention of this Operating Agreement;
(d) compromise an enforceable obligation of a member to make a contribution to the
Company;
(e) waive dissociation of a member despite the occurrence of an event of dissociation
with respect to that member;
(f) continue the Company after an event of dissociation with respect to a member;
(g) voluntarily dissolve the Company;
(h) confessing a judgment against the Company;
(i) filing on behalf of the Company a voluntary petition in bankruptcy or a petition or
answer of any nature seeking for the Company any reorganization, readjustment,
liquidation, dissolution or similar relief under any federal, state, or local statute,
law, or regulation;
-2-
(j) undertaking any act which would make it impossible to carry on the ordinary
business of the Company;
(k) admitting any new member to the Company if the direct or indirect effect of such
admission would be to dilute the interest of any member;
(I) co -mingling the funds of the Company with any other person; or
(m) employing, or permitting any person to employ, the funds or assets of the
Company or the members in any manner other than for the exclusive benefit of
the Company.
4.0 LIABILITY OF MEMBERS.
4.01 General Rule. No member or manager shall be liable to the Company or to any
other member for monetary damages arising out of any act or failure to act on behalf of the
Company except as provided herein, unless such act or omission constitutes gross negligence or
willful misconduct.
4.02 Duty of Loyalty. Every member must account to the Company for any profit or
benefit derived by that person without the consent of more than one-half (1/2) of the
disinterested members from (1) any transaction connected with the conduct or winding up of the
Company, or (2) any use by the member of confidential or proprietary information of the
company or other matters entrusted to the person as a result of his status as member.
5.0 RECORDS.
5.01 Required Records. The Company shall maintain at its principal place of business
the following records:
(a) a current and past list of each member setting forth the full name and last known
mailing address in alphabetical order;
(b) a copy of the Articles of Organization, together with all amendments;
(c) copies of this and any other written Operating Agreement, together with any and
all amendments; and
(d) copies of the federal, state, and local tax returns, and any financial statements for
the three (3) most recent years, or if such returns were not prepared, copies of the
information and statements which should have been provided to all members to
enable them to prepare their federal, state, and local tax returns.
-3-
Upon reasonable request, a member may, at the member's own expense, inspect and
copy, during business hours, any Company record required to be kept by this section, wherever
the record is located.
5.02 Inspections. Upon reasonable request, a member may, at the member's own
expense, inspect and copy during ordinary business hours any Company record required to be
kept by this section, wherever the record is located.
5.03 Distributions. The Company shall maintain reserves of cash in amounts deemed
reasonably necessary by the members for the Company's normal business operations. Interim
distributions of cash or other assets in excess of reserves shall be distributed to its members on a
pro rata basis according to each member's Percentage Points.
6.0 CONTRIBUTIONS.
6.01 Form of Contributions. An interest in the Company may be issued at the direction
of the members in accordance with the terms of this Agreement in exchange for property,
services rendered, a promissory note or other obligation to contribute cash or property or to
perform services.
6.02 Obligation to Make Contributions. The members agree to contribute the amounts
of cash, property, and services to the Company as set out in Exhibit A to this Agreement, as
amended from time to time, and hereby agree to the values stated therein. Failure of any
member to make the initial contributions as set forth in Exhibit A will be deemed a forfeiture by
that member to said member's interest in the Company as set forth in Exhibit A.
6.03 Expenses. Expenses will include, but are not limited to, payments of principal
and interest of any outstanding indebtedness of the Company, advertising, insurance, taxes,
maintenance, utilities, and management fees on any property owned by the Company.
7.0 DEFAULT.
7.01 Any failure of a member to meet its obligations pursuant to Section 6 above will
constitute a default by that member.
7.02 A defaulting member may cure any default by paying any past due amount in full
plus 10%.
7.03 Any member who continues in default for a period of six (6) months or more may,
at the option of the remaining members, be forced to sell said defaulting member's Percentage
Points to said remaining members at. 65% of its fair market value.
7.04 Said sale to be in cash or on terms to be decided by the remaining members, not to
exceed two (2) years with interest on any outstanding balance to accrue at the rate of 10% per
annum, with no obligation by the remaining members to make any payments of principal or
interest during said two (2) year period.
-4-
7.05 For purposes of a sale as set out in Section 7.03, fair market value will be
determined by averaging the fair market values as determined by two (2) M.A.I. certified
independent appraisers, with the defaulting member to pick one appraiser, and the remaining
members to pick the other appraiser.
8.0 ALLOCATIONS AND DISTRIBUTIONS.
8.01 Interim Distributions. Interim distributions of cash or other assets shall be shared
among members on the basis of the following percentages:
Member Stella Moga 100%
No member shall have the right to require a distribution from the Company in any form
other than cash, and no member shall have the right to preferred distributions.
8.02 Distribution to Dissociating Member. Upon dissociation, which does not result in
dissolution of the Company, a member shall be entitled to receive any unpaid interim distribution
which the member was entitled to receive prior to the event of dissociation. In addition, the
member shall receive said distribution within a reasonable time after dissociation.
9.0 TRANSFERS OF INTERESTS.
9.01 Any member shall have the right to assign such member's interest in the
Company, in whole or in part, to any other person. Unless and until an assignee of an interest in
the Company becomes a member, an assignment of an interest in the Company shall be subject
to the following limitations:
(a) such assignment entitles
the assignee to
receive, to
the extent
assigned,
only the
distributions to which the
assignor would
have been
entitled;
(b) such assignment
does not
entitle the assignee to participate in the management
and affairs of the
Company
or to become or exercise any rights
of a member;
(c) the assignee has no liability as a member solely by reason of this assignment;
(d) the assignor of an interest in the Company continues to be a member and to have
all the rights of members, until the assignee becomes a member or unless the
assignor is earlier removed. A member who assigns all of such member's interest
in the Company may be removed as a member by an affirmative vote of a
majority of the members who have not assigned their interests. Whether or not
the assignee becomes a member, the assignor is not released from any liability the
assignor may have to the Company with respect to promised contributions of
money, property, or services by the assignor.
-5-
9.02 Rights of Assignee to Become Member. The following members shall be entitled
to sell, transfer, assign or otherwise convey all or any part of their interest in the Company to any
other person, with any assignee of such membership interests acquiring all rights of membership
in the Company, including the right to participate in management to the same degree as the
assigning member, provided that if a fractional interest of any member's interest is conveyed, the
assignee of such fractional interest shall obtain only such fraction of the assignor's management
rights:
Stella Moga
10.0 EVENTS OF DISSOCIATION.
10.01 A person ceases to be a member of the Company upon the occurrence of one or
more of the following:
(a) the member withdraws voluntarily from the Company by giving thirty (30) days'
written notice to the other members;
(b) an assignee of the member's entire membership interest is admitted as a new
member to the Company;
(c) the member is removed by a majority vote of remaining members after
assignment of such member's entire interest in the Company;
(d) unless all remaining members consent in writing at the time, whenever any
member (i) makes a voluntary assignment for the benefit of creditors; (ii) files a
petition in bankruptcy; (iii) is adjudicated a bankrupt or insolvent; (iv) files a
petition or answer seeking for the member any reorganization, arrangement,
composition, readjustment, liquidation, dissolution, or similar relief under any
statute, law, or regulation; (v) files an answer or any other pleading admitting or
failing to contest the material allegations of a petition filed against the member in
any proceeding described in (iv); or (vi) seeks, consents to, or acquiesces in the
appointment of a trustee, receiver, or liquidator of the member or of all or any
substantial part of the member's properties;
(e) unless all remaining members consent in writing at the time, if within 120 days
after the commencement of any proceeding against the member seeking
reorganization, arrangement, composition, readjustment, liquidation, dissolution,
or similar relief under any statute law or regulation, the proceeding has not been
dismissed, or if within 120 days after the appointment, without his consent or
acquiescence, of a trustee, receiver or liquidator of the member or of all or any
substantial part of his properties, the appointment is not vacated or stayed, or if
within 120 days after the expiration of any stay, the appointment is not vacated;
6-
(f)
in the case of a member who is an individual, the member dies, or upon the entry
of an order by a court of competent jurisdiction adjudicating the member
incompetent to manage his person or estate;
(g)
in the case of a member who is a trust, or is acting as a member by virtue of being
a trustee of a trust, the termination of the trust, but not merely the substitution of a
new trustee;
(h)
in the case of a member that is a separate limited liability company, unless all
remaining members consent in writing at the time, upon the dissolution and
commencement of winding up of the separate limited liability company;
(i)
in the case of a member that is a corporation, unless all remaining members
consent in writing at the time, upon the filing of a certificate of its dissolution or
the equivalent for the corporation, or the revocation of its charter and the lapse of
90 days after notice to the corporation of the revocation without reinstatement of
the charter; or
(j)
in the case of a member that is an estate, the distribution by the fiduciary of the
estate's entire interest in the Company.
Notwithstanding
the foregoing, upon the occurrence of an Event of Dissolution, the
members holding
a majority of the Percentage Points may vote to continue the Company, and
upon such a
vote, the Company shall be deemed to have been reconstituted, reorganized, and
continued.
11.0
TIMING OF DISSOLUTION.
11.01
The Company is dissolved and its affairs shall be wound up upon the happening
of the first to
occur of the following;
(a)
the latest dissolution date specified in the Company's Articles of Organization;
(b)
the written consent of all members;
(c)
the dissociation of any member (as provided in Section 10.0 hereof), unless the
business of the Company is continued by the consent of all the remaining
members on or before the 90th day following any such dissociation; or
(d)
the entry of a decree ofjudicial dissolution.
11.02
Winding Up. Upon an Event of Dissolution which is not followed by a vote to
continue the Company, the business affairs of the Company shall be wound up. In such case, the
members shall:
(a)
prosecute and defend suits;
7-
(b) settle and close the business of the Company;
(c) dispose the property of the Company; and
(d) discharge the liabilities of the Company.
11.03 Distribution Upon Dissolution. After the business affairs of the Company shall be
wound up, the proceeds shall be distributed among the members based on their Percentage
Points.
11.04 Authority to Wind Up. When the Company is dissolved, its business and affairs
may be wound up by:
(a) all members who had authority to manage the Company before dissolution; or
(b) if one or more of such persons have engaged in wrongful conduct, or upon other
cause shown, under the direction of the Chancery Court on the application of any
member.
11.05 Articles of Dissolution Required. Those persons in charge of winding up the
business and affairs of the Company shall, as soon as practicable after dissolution occurs, file
Articles of Dissolution as permitted by the LLC Act.
12.0 ARBITRATION. hn the case of a dispute arising between the members
concerning the operation or management of the Company or the interpretation and/or application
of the terms of this Agreement and any Exhibit or Exhibits thereto, the members shall submit the
same to arbitration. The members shall each be entitled to appoint one nominee who will then
collectively meet and by majority agreement shall appoint one arbitrator who shall be a licensed
attorney at law. The arbitrator, when appointed, shall have access to all books and records of the
Company, and shall have the right to examine all of its accounts, books, notes, securities,
inventories, assets, and equipment and to hear evidence of the members and other witnesses
related to the dispute, and shall have full authority to do all things fully and completely to enable
him or her to make a fair and full settlement of all matters in arbitration.
13.0 PREPARATION OF OPERATING AGREEMENT AND AMENDMENTS.
13.01 Intent. The members agree that:
(a) It is unreasonable for any member to have or rely on an expectation not reflected
in this Operating Agreement.
(b) Any member who has or develops an expectation contrary to or in addition to the
contents of this Operating Agreement has a duty to immediately inform the other
members and promptly seek to have this Operating Agreement amended to reflect
the expectation.
-8-
(c) The failure of a member who has or develops an expectation contrary to or in
addition to the contents of this Operating Agreement to obtain anamendment of
this Agreement is evidence that the expectation was not reasonable and estops
such member from asserting that expectation as a basis for any claim against the
Company or any member.
(d) No member has a duty to agree to an amendment hereto if the member in good
faith holds an inconsistent expectation, or believes that the amendment is not in
the best interest of the Company or is contrary to the legitimate self -interests of
the member.
13.02 Amendments. This Operating Agreement may be amended only by written
instrument signed by all the members. At the option of the members holding a majority of the
Percentage Points, any amendment shall be retroactive to the date on which this Operating
Agreement was executed.
14.0 GENERAL PROVISIONS.
14.01 Attorneys' Fees. If any member shall employ an attorney to bring an action to
enforce any provision hereof, the prevailing party may recover from the other parties all of the
member's reasonable attorneys' fees and expenses incurred in relation thereto.
14.02 Further Assurances. The parties shall, upon written request, execute,
acknowledge, and deliver such other instruments and documents and take such further action as
may be reasonably necessary to carry out the intent of this Operating Agreement.
14.03 Binding Effect and Benefit. This Operating Agreement shall inure to the benefit
of, and shall be binding upon, the heirs, assigns, personal representatives, and successor of the
members.
14.04 Headings and Captions. Subject headings and captions are included for
convenience only and shall not affect the interpretation of this Operating Agreement.
14.05 Notice. All notices, requests, demands and other communications permitted or
required herein shall be in writing, and either delivered in person; sent by express mail or other
overnight delivery service providing receipt of delivery; or mailed by certified or registered mail,
postage prepaid, return receipt requested, restricted delivery to the relevant party. Any such
notice or communication, if given or made by certified mail or recorded express delivery, shall
be deemed to have been made when actually received, but not later than three (3) business days
after the same was posted or given to such express delivery service. All such notices, unless
otherwise designated in writing, shall be sent to the following persons:
-9-
If to a member: Stella Moga
Le Chaperon Rouge
1426 Center Road
Avon, Ohio 44011
14.06 Severability. Each provision of this Operating Agreement is severable from all
other provisions. If any provision of this Operating Agreement is declared invalid or
unenforceable, such provision shall be deemed modified to the extent necessary to render it valid
and enforceable. In the event that any court of competent jurisdiction determines that any
provision of this Operating Agreement is invalid or unenforceable for any reason, all remaining
provisions shall remain in full force and effect.
14.07 Waiver. No waiver of a breach or violation of any provision of this Operating
Agreement shall be construed as a waiver of any subsequent breach or limit or restrict any right
or remedy otherwise available. Any waiver of any provision shall be in writing and signed by
the member to be bound thereby.
14.08 Confidentiality. Each member shall maintain the confidentiality of the provisions
of this Operating Agreement, and may only disclose the provisions of this Operating Agreement
with the consent of all members or in accordance with applicable law.
14.09 Governing Law and Forum. As a specific inducement to the members to enter
into this Operating Agreement, this Operating Agreement shall be subject to and governed by
Arkansas law. Any litigation shall be heard in the courts of Washington County, Arkansas.
14.10 Composition of Agreement. Each member represents that the member has each
read this Operating Agreement. The members assume joint responsibility for the form and
composition of each of the provisions of this Operating Agreement and each acknowledge that
this Operating Agreement shall be interpreted as though they equally shared in its preparation.
14.11 Entire Agreement. This Operating Agreement contains the entire agreement of all
members and no other oral or written agreements shall be binding on the members. The
members acknowledge that they have neither been influenced to enter into this Operating
Agreement by any person, nor relied on any representation of any person except for those
•
representations set forth in this Operating Agreement. This Operating Agreement supersedes all
prior agreements, contracts, and understandings of any kind, either oral or written.
Effective as of July 3, 2000.
STELLA MOGA
10-
EXHIBIT A
TO THE OPERATING AGREEMENT FOR
MOUNTAIN INN PARKING PLAZA, L.L.C.,
AN ARKANSAS LIMITED LIABILITY COMPANY
CONTRIBUTIONS OF MEMBERS
Cash, Property, And/Or
Agreed Value of Services
Member Contributed Value
Stella Moga Cash and Services Rendered $
Le Chaperon Rouge
1426 Center Road
Avon, Ohio 44011
Ownership
by Percentage
Points
100%
EXCHANGE AGREEMENT
THIS EXCHANGE AGREEMENT is entered into on this /q day of
______________,2005, by and between MOUNTAIN INN PARKING PLAZA, LLC and
STELLABELLA PLAZA, LLC (hereinafter referred to as "Exchangor") and G.T. TRANSFER &
EXCHANGE CORP., an Ohio corporation, (hereinafter referred to as "Intermediary").
RECITALS
WHEREAS, Exchangor owns that real property, (hereinafter referred to as "the
Relinquished Property") described in Exhibit "A" attached hereto and hereby incorporated by
reference herein; and
WHEREAS, Exchangor has entered into an agreement dated October 22, 2004, with
Richard P. Alexander and John Nock, and
WHEREAS, Exchangor desires only to exchange the Relinquished Property for like -kind
property (hereinafter referred to as "Replacement Property") in such a way as to qualify for tax -
deferred treatment under IRC § 1031 and similar state statutes; and
WHEREAS, Exchangor, with a continued intent to complete a tax -deferred exchange
pursuant to Internal Revenue Code § 1031, is willing to allow the amendment of Escrow
(hereinafter referred to the independent third party handling the funds and documents) to
substitute Intermediary as the seller of the Relinquished Property therein in order to allow for the
closing of Escrow pending the identification of suitable Replacement Property as specified
herein; and
WHEREAS, Intermediary is willing to act as a "qualified intermediary" as the term is
defined under Treasury Regulation Section 1.1031 (k) -I (g)(4)(iii) and to accept and to hold the
proceeds of the Relinquished Property, as set forth in and received from the Escrow, and to
utilize the same in securing, acquiring, and transferring to Exchangor suitable Replacement
Property to complete the tax -deferred exchange according to the terms and conditions as set forth
herein;
THEREFORE, the parties hereto agree as follows:
(1) Agreement to Receive and Convey Relinquished Property. Subject to and conditioned
upon the close of Escrow and otherwise subject to and upon the terms and conditions set
forth in this Agreement, Exchangor hereby agrees to convey the Relinquished Property to
Intermediary, and Intermediary hereby agrees, conditioned upon Exchangor's complete
and full performance of all its obligations hereunder, to convey the Replacement Property
to Exchangor, in exchange for the Relinquished Property.
(2) Assignment of Real Estate Purchase & Sale Agreement. Consistent with the
provisions of Paragraph 11 hereof, Exchangor shall convey all of Exchangor's right, title,
and interest in and to the Relinquished Property, by delivery to Escrow on or before the
closing of Escrow, of a deed conveying the Relinquished Property to the purchaser in
such form as required in the underlying purchase agreement. On or before the closing of
Escrow, Exchangor shall (i) execute and deliver to Intermediary an Assignment of Real
Estate Purchase & Sale Agreement for the Relinquished Property assigning Exchangor's
rights (but not its obligations), thereunder to Intermediary and Intermediary shall agree to
accept assignment from Exchangor of Exchangor's rights in the Real Estate Purchase &
Sale Agreement (ii) notify the purchaser of the Relinquished Property in writing of such
assignment and secure from said purchaser a written acknowledgment of its receipt of
said notification of Assignment, and (iii) deliver such receipt to Intermediary.
(3) Exchange Account for Relinquished Property. In order to account for and monitor the
Exchange Value in respect to the Relinquished Property, Intermediary agrees to establish
an exchange account concerning this transaction on Intermediary's books and records in
favor of Exchangor (hereinafter referred to as the "Exchange Account"). The opening
entry for the Exchange Account shall be the Exchange Value with respect to the
Relinquished Property as determined under Paragraph 4 below. Thereafter, the balance in
the Exchange Account shall be reduced from time to time by (i) Intermediary's fees and
costs, (ii) the Exchange Value with respect to each Replacement Property (i.e., all
amounts expended by Intermediary in connection with the acquisition of each
Replacement Property, as determined under paragraph 5 below), and (iii) any other
payments made or costs or expenses incurred by Intermediary on Exchangor's behalf or in
connection with the Replacement Property. The balance of the Exchange Value
remaining in the Exchange Account also shall be increased in accordance with paragraph
14 below. Intermediary shall provide Exchangor with an accounting (hereinafter referred
to as "Closing Statement") of the Exchange Value in the Exchange Account as soon after
or upon the occurrence of a (g)(6) Event (as hereinafter defined) as is practical. In
preparing the Closing Statement, Intermediary shall be relying upon information and
settlement statements supplied by third -party escrow companies, and Exchangor hereby
releases Intermediary from any liability whatsoever in connection with such reliance.
(4) Exchange Value for Relinquished Property. In respect to the Relinquished Property,
"Exchange Value" shall mean the total cash received by Intermediary from the closing of
the Escrow. All real estate commissions, prorations of income and expenses (including
rents, interest on encumbrances, real estate taxes, etc.), closing costs, title insurance
premiums, escrow fees, and any other amounts otherwise chargeable to Exchangor in the
Escrow as seller of the Relinquished Property shall be deemed charged to Intermediary as
seller of the Replacement Property, but paid in full out of the Escrow, and shall reduce
the Exchange Value for the Relinquished Property.
-2-
(5) Exchange Value of Replacement Property. In respect to the Replacement Property,
"Exchange Value" solely for purposes of this Agreement shall mean the total costs and
expenses incurred by Intermediary, in accordance with the provisions of this Agreement
in connection with the acquisition and conveyance thereof to Exchangor, including,
without limitation, the aggregate amount of all deposits and expenditures by Intermediary
in respect to the purchase price, real estate commissions, prorations of income and
expenses (including rents, interest on encumbrances, real estate taxes, etc.), closing costs,
title insurance premiums, escrow fees, and any other amounts otherwise chargeable to
Intermediary in connection with the acquisition and conveyance of the Replacement
Property to Exchangor, but excluding any existing mortgage, trust deed or other secured
loans which may be assumed or taken subject to by Exchangor.
(6) Transfer of Funds from Escrow. At the close of Escrow, unless Exchangor otherwise
directs in a writing to Escrow and Intermediary, the cash proceeds shall be transferred,
assigned, and/or conveyed to Intermediary and be held by Intermediary pursuant to the
terms of this Agreement.
(7) Additional Funds for Replacement Property.
(a) In no event shall Intermediary be required to make a cash payment for
Replacement Property, including all costs and expenses of said purchase, in
excess of the sum of the Exchange Value then remaining in the Exchange
Account and any additions thereto by Exchangor pursuant to Paragraph 7(b)
hereof.
(b) In the event additional cash is necessary to acquire the Replacement Property, said
amount (i) shall be advanced by Exchangor to Intermediary; (ii) shall be used by
Intermediary to acquire the Replacement Property; (iii) shall be considered an
interest -free loan from Exchangor to Intermediary (fully satisfied upon the
conveyance of Replacement Property to Exchangor); and (iv) in the event the
Replacement Property is not conveyed to Exchangor, shall be repaid by
Intermediary to Exchangor, as provided in Paragraph (16) below; or (v) said
amount shall be advanced by Exchangor to Escrow Agent of the Replacement
Property.
(8) Identification of Replacement Property.
(a) The Identification Period begins on the date Exchangor transfers the Relinquished
Property (or if more than one property comprises the Relinquished Property, then
on the date of the first transfer of such properties) and ends at midnight on the
forty-fifth (45th) day thereafter as provided in Treasury Regulation § 1.1031(k)-
(b)(z)(i).
-3-
(b) Within the Identification Period, Exchangor shall by written notice signed by
Exchangor and sent to Intermediary in any manner described in Regulations
Section 1.1031 (k) -1(c)(2), identify Replacement Property anywhere in the
United States. Such notice from Exchangor shall unambiguously identify the
Replacement Property. In any manner described in Regulations Section
1.1031(k) -1(c)(3).
(9) Exchange Period & Acquisition of Replacement Property
(a) The Exchange Period begins on the date the Exchangor transfers the Relinquished
Property (or if more than one property comprises the Relinquished Property, then
on the date the first transfer of such properties) and ends at midnight on the earlier
of (180th) one hundred and eightieth day thereafter or the due date (including
extensions secured by Exchangor) for the Exchangor's federal tax return for the
taxable year in which the transfer of the Relinquished Property occurs as provided
in Treasury Regulations §1.1031(k)-(1)(b)(2)(ii)-(iv).
(b) Thereafter Intermediary shall undertake to contract for and acquire the
Replacement Property upon such terms or pursuant to such agreement as
Exchangor has negotiated with the seller of such Replacement Property.
Intermediary shall incur no liability to Exchangor hereunder if efforts to purchase
Replacement Property on the terms and conditions specified by Exchangor shall
be unsuccessful. All agreements to purchase the Replacement Property shall be
executed by Exchangor.
(10) Assignment of Purchase Agreement for Replacement Property
(a) Prior to closing of acquisition of any Replacement Property, Exchangor shall
assign its rights (but not its obligations) under each replacement property contract
to Intermediary and shall (i) execute and deliver to Intermediary an Assignment to
Purchase Agreement for Replacement Property for Intermediary's execution in
form acceptable to Intermediary, (ii) notify the seller of the Replacement Property
in writing of such assignment and secure said seller's written acknowledgment of
his receipt of said assignment and (iii) deliver said receipt to Intermediary.
(b) Intermediary shall thereafter be deemed to have conveyed the Replacement
Property to Exchangor by the direct deed from the seller to Exchangor.
(11) No Representations and Warranties. The Intermediary shall not be required to make
any warranties or representations regarding the Relinquished Property or Replacement
Property .
-4-
(12) Direct Deeding. To the extent permitted by IRC § 1031 and the Regulations
promulgated thereunder, legal title to the Relinquished Property and/or the Replacement
Property may be transferred directly from the Exchangor to purchaser of the Relinquished
Property or from seller to Exchangor with regard to the Replacement Property. The
means for accomplishing such direct deeding may require the execution of an Assignment
of Real Estate Purchase & Sale Agreement between the Exchangor and the Intermediary
for the Relinquished Property and a separate such agreement between the Exchangor and
the Intermediary for the Replacement Property.
(13) Exchangor Acknowledgments. Exchangor acknowledges and agrees that:
(a) The Intermediary shall not be required to assume any secured loan on any
Replacement Property or to execute any promissory notes or other evidence of
indebtedness in connection with such acquisitions which would impose any
liability on officers the Intermediary for the payment thereof.
(b) In no event shall the Intermediary be required to pay a cash amount for the
Replacement Property, including all costs and expenses incurred in connection
with such purchase, in excess of the Exchange Value then held in the Exchange
Account.
(c) The Intermediary shall act only in accordance with the terms of this Agreement in
making the Replacement Property acquisition and may refuse to proceed with said
acquisition in the event said instructions exceed the scope of this Agreement.
(14) Disbursements from Exchange Account; Absence of Rights in Exchange Account.
Exchangor shall have no right to receive, pledge, borrow or otherwise obtain the benefits
of the Exchange Account (including any growth factor thereof) except as expressly
provided in Paragraph 16 hereof, except that upon the written request from Exchangor,
Intermediary, may make disbursement from the Exchange Account to Exchangor for
items that a seller may receive as a consequence of the disposition of property and that are
not included in the amount realized from disposition of property (e.g., prorated rents) and
transactional items that relate to the disposition of the Relinquished Property or to the
acquisition of the Replacement Property and appear under local standards in the typical
closing statement as the responsibility of a buyer or seller (e.g., commissions, prorated
taxes, recording or transfer taxes and title company fees). Intermediary in its discretion
may determine whether or not to make such reimbursements from the Exchange Account.
In making such decision, Exchangor shall take into account Treasury Regulation §
1.03 1 (k -I )(g)(7)(ii).
-5-
(15) Interest Deposits.
(a) Any interest earned on the Exchange Account shall be for the benefit of
Exchangor, and shall be reported as interest income on Exchangor's tax return,
regardless of whether said interest is applied to the purchase of Replacement
Property or is received by Exchangor in cash as part of the distribution of the
Exchange Account to Exchangor as provided in Paragraph 16 below.
(b) Intermediary shall deposit the Exchange Account in a demand or short term time
deposit with any one or more of the five largest banks doing business in
Cleveland, Ohio. Intermediary shall have no obligation to place the Exchange
Account in an interest bearing account unless directed to do so in writing by
Exchangor. If so directed, Intermediary shall place the Exchange Account in a
short-term savings account or other interest bearing account that allows for
immediate withdrawal and retain and accumulate all of the interest thereon to the
end that the same will yield an income that will be available when needed for the
acquisition of the Replacement Property and payment of expenses of the
Intermediary as herein provided.
(16) Disbursement of Exchange Account. Subject only to disbursements permitted under
Paragraph 14 above the Exchange Account shall be paid to Exchangor by the
Intermediary under the following conditions:
(a) If the Exchangor (i) fails to identify Replacement Property within the
Identification Period or (ii) has revoked within the Identification Period any
identified Replacement Property, pursuant to Treasury Regulation §.1.1031(k) -
(1)(c)(6), then the exchange has failed and this Agreement shall terminate and the
Intermediary shall pay the Exchange Account to Exchangor.
(b) If Exchangor has timely identified Replacement Property, after Exchangor has
received all of the identified Replacement Property to which Exchangor is
• entitled, this Agreement shall terminate and the Intermediary shall pay the
• Exchange Account to Exchangor.
(c) If Exchangor identifies Replacement Property, following the occurrence after the
end of the Identification Period of a material and substantial contingency that (i)
relates to the deferred exchange, (ii) is provided for in writing, and (iii) is beyond
the control of Exchangor and of any disqualified person as defined in Treasury
Regulation § 1.1031(k) -1(k), other than the person obligated to transfer the
Replacement Property to the Exchangor, this Agreement shall terminate and the
Intermediary shall pay the Exchange Account to Exchangor.
(d) Otherwise, at the end of the Exchange Period.
-6-
(17) Arbitration. Any dispute as to the interpretation of the content, extent, or applicability
of this Agreement or Exchangor's instructions to Intermediary shall be immediately
arbitrated.
(a) Arbitration shall be in accordance with the American Arbitration Association in
Cleveland, Ohio. Each party shall be afforded discovery similar to that under the
Ohio Civil Rules of Procedure on an expedited basis determined by the arbitrator
but in no event longer than forty (40) days.
(b) Within three working days after the arbitrator's selection and acceptance of
appointment and written notification to Intermediary, Exchangor and Intermediary
shall each furnish to the other and to said selected arbitrator a written statement of
their respective positions regarding said dispute and shall furnish, as reasonably
requested by arbitrator, any further answering or explanatory statements that the
arbitrator may require.
(c) The parties agree to be bound by the decision of said arbitrator and agree that said
arbitration is in lieu of and instead of any rights to judicial proceedings and
determinations that the parties may have.
(d) Except as provided in paragraph (e), the costs of arbitration are to be borne
equally between Exchangor and Intermediary and each party shall be responsible
for its own attorney fees.
(e) In any controversy, claim, or dispute between the parties hereto arising out of or
relating to this Agreement or the breach thereof the prevailing party shall be
entitled to receive from the other party reasonable expenses, attorney fees, and
costs.
(f) The prevailing party shall be entitled to enforce the decision of the arbitrator by
receiving a judgment, including attorney fees in obtaining such judgment, in the
Cuyahoga County Common Pleas Court.
(18) Intermediary Powers and Covenants.
(a) Intermediary shall be compensated for services at its customary rate from time in
effect. Intermediary shall be reimbursed for all amounts for which it may become
chargeable or for which it may be held responsible or liable, including expenses
for counsel, agents, (and others employed in regard to the Agreement), for all
other out-of-pocket expenses in relation to this Agreement, and for all taxes which
may be payable by it in the Agreement.
-7-
(b) The Intermediary may consult with legal counsel to be selected and employed by
it and shall be fully indemnified by the Exchangor with respect to any action
under this Agreement taken or suffered in good faith by Intermediary in
accordance with the opinion of such counsel.
(c) Intermediary shall have a first lien on all items held by it pursuant hereto for its
compensation and for any costs, liabilities, expenses, or fees which it may incur,
and Intermediary shall not be required to deliver any instrument or other property
or to disburse any funds held by it unless and until it has received full payment.
(d) Intermediary shall not be liable to anyone whatsoever by reason of any error of
judgment or for any act done or step taken or omitted by it in good faith or for any
mistake of fact or law or for anything which it may do or refrain from doing in
connection herewith unless caused by or arising out of Intermediary's own gross
negligence or willful misconduct.
(e) Without intending to detract or diminish the limitations on the obligations
imposed upon Intermediary by the foregoing, it is understood and agreed that
Intermediary shall not at any time be obligated to actually or constructively take
title to or possession of the Relinquished Property or Replacement Property, and
that it does not assume any responsibility as to the validity of the title conveyed to
the Exchangor or purchaser, or as to the inspection of or report upon the condition
of the Relinquished Property or Replacement Property or as to the payment of any
liens or encumbrances now or hereafter existing or vested upon the Relinquished
Property or Replacement Property, or as to the performance of any covenants and
restrictions imposed, or as to any zoning ordinances relating thereto.
(f) Intermediary shall not be required to furnish statements as to the assets
constituting the Exchange Account, and does not assume any obligations for the
filing of tax returns or any information of whatsoever character, or the payment of
• such taxes, or the taxes, assessments or reassessments how or hereafter becoming
• due, or charged against the Relinquished Property or Replacement Property or for
the removal of any liens to which the Relinquished Property or Replacement
Property are now, or may hereafter become subject.
(19) Claims Against Exchange Account. Intermediary shall be under no obligation to
recognize any person, firm, corporation or entity as the owner and holder of any right in,
or claims against the Exchange Account, unless the Intermediary shall have been secured
and indemnified to its full satisfaction against all costs, expenses, or liability including
counsel fees which it believes may arise out of its compliance with such request or
demand.
-8-
(20) Indemnification of Intermediary. Exchangor shall indemnify and hold harmless
Intermediary against any and all actions, suits, claims, proceedings, assessments,
demands, judgments, settlements, costs and expenses, including legal and accounting
fees, arising out of (i) the transactions contemplated by this Agreement; (ii) any damage
or deficiency resulting from any misrepresentation, breach of warranty or omission
contained in any instrument furnished to or to be furnished by Intermediary hereunder or
in connection with the transactions contemplated hereby; (iii) the failure of the exchange
to be non-taxable; (iv) the failure of the transfer of Relinquished Property or Replacement
Property to occur; (v) environmental liabilities or defects at any of the Relinquished
Properties or Replacement Properties; and (vi) any audit of transaction by Internal
Revenue Service.
(21) Notices. All notices provided or required to be given under this Agreement shall be
deemed to have been duly given, served, and delivered if mailed by United States
registered or certified mail addressed to the party entitled to receive the same at the
address specified in this Agreement or hand -delivered; provided, however, that any party
may change its mailing address by giving to the other parties written notice of its new
mailing address, and any notice so given shall be deemed to have been given, served, and
delivered on the date following the date on which said notice was mailed in the manner
herein provided.
(22) Time. Time is of the essence of this Agreement.
(23) Amendment. This Agreement may not be amended or modified in any respect
whatsoever except by an instrument in writing signed by the parties hereto. This
Agreement constitutes the entire agreement between the parties with respect to the subject
matter hereof. If any provisions of this Agreement shall be held invalid, such invalidity
shall not affect any other provision hereof.
(24) No Warranty Regarding Tax Consequences. Intermediary makes no representation or
warranty concerning the federal or state tax consequences to Exchangor of the
transactions contemplated herein, and shall not be liable for any damages, losses or
expenses incurred by Exchangor if (i) any replacement property fails to qualify as "like
kind property:, or (ii) the transaction otherwise fails, for any reason, to afford Exchangor
the benefits of Section 1031 of the Internal Revenue Code.
(25) Miscellaneous. This Agreement shall be construed in accordance with the laws of the
State of Ohio. This Agreement may be executed in duplicate counterparts, each of which
so executed shall, irrespective of the date of its execution and delivery, be deemed an
original, and said counterparts together shall constitute one and the same agreement. This
Agreement inures to the benefit of and binds all parties hereto, their heirs, legatees,
devisees, administrators, executors, successors and assigns.
-9-
IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed on the date first above written.
`EXCHANGOR"
Address for notices: n
o qqQ
"INTERMEDIARY"
G.T. TRANSFER & EXCHANGE CORP.
By:
1370 West Sixth Street, Suite 300
Cleveland, Ohio 44113
-10-
ASSIGNMENT OF PURCHASE & SALE
AGREEMENT FOR EXCHANGE PROPERTY
This Assignment, entered into by and between MOUNTAIN INN PARKING PLAZA,
LLC and STELLABELLA PLAZA, LLC (hereinafter called "Exchangor") and G. T. Transfer &
Exchange Corp., 1370 West 6th Street, Suite 300, Cleveland, Ohio 44113 (hereinafter called
"Intermediary").
WITNESSETH:
WHEREAS, Exchangor as seller entered into that certain Purchase Agreement dated
Ocotber 22, 2004 with Richard P. Alexander and John Nock (hereinafter called the "Purchaser"), a
copy of which is attached hereto as Exhibit A and is incorporated herein by this reference
(hereinafter called the "Real Estate Purchase & Sale Agreement"); and
WHEREAS, Exchangor and Intermediary have executed a • Exchange Agreement for
Exchange of Real Property in which Exchangor has agreed to transfer the property described in
Exhibit A to Assignee, in consideration of Intermediary's promise to acquire suitable replacement
property and transfer same to Exchangor; and
WHEREAS, Exchangor desires to effect a tax deferred exchange pursuant to Section 1031
of the Internal Revenue Code and Intermediary is willing to act as a "qualified intermediary" as that
term is defined in Treasury Regulations Section 1.1031 (k) -I (g)(4)(iii);
NOW, THEREFORE, the parties agree:
(1) Exchangor hereby assigns to Intermediary the Exchangor's right, title and interest in
the Real Estate Purchase & Sale Agreement for the relinquishment of the
exchange property.
(2) Intermediary
hereby assumes
the
Exchangor's rights,
tide and interest (but not
Exchangor's
obligation) in the
Real
Estate Purchase &
Sale Agreement.
(3) Intermediary, exercising its discretion under Paragraph (12) of the Exchange
Agreement, hereby requests and directs Exchangor to deed directly to the Purchasers
thereunder the property subject to the Real Estate Purchase & Sale Agreement
IN WITNESS WHEREOF, the parties have executed this agreement as their free and
voluntary act and deed, on the date indicated by each signature.
Datedo _I , 2005 ASSIGNOR:
'.ui�a�i` •.�•
ASSIGNEE:
G T. Transfer & Exchange Corp.
By:
Gayle L. Jonas
Notice to Purchaser
You are hereby notified that all of Exchangor's right, title and interest (but not Exchangor's
obligation) in and to the Real Estate Purchase & Sale Agreement have been assigned to G.T.
Transfer & Exchange Corp. G� of•
Receipt Acknowledged: 3 '
Date
John Nock
Date
FATIC-205
Schedule A, Commilme°l
First American Title Insurance Company
COMMITMENT
SCHEDULE A
Issued by: Professional Land Title Company of Arkansas
809 West 3rd
Little Rock, AR 72201
(501) 661-1701
Issuing Agent # IA20
TYPE OF POLICY: ALTA Owners Policy
Effective Date of this commitment: April 8
2005 at 8:00 a.ft2.
Agents File No.111-037
Commitment No. 00 -By 10450
NAME OF PRESENT OWNER: Mountain Inn Parking Plaza, LLC and Stellabella Plaza, LLC
NAME OF PURCHASER: City of Fayetteville
LEGAL DESCRIPTION OF THE LAND REFERRED TO IN THIS COMMITMENT:
Amount
$1,200,000.00
TRACT A: Lots, 2, 18, 19, and Part of Lot 17, Block 28, Original Plat of the Town (Now City) of Fayetteville,
Washington County, Arkansas.
AND,
TRACT B: PARKING DECK DESCRIPTION
Lot Numbered Sixteen (16) and a Part of Lot Numbered Seventeen (17), in Block Numbered Twenty -Eight
(28), of the Original Plat of the Town (Now) City of Fayetteville, Arkansas, being more particularly described
as follows: Beginning at the Northwest corner of said Lot Sixteen (16); thence S 89°58'07" E, along the North
line of said Lots Sixteen (16) and Seventeen (17) 87.06 feet; thence S 0001412511W, 102.09 feet to a point on
the South line of said Lot Seventeen (17); thence N 89°58'28" W, 86.48 feet to the Southwest corner of said
Lot Sixteen (16); thence N 00°05'06" W, 102.10 feet to the Point of Beginning. The above described tract
having permanent rights of Ingress and egress over and across the following described access easement:
PARKING DECK ACCESS DESCRIPTION
A part of Lot Numbered Seventeen (17), a Part of Lot Numbered Eighteen (18), and a Part of Lot Numbered
Nineteen (19), all in Block Twenty -Eight (28), of the Original Plat of the Town (Now City) of Fayetteville,
Arkansas, being more particularly described as follows: Beginning at the Southeast corner of said Lot
Nineteen (19); thence N 89°58'28" W, along the South line of said Lot Nineteen (19) 24.95 feet to the East
Face of an existing building; thence N 00°09'41" W along the East face of said building 19.10 feet; thence N
70°13'54" E, along the East face of said building 1.41 feet; thence N 00°35'46" W, along the East face of said
building 6.43 feet; thence S 87°35'45" W along the East face of said building 1.64 feet; thence N 03°08'30" W
along the East face of said building 0.70 feet to the Northeast corner of said building; thence N 89°53'42" W,
87.99 feet along the North face of said building to the Northwest corner of said building, the same also being
the South edge of an existing concrete ramp leading to a parking deck; thence leaving the South edge of said
concrete ramp S 00°09'15" W, 26.75 feet along the East wall of an entry way to a point on the South line of
said Lot Seventeen (17); thence N 8958'28" W along the South line of said Lot Seventeen (17) 5.04 feet to the
West wall of said entry way, the same being the East wall of an existing Parking Deck; thence N 00°14'25" E,
49.99 feet along the West Wall of said entry way and the East Wall of said Parking Deck to a point on the
North Edge of the above mentioned concrete ramp; thence leaving the East wall of said Parking Deck S
89°56'13" E, along the North edge of said concrete ramp 50.69 feet; thence S 89°51'39" E, along the North
edge of said concrete ramp 37.36 feet; thence N 70°43'23" E, 26.64 feet to a point on the East line of said Lot
Nineteen (19); thence S 00°06'52" E, 58.69 feet to the Point of Beginning.
April 19, 2005
Profestional Land Title Company of Arkansas
O
Sighing Agents
Sherry K Woos
Michael P. Rag
Brian A. Perry,
Washington County
Property Address: Mountain Inn & Parking Deck, Fayetteville, AR 72701
First American Title Insurance Company
COMMITMENT FOR TITLE INSURANCE
a California corporation, herein called the Company, for a valuable consideration, hereby commits to issue its policy or
policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named Schedule A, as owner or mortgagee of
the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges
therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof.
This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy and policies
committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by
subsequent endorsement.
This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations
hereunder shall cease and terminate six months after the effective date hereof or when the policy or policies is not the fault of the
Company.
This Commitment shall not be valid or binding until countersigned below by the Validating Officer or Agent.
IN WITNESS WHEREOF, First American Title Insurance Company has caused its corporate name and seal bo be hereunto
affixed by its duly authorized officers on the date shown in Schedule A
First American Title Insurance Company
/S/Mark R. Arneson /S/ Parker S. Kennedy
Secretary President
CONDITIONS AND STIPULATIONS
1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument.
2. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter
affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B
hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for
any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose
such knowledge. If the proposed Insured shall disclose such knowledge to the Company or if the Company otherwise
acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option
may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability
previously incurred pursuant to Paragraph 3 of the Conditions and stipulations.
3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included
under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance
hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in
Schedule B, or (c) to acquire or created the estate of interest or mortgage hereon covered by this Commitment. In no event
shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is
subject to the insuring provisions and the Conditions and Stipulations, and the exclusions from coverage of the form of
policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a
part of this Commitment except as expressly modified herein.
4. Any action of actions or rights of action that the proposed Insured may have or may bring against the Company arising out of
the status of the title to the estate or interest to the status of the mortgage thereon covered by this Commitment must be based
on and are subject to the provisions of this Commitment.
FATIC-201-M
SCHEDULE B, PARTI COMMITMENT
First American Title Insurance Company
COMMITMENT
SCHEDULE B -PART I
Agents File No. 111-037
Commitment No. 00 -BV 10450
REQUIREMENTS
Showing defects and objections to be removed or eliminated; liens and encumbrances to be satisfied and discharged of record and
requirements to be complied with before policy of title insurance can be issued without exception thereto:
1. Proper documents creating the estate or interest to be insured must be executed and duly filed for record to wit:
File a Redemption Deed from the Commissioner of State Lands, State of Arkansas to Mountain Inn Parking Plaza,
LLC.(Conveying Tract B)
Execution and recordation without intervening rights of a Warranty Deed by Mountain Inn Parking Plaza, LLC conveying the
property described in schedule "A" hereof to City of Fayetteville. (Conveying Tract B)
Execution and recordation without intervening rights of a Warranty Deed by Stellabella Plaza, LLC conveying the property
described in schedule "A" hereof to City of Fayetteville (Conveying Tract A)
2. Full consideration for the interest or estate to be insured must be paid to or for the account of grantors or mortgagors.
3. Furnish satisfactory evidence that there are no outstanding mechanics' or materialmen's liens against the property (Attorney
should examine parties carefully, and attach owners' and contractors' affidavits where there has been construction during the
statutory period for liens.
4. Payment of all Taxes, charges, assessments levied and assessed against subject property, which are DUE and DELINQUENT.
5. Execution of an Owner' and Contractor's Final Affidavit, Owner's and Seller's Affidavit & Indemnity and Notice of Availability
of Owner's Title Insurance in all forms acceptable to the Company.
6. Payment of the premium and other fees and costs due the company.
7. This company will provide an ALTA 8.1 endorsement on the final policy;
8. Furnish this office with a Corporate Resolution from the board of directors (or other managing authority) authorizing the
transaction and naming those officers authorized to execute documents to consummate said transaction for Mountain Inn Parking
Plaza, LLC.
9. Payment of all franchise taxes now due to the office of the Secretary of the State of Arkansas by the Mountain Inn Parking Plaza,
LLC according to the Secretary of States office said corporation in not in good standing at this time due to non-payment of
franchise taxes since 2004.
10. Furnish this office with a Corporate Resolution from the board of directors (or other managing authority) authorizing the
transaction and naming those officers authorized to execute documents to consummate said transaction for Stellabella Plaza LLC.
11. Payment of all franchise taxes now due to the office of the Secretary of the State of Arkansas by the Stellabellaa Plaza, LLC
according to the Secretary of States office said corporation in not in good standing at this time due to non-payment of franchise
taxes since 2004.
FATIC-202-M
SCHEDULE B, PART 11, COMMITMENT
First American Title Insurance Company
COMMITMENT
SCHEDULE B PART II
Agent File No.: 111-037
Commitment No.: 00 -BV 10450
EXCEPTIONS
Part II Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed
of the satisfaction of the Company:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10
12
13.
14.
15.
Defects, liens, encumbrances, adverse claims or other matter, if any, created first appearing in the public records or attaching
subsequent to the effective date hereof but prior to the date the proposed insured acquires for value of record the estate or
interest or mortgage thereon covered by this Commitment.
Rights or claims of parties in possession not shown by the public records.
Easements, or claims of easements, not shown by the public records.
Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection
of the premises.
Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed bylaw and not shown by
the public records.
Any adverse claim to any portion of said land which has been created by artificial means or has accreted to any such portion
so created and riparian rights, if any.
Taxes or special assessments which are not shown as existing liens by public records.
Any prior reservation or conveyance, together with release of damages, of minerals of every kind and character, including, but
not limited to oil, gas, sand, and gravel in or on and under subject property.
General and special taxes for 2004 and subsequent years not yet due and payable.
Subject to all rights of ways, easements, building lines, covenants, or restrictions and all reservations of record or any other of
the same, that a physical inspection or survey might disclose.
Covenants or Restrictions other than city or county ordinances, but deleting any covenant, condition or restriction indicating
a preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the
extent such covenants, conditions or restrictions violate 42 USC 3604(c):
Reservations, restrictions, dedications, easements, right-of-way and setback lines as may be shown on the plat of said
Fayetteville Original, recorded in plat record Book 4 at Page 3.
Assessments, obligations, fees, reservations, restrictions, easements, dedications, rights -of -way, setback lines, covenants and
conditions, as contained in the Restrictive/Protective Covenants and/or Bill of Assurance of Fayetteville Original, if any.
A Parking Easement in favor of Center Court Square, LLC recorded on September 18, 2001 as land document # 2001114998.
The rights of the public and others to use that portion of subject property lying within the right-of-way of Mountain St. on the
South side, South College on the East side, and Center Street on the North side of subject property.
Reservations, restrictions, right-of-way, easements, dedications and setback lines as are shown on plat of survey, dated
November 8, 2000, by Crafton, Tull, & Associates, Inc., as job # 003021-00..
Parcel No. 765-01939-000
jl pLM
a!o-oy y,Loios
/QED
WARRANTY DEED
BE IT KNOWN BY THESE PRESENTS:
THAT WE, Marjorie H. Niblock, surviving spouse of Walter R.
Niblock, deceased, hereinafter called GRANTOR, for and in consideration
of the sum of One Dollar ($1.00) and other good and valuable consideration,
the receipt of which is hereby acknowledged, do hereby grant, bargain, sell
and convey unto the City of Fayetteville, Arkansas, a municipal
corporation, hereinafter called GRANTEE, and unto Grantee's successors
and assigns, the following described land situated in the County of
Washington, State of Arkansas, to -wit:
Doc 1:D: 608409680001 Tvoe: REL
Recorded: Q4/22/2005 at 11:22:17 AM
Fee Amt; $8.00 Paae I of I
Washinaton County. AR
Bett! Stamps Circuit Clerk
Flle2005-00017153
Lot Numbered Fifteen (15) in Block Twenty-eight (28) as designated upon the original plat of the Town of
Fayetteville, Arkansas, now on file in the office of the Circuit Clerk and Ex -Officio Recorder Washington
County, Arkansas, except a strip of equal and uniform width of One (1) foot off the West side thereof.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the title to the said lands
against all legal claims whatever.
WITNESS the execution hereof on this Ae5 day of April, 2005.
Marjorie . iblock
ACKNOWLEDGMENT
STATE OF ARKANSAS
ss.
COUNTY OF _
BE IT REMEMBE E .that on this date, before the undersigned, a duly commissioned and acting Notary Public within
and for said County and Stat , :Pat
appeared Marjorie H. Niblock, surviving spouse of Walter R. Niblock, deceased,
to me well known as the person 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.
:1"it C` 1:' •I -I 1
A. Settlement Statement U.S. Department of Housing -I 1
and Urban Development OMB No. 2502-0265
B. Type of Loan
1.0 FHA 2.0 FmHA 3.®Conv. Unins.
4.0 VA 5.0 Cony. Ins.
6. File Number
111-039
7. Loan Number
8. Mortgage Insurance Case Number
C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items
marked '(p.o.c.)' were paid outside the closing; they are shown here for information purposes and are not included in the totals.
D. Name and Address of Borrower
City of Fayetteville
Fayetteville, Ar 72701
E. Name and Address of Seller
Marjorie H. Niblock
P.O. Box 182
Fayetteville. Ar 72702
F. Name and Address of Lender
CASH
G. Property Location
20 E. Mountain
Fayetteville, Ar 72701
H. Settlement Agent
Professional Land Title Company
Place of Settlement
2713 S.E. I St., Ste 7
Bentonville, AR 72712
1. Settlement Dale
0420/05
DD:
J. SUMMARY OF BORROWER'S TRANSACTION:
K. SUMMARY OF SELLER'S TRANSACTION:
100. GROSS AMOUNT DUE FROM BORROWER
400. GROSS AMOUNT DUE TO SELLER
101. Contract sales prIce
500,000.00
401. Contract sales pike
500,000.00
102. Personal property402.
Personal property
103. Settlement charges to borrower (line 1400)
333.00
403.
104.
404.
105.
405.
Adjustments for Items paid by seller in advance
Adjustments for items paid by seller In advance
106. CI /town taxes' to
408. CI /town taxes to
107. County taxes to
407. County taxes to
108. Assessments' to
408. Assessments to
109.
409.
110.
410.
ill.
411.
112.
412.
120. GROSS AMOUNT DUE FROM BORROWER
500,333.00
420. GROSS AMOUNT DUE TO SELLER
500,000.00
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER
500. REDUCTIONS IN AMOUNT TO SELLER
201. Deposit or earnest money
501. Excess Deposit (see Instuctions)
202. Principal amount of new loan(s)
502. Settlement charges to seller (line 1400)
1,372.75
203. Second Mortgage
503. Second Mortgage
204,
504. Payoff of first mortgage loan
205.
505. Payoff of second mortgage loan
206.
506.
207.
507.
208.
508.
209.
509.
Adjustments for items unpaid by seller
Adjustments for items unpaid by seller
210. CI /town taxes 01/01 to 0420
969.97
510. CI /town taxes 01/01 to 0420
969.97
211. Court taxes to
511. Coup taxes to
212. Assessments to
512. Assessments to
213.
513.
214.
514.2004 RE Taxes #765-01939-000 -
3,218.54
215.
515.
216.
516.
217.
517.
218.
518.
219.
519.
220. TOTAL PAID BY I FOR BORROWER
969.97
520. TOTAL REDUCTION AMOUNT DUE SELLER
5,561.26
300. CASH AT SETTLEMENT FROM OR TO BORROWER
600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gross amount due from borrower (line 120)
500,333.00
601. Gross amount due to seller (line 420)
500.000.00
302. Less amounts paid by/for borrower (line 220)
969.97
602. Less reduction amount due to seller (line 520
5.561.26
303. CASH FROM BORROWER
499.363.03
603. CASH TO SELLER
494,438.74
RESPA, NB 4305.2- REV. HUD1(3/86)
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SETTLEMENT STATEMENT PAGE 2
L. SETTLEMENT CHARGES: File Number. 111-039
PAID FROM
BORROSWER'S
FUNDAT
SETTLEMENT
PAID FROM
SELLER'S
FUNDS AT
SETTLEMENT
700. TOTAL SALESIBROKER'S COMMISSION based on price $ C =
Division of commission (line 700) as follows:
701.
$ to
702. $ to
703.
Commission paid at Settlement
704.
800.
ITEMS PAYABLE IN CONNECTION WITH LOAN
P.O.L.
801.
Loan On Ination Fee %
802.
Loan Discount %
803.
Appraisal Fee to
804.
Credit Report to
805.
Lender's Inspection Fee to
806.
MIQ. Ins. Ap�4ication Fee to
807.
ro
808.
809.
810.
811.
812,
813,
814.
815,
900.
ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
901.
Interest from to@5
/da
902.
Mo e e Insurance Premium to
903.
HazardInsurance Premium . to
904.
905.
1000.
RESERVES DEPOSITED WITH LENDER FOR
1001.
Hazard Insurance no. $
/Mo.
1002.
Mortgage Insurance Mo. $
/ mo.
1003.
CIty propertytaxes Mo. $
/ mo.
1004.
Coon taxes Mo. $
/ Mo.
1005.
Annual Assessments mo. $
/ mo.
1006.
Mo. s
I Coo.
1007.
Mo. $
I no.
1008.
Aggregate Reserve for Hazard/Flood Ins. CIty/County Prop Taxes, Mortgage
Ins & Annual Assessments
1100.
TITLE CHARGES
1101.
Settlement or closin fee to ProLand Two
200.00
200.00
1102.
Abstractor title search to ProLand Title
125.00
125.00
1103.
Title examinalon to
1104.
Title Insurance binder to
1105.
Document preparation to
1106.
Notary fees to
1107.
Attome sfees to
Includes above Item No:
1108.
Title Insurance to ProLand rile
1,047.75
Includes above Item No:
1109. Lenders coverage
1110. Owners overage 500,000.00 - $1397.00 Less 25%
1111.
1112.
1113.
Releasd ntServices Fee
1200.
GOVERNMENT RECORDING AND TRANSFER CHARGES
1201.
Recordln fees Deeds 8.00 e $
; Releases $
8.00
1202.
CI/county/stamps Deed $ ; Mortgage $
1203.
State tax/stam Deeds ; Mo a e $
1204.
-
1205.
1300.
ADDITIONAL SETTLEMENT CHARGES
1301.
Survey to
1302.
Past Inspection to
1303.
1304.
1305.
1306.
1307,
1308.
1400.
TOTAL SETTLEMENT CHARGES (enter on lines 103 and 502, Sections J and K)
333.00
1.372.75
RESPA. HG 4305.2 - REV. HUDI(3/86)
File No: 111-039
BORROWERS
HUD -1 CERTIFICATION
I have carefully reviewed the HUD -1 Settlement Statement and to the best of my knowledge and belief, it
is a true and accurate statement of all receipts and disbursements made on my account or by me in this
transaction. I further certify that I have received a copy of the HUD -1 Settlement Statement.
SELLER'S AND/OR PURCHASER'S STATEMENT: Seller's and Purchaser's signature hereon
acknowledges his/their approval oftax proration and signifies theirunderstandingthat proration were based
on taxes for the proceeding year, or estimates for the current year, and in the event of any change for the
current year, all necessary adjustments must be made between Seller and Purchaser; likewise any default in
delinquent taxes will be reimbursed to Title Company by the Seller.
Title Company, in its capacity as Escrow Agent, is and has been authorized to deposit all funds it receives
in this transaction in any financial institution, whether affiliated or not. Such financial institution may
provide Title Company computer accounting and audit services directly or through a separate entity which,
if affiliated with Title Company, may charge the financial institution reasonable and proper compensation
therefore and retain any profits therefrom. Any escrow fees paid by any party involved in this transaction
shall only be for check writing and input to the computers, but not for aforesaid accounting and audit
services. Title Company shall not be liable for any interest or other charges on the earnest money and shall
be under no duty to invest or reinvest funds held by it at any time. Sellers and Purchasers hereby
acknowledge and consent to the deposit of the escrow money in financial institutions with which Title
Company has or may have other banking relationships and further consent to the retention by Title Company
and/or its affiliates of any and all benefits (including advantageous interest rates on loans) Title Company
and/or its affiliates may receive from such financial institutions by reason of their maintenance of said
escrow accounts.
The parties have read the above sentences, recognize that the recitations herein are material, agree to same
and recognize Title Company is relying on the same.
Marjorie Niblock
SELLER
To the best of my knowledge the HUD -1 Settlement statement which I have prepared is a true and
accurate account of the funds which were received and have been or will be disbursed by the
undersigned as part of the settlement of this transaction.
Professional Land Tide Company
Date: April 20, 2005
Settlement Agent
WARNING: It is a crime to knowingly make false statements to the United States on this or any
other similar form. Per}alties upon conviction can include a fine and imprisonment. For detail see:
Title 18: U.S. Code Section 1001 and Section 1010.
Parcel No. 765-01939-000
WARRANTY DEED
BE IT KNOWN BY THESE PRESENTS:
THAT WE, Marjorie H. Niblock, surviving spouse of Walter R.
Niblock, deceased, hereinafter called GRANTOR, for and in consideration
of the sum of One Dollar ($1.00) and other good and valuable consideration,
the receipt of which is hereby acknowledged, do hereby grant, bargain, sell
and convey unto the City of Fayetteville, Arkansas, a municipal
corporation, hereinafter called GRANTEE, and unto Grantee's successors
and assigns, the following described land situated in the County of
Washington, State of Arkansas, to -wit:
Lot Numbered Fifteen (15) in Block Twenty-eight (28) as designated upon the original plat of the Town of
Fayetteville, Arkansas, now on file in the office of the Circuit Clerk and Ex -Officio Recorder Washington
County, Arkansas, except a strip of equal and uniform width of One (1) foot off the West side thereof.
TO HAVE AND TO HOLD the said lands and appurtenances thereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of said lands
and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the tide to the said lands
against all legal claims whatever.
WITNESS the execution hereof on this Jp day of April, 2005.
ACKNOWLEDGMENT
STATE OF ARKANSAS
SS.
COUNTY OF )
BE IT REMEMBE E that on this date, before the undersigned, a duly commissioned and acting Notary Public within
and for said County and Stat rsonally appeared Marjorie H. Niblock, surviving spouse of Walter R. Niblock, deceased,
to me well known as the person 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 day of April, 2005.
OWKIML SEAL
MY COMMISSION EXPIF WASHINGTON
COUNTY Notary Public
onmnamgtQ
File No: 111-039
NOTICE AND WAIVER OF OWNER'S TITLE INSURANCE
TO: City of Fayetteville
DATE: April 20, 2005
BUYING PROPERTY IDENTIFIED AS: 20 E. Mountain
Fayetteville, Ar 72701
Pursuant to the Regulations of the Department of Commerce and Insurance of the State of Arkansas
notice is hereby given that MORTGAGEE'S TITLE INSURANCE policy is to be issued to your
mortgage leader, that such policy DOES NOT AFFORD TITLE INSURANCE PROTECTION TO YOU
IN THE EVENT OF A DEFECT OR CLAIM OF DEFECT IN TITLE TO THE REAL ESTATE
WHICH YOU ARE ACQUIRING (SUCH AS UNPAID BILLS FOR LABOR AND MATERIAL,
FORGERY, MISSING HEIRS OR TAX LIENS), and that an owner's title insurance policy in your favor
for the amount of your purchase price (or for the amount of your purchase price plus the cost of any
improvements which you anticipate making) may be purchased.
Departmental Regulations require that you sign the statement below if you do not wish to purchase
this protection.
This is to certify that we have received the foregoing notice and waive our right to purchase an owner's
title insurance policy for our protection. We acknowledge that
Professional Land Title Company and shall have no responsibility to us for the status of the title to the
real estate which we are acquiring.
DATE: April 20, 2005
CLOSER'S CERTIFICATE
As evidence of compliance with Departmental Rule 0780-1-12-.10, Department of Commerce
Insurance, State of Arkansas, I certify to the above title company that the foregoing NOTICE AND
WAIVER was read by the Mortgagor(s) in my presence and that the WAIVER was signed by the
Mortgagor(s) in my presence..
Professional Land Title Company
Cl in Age t
File No: 111-039
"OWNER'S AFFIDAVIT"
AFFIDAVIT AND INDEMNITY AGREEMENT AS TO LEASES, CONTRACTS, FIXTURES,
ENCUMBRANCES, MECHANICS' LIENS, ETC.
STATE OF: ARKANSAS
COUNTY OF: Washington
Before me, the undersigned Notary Public in and for said County and State, personally appeared Marjorie H.
Niblock, known to me and being first duly sworn, deposes and says:
1. That he/she owns the real property in Washington County, Ar; known municipally or referenced as follows:
To wit 20 E. Mountain, Fayetteville, Ar 72701
Lot 15 Exc. WI Ft. Bilk 28 Fay. Original
2. That said owner is in possession of said property, and the following is a list of all tenants with rental terms:
NAME DATE FROM DATE TO
NONE
3. That all indebtedness due anyone for labor, materials, or service which might be liens on said property are
fully paid.
4. That no security interest under the Uniform Commercial Code has been perfected against the improvements.
5. That there are: nojudgments, pending litigation, executions or attachments in or from any court affecting said
property of said owner(s). .
6. That no bankruptcy proceeding in any Federal Court has been filed against or by any owner of said property.
There is no outstanding contract of sale, conveyance or encumbrance affecting said property, except:
NONE
7. That all persons who have executed or will execute instruments conveying or encumbering said property are
at least 18 years old and are free from legal disability.
8. That the undersigned makes this statement for the express purposes of inducing:
FIRST AMERICAN TITLE INSURANCE CORPORATION
to insure title to said property to be free from adverse claims or liens not otherwise herein stated, and of
enabling said owner(s) to receive the consideration for sale, lease or mortgage of said property. Affiant
guarantees and warrants the statements of fact herein, which shall be construed as a continual contractual
obligation in favor of said companies.
9. That in consideration of the issuance of title insurance by said companies as aforesaid, the undersigned agrees
to indemnify and hold harmless the above indicated title insurance company against all loss or expense on
account of any matter or thing omitted from the foregoing factual statement, including expense of enforcing
this agreement.
10.That undersigned's United States Taxpayer Identification Number is
/l31- Sn -e9/b and my United States address is P.O. Box 182, Fayetteville, Ar 72702
11. That undersigned is not a "foreign person" as the term is defined in Section 1445 of the Internal Revenue
Code.
By:
at
S.
a Y: A" 'Irk '•
9'
Date: April 20, 2005
Re: 20 E. Mountain, Fayetteville, Ar 72701
l/We, the undersigned, do hereby state that Uwe understand that the taxes for the year 2004 are due
in March 2005, are not yet payable and the amount collected at closing has not been certified by the
Tax Collector. Therefore, should the amount increase Uwe will be responsible for reimbursing the
buyer of any shortages, within 10 calendar days ofnotification Should the amount decrease 1/we will
be responsible for refunding the seller the difference within 10 calender days of notification.
Sign d sealed y of L! lOwif2 .2005.
ity of Fayetteville larjorie H. Niblock
State of Arkans
County of 0
I. AND • - t t
' •
: "ua . a:. 1:. :
k�'ll ' '
Agents File No. 111-039
EXHIBIT A -
LEGAL DESCRIPTION
Lot Numbered Fifteen (15) in Block Twenty -Eight (28) as designated upon the original plat of the
Town of Fayetteville, Arkansas, now on file in the Office of the Circuit Clerk and Ex -Officio
Recorder of Washington County, Arkansas, except a strip of equal and uniform width of One (1)
foot off the West side thereof.
DATA SHEET REAL ESTATE 1099-S
THIS FORM MUST BE FILLED OUT BY THE TRANSFEROR/SELLOR
THE INFORMATION CONTAINED ONTHIS FORM IS IMPORTANTTAX INFORMATION AND IS BEING
FURNISHED TO THE INTERNAL REVENUE SERVICE
As the Transferor/Seller YOU are required by law to provide your correct taxpayer identification number.
If your correct taxpayer identification number is not provided, you maybe subject to civil orcrinlinal penalties imposed
by law.
Under penalties of perjury, I certify that the Taxpayer Identification Number shown on this statement is the correct
Taxpayer Identification Number. Also, I understand that IT IS THE RESPONSIBILITY of the Transferor/Seller to
report any and all proceeds received from this sale.
7f C rf� 'f3l-S� -891.6
Marj H. Niblock SS# or Tax ID
SS# or Tax ID
Only one Form 1099 is required if the transferor is husband and wife or a partnership.
FOR MULTIPLE TRANSFERORS: A SEPARATE FORM 1099-S MUST BE COMPLETED
FOR EACH TRANSFEROR RECEIVING PROCEEDS FROM SALE OF REAL ESTATE
In order to insure filing, it is extremely important that you provide us with the following information.
If incorrect information is provided Professional Land Title Company of Arkansas, Inc. is
responsible for the misfiling of this report.
PLEASE PRINT:
TRANSFEROR NAME 1: Marjorie H. Niblock
TRANSFEROR NAME 2:
ADDRESS WHERE YOU WISH FOR 1099 TO BE MAILED:
��----22
Street: R oe AAt" l �a-
Ci zZtc&t& ,9,- 7170 e
PLEASE CONSULT YOUR CPA FOR INFORMATION REGARDING THE FILING OF THIS REAL ESTATE -
SALE TO IRS.
DO NOT FILL OUT THIS SECTION
Description of Property 20 E. Mountain
Property Address of 20 E. Mountain, Fayetteville,Arkaasas72701
Contract Sales Price: $500,000.00 Net proceeds:
Closing Date: April 20, 2005
Date: April 20, 2005File No.
CLOSING AGENT INFORMATION (to be completed by dosing agent)
Professiwul land Tide Company of AR. Inc.
809 West 3rd Steel
Mule Rock, Arkansas 72201
(50le A
CHOICE OF ATTORNEY
(Broker / Lender) has informed me (us) that I (we)
have the option of choosing (legal counsel / title company) to close my mortgage loan. I
(we) understand that said le al counsel shall represent the Broker/Lender at the closing.
X ) I (We) select: G `
Attorney / Title Company
( ) I (We) having been informed of this option and having no preference, I (We)
have reviewed the Broker / Lender's list of approved closing attorneys / title companies, I
(We) have selected:
Attorney / Title Company
( ) I (We) acknowledge that I (We) have been giving the opportunity to select an
attorney / title company to close my (our) mortgage loan. I (We) have no preference
regarding closing attorney / title company and choose not to select one.
Appl' t Date
Witness Date
Co -Applicant Date
Witness Date
rATIO2 5
sad.'. A Cumlum
First American Title Insurance Company
COMMITMENT
SCHEDULE A
Issued by: Professional Land Title Company of Arkansas
809 West 3rd
Little Rock, AR 72201
(501) 661-1701
Issuing Agent # IA20 Agents File No.111-039
Commitment No. 00 -BV 10449
Amount
TYPE OF POLICY: ALTA Owners Policy TBD
Effective Date of this commitment: April 8, 2005 at 8:00 a.m.
NAME OF PRESENT OWNER: Marjorie H. Niblock, surviving spouse of Walter Niblock
NAME OF PURCHASER: City of Fayetteville
LEGAL DESCRIPTION OF THE LAND REFERRED TO IN THIS COMMITMENT:
Lot Numbered Fifteen (15) In Block Twenty -Eight (28) as designated upon the original plat of the Town of
Fayetteville, Arkansas, now on file in the Office of the Circuit Clerk and Ex -Officio Recorder of Washington County,
Arkansas, except a strip of equal and uniform width of One (1) foot off the West side thereof.
April 12, 2005
Pro siona and Title Company of Arkansas
B
igning Agents
Sherry K Woosley 20-01
Michael P. Ragsdale, SA20-02
Brian A. Perry, SA20-03
Washington County
Property Address: 20 E. Mountain, Fayettevie, Ar 72701
First American Title Insurance Company
COMMITMENT FOR TITLE INSURANCE
a California corporation, herein called the Company, for a valuable consideration, hereby commits to issue its policy or
policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named Schedule A, as owner or mortgagee of
the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges
therefor, all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof.
This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy and policies
committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by
subsequent endorsement
This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations
hereunder. shall cease and terminate six months after the effective date hereof or when the policy or policies is not the fault of the
Company.
This Commitment shall not be valid or binding until countersigned below by the Validating Officer or Agent.
IN WITNESS WHEREOF, First American Title Insurance Company has caused its corporate name and seal bo be hereunto
affixed by its duly authorized officers on the date shown in Schedule A
First American Title Insurance Company
/S/Mark R. Arneson
Secretary
/S/ Parker S. Kennedy
President
CONDITIONS ANDSTIPULATIONS
1. The term mortgage, when used herein, shall include deed of u4st, trust deed, or other security instrument
2. If the proposed Insured has or acquires actual knowledge of a y defect, lien, encumbrance, adverse claim or other matter
affecting the estate or interest or mortgage thereon covered by his Commitment other than those shown in Schedule B
hereof, and shall fail to disclose such knowledge to the Comp4ny in writing, the Company shall be relieved from liability for
any loss or damage resulting from any act of reliance hereon t4 the extent the Company is prejudiced by failure to so disclose
such knowledge. If the proposed Insured shall disclose such 14iow1edge to the Company or if the Company otherwise
acquires actual knowledge of any such defect, lien, entomb , adverse claim or other matter, the Company at its option
may amend Schedule B of this Commitment accordingly, but 4zch amendment shall not relieve the Company from liability
previously incurred pursuant to Paragraph 3 of the Conditions nd stipulations.
3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included
under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance
hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in
Schedule B, or (c) to acquire or created the estate of interest or mortgage hereon covered by this Commitment In no event
shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is
subject to the insuring provisions and the Conditions and Stipulations, and the exclusions from coverage of the form of
policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a
part of this Commitment except as expressly modified herein.
4. Any action of actions or rights of action that the proposed Insured may have or may bring against the Company arising out of
the status of the title to the estate or interest to the starts of the mortgage thereon covered by this Commitment must be based
on and are subject to the provisions of this Commitment.
FATIL301-M
SOIEEU1E B. PMT' fCIMFNF
First American Title Insurance Company
COMMITMENT
SCHEDULE B -PART I
Agents File No. 111-039
Commitment No, 00 -BV 10449
.REQUIREMENTS
Showing defects and objections to be removed or eliminated; liens and encumbrances to be satisfied and discharged of record and
requirements to be complied with before policy of title insurance can be issued without exception thereto:
1. Proper documents creating the estate or interest to be insured must be executed and duly filed for record to wit:
Execution and recordation without intervening rights of a warranty deed by Marjorie H. Niblock, surviving spouse of Walter
Niblock conveying the property described in schedule "A" hereof to City of Fayetteville.
2. Full consideration for the interest or estate to be insured must be paid to or for the account of grantors or mortgagors.
3. Furnish satisfactory evidence that there are no outstanding mechanics' or materialmen's liens against the property (Attorney
should examine parties carefully, and attach owners' and contractors' affidavits where there has been construction during the
statutory period for liens.
4. Payment of all taxes, charges, assessments levied and assessed against subject property, which are due and payable.
5. Execution of an Owner' and Contractor's Final Affidavit, Owner's and Seller's Affidavit & Indemnity and Notice of Availability
of Owner's Title Insurance in all forms acceptable to the Company.
6. Payment of the premium and other foes and costs due the company.
7. This company will provide an ALTA 8.1 endorsement on the final policy.
FAT1O202-M
SCHEWIE & PART 11, CUMAarMrNr
First American Title Insurance Company
SCHEDULE B PART II
Agent File No.: 111-039
Commitment No.: 00 -By 10449
EXCEPTIONS
Part II Schedule B of the policy or policies to be issued will contain exceptions o the following matters unless the same are disposed of
the satisfaction of the Company:
1. Defects, liens, encumbrances, adverse claims or other matter, if any, created first appearing in the public records or attaching
subsequent to the effective date hereofbut prior to the date the proposed insured acquires for value of record the estate or interest
or mortgage thereon covered by this Commitment.
2. Rights or claims of parties in possession not shown by the public records.
3. Easements, or claims of easements, not shown by the public records.
4. Encroachments,overlaps, boundary line disputes, or other matters which would be disclosed by an accurate surveyor inspection
of the premises.
5. Any lien, or right to alien, for services, labor, or material heretofore or hereafter Famished, imposed bylaw and not shown by
the public records.
6. Any adverse claim to any portion of said land which has been created by artificial means or has accreted to any such portion so
created and riparian rights, if any.
7. Taxes or special assessments which are not shown as existing liens by public records.
8. Any prior reservation or conveyance, together with release of damages, of minerals of every kind and character, including, but
not limited to oil, gas, sand, and gravel in or on and under subject property.
9. General and special taxes for 2004 and subsequent years not yet due and payable.
10. Subject to all rights of ways, easements, building lines, covenants, or restrictions and all reservations of record or any other of
the same, that a physical inspection or survey might disclose.
11. Covenants or Restrictions other than city or county ordinances, but deleting any covenant, condition or restriction indicating a
preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the
extent such covenants, conditions or restrictions violate 42 USC 3604(c):
12. Reservations, restrictions, dedications, easements, right-of-wayand setbacklines as maybe shown on the platofsaid Fayetteville
Original, recorded in plat record Book 4 at Page 3.
Assessments, obligations, fees, reservations, restrictions, easements, dedications, rights -of -way, setback lines, covenants and
conditions, as contained in the Restrictive/Protective Covenants and/or Bill of Assurance of Fayetteville Original, if any.
TAX REPORT
PARCEL NUMBER: 765-01939-000 (General Taxes)
PROPERTY ADDRESS THIS TRANSACTION:
20 E. Mountain
(Street Address)
Fayetteville, AR 72701
(City) (State) (Zip)
LEGAL DESCRIPTION:
Lot Numbered Fifteen (15) in Block Twenty -Eight (28) as designated upon the original plat of the Town of
Fayetteville, Arkansas, now on file in the Office of the Circuit Clerk and Ex -Officio Recorder of Washington
County, Arkansas, except a strip of equal and uniform width of One (1) foot off the West side thereof.
GENERAL TAXES FOR THE YEAR:
2004 Real Property Taxes, which are now due and payable as follows:
Parcel Number: 765-01939-000
Amount Due: $3,218.54
Valuation: $62,062.00
Millage Rate: .05186
School District: Ol 1
Taxes are due March 1st of every year and delinquent if paid after October 10th
of every year.
SPECIAL ASSESSMENTS FOR THE YEAR: NONE
THIS PROPERTY IS EMBRACED WITHIN THE BOUNDS OF THE FOLLOWING SPECIAL
IMPROVEMENTS DISTRICTS:
ADDITIONAL ASSESSMENTS: NONE
BORROWER(S): City of Fayetteville
LENDER: Cash
DATE: April 12, 2005
PROFESSIONAL LAND TITLE COMPANY OF ARKANSAS
By:
Author z Agent
\iPRO LAND
T I T L E
n�•
-.
...__, ._
... _ ..
A. Settlement Statement U.S. Department of Housing -I r
and Urban Development OMB No. 2502-0265 of
B. Type of Loan
1.O FHA 2.O FmHA 3.®Conv. Unins.
4.O VA 5.D Cony. Ins.
6. File Number
111-039
7. Loan Number
8: Mortgage Insurance Case Numbery7
C. Note: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are shown. Items
marked "(p.o.c.)" were paid outside the closing; they are shown here for information purposes and are not included In the totals. 7n
D. Name and Address of Borrower
City of Fayetteville
Fayetteville, Ar 72701
E. Name and Address of Seller
Marjorie H. Niblock
P.O. Box 182
Fayetteville, Ar 72702
L
F. Name and Address of Lender N1 bl
CASH
G. Property Location
20 E. Mountain
Fayetteville, Ar 72701
H. Settlement Agent
Professional Land Title Company
Place of Settlement
2713 S.E. I St., Ste 7
Bentonville, AR 72712
I. Settlement Date
04/20/05
DD:
J. SUMMARY OF BORROWER'S TRANSACTION:
K. SUMMARY OF SELLER'S TRANSACTION:
100. GROSS AMOUNT DUE FROM BORROWER
400. GROSS AMOUNT DUE TO SELLER
101. Contract sales price
500,000.00
401. Contract sales price
500,000.00
102. Personal property402.
Personal property
103. Settlement charges to borrower (line 1400)
333.00
403.
104.
404.
105.
405.
Adjustments for Items paid by seller in advance
Adjustments for Items paid by seller In advance
106. CI /town taxes to
406. CI /town taxes to
107. County taxes to
407. County taxes to
108. Assessments to
408. Assessments to
109.
409.
110.
410.
111.
411.
112.
412.
120. GROSS AMOUNT DUE FROM BORROWER
500,333.00
420. GROSS AMOUNT DUE TO SELLER
500,000.00
200. AMOUNTS PAID BY OR IN BEHALF OF BORROWER
500. REDUCTIONS IN AMOUNT TO SELLER
201. Depositor earnest money
501. Excess Deposit (see instructions)
202. Principal amount of new loan(s)
502. Settlement charges to seller (line 1400)
1,372.75
203. Second Mortgage
503. Second Mortgage
204.
504. Payoff of first mortgage loan
205.
505. Payoff of second mortgage loan
206.
506.
207.
507.
208.
508.
209.
509.
Adjustments for Items unpaid by seller
Adjustments for Items unpaid by seller
210. City/town taxes 01/01 to 04/20
969.97
510. City/town taxes 01/01 to 04/20
969.97
211. County taxes to
511. County taxes to
212. Assessments to
512. Assessments to
213.
513.
214.
514.2004 RE Taxes #765-01939-000
3,218.54
215.
515.
216.
516.
217.
517.
218.
518.
219.
519.
220. TOTAL PAID BY! FOR BORROWER
969.97
520. TOTAL REDUCTION AMOUNT DUE SELLER
5,561.26
300. CASH AT SETTLEMENT FROM OR TO BORROWER
600. CASH AT SETTLEMENT TO OR FROM SELLER
301. Gross amount due from borrower (line 120
500,333.00
601. Gross amount due to seller (line 420
500,000.00
302. Less amounts paid by/for borrower (line 220
969.97
602. Less reduction amount due to seller line 520
5,561.26
303. CASH FROM BORROWER
499,363.03
603. CASH TO SELLER
494,438.74
RESPA, HB 4305.2 - REV. HUD1(3/86)
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT SETTLEMENT STATEMENT PAGE 2
L. SETTLEMENT CHARGES: File Number: 111-039
PAID FROM
BROROWER'S
FUNDS AT
SETTLEMENT
PAID FROM
SELLER'S
FUNDS AT
SETTLEMENT
700. TOTAL SALES/BROKER'S COMMISSION based on price $ =
Division of commission (line 700) as follows:
701.
$ to
702. $ to
703.
Commission paid at Settlement
704.
800.
ITEMS PAYABLE IN CONNECTION WITH LOAN
P.O.C.
801.
Loan Origination Fee
802.
Loan Discount %
803.
Appraisal Fee to
804.
Credit Report to
805.
Lenders Inspection Fee to
806.
Mtg. Ins. Application Fee to
807.
to
808.
809.
810.
811.
812.
813.
814.
815.
900.
ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE
901.
Interest from to $
/day
902.
Mortgage Insurance Premium to
903.
Hazard Insurance Premium yrs. to
904.
905.
1000.
RESERVES DEPOSITED WITH LENDER FOR
1001.
Hazard Insurance mo. $
/ mo.
1002.
Mortgage Insurance mo. $
/ mo.
1003.
City roe taxes mo. $
/ mo.
1004.
County ro erttaxes mo. @$
/ mo.
1005.
Annual Assessments mo. $
/ mo.
1006.
mo. $
/ mo.
1007.
mo. $
/ mo.
1008.
Aggregate Reserve for Hazard/Flood Ins, City/CountyCity/County Prop Taxes, Mortgage Ins & Annual Assessments
1100.
TITLE CHARGES
1101.
Settlement or dosing fee to Pro Land Title
200.00
200.00
1102.
Abstract or title search to Pro Land Title
125.00
125.00
1103.
Title examination to
1104.
Title Insurance binder to
1105.
Document preparation to
1106.
Notary fees to
1107.
Attorney's fees to
includes above item No:
1108.
Tide insurance to Pro Land Title
1,047.75
(includes above item No:
1109. Lenders coverage
1110. Owners coverage 500,000.00 - $1397.00 Less 25%
1111.
1112.
1113.
Release/Assignment Services Fee
1200.
GOVERNMENT RECORDING AND TRANSFER CHARGES
1201.
Recording fees Deed $ 8.00 ; Mortgage $ ;
Releases $
8.00
1202.
City/county/stamps Deed $ ; Mortgage $
1203.
State tax/stamps Deed $ ; Mortgage $
1204.
-
1205.
1300.
ADDITIONAL SETTLEMENT CHARGES
1301.
Survey to
1302.
Pest inspection to
1303.
1304.
1305.
1306.
1307.
1308.
1400.
TOTAL SETTLEMENT CHARGES (enter on lines 103 and 502, Sections J and
K)
333.00
1,372.75
RESPA, FIB 4305.2 - REV. HUD1(3/86)
File No: 111-039
HUD -1 CERTIFICATION
I have carefully reviewed the HUD -I Settlement Statement and to the best of my knowledge and belief, it
is a true and accurate statement of all receipts and disbursements made on my account or by me in this
transaction. I further certify that I have received a copy of the HUD -1 Settlement Statement.
SELLER'S AND/OR PURCHASER'S STATEMENT: Seller's and Purchaser's signature hereon
acknowledges his/their approval of tax prorations and signifies their understanding that prorations were based
on taxes for the proceeding year, or estimates for the current year, and in the event of any change for the
current year, all necessary adjustments must be made between Seller and Purchaser; likewise any default in
delinquent taxes will be reimbursed to Title Company by the Seller.
Title Company, in its capacity as Escrow Agent, is and has been authorized to deposit all funds it receives
in this transaction in any financial institution, whether affiliated or not. Such financial institution may
provide Title Company computer accounting and audit services directly or through a separate entity which,
if affiliated with Title Company, may charge the financial institution reasonable and proper compensation
therefore and retain any profits therefrom. Any escrow fees paid by any party involved in this transaction
shall only be for check writing and input to the computers, but not for aforesaid accounting and audit
services. Title Company shall not be liable for any interest or other charges on the earnest money and shall
be under no duty to invest or reinvest funds held by it at any time. Sellers and Purchasers hereby
acknowledge and consent to the deposit of the escrow money in financial institutions with which Title
Company has or may have other banking relationships and further consent to the retention by Title Company
and/or its affiliates of any and all benefits (including advantageous interest rates on loans) Title Company
and/or its affiliates may receive from such financial institutions by reason of their maintenance of said
escrow accounts.
The parties have read the above sentences, recognize that the recitations herein are material, agree to same
and recognize Title Company is relying on the same.
City of Fayetteville
Marjorie H. Niblock
BORROWERS SELLER
To the best of my knowledge the HUD -1 Settlement statement which I have prepared is a true and
accurate account of the funds which were received and have been or will be disbursed by the
undersigned as part of the settlement of this transaction.
Professional Land Title Company
By: Date: April 20, 2005
Settlement Agent
WARNING: It is a crime to knowingly make false statements to the United States on this or any
other similar form. Penalties upon conviction can include a fine and imprisonment. For detail see:
Title 18: U.S. Code Section 1001 and Section 1010.
File No: 111-039
"OWNER'S AFFIDAVIT"
AFFIDAVIT AND INDEMNITY AGREEMENT AS TO LEASES, CONTRACTS, FIXTURES,
ENCUMBRANCES, MECHANICS' LIENS, ETC.
STATE OF: ARKANSAS
COUNTY OF: Washington
Before me, the undersigned Notary Public in and for said County and State, personally appeared Marjorie H.
Niblock, known to me and being first duly sworn, deposes and says:
1. That he/she owns the real property in Washington County, Ar; known municipally or referenced as follows:
To wit: 20 E. Mountain, Fayetteville, Ar 72701
Lot 15 Exc. W 1 Ft. Blk 28 Fay. Original
2. That said owner is in possession of said property, and the following is a list of all tenants with rental terms:
NAME DATE FROM DATE TO
NONE
3. That all indebtedness due anyone for labor, materials, or service which might be liens on said property are
fully paid.
4. That no security interest under the Uniform Commercial Code has been perfected against the improvements.
5. That there are no judgments, pending litigation, executions or attachments in or from any court affecting said
property of said owner(s).
6. That no bankruptcy proceeding in any Federal Court has been filed against or by any owner of said property.
There is no outstanding contract of sale, conveyance or encumbrance affecting said property, except:
NONE
7. That all persons who have executed or will execute instruments conveying or encumbering said property are
at least 18 years old and are free from legal disability.
8. That the undersigned makes this statement for the express purposes of inducing:
FIRST AMERICAN TITLE INSURANCE CORPORATION
to insure title to said property to be free from adverse claims or liens not otherwise herein stated, and of
enabling said owner(s) to receive the consideration for sale, lease or mortgage of said property. Affiant
guarantees and warrants the statements of fact herein, which shall be construed as a continual contractual
obligation in favor of said companies.
9. That in consideration of the issuance of title insurance by said companies as aforesaid, the undersigned agrees
to indenmify and hold harmless the above indicated title insurance company against all loss or expense on
account of any matter or thing omitted from the foregoing factual statement, including expense of enforcing
this agreement.
10.That undersigned's United States Taxpayer Identification Number is
and my United States address is P.O. Box 182, Fayetteville, Ar 72702
11. That undersigned is not a "foreign person" as the term is defined in Section 1445 of the Internal Revenue
Code.
By: Marjorie H. Niblock
By:
Subscribed and sworn to before me this the 20th day of April, 2005.
Notary Public
My commission expires:
File No: 111-039
NOTICE AND WAIVER OF OWNER'S TITLE INSURANCE
TO: City of Fayetteville
DATE: April 20, 2005
BUYING PROPERTY IDENTIFIED AS: 20 E. Mountain
Fayetteville, Ar 72701
Pursuant to the Regulations of the Department of Commerce and Insurance of the State of Arkansas
notice is hereby given that MORTGAGEE'S TITLE INSURANCE policy is to be issued to your
mortgage lender, that such policy DOES NOT AFFORD TITLE INSURANCE PROTECTION TO YOU
IN THE EVENT OF A DEFECT OR CLAIM OF DEFECT IN TITLE TO THE REAL ESTATE
WHICH YOU ARE ACQUIRING (SUCH AS UNPAID BILLS FOR LABOR AND MATERIAL,
FORGERY, MISSING HEIRS OR TAX LIENS), and that an owner's title insurance policy in your favor
for the amount of your purchase price (or for the amount of your purchase price plus the cost of any
improvements which you anticipate making) may be purchased.
Departmental Regulations require that you sign the statement below if you do not wish to purchase
this protection.
This is to certify that we have received the foregoing notice and waive our right to purchase an owner's
title insurance policy for our protection. We acknowledge that
Professional Land Title Company and shall have no responsibility to us for the status of the title to the
real estate which we are acquiring.
DATE: April 20, 2005
City of Fayetteville
By:
CLOSER'S CERTIFICATE
As evidence of compliance with Departmental Rule 0780-1-12-.10, Department of Commerce
Insurance, State of Arkansas, I certify to the above title company that the foregoing NOTICE AND
WAIVER was read by the Mortgagor(s) in my presence and that the WAIVER was signed by the
Mortgagor(s) in my presence..
Professional Land Title Company
Closing Agent
Date: April 20, 2005
Re: 20 E. Mountain, Fayetteville, Ar 72701
I/We, the undersigned, do hereby state that I/we understand that the taxes for the year 2004 are due
in March 2005, are not yet payable and the amount collected at closing has not been certified by the
Tax Collector. Therefore, should the amount increase I/we will be responsible for reimbursing the
buyer of any shortages, within 10 calendar days of notification Should the amount decrease Uwe will
be responsible for refunding the seller the difference within 10 calender days of notification.
Signed and sealed this day of
City of Fayetteville
State of Arkansas
County of
SIGNED AND SWORN before me this day of
My Commission Expires:
2005.
Marjorie H. Niblock
2005.
Notary Public
DATA SHEET REAL ESTATE 1099-S
THIS FORM MUST BE FILLED OUT BY THE TRANSFEROR/SELLOR
THE INFORMATION CONTAINED ON THIS FORM IS IMPORTANTTAX INFORMATION AND IS BEING
FURNISHED TO THE INTERNAL REVENUE SERVICE
As the Transferor/Seller YOU are required by law to provide your correct taxpayer identification number.
If your correct taxpayer identification number is not provided, you maybe subject to civil or criminal penalties imposed
by law.
Under penalties of perjury, I certify that the Taxpayer Identification Number shown on this statement is the correct
Taxpayer Identification Number. Also, I understand that IT IS THE RESPONSIBILITY of the Transferor/Seller to
report any and all proceeds received from this sale.
Marjorie H. Niblock
SS# or Tax ID
SS# or Tax ID
Only one Form 1099 is required if the transferor is husband and wife or a partnership.
FOR MULTIPLE TRANSFERORS: A SEPARATE FORM 1099-S MUST BE COMPLETED
FOR EACH TRANSFEROR RECEIVING PROCEEDS FROM SALE OF REAL ESTATE
***************************************************************************
In order to insure filing, it is extremely important that you provide us with the following information.
If incorrect information is provided Professional Land Title Company of Arkansas, Inc. is
responsible for the misfiling of this report.
PLEASE PRINT:
TRANSFEROR NAME 1: Marjorie H. Niblock
TRANSFEROR NAME 2:
ADDRESS WHERE YOU WISH FOR 1099 TO BE MAILED:
Street:
City:
PLEASE CONSULT YOUR CPA FOR INFORMATION REGARDING THE FILING OF THIS REAL ESTATE
SALE TO IRS.
******************************************************************************
DO NOT FILL OUT THIS SECTION
Description of Property: 20 E. Mountain
Property Address of 20 E. Mountain, Fayetteville, Arkansas 72701
Contract Sales Price: $500,000.00 Net proceeds:
Closing Date: April 20, 2005
Date: April 20, 2005Fi1e No.
CLOSING AGENT INFORMATION (to be completed by closing agent)
Professional Land Title Company of AR, Inc.
809 West 3rd Street
Little Rock, Arkansas 72201
(501)661-1701
Agents File No. 111-039
EXHIBIT A -
LEGAL DESCRIPTION
Lot Numbered Fifteen (15) in Block Twenty -Eight (28) as designated upon the original plat of the
Town of Fayetteville, Arkansas, now on file in the Office of the Circuit Clerk and Ex -Officio
Recorder of Washington County, Arkansas, except a strip of equal and uniform width of One (1)
foot off the West side thereof.
CHOICE OF ATTORNEY
(Broker / Lender) has informed me (us) that I (we)
have the option of choosing (legal counsel / title company) to close my mortgage loan. I
(we) understand that said legal counsel shall represent the Broker/Lender at the closing.
(� ) I (We) select:
Attorney / Title Company
( ) I (We) having been informed of this option and having no preference, I (We)
have reviewed the Broker / Lender's list of approved closing attorneys / title companies, I
(We) have selected:
Attorney / Title Company
( ) I (We) acknowledge that I (We) have been giving the opportunity to select an
attorney / title company to close my (our) mortgage loan. I (We) have no preference
regarding closing attorney / title company and choose not to select one.
Applicant
Witness
Date
Date
Co -Applicant Date
Witness Date
FATIC.205
Schedule A, Commitment
First American Title Insurance Company
COMMITMENT
SCHEDULE A
Issued by: Professional Land Title Company of Arkansas
809 West 3rd
Little Rock, AR 72201
(501) 661-1701
Issuing Agent # IA20
TYPE OF POLICY: ALTA Owners Policy
Effective Date of this commitment: April 8, 2005 at 8:00 a.m.
NAME OF PRESENT OWNER: Marjorie H. Niblock, surviving spouse of Walter Niblock
NAME OF PURCHASER: City of Fayetteville
LEGAL DESCRIPTION OF THE LAND REFERRED TO IN THIS COMMITMENT:
Agents File No.111-039
Commitment No. 00 -BV 10449
Amount
TBD
Lot Numbered Fifteen (15) in Block Twenty -Eight (28) as designated upon the original plat of the Town of
Fayetteville, Arkansas, now on file in the Office of the Circuit Clerk and Ex -Officio Recorder of Washington County,
Arkansas, except a strip of equal and uniform width of One (1) foot off the West side thereof.
April 12, 2005
Pro siona �.,Land Title Company of Arkansas
s,7 0c11�
`Signing Agents
Sherry K Woosley, A20-01
Michael P. Ragsdale, SA20-02
Brian A. Perry, SA20-03
Washington County
Property Address: 20 E. Mountain, Fayetteville, Ar 72701
First American Title Insurance Company
COMMITMENT FOR TITLE INSURANCE
a California corporation, herein called the Company, for a valuable consideration, hereby commits to issue its policy or
policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named Schedule A, as owner or mortgagee of
the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges
therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof.
This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy and policies
committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by
subsequent endorsement.
This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations
hereunder shall cease and terminate six months after the effective date hereof or when the policy or policies is not the fault of the
Company.
This Commitment shall not be valid or binding until countersigned below by the Validating Officer or Agent.
IN WITNESS WHEREOF, First American Title Insurance Company has caused its corporate name and seal bo be hereunto
affixed by its duly authorized officers on the date shown in Schedule A
First American Title Insurance Company
/S/Mark R. Ameson /S/ Parker S. Kennedy
Secretary President
CONDITIONS AND STIPULATIONS
1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument.
2. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter
affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B
hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for
any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose
such knowledge. If the proposed Insured shall disclose such knowledge to the Company or if the Company otherwise
acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option
may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability
previously incurred pursuant to Paragraph 3 of the Conditions and stipulations.
3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included
under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance
hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in
Schedule B, or (c) to acquire or created the estate of interest or mortgage hereon covered by this Commitment. In no event
shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is
subject to the insuring provisions and the Conditions and Stipulations, and the exclusions from coverage of the form of
policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a
part of this Commitment except as expressly modified herein.
4. Any action of actions or rights of action that the proposed Insured may have or may bring against the Company arising out of
the status of the title to the estate or interest to the status of the mortgage thereon covered by this Commitment must be based
on and are subject to the provisions of this Commitment.
FATIC-201.M
SCHEDULE B, PARTI COMMITMENT
First American Title Insurance Company
COMMITMENT
SCHEDULE B -PART I
Agents File No. 111-039
Commitment No. 00 -By 10449
REQUIREMENTS
Showing defects and objections to be removed or eliminated; liens and encumbrances to be satisfied and discharged of record and
requirements to be complied with before policy of title insurance can be issued without exception thereto:
1. Proper documents creating the estate or interest to be insured must be executed and duly filed for record to wit:
Execution and recordation without intervening rights of a warranty deed by Marjorie H. Niblock, surviving spouse of Walter
Niblock conveying the property described in schedule "A" hereof to City of Fayetteville.
2. Full consideration for the interest or estate to be insured must be paid to or for the account of grantors or mortgagors.
3. Furnish satisfactory evidence that there are no outstanding mechanics' or materialmen's liens against the property (Attorney
should examine parties carefully, and attach owners' and contractorsaffidavits where there has been construction during the
statutory period for liens.
4. Payment of all taxes, charges, assessments levied and assessed against subject property, which are due and payable.
5. Execution of an Owner' and Contractor's Final Affidavit, Owner's and Seller's Affidavit & Indemnity and Notice of Availability
of Owner's Title Insurance in all forms acceptable to the Company.
6. Payment of the premium and other fees and costs due the company.
7. This company will provide an ALTA 8.1 endorsement on the final policy.
FATIC-202-M
SCHEDULE B. PART II, COMMITMENT
First American Title Insurance Company
COMMITMENT
SCHEDULE B PART II
Agent File No.: 111-039
Commitment No.: 00 -BV 10449
Part If Schedule B of the policy or policies to be issued will con in exceptions to the following matters unless the same are disposed of
the satisfaction of the Company:
I. Defects, liens, encumbrances, adverse claims or other matter, if any, created first appearing in the public records or attaching
subsequent to the effective date hereof but prior to the date the proposed insured acquires for value of record the estate or interest
or mortgage thereon covered by this Commitment.
2. Rights or claims of parties in possession not shown by the public records.
3. Easements, or claims of easements, not shown by the �.iblic records.
4. Encroachments, overlaps, boundary line disputes, or oth r matters which would be disclosed by an accurate surveyor inspection
of the premises.
5. Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed bylaw and not shown by
the public records.
6. Any adverse claim to any portion of said land which has been created by artificial means or has accreted to any such portion so
created and riparian rights, if any.
7. Taxes or special assessments which are not shown as existing liens by public records.
8. Any prior reservation or conveyance, together with release of damages, of minerals of every kind and character, including, but
not limited to oil, gas, sand, and gravel in or on and under subject property.
9. General and special taxes for 2004 and subsequent years not yet due and payable.
10. Subject to all rights of ways, easements, building lines, covenants, or restrictions and all reservations of record or any other of
the same, that a physical inspection or survey might disclose.
I I . Covenants or Restrictions other than city or county ordinances, but deleting any covenant, condition or restriction indicating a
preference, limitation or discrimination based on race, color, religion, sex, handicap, familial status, or national origin to the
extent such covenants, conditions or restrictions violate 42 USC 3604(c):
12. Reservations,restrictions, dedications, easements, right-of-wayandsetback lines as maybe shown on the plat of said Fayetteville
Original, recorded in plat record Book 4 at Page 3.
Assessments, obligations, fees, reservations, restrictions, easements, dedications, rights -of -way, setback lines, covenants and
conditions, as contained in the Restrictive/Protective Covenants and/or Bill of Assurance of Fayetteville Original, if any.
TAX REPORT
PARCEL NUMBER: 765-01939-000 (General Taxes)
PROPERTY ADDRESS THIS TRANSACTION:
20 E. Mountain
(Street Address)
Fayetteville, AR 72701
(City) (State) (Zip)
LEGAL DESCRIPTION:
Lot Numbered Fifteen (15) in Block Twenty -Eight (28) as designated upon the original plat of the Town of
Fayetteville, Arkansas, now on file in the Office of the Circuit Clerk and Ex -Officio Recorder of Washington
County, Arkansas, except a strip of equal and uniform width of One (1) foot off the West side thereof.
GENERAL TAXES FOR THE YEAR:
2004 Real Property Taxes, which are now due and payable as follows:
Parcel Number: 765-01939-000
Amount Due: $3,218.54
Valuation: $62,062.00
Millage Rate: .05186
School District: 011
Taxes are due March 1st of every year and delinquent if paid after October 10th
of every year.
SPECIAL ASSESSMENTS FOR THE YEAR: NONE
THIS PROPERTY IS EMBRACED WITHIN THE BOUNDS OF THE FOLLOWING SPECIAL
IMPROVEMENTS DISTRICTS:
ADDITIONAL ASSESSMENTS: NONE
BORROWER(S): City of Fayetteville
LENDER: Cash
DATE: April 12, 2005
PROFESSIONAL LAND TITLE COMPANY OF ARKANSAS
By:
Autho z Agent