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HomeMy WebLinkAbout185-05 RESOLUTION• RESOLUTION NO. 185-05 A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND C & C SERVICES, LLC FOR THE SALE OF PARCEL 11W IN THE FAYETTEVILLE INDUSTRIAL PARK FOR $132,000.00; AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE SAID AGREEMENT. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council of the City of Fayetteville, Arkansas hereby approves an Offer and Acceptance contract between the City of Fayetteville and C & C Services, LLC for the sale of parcel 11W in the Fayetteville Industrial Park for $132,000.00. A copy of the contract is attached hereto marked Exhibit "A" and made a part hereof. Section 2. That the City Council of the City of Fayetteville, Arkansas hereby authorizes the Mayor and City Clerk to execute said agreement with C & C Services, LLC. PASSED and APPROVED this 20th day of September, 2005. ``� €119).R ,,,. rhaG.•blY 01c', ,. . S.'U• •'133 E :FAYETTEVILLE: 5. . - ye'.•90NS:•,)• ATTEST e,''.., GTON co,',,, ,uuwmua• By: aasciI1�Ma. SONDRA SMITH, City Clerk APPROVED: B age/ AN COO Y, Mayor r • • OFFER AND ACCEPTANCE CONTRACT C&C Services. LLC offers to buy, subject to the terms and conditions set forth herein, the following described property: SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION Purchase Price: Subject to the following conditions, C&C Services, LLC shall pay for the property at closing, the total and cash payment of $ 132,000.00 . Contingent Earnest Money Deposit: C&C Services. LLC herewith tenders a check for 51,000.00 to the City of Fayetteville, as earnest money, which shall apply on the purchase price. This offer of purchase is contingent upon approval of the City Council of the City of Fayetteville, Arkansas, and, if they do not so approve, the earnest money deposit will be returned to C&C Services LLC by the City of Fayetteville. If title requirements are not fulfilled or the City of Fayetteville fails to fulfill any obligations under this contract, the earnest money shall be promptly refunded to C&C Services, LLC . If C&C Services, LLC fails to fulfill their obligations under this contract or, after all conditions have been met, C&C Services. LLC fails to close this transaction, the earnest money may, at the option of the City of Fayetteville, become liquidated damages to the City of Fayetteville. Conveyance will be made to C&C Services, LLC by general Warranty Deed, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the property. Such conveyance shall include mineral rights owned by the City of Fayetteville. The City of Fayetteville shall furnish a policy of title insurance in the amount of the purchase price from a title insurance company as selected by the City of Fayetteville. C&C Services. LLC and the City of Fayetteville shall share equally in the cost of the title insurance. The City of Fayetteville agrees to allow C&C Services, LLC if C&C Services LLC so desires, at C&C Services, LLC 's expense, to survey the property. The City of Fayetteville agrees to cure any title problems which may result from any differences between the recorded legal descriptions of the property and the survey description. Said title problems, if any, must be solved prior to closing to the satisfaction of the City of Fayetteville. Taxes and special assessments due on or before closing shall be paid by the City of Fayetteville. Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be prorated as of closing. 8. The closing date shall be within ninety (90) days after approval of this offer by the City Council. If such date of closing falls on a weekend or holiday, it will be held the following working day. 9. Possession of the property shall be delivered to C&C Services, LLC on the date of closing. 10. The City of Fayetteville hereby grant(s) permission for C&C Services. LLC or their designates to enter the above described property and improvements for the purpose of inspection and/or surveying. 11. All fixtures improvements and attached equipment are included in the purchase price 12. Risk of loss or damage to the property by fire or other casualty occurring up to the time of closing is assumed by the City of Fayetteville. 13. The City of Fayetteville shall disclose to C&C Services. LLC any and all environmental hazards of which the City of Fayetteville has actual knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance C&C Services, LLC and the City of Fayetteville shall share equally the costs of any and all testing for the existence of environmental hazards. Should the existence of environmental hazards be known or determined, the City of Fayetteville shall cure such, at their expense; or, in the alternative, at C&C Services. LLC 's discretion C&C Services, LLC may cure such environmental hazard, and the City of Fayetteville shall indemnify C&C Services LLC for all costs associated with said cure. • • OFFER AND ACCEPTANCE CONTRACT Page 2 of 4 14. This agreement shall be governed by the laws of the State of Arkansas 15. This agreement, when executed by both C&C Services, LLC and the City of Fayetteville shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede all price or contemporaneous agreements, representations and understanding with respect to such matters, and no oral representations or statements shall be considered a part hereof. 16. This contract expires if not accepted by the City of Fayetteville on or before the 2nd day of November 2005. 17. The City of Fayetteville shall submit this fully executed Offer and Acceptance Contract to the City Council for their approval within Thirty (30 ) days of acceptance by the City of Fayetteville. 18. It is expressly understood by the parties that the price established by the City Council is a reduced price to create valuable manufacturing jobs in the Fayetteville Industrial Park and that the sale of the property may not be for speculation or resale. Should C&C Services, LLC wish to sell the property before the project proposed to the City of Fayetteville is constructed, the City of Fayetteville shall have the right to purchase the property at the same price less all of its costs including any infrastructure built by the City to accommodate the project for which it was sold to C&C Services LLC. 19. NOTICE: THE C&C Services, LLC AND THE CITY OF FAYETTEVILLE ASSERTS HEREBY ACKNOWLEDGES THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF THE COUNCIL TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO THE C&C Services, LLC OF THE $ 1,000.00 EARNEST MONEY DEPOSIT. AGENT OR WITNESS: 02e1weiP City of Fayetteville, Arkansas, A municipal c• poration 4d Dan Coody, Mayor Sondra Smith, City Clerk Date: /3J/cm— Date: 8/.3I/03- Date: 1-- 3 / -o s Date: 91027 02 7 / U`S %%%%% 1K/TR '%.,� Date: 9/4765 .tAkC)0 Cr 019 s :76. •CS E;FAYETTEVILLE; E 9JyN!�ANSG�\ 4. • • OFFER AND ACCEPTANCE CONTRACT Page 3 of 4 EXHIBIT "A" PROPERTY DESCRIPTION That property described as Lot 11W containing 6.6 acres plus or minus of the Fayetteville Industrial Park located in 22-16-30 Washington County, Arkansas, the Northwest Corner of which is located 792.75 feet South of the Southwest Corner of the former Arkansas and Missouri Railroad 100' Right of Way as it intersects with Morningside Drive and as documented on the Final Plat, Fayetteville Industrial Park -West dated July, 1987. SIGNED FOR IDENTIFICATION: lAaa faeelevel, Dan Goody, Mayor (.14: i.:. Sondra , City Clerk SG', .U• •'13t FAYETTEVILLE . RKANSPOJ÷, �.; �'A/TO GN GN`•‘` "uuuuuui. Date Date: Date: Date: 5/31)03 gfr7/os- 7/ 7/05 • • OFFER AND ACCEPTANCE CONTRACT Page 4 of 4 ACKNOWLEDGMENT STATE OF ARKANSAS ss. COUNTY OF WASHINGTON BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting N to Public within and for said County and State, personally appeared fb5, to me well known as the person( rson s who exee,,ute�1 t joie of oc en and•who stated and k e gged that he/she/they is/are- , C.r0ly Ctai.k 1 C( I tUt C'Qdu) of Si It and is/are duly authorized to execute alb foregoing instrument for and in the name and behalf of sai s.e-1 Ve i , and further stated and acknowledged that he/she/they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. WITNESS - hand and seal on thisS+,-. of A k_ -- 2005. Pub lc MY COMMISSION EXPIRES:/ SI! ZOO !" STATE OF ARKANSAS COUNTY OF WASHINGTON ACKNOWLEDGMENT SS. BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Dan Coody and Sondra Smith, to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Mayor and City Clerk of the City of Fayetteville, Arkansas, a municipal corporation, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. WITNESS my hand and seal on this&7 /h day of nilyr' 2005. MY COMMISSION EXPIRES: /Y1, 08, dU/D Notary Public p� nnrrhry,'f.. ' �.�`�"�RK/TR oe ; k-ac•G\T Y p • SG'p f. �cj • •/3 ;FAYETTEVILLE: • %,51:4-17/CANS.' 4.' °;/'GTON �J�. "nuuwou" • • OFFER AND ACCEPTANCE CONTRACT C&C Services, LLC offers to buy, subject to the terms and conditions set forth herein, the following described property: SEE ATTACHED EXHIBIT "A" FOR PROPERTY DESCRIPTION Purchase Price: Subject to the following conditions C&C Services, LLC shall pay for the property at closing, the total and cash payment of $ 132,000.00 . Contingent Earnest Money Deposit: C&C Services LLC herewith tenders a check for $1,000.00 to the City of Fayetteville, as earnest money, which shall apply on the purchase price. This offer of purchase is contingent upon approval of the City Council of the City of Fayetteville, Arkansas, and, if they do not so approve, the earnest money deposit will be returned to C&C Services, LLC by the City of Fayetteville. If title requirements are not fulfilled or the City of Fayetteville fails to fulfill any obligations under this contract, the earnest money shall be promptly refunded to C&C Services, LLC . If C&C Services, LLC fails to fulfill their obligations under this contract or, after all conditions have been met, C&C Services LLC fails to close this transaction, the earnest money may, at the option of the City of Fayetteville, become liquidated damages to the City of Fayetteville. Conveyance will be made to C&C Services, LLC by general Warranty Deed, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of the property. Such conveyance shall include mineral rights owned by the City of Fayetteville. The City of Fayetteville shall furnish a policy of title insurance in the amount of the purchase price from a title insurance company as selected by the City of Fayetteville. C&C Services, LLC and the City of Fayetteville shall share equally in the cost of the title insurance. The City of Fayetteville agrees to allow C&C Services, LLC if C&C Services, LLC so desires, at C&C Services, LLC 's expense, to survey the property. The City of Fayetteville agrees to cure any title problems which may result from any differences between the recorded legal descriptions of the property and the survey description. Said title problems, if any, must be solved prior to closing to the satisfaction of the City of Fayetteville. Taxes and special assessments due on or before closing shall be paid by the City of Fayetteville. Insurance, general taxes, ad valorem taxes, special assessments and rental payments shall be prorated as of closing. 8. The closing date shall be within ninety (90) days after approval of this offer by the City Council. If such date of closing falls on a weekend or holiday, it will be held the following working day. 9. Possession of the property shall be delivered to C&C Services, LLC on the date of closing. 10. The City of Fayetteville hereby grant(s) permission for C&C Services, LLC or their designates to enter the above described property and improvements for the purpose of inspection and/or surveying. 11. All fixtures, improvements and attached equipment are included in the purchase price. 12. Risk of loss or damage to the property by fire or other casualty occurring up to the time of closing is assumed by the City of Fayetteville. 13. The City of Fayetteville shall disclose to C&C Services, LLC any and all environmental hazards of which the City of Fayetteville has actual knowledge. Upon acceptance of all conditions and terms of this Offer and Acceptance C&C Services, LLC and the City of Fayetteville shall share equally the costs of any and all testing for the existence of environmental hazards. Should the existence of environmental hazards be known or determined, the City of Fayetteville shall cure such, at their expense; or, in the alternative, at C&C Services, LLC 's discretion C&C Services, LLC may cure such environmental hazard and the City of Fayetteville shall indemnify C&C Services LLC for all costs associated with said cure. • • OFFER AND ACCEPTANCE CONTRACT Page 2 of 4 14. This agreement shall be governed by the laws of the State of Arkansas 15. This agreement, when executed by both C&C Services, LLC and the City of Fayetteville shall contain the entire understanding and agreement of the parties with respect to the matters referred to herein and shall supersede all price or contemporaneous agreements, representations and understanding with respect to such matters, and no oral representations or statements shall be considered a part hereof. 16. This contract expires, if not accepted by the City of Fayetteville on or before the 2nd day of November 2005. 17. The City of Fayetteville shall submit this fully executed Offer and Acceptance Contract to the City Council for their approval within Thirty (30) days of acceptance by the City of Fayetteville. 18. 11 is expressly understood by the parties that the price established by the City Council is a reduced price to create valuable manufacturing jobs in the Fayetteville Industrial Park and that the sale of the property may not be for speculation or resale. Should C&C Services. LLC wish to sell the property before the protect proposed to the City of Fayetteville is constructed, the City of Fayetteville shall have the right to purchase the property at the same price less all of its costs including any infrastructure built by the City to accommodate the project for which it was sold to C&C Services, LLC. 19. NOTICE: THE C&C Services, LLC AND THE CITY OF FAYETTEVILLE ASSERTS HEREBY ACKNOWLEDGES THAT THIS OFFER IS EXPRESSLY CONTINGENT UPON THE APPROVAL OF THIS OFFER OF PURCHASE BY THE CITY COUNCIL OF FAYETTEVILLE AND THAT THE FAILURE OF THE COUNCIL TO SO APPROVE WILL MAKE ALL PORTIONS OF THIS OFFER NULL AND VOID, INCLUDING, BUT NOT LIMITED TO, THE RETURN TO THE C&C Services, LLC OF THE $ 1,000.00 EARNEST MONEY DEPOSIT. AGENT7OR WITNESS: o %ut , City of Fayetteville, Arkansas A municipal c. poration Dan Goody, Mayor Sondra mith, City Clerk Date: a/VX Date: 1/. VO .� Date: 21--3/-0C Date: ``''''''nWrR('''''' Date: 'O» .4) S ', (j• •A% ;FAYETTEVILLE: 'o ''y/�'GTON CO‘‘. "au "nruta''o / /017 MOS 9/c7/65 • • OFFER AND ACCEPTANCE CONTRACT Page3of4 EXHIBIT "A" PROPERTY DESCRIPTION That property described as Lot 11W containing 6.6 acres plus or minus of the Fayetteville Industrial Park located in 22-16-30 Washington County, Arkansas, the Northwest Corner of which is located 792.75 feet South of the Southwest Comer of the former Arkansas and Missouri Railroad 100' Right of Way as it intersects with Morningside Drive and as documented on the Final Plat, Fayetteville Industrial Park -West dated July, 1987. SIGNED FOR IDENTIFICATION: effigaci/Selimito Dan Coody, Mayor OAS ?IL <-_ Sondra , City Clerk Date: 11�✓A Date: 5/31%03 Date: % fr 7/5- Date: • • OFFER AND ACCEPTANCE CONTRACT Page 4 of 4 STATE OF ARKANSAS COUNTY OF WASHINGTON ACKNOWLEDGMENT SS. I ,`ppunrrn,� *•C?,* C �: •• e as e •r NOT' ny, 'Pea.: as •f1 • =�•; 4e • - H; V)ma ✓ > a Z. S LP �;P PUBL\G �: ;)Z �y 'g0 oC,''J J ��0yCT: en P. at, P' C $. 6. ��%icnon 11111%%%%%%` BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting N la__Public within and for said County and State, personally appeared jf bS to me well known as the person(s) who execute tre gregoing ocy(nen{, anreil tho stated and kn rt that he/she/they is/are4S adaaity CI,Q. 1 C.t"'s'e cani , of nit 1t and is/are duly authorized to execute the foregoing instrument for and in the name and behalf of sal SalVeS , and further stated and acknowledged that he/she/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 this3t s}day of Aisk.-C4-- 2005. MY COMMISSION EXPIRES: c., 2 Zoo {o Pub is ACKNOWLEDGMENT STATE OF ARKANSAS SS. COUNTY OF WASHINGTON BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public within and for said County and State, personally appeared Dan Coody and Sondra Smith, to me well known as the persons who executed the foregoing document, and who stated and acknowledged that they are the Mayor and City Clerk of the City of Fayetteville, Arkansas, a municipal corporation, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. WITNESS my hand and seal on this471/1 day of %len&r 2005. MY COMMISSION EXPIRES: fza2, o4 ao/o Notary Public oaf IIIPIf4r .c,� 1JK/TR��oo,% • <I': ; FAYETTEVILLE' Ray M. Boudreaux Submitted By • City of Fayetteville Staff Review Form City Council Agenda Items or Contracts 9/20/2005 City Council Meeting Date • Aviation & Economic Dvelopment General Government Division Action Required: Department Action Required: Approve an Offer and Acceptance Contract with C & C Services LLC, Contact: Claudette Cardwell, PO Box 3153, Fayetteville, AR, 72702, phone: 479-443-5409, Cardwell41@aol.com, to purchase from the City, Parcel 11W in the South Industrial Park. REVENUE 132,000.00 Cost of this request 1010.0001.4881.02 Account Number NA Project Number Budgeted Item 20,298.00 Contrib Program Category / Project Name 50,606.00 General Fund Revenue Funds Used to Date Program / Project Category Name (30,308.00) Remaining Balance Budget Adjustment Attached General Fund Name Department Date -)01°.lA/ City Attorn D to /Vac Finance nd Internal Director bate di Date Mayor Comments: Previous Ordinance or Resolution # Original Contract Date: Original Contract Number: 09-01-05P05:27 RCVD • • City Council Meeting of: September 20, 2005 Agenda Item Number. CITY COUNCIL AGENDA MEMO TO: Mayor THRU: StafUContract Review Committee FROM: Ray M. Boudreaux, Director, Aviation and Econo4ic Development DATE: August 29, 2005 SUBJECT: Approve Offer and Acceptance Contract for the kurchase of Parcel 11W in the Fayetteville Industrial Park for $132,000.00 by C & C Services, LLC. RECOMMENDATION: Approve contract for the sale of Parcel 11W in the Fayetteville Industrial Park to C & C Services, LLC for a total price of $132,000.00. BACKGROUND: JS Candy Clark, President and Claudette Cardwell, CFO, owners and operators of C & C Services LLC of Fayetteville have applied to purchase lot 11W of the Fayetteville Industrial Park containing approximately 6.6 acres for the listed price of $20,000.00 per acre. C & C is an industrial and commercial cleaning business currently located in a leased property on South School St. The building is too small and with the new site they plan to construct a new facility and expand. They currently employ 48. They plan to invest approximately $1,000,000.00 in the property. DISCUSSION: The parcel is located on Morningside Drive, South of the City Water and Sewer Department property and North of the Salmon and Sons Trucking Company property. BUDGET IMPACT: The proceeds will go into the economic development fund. Attachments: Staff Review form Offer and Acceptance Aviation and Economic Development Department Fayetteville Municipal Airport. Drake Fick' 4500 South School Avenue. Suite F Fayetteville. Arkansas 72701 Ray M. Boudreaux. Director • • RESOLUTION NO. A RESOLUTION APPROVING AN OFFER AND ACCEPTANCE CONTRACT BETWEEN THE CITY OF FAYETTEVILLE AND C & C SERVICES, LLC FOR THE SALE OF PARCEL 11W IN THE FAYETTEVILLE INDUSTRIAL PARK FOR $132,000.00; AND AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE SAID AGREEMENT. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1. That the City Council of the City of Fayetteville, Arkansas hereby approves an Offer and Acceptance contract between the City of Fayetteville and C & C Services, LLC for the sale of parcel 11W in the Fayetteville Industrial Park for $132,000.00. A copy of the contract is attached hereto marked Exhibit "A" and made a part hereof. Section 2. That the City Council of the City of Fayetteville, Arkansas hereby authorizes the Mayor and City Clerk to execute said agreement with C & C Services, LLC. PASSED and APPROVED this 20th day of September, 2005. ( 1 APPROVEr 1r s � By: I DAN OD� By EST: \re•.°.° i J ONDRA S ITH,,City Cpk C2 , Mayor N, • N87°I8413"W N87°1 811-W 1 N87°17'12"W 795.88 IPW Lot 11 6.58+/- Ac City Iopr,rty General Fund IPW Lot 14 Adj. 29.09 41- Ac City Property General Fund r- 0 N NW NW -Sky S87'270041 S8 7°22'54"E S87°22'54,1 S86°5817"E Title: Properties Transferred to Water—Sewer Fund Scale: 1 inch = 400 feet File: IP WLnd-to-WS.Sur..des Date: 03-18-2004 Clarice Pearman -Res. 184-05, 185-05, ' -05 & 187-05 Page 1 . From: Clarice Pearman To: Boudreaux, Ray Subject: Res. 184-05, 185-05, 186-05 & 187-05 Ray, Attached are resolutions passed by the City Council, September 20, 2005 regarding Offer and Acceptance Agreements for property in the Industrial Park. Also attached is a copy of said agreement. Thanks. CC: Deaton, Vicki A. U.S. DEPARTMENT OF HOUSING AND URBA ELOPMENT SETTLEMENT STATEMEN Q OMB No. 2502-0265 B. 111I OF LOAN 1. ❑ FHA 2. ❑ FNMA 3. ❑ CONV. UNINS. 4. ❑ VA 5. ❑ CONY. INS. 6. FILE NUMBER: 7. LOAN NUMBER: FATIC-16747.05 8. MORTGAGE INS. CASE NO' C. NOTE: This form is furnished to give you a statement of actual settlement costs. Amounts paid to and by the settlement agent are dawn. Items marked '(p.o.el' were paid outside the closing; they are shown here for information, purposes and are not included in the totals. D. NAME & ADDRESS C Quad Development, LLC, a limited liability company OF BORROWER: P.O. Box 3153, Fayetteville, AR 72702 E. NAME & ADDRESS The City of Fayetteville, Arkansas, a municipal corporation OF SELLER: F. NAME & ADDRESS ANB Financial, N. A. OF LENDER: P. 0. Box 699, Bentonville, AR 72712 G. PROPERTY LOCATION: Morningside Drive, Fayetteville, AR 72701 H. SETTLEMENT AGENT: Bronson Abstract Co., Inc. PLACE OF SETTLEMENT: 3810 Front Street, Suite 5, Fayetteville, AR 72703 (479) 442-2700 I. SETTLEMENT DATE: 12/06/2005 J. Summary of Borrower's Transaction - DISBURSEMENT DATE: 12/06/2005 K. Summary of Seller's Transaction 100. Gross Amount Due From Borrower: 400. Gross Amount Due To Seller: 101. Contract sales price 132,000.00 401. Contract sales price 132 000.00 102. Personal property 402. Personal property 103. Senlenitent charges to Deflower: (line 1400) 5,572.70 403. 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 taxa to 107. County taxes to 407. County taxes to 108. Assessments to 408. Assessments to 109. 409. 110. 410. 111. 411. 112. 412. 113. 413. 114. 414. 115. 415. 116. 416. 120. Gross Amount Due From Borrower: 137,572.70 420. Gross Amount Due To Seller: 132,000.00 200. Amounts Pald By Or In Behalf Of Borrower: 500. Reductions In Amount Due To Seller: 201. Deposit or earnest money 1,000.00 501. Excess deposit (see instructions) 202. Principal amount of new loan(s) 109,706.90 502. Settlement charges to seller (line 1400) 744.80 203. Existing loan(s) taken subject to 503. Existing loan(s) taken subject to 204. 504. Payoff 1st Mtg. Ln. 205. 505. PayofT2nd Mtg Ln 206. 506. 207. 507. 208. 508. 209. 509. Adjustments For Items Unpaid By Seller: 210. City/town taxes to Adjustments For Items Unpaid By Seller: 510. City/town taxes to 211. County taxes 01/01/05 to 12/06/05 863.60 511. County taxes 01/01/05 to 12/06/05 863.60 212. Assessments to 512. Assessments to 213. 513. 214. 514. 215. 515. 216. 516. 217. 517. 218. 518. 219. 519. 220. Total Pald By/For520. Borrower: 111,570.St Total Reductions In Amount Due Seller: 1,608.40 300. Cash At Settlement From/To Borrower: 600. Cash At Settlement From/To Seller: 301. Gross amount due from bonower(line 120) 137,572.70 601. Gross amount due to seller (line 420) 132,000.00 302. Less amount paid by/for borrower (line 220) 1 1 1 570.50 602. Lets reductions in amount due seller (line 520) 1,608.40 303. Cash (IR FROM) i❑n'O) Borrower: 130,391.60 26,002.20 603. Cash (.nu O) (❑FROM) Seller: Previous Edition Is Obsolete Form No. 1581 3/86 Page 1 of 3 SB4-3538-000.1 HUD -1 (3-86) 441 RESPA, HB 4305.2 L, OTTLEM ENT 700. Tote) Sales/Broker's Commission: Based On Price S rill Division of CommLsslonlline 7001 As Follows: 701 t to CHARGESow: FATIC-16747-05 702_5 to 703. Commission paid at settlement 704. R00 Items Payable In Connertlnn With Loan - 801 Loan Origination fee 1 0000 1 802 Loan Discount % ANB Financial N.A. 803 Appraisal fee to ANB Financial. N A. Appraisal Professionals 804 Credit report to: 805 Lender's inspection fee 1 1 Paid From Borrower's Funds At Settlement 1 096.901 350.00 1 Paid From Seller's Funds At Settlement 806 Mortgage insurance application fee to 807 Assumption fee 808 Flood Determination To ANB Financial N A. 809 Document Preparation To' ANB FinanciaL N A. 810 811 10 00 25000 812 813 814 815 816 gon Items Renuired By 1 ender Tn Re Paid In Advance. 901 interest from to OS /day 902. Mortgage insuaanctorrmium for mo to 901 Hazard insurance premium for vrs 10 904 Flood insurance premium for vrs 10 905 906 1000 Rnervn Denmited With Ender• 1001 Hazard insurance 1002. Mortgage insurance 1003 City Property taxa 0 months OS 0 00 Der month 0 months (ia S 0 00 per month 0 months (a s 000 Der month 1004 Countv oronerty taxes 0 months f@ S 1005 Annual assessments 0 00 Der month 0 months f@ S 000 per month 1006 Flood insurance 0 months @ S 0.00 per month 1007 0 monthsi S ) 00 Per month 1008 Aaarctate Adjustment 1009 I100 Title Charon 1101 Settlement or closing fee to Bronson Abstract Co Inc. 1102. Abstract or title search to Bronson Abstract Co Inc. 150 00 1103 Title examination to 1104. Title insurance binder to 5000 150 00 50 00 1105 Document DrrDaraton to Bronson Abstract Co. Inc. 50 00 1106 Notwv fees to 1107. Attorney's fees to (includes above item Numbers: 1108. Title insurance to Bronson Abstract Co., Inc. (includes above item Numbers: 277.00 277.00 1109. Lendessoveragc S 109 706.90 Premium S277.00 1110 Owner's coverage S 132.000 00 Premium: $277 00 1111 1112 1111 1114. 1200 Government Recording and Transfer Charges• 1201 Recording fees. Deed S 11 00 'Mortgage S 20 00 Releases S 1 31001 1202 City/county tax/stamps: Deed S 1203 State tax/Stamps: Deed S 435 60 .Mortgage S :Mortgage S 217 80 717 8Q 1204 1205. 1100 Additional Settlement Charger 1301. Survey to C. T. Patterson & Assoc. 1302 Pest inspection to 1103. 1104 1305 1106. 1140.00 1107 1308 1309 1310 1311 1112. 1313 ]d00 Total S,ttlement Charge fFnter nn line 103 Cortina J - and - line 402 Section K) Form No. 1582 Page 2 of 3 5 577 70 744 $0. SB -4.3538-000-I SEM,ER'S AND/OR BORROWER'S STATEME F Escrow: FATIC-16747-05 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. 1 further certify that 1 have received a copy of the HUD -1 Settlement Statement. Borrowers/Purchasers C Quad Development, LLC, a limited liability company By: 044 y lark, Pr dent Sellers The HUD -I Settlement Statement which 1 have prepared is a true and accurate account of this transaction. 1 have caused or will cause the funds to be disbursed in accordance with this statemen Settlement Agent: ,B nson Abso., Inc. Date WARNING: It is a crime to knowin y make fa se statements to the United States on this or any other similar form. Penalties upon conviction can include a fine or imprisonment. For details see: Title 18 U.S. Code Section 1001 and Section 1010. Page 3 of 3 • • BRONSON ABSTRACT CO., INC. Abstracts Title Insurance Escrows The City of Fayetteville and C&C Services, LLC agree the name of the buyer to C Quad Development, LLC. The City of Fayette ille REPRESENTING: FIRST AMERICAN TITLE INSURANCE CO. 3810 Front Street Suite 5 Fayetteville, AR 72703 479 442-2700 Telecopter 479 442 8475 to close changing • 1 SELLER/BORROWER'S AFFIDAVIT STATE OF AR COUNTY OF Washington The undersigned, referred to as Seller/Borrower, whether one or more, being first duly sworn on oath that the seller/borrower is the owner of the following described lands, situated in Washington County, AR, to - wit: Lot Eleven (II), Fayetteville Industrial Park West, Fayetteville, Arkansas, as per plat on file in the office of the Circuit Clerk and Ex -Officio Recorder of Washington, Arkansas. Seller/Borrower further states the following facts are true 1. There is no adverse occupant of the property described above. 2. Seller/Borrower and those, under whom Seller/Borrower claims title, have been in peaceful possession of said lands for more than 7 years past. 3. There are no unrecorded options to purchase, Sales Contracts or Lease Agreements outstanding, which affects the property described above. 4. There have been no improvements made on the property described above during the past 130 days for which a Mechanic's and Materialmens' Lien may be filed. 5. No appliances have been installed in the property described above on deferred payments, which are unpaid for. 6. The property described above is not traversed by any roadways or easements, except those shown on record. 7. There are no delinquent assessments due on the resident's association on the property described above, if applicable. 8. That no money whatsoever is owed on subject property to any person, firm or corporation other than the following , 9. There are no outstanding judgments against Seller/Borrower as a result of legal action to include, but not limited to, Tax Liens, Divorce, Bankruptcy or Foreclosure. 10. That the marital status of Seller/Borrower has not changed since they acquired above described property. Witness the hand and seal of the undersigned this 12/06/2005 Buyer's Signature(s): C Quad Development, LLC, a limited liability company By: 4f/2andy Clark, PrEsident Seller's Signature(s): S 3H1 Bec:f SEV:RN Notnrti. •.Ar4:r SaS WAS>+;ra.: My Coma, Q7.2a- C--- vGuj_0%2fi'2014 Subscribed and swom to before me, a Notary Public, on this 12/06/2005 My Commission Expires: N • • INDEMNITY AGREEMENT DATE: December 6, 2005 RE• FATIC-16747-05 PROPERTY ADDRESS: Morningside Drive Fayetteville, AR 72701 LEGAL: PARCEL NO.: 765-16575-000 Lot Eleven (11), Fayetteville Industrial Park West, Fayetteville, Arkansas, as per plat on file in the office of the Circuit Clerk and Ex -Officio Recorder of Washington, Arkansas. WHEREAS CLOSING AGENT is required to collect the county property taxes for prior years from the Seller, and prorate funds for the year 2005, in order to satisfy title requirements, and WHEREAS, CLOSING AGENT'S information regarding said taxes is based on figures obtained from the records of the Washington COUNTY TAX ASSESSOR'S OFFICE; and said information available at the time of the closing of the transaction from the said Assessor's office is on some occasions only an estimate of the taxes for the parcel of real property or said property may currently be or at some time in the future be reassessed. NOW, THEREFORE, in consideration of CLOSING AGENT closing this transaction for the BORROWER AND/OR SELLER based on information available to CLOSING AGENT, the BORROWER and/or SELLER agree with CLOSING AGENT as follows: 1) In the event the funds collected to pay taxes for prior years and prorated taxes for the year 2005 as shown on the SETTLEMENT STATEMENT for the BORROWER and/or SELLER herein, are not sufficient to pay in full the actual real property taxes for said calendar years, the BORROWER and/or SELLER agree to hold the CLOSING AGENT harmless from any claims and demands from any lending institutions or other entities for payment of said taxes, and 2) If CLOSING AGENT is required to advance any of its own funds to pay said taxes, the BORROWER and/or SELLER will indemnify CLOSING AGENT for any such funds so advanced. 3) The SELLER will make an additional prorata payment of said taxes based on the percentage reflected on the respective SETTLEMENT STATEMENT regarding this transaction when advised by the CLOSING AGENT that the funds credited to the BUYER at the closing for payment of said taxes were not sufficient to pay same. Vs] PRIOR YEAR TAXES are based on amount reported by WASHINGTON COUNTY TAX COLLECTOR. PRORATED TAXES are based on amount reported by WASHINGTON COUNTY TAX COLLECTOR. PRORATED TAXES credited to the BUYER are based on an estimate, calculated as follows: PURCHASE PRICE • 20% • MILEAGE RATE = ESTIMATED TAXES. ❑ WASHINGTON COUNTY TAX COLLECTOR S books are currently closed. Prior years taxes and prorated taxes may be based on prior year reporting. In the event the property is reassessed or tax figures are adjusted, BORROWER and /or SELLER will be responsible for any difference between amount collected and the actual amount reported on the tax billing for the current year. THIS AGREEMENT shall be binding on the heirs, successors and assigns of the parties hereto. BORROWER: C Quad Development, LLC, a limited liability company s Candy Clark, President SELLER: The City of Fayetteville, corporation a municipal Social Security Number/TIN Number SELLER'S FORWARDING ADDRESS: • • WARRANTY DEED KNOW ALL MEN BY THESE PRESENTS: That the CITY OF FAYETTEVILLE, ARKANSAS, a municipal corporation, hereinafter called Grantor, for and in consideration of the sum of One Hundred Thirty-two Thousand Dollars ($132,000.00) and other good and valuable considerations in hand paid by C QUAD DEVELOPMENT, LLC, an Arkansas limited liability company, hereinafter called Grantee, the receipt of which is hereby acknowledged, does hereby grant, bargain and sell unto the said Grantee, and unto its successor and/or assigns forever, the following land, situate in Washington County, Arkansas, to -wit: Lot Eleven (11), Fayetteville Industrial Park West, Fayetteville, Arkansas, as per plat 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 successor and/or assigns. And the said Grantor hereby covenants that it is lawfully seized of said land and premises, that the same is unencumbered, and that it will forever warrant and defend the title of said lands against all legal claims whatsoever. IN TESTIMONY WHEREOF the name of the Grantor is hereunto affixed this 44, day of December 2005. CITY OF FAYETTEVILLE, ARKANSAS B By: ayor 4014-4-..) &Mttk City erk ,,,ammnr,r. •VOVIR ''. fffff re. 1•••01•Y pc f: ; FAY ETT EVu_LE: '' = P leF2CANSt' S fG uui,ffGf;. • • ACKNOWLEDGMENT STATE OF ARKANSAS ss. COUNTY OF WASHINGTON On this the 42 day of December 2005, before me, a notary public, personally appeared Dan Coody and Sondra Smith, known to me to be the persons who executed the foregoing instrument, and who stated and acknowledged that they are the Mayor and City Clerk of the City of Fayetteville, Arkansas, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. In witness whereof 1 hereunto set my hand and official seal. My commission expires: ........................... ....:r. ..... ......r... • :. sc ..%-_%�.. . J Notary Public A. U.S. DFPAR74EC OF USING AND URBAN DEVELOPMDC SETTL'1 STATEMENT t OMB No. 2502-0265 B. TYPE OF LOAN [1111 2. 0 FNMA 3. ❑ CONN, UNMS. 4. r, 3. ❑ CONN. INS. 6. FILE NUMBER: 7 LOAN NUMBER: FATIC-16747-03 t. MORTGAGE MS. CASE NO C. NOTE Thn (oro is !mashed to gi yo • sutmm of actual settlement coots. Amounts paid mud by the sealmem gent are cbown. Oenn masked lists c.)' wee yid outside the closm& they .re shown bete for informaior 1 purpose .M ue not included in the totals. D. NA -SSE & ADDRESS OF BORROWER: E. NAME & ADDRESS OF SELLER: C Quad Development, LLC, a limited liability company P.O. Bon 3153, Faveneville, AR 72702 The City of Fayetteville. Arkansas, a municipal corporation F. NAME & ADDRESS AND FinanciJ, N. A. OF LENDER: P. O. Bon 699, Bentonville, AR 72712 G. PROPERTY LOCATION: Morningside Drive, Fayetteville, AR 72701 H. SETTLEMENT AGENT: Bronson Abstract Co., Inc. PLACE OF SETTLEMENT. 3810 Front Street, Suite 5, Fayetteville, AR 72703 (479) 442-2700 I. SETTLEMENT DATE: 12/06/2005 DISBURSEMENT DATE: 12/06/2005 J. Svmnary of Borrower's Tnmactlnn I K. Summary of Seller's Transaction 100. Cross Amount Due From Borrower: 1400. Gross Amount Doe To Seller: 101. Contact sale price I132,000.001401 Contract sales price 132,000.00 101 Faunal properly 1 402. Femoral property 103. Senlee ant charges to borrower (line 1400) 5,572.70 403. 104. 404. 105. 405. Adlustmenss For Items P.Id By Sglltr In Advance: Adlustatentl For Items hid Br Seller In Adv.nee: 106. City/town tun 10 406. City sown taxes t0 107. County ma to 407. County tuna to 103. Assessments to 408. Assessments to 109. 1 409. 110. 410. 111. 411. 112. 412. 113. 413. 114. 414. 115. 415. 116 1 416. 120. Gross Amount Due From Borrower: 137,572.70 420. Gross Amovat Dae To Seller: 132,000.00 200 Amounts Paid By Or In Behalf Of Borrower. 500 Reductions InAmount Dire To Seller: 201. Deposit or noses money 1.000.001 501. Excess deposit Ott iosaxtiom) 202. ?MapJ amount of new lou(s) 109,706.90 502. Settlement charges to seller Dix 1400) 74460 203. Evicting loan(s) taken subject to 503. Existing b.o(s) taken subject to 201. 1 504. Psyo0 In Mtg. Ln 205. 1 505. Payoff 2nd Mtg. La. 1 206. i 506. 207 1 507. 208. 507 209. 509. Adjustments For Items Unpaid By Seller: 210. City/town nra 10 Adjustments For Items Unpaid By Seller: 310. G7/town taxa to 211. County taxa 01/01103 to 12/0695 963.601 511. County tam 01101/05 to 1210695 863.60 212. Assessments to 312. Assessments to 213. 513. 1 214. 514. 1 215. 515. 216. 516. 217. 517. 213. 513. 219. 519. 220. Total Paid By/For520. Borrower: 111s7os01 Toll Redactions In Amount Due Seller: 1.608.ao 300 Cash At Settlement Fromtro Borrower- 600 Cub ALSetlltmtnt Prato/To Seller 301. Gross amount due from homwe (line 120) 137,572.701 601. Gross amount due to Klkr (line 420) 132,000.00) 302. Las amount yid by/for borrower (line 220) 111,570.50 602. Las reductions in amount due seller (line 520) 1109.40 303. Cash (XI FROM) 'LTO) Borrower: 26,002.20 603. Cash (TO) (,FROM) Seller: 130,391.60 Pi.ious Edition Is Obsolete Form No. 1531 3/36 Page 1 of 3 SB -4-3533-000-I HUD -1 (3.86) 4 R.ESPA HB 4305.2 700. Total S.le✓Brokds Based On Pric Division of Commission (lin. r As Follows. 701 1 m V • 702 S to 703 Commission maid at settlement 704. Pahl From Borrower's Funds At Settlement P.Id From Seller's Funds At Settlement 800 items Payable In Gmmesinn With 1 n.n• SOL Loan Orieinetion fee 1 0000 % ANIS FioanriaLN A 1 802 Loan Discount •!s ti 4 4 •I • • er.-;.Tsr. n • v 411 11 ht 1 1001 Mnrtn.e O rnaoths (015 O OO oe month I 0 monthsd5 1 1003 City marry taxa 1 1004 Comfy nrooetn' taxa 0 months fg1 S Q 00 orsmonth 1 1 1 1 1001 .I .sse.smmm 0 month, ©S 0 a0 nm month I I 1 1 1006 Flood imurmcc 0 months r S 000 art month 1 1 1 1007 0 months a S 0 00 oer month 1008 Aeem.te Adjustment t 5...1 • rs:. t n . • . • 1009 1100 TltloChemn 1101 Senlemmt or clown, fee to Bronson Abstract Co Inc 1102 Abstract or tids.larch to Bronson Abstract Co Inc 1500Q 1S1 OQ 30 0Q 3000 1101 Tit l& inet_nn m 1104 Tide inmrmcr binder to 1105. Documentmms(ation to Bronson Absnct Co Inc 1106 Notary fees to 1107. Attorneys fee to (includes above item Numbers: SOOQ 1108. Title insurance to Bronson Abstract Co., Inc. (includes above item Number: 1109 Lender's coverste S 109 70690 Premium 527790 1110 Owner's cova.se S 132 009 00 Premium 527700 1111 1112 277.00 277.00 1113 1114 1200 Government Reemdlne ami Transfer charger 1201 Recording fes Decd S 1100 -Mortnnnl 20 09 'RclwnS 31 D01 1202 f irvlcounty taaLnanos Decdi Mortuae 1 1203 Statetas/Stamnm: Deeds 43169 :.MortseerS 1204 21781 217 SQ 1205 1700 Addltlnn.l rukttlement Ch.mn• 1301 Survey to LT P.ttrrson & Asan 1302 Pat institution to 3 140 OQ 1303. 1304 1303 1106 1107 1108 1109 1310 1311 1312, 1313. 1400 Tafel Settlement rh.ry /intern lire In? Uranin 1 - and - line 1112 ternnn Xi Form No. 1582 Page 2 of 3 557770 7448p SB -4-3534400.1 I have carefully reviewed the Heinem Statement and to the best of my knowledge and bell true and accurate statement of all receipts and disbursements made on my account or by me in this transaction. I fuMa certify that I have received a copy of the HUD -1 Settlement Statement. Bonowas/Purchasas C Quad Developman, LLC, a limited liability company By: y ark.P dent The HUD -I Settlement Stataneot which 1 ha disbursed in accordance with this rtatanen / I r Setdanatt Agent: al ► Sellas prepared is a we and accurate account of this transaction. I have caused or will cause the funds to be ,Bs . A • W.. Inc. WARNING: It is a aime to knowim make falx statements to the United States on this or any other similar form. Penalties upon conviction can include o fine or imphsomnent For details see Title 18 U.S. Code Section 1001 and Section 1010. Due: 1)k lac Page 3 of 3 • • BRONSON ABSTRACT CO., INC. Abstracts Title Insurance Escrows 3810 Front Street Suite 5 Fayetteville, AR 72703 479 442-2700 Telecopier 479 442-8475 The City of Fayetteville and C&C Services, LLC agree to close Changing the name of the buyer to C Quad Developnent, LLC. The City of Fayetteville REPRESENTING* FIRST AMERICAN TITLE INSL RANGE CO. • • SELLER/BORROWER'S AFFIDAVIT STATE OF AR COUNTY OF Washington The undersigned, referred to as Seller/Borrower. whether one or more, being fust duly sworn on oath that the seller/borrower is the owner of the following described lands, situated in Washington County, AR, to - wit: Lot Eleven (I I), Fayetteville Industrial Park West, Fayetteville, Arkansas, as per plat on file in the office of the Circuit Clerk and Ex -Officio Recorder of Washington, Arkansas. Seller/Borrower further states the following facts are true: 1. There is no adverse occupant of the property described above. 2. Seller/Borrower and those, under whom Seller/Borrower claims tide, have been in peaceful possession of said lands for more than 7 years past. 3. There are no unrecorded options to purchase, Sales Contracts or Lease Agreements outstanding, which affects the property described above. 4. There have been no improvements made on the property described above during the past 130 days for which a Mechanic's and Materialmens' Lien may be filed. 5. No appliances have been installed in the property described above on deferred payments, which are unpaid for. 6. The property described above is not traversed by any roadways or easements, except those shown on record. 7. There are no delinquent assessments due on the resident's association on the property described above. if applicable. 8. That no money whatsoever is owed on subject property to any person, firm or corporation other than the following , 9. There are no outstanding judgments against Seller/Borrower as a result of legal action to include, but not limited to, Tax Liens, Divorce, Bankruptcy or Foreclosure. 10. That the marital status of SellerBorrowcr has not changed since they acquired above described properly. Witness the hand and seal of the undersigned this 12/06/2005 Buyer's Signature(s): C Quad Development, LLC, a limited liability company Seller's Signature(s): elite a, Seal AE r'k v ,xtl� .qN Notary c. Wa9.:1:'l,_ � VJNTV �"•Y Comn.,::sr4,, vn':Cv 07 2+.:o 18 Subscribed and sworn to before me, a Notary Public, on this 12/06/2005 My Commission Expires. • INDEMNITY AGREEMENT • DATE: December 6, 2005 RE: FATIC-16707.05 PROPERTY ADDRESS: Morningside Drive Fayetteville, AR 72701 LEGAL: PARCEL NO.: 765-16575-000 Lot Eleven (11), Fayetteville Industrial Park West, Fayetteville, Arkansas, as per plat on file in the office of the Circuit Clerk and Ex -Officio Recorder of Washington, Arkansas. WHEREAS, CLOSING AGENT Ls required to collect the county property taxes for prior years from the Seller, and prorate funds for the year 2005, in order to satisfy title requirements, and WHEREAS, CLOSING AGENT'S information regarding said taxes is based on figures obtained from the records of the Washington COUNTY TAX ASSESSOR'S OFFICE; and said information available at the time of the closing of the transaction from Ne said Assessor's office is on some occasions only an estimate of the taxes for the parcel of real property or said property may currently be or at some time in the futon be reassessed. NOW, THEREFORE, in consideration of CLOSING AGENT closing this transaction for the BORROWER AND/OR SELLER based on information available to CLOSING AGENT, the BORROWER and/or SELLER agree with CLOSING AGENT as follows: 1) In the event the funds collected to pay taxes for prior years and prorated taxes for the year 2005 as shown on the SETTLEMENT STATEMENT for the BORROWER and/or SELLER herein, are not sufficient to pay in full the actual real property taxes for said calendar years, the BORROWER and/or SELLER agree to hold the CLOSING AGENT harmless from any claims and demands from any lending institutions or other entities for payment of said taxes, and 2) If CLOSING AGENT is required to advance any of its own funds to pay said taxes, the BORROWER and/or SELLER will indemnify CLOSING AGENT for any such funds so advanced. 3) The SELLER will rake an additional prorate payment of said taxes based on the percentage reflected on the respective SETTLEMENT STATEMENT regarding this transaction when advised by the CLOSING AGENT that the funds credited to the BUYER at the closing for payment of said taxes were not sufficient to pay same. PRIOR YEAR TAXES are baud on amount reported by WASHLNGTON COUNTY TAX COLLECTOR. PRORATED TAXES are based on amount reported by WASHINGTON COUNTY TAX COLLECTOR. PRORATED TAXES credited to the BUYER are based on an estimate, calculated as follows: PURCHASE PRICE • 20% • MILEAGE RATE a ESTIMATED TAXES. ❑ WASHINGTON COUNTY TAX COLLECTOR'S books are currently closed. Prior yeah taxes and prorated taxa may be based on prior year reporting. In the event the property is reassessed or tax figures are adjusted, BORROWER and /or SELLER will be responsible for any difference between amount collected and the actual amount reported on the tax billing for the current year. THIS AGREEMENT shall be binding on the heirs, successors and assigns of the parties hereto. BORROWER: C Quad Development, LLC, a limited liability company B CandyCIa i resident SELLER: The City of Fayetteville, corporation , a municipal Social Security Number/TIN Number SELLER'S FORWARDING ADDRESS: 1 • • WARRANTY DEED KNOW ALL MEN BY THESE PRESENTS: That the CITY OF FAYETTEVILLE, ARKANSAS, a municipal corporation, hereinafter called Grantor, for and in consideration of the sum of One Hundred Thirty-two Thousand Dollars ($132,000.00) and other good and valuable considerations in hand paid by C QUAD DEVELOPMENT, LLC, an Arkansas limited liability company, hereinafter called Grantee, the receipt of which is hereby acknowledged, does hereby grant, bargain and sell unto the said Grantee, and unto its successor and/or assigns forever, the following land, situate in Washington County, Arkansas, to -wit: Lot Eleven (I I), Fayetteville Industrial Park West, Fayetteville, Arkansas, as per plat 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 successor and/or assigns. And the said Grantor hereby covenants that it is lawfully seized of said land and premises, that the same is unencumbered, and that it will forever warrant and defend the title of said lands against all legal claims whatsoever. IN TESTIMONY WHEREOF the name of the Grantor is hereunto affixed this 4, day of December 2005. CITY OF FAYETTEVILLE, ARKANSAS ayor By:ti✓ City Clerk `�Ef..... o, , • ea•G\TY Qc •,(VA- FAYETTEVItI.E; 9a. • trANSNflip S) . y• OJ c. 'ga'N� uuN, ACKNOWLEDGMENT STATE OF ARKANSAS ss. COUNTY OF WASHINGTON On this the 4. day of December 2005, before me, a notary public, personally appeared Dan Coody and Sondra Smith, known to me to be the persons who executed the foregoing instrumcnt, and who stated and acknowledged that they are the Mayor and City Clerk of the City of Fayetteville, Arkansas, and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and behalf of said municipal corporation, and further stated and acknowledged that they had so signed, executed and delivered said instrument for the consideration, uses and purposes therein mentioned and set forth. In witness whereof I hereunto set my hand and official seal. My commission expires: Cr Notary Public