HomeMy WebLinkAbout184-15 RESOLUTIONOF FAY.ETTF
9gKAN$
113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Resolution: 184-15
File Number: 2015-0454
APPLE SEEDS, INC.:
A RESOLUTION TO AUTHORIZE THE SALE OF APPROXIMATELY 0.75 ACRE OF CITY -OWNED
REAL PROPERTY LOCATED AT 2648 OLD WIRE ROAD TO APPLE SEEDS, INC. FOR THE
AMOUNT OF $200,000.00, AND TO APPROVE A TWENTY (20) YEAR LEASE AGREEMENT WITH
APPLE SEEDS, INC. FOR APPROXIMATELY TWO (2) ACRES ON THE NORTH END OF GULLEY
PARK FOR THE PURPOSE OF OPERATING A TEACHING FARM
WHEREAS, Resolution 165-15 approved a contract with Real Assets, Inc. to represent the City in
selling two tracts of city -owned property near Gulley Park; and
WHEREAS, Apple Seeds, Inc. has made an offer to purchase the tract containing approximately 0.75 acres
with a house and barn, contingent upon City Council approval of a lease agreement for two acres of property
for the purpose of operating a teaching farm, its ability to obtain financing, and its ability to obtain a
conditional use permit for the operation of the teaching farm.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the City Council of the City of Fayetteville, Arkansas hereby determines that the property
located at 2648 Old Wire Road is no longer needed for municipal purposes.
Section 2. That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Jordan to
sell approximately 0.75 acre of city -owned real property located at 2648 Old Wire Road to Apple Seeds, Inc.
for the sum of $200,000.00, contingent upon Apple Seeds, Inc. obtaining financing and a conditional use
permit for the operation of a teaching farm on the property.
Page 1 Printed on 10/7/15
Resolution 184-15
Section 3. That the City Council of the City of Fayetteville, Arkansas hereby approves a twenty (20) year
land lease agreement, a copy of which is attached to this Resolution, with Apple Seeds, Inc. for
approximately two (2) acres of property on the north end of Gulley Park for the purpose of operating a
teaching farm.
PASSED and APPROVED on 10/6/2015
Attest:
Sondra E. Smith, City Clerk Treasurer
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Paye 2 Printed on 10/7/15
City of Fayetteville, Arkansas 113 West Mountain Street
•,,, Fayetteville, AR 72701
— (479) 575-8323
'v Text File
File Number: 2015-0454
Agenda Date: 10/6/2015 Version: 1 Status: Passed
In Control: City Council Meeting File Type: Resolution
Agenda Number: C. 4
APPLE SEEDS, INC.:
A RESOLUTION TO AUTHORIZE THE SALE OF APPROXIMATELY 0.75 ACRE OF
CITY -OWNED REAL PROPERTY LOCATED AT 2648 OLD WIRE ROAD TO APPLE SEEDS,
INC. FOR THE AMOUNT OF $200,000.00, AND TO APPROVE A TWENTY (20) YEAR LEASE
AGREEMENT WITH APPLE SEEDS, INC. FOR APPROXIMATELY TWO (2) ACRES ON THE
NORTH END OF GULLEY PARK FOR THE PURPOSE OF OPERATING A TEACHING FARM
WHEREAS, Resolution 165-15 approved a contract with Real Assets, Inc. to represent the City in
selling two tracts of city -owned property near Gulley Park; and
WHEREAS, Apple Seeds, Inc. has made an offer to purchase the tract containing approximately 0.75
acres with a house and barn, contingent upon City Council approval of a lease agreement for two acres
of property for the purpose of operating a teaching farm, its ability to obtain financing, and its ability to
obtain a conditional use permit for the operation of the teaching farm.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the City Council of the City of Fayetteville, Arkansas hereby determines that the
property located at 2648 Old Wire Road is no longer needed for municipal purposes.
Section 2. That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Jordan
to sell approximately 0.75 acre of city -owned real property located at 2648 Old Wire Road to Apple
Seeds, Inc. for the sum of $200;000.00, contingent upon Apple Seeds, Inc. obtaining financing and a
conditional use permit for the operation of a teaching farm on the property.
Section 3. That the City Council of the City of Fayetteville, Arkansas hereby approves a twenty (20)
year land lease agreement, a copy of which is attached to this Resolution, with Apple Seeds, Inc. for
approximately two (2) acres of property on the north end of Gulley Park for the purpose of operating a
teaching farm.
City of Fayetteville, Arkansas Page 1 Printed on 101712015
Connie Edmonston
Submitted By
9—a 9-1E
City of Fayetteville Staff Review Form
2015-0454
Legistar File ID
10/6/2015
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
9/25/2015 Parks & Recreation /
Parks & Recreation Department
Submitted Date Division / Department
Action Recommendation:
Approval of Real Estate Contract with Apple Seeds, Inc. to purchase house on 2648 Old Wire Road by Gulley Park in
the amount of $200,000 and approval of two acres Land Lease Agreement in Gulley Park.
Account Number
Project Number
Budgeted Item? NA
Budget Impact:
Current Budget
Funds Obligated
Current Balance
Fund
Project Title
ice— -
Does item have a cost? NA Item Cost
Budget Adjustment Attached? NA Budget Adjustment
Remaining Budget $ -�
V20140710
Previous Ordinance or Resolution # 165-15,157-14
Original Contract Number: Approval Date: �.
Comments: Request for approval of an offer to sell a city -owned house located adjacement to Gulley Park.
CITY OF
•
a e ev e
ARKANSAS
MEETING OF OCTOBER 6, 2015
TO: Mayor and City Council
THRU: Don Marr, Chief of Staff
CITY COUNCIL AGENDA MEMO
FROM: Connie Edmonston, Parks and Recreation Director
DATE: September 25, 2015
SUBJECT: Approval of Real Estate Contract with Apple Seeds, Inc. to purchase house on
2648 Old Wire Road by Gulley Park in the amount of $200,000.00 and approval
of two acres Land Lease Agreement in Gulley Park
RECOMMENDATION:
Approval of a Real Estate Contract with Apple Seeds, Inc. to purchase a house on 2648 Old
Wire Road by Gulley Park in the amount of $200,000 and approval of a two acres Land Lease
Agreement in Gulley Park.
BACKGROUND:
On September 15, 2015, City Council approved Resolution 165-15 authorizing a contract with
Real Assets, Inc. to represent the City in selling approximately 1.25 acres of city -owned real
property on Old Wire Road near Gulley Park for a six percent (6%) commisssion. The houses
were listed at the appraised values or best offer as follows: $111,500.00 for 2634 Old Wire Road
and $218,500.000 for 2648 Old Wire Road. The City has followed the Sale of Municipal Owned
Property as outlined in City Ordinance §34.27 Sale of Municipally Owned Real Property.
DISCUSSION:
The City has received two offers for the property on 2648 Old Wire Road that includes a house
and shop building on a 0.75 acre lot. The first offer was received on September 16, 2015 for
$136,000.00. The City rejected this offer. On September 17, 2015 an offer in the amount of
$200,000.00 was received from Apple Seeds, Inc. This offer was contingent upon receiving
suitable in-house financing; execution of a lease for two acres in Gulley Park adjacent to this
property for a teaching farm; approval of a conditional use permit for the operation of a limited
business on the property by the Planning Commission; and satisfactory inspection of the
property by the buyer.
Apple Seeds, Inc. intentions are to purchase the house and shop building, as well as lease two
acres adjacent in Gulley Park for the establishment of the Apple Seeds Teaching Farm. Their
offer for the property is dependent upon City Council's approval of leasing the two acres. The
teaching farm is an integral part of their mission and business in which school -age children will
learn and experience how to garden. Their program will utilize the house and shop building as
an extended teaching classroom and "healthy" cooking area.
Mailing Address:
113 W. Mountain Street www.fayetteville-ar.gov
Fayetteville, AR 72701
Apple Seeds, Inc. is a 501(c)(3) non-profit corporation. Their mission statement is: "Apple
Seeds inspires healthy living through garden -based education". Their mission reinforces our
Parks and Recreation "Be Active" initiative by encouraging a healthy and active lifestyle, plus it
promotes the City's mission to provide a diversified parks system.
A master plan for the additional ten acres of newly acquired land at Gulley Park has not been
developed at this point in time. Park and Recreation Staff worked with Apple Seeds to identify
land for the two acres teaching farm that would complement the remaining acres in the park.
The City Attorney's office drafted a lease agreement similar in nature to the lease at Lake
Fayetteville Park with the Botanical Gardens of the Ozarks. The agreement is for a 20 year
lease in which Apple Seeds as part of this consideration would provide free access to the
teaching farm for all Fayetteville residents on Saturdays from 9 am until noon during the
garden's growing season of March through October. In addition, they will provide two free
public Garden -Based Educational Workshops each year. The City believes leasing two acres of
Gulley Park will be an excellent opportunity for a partnership with a local non-profit organization
that is helping us to build a healthier community. If the offer for sale and land lease agreement
are both approved by City Council, the conditional use permit will be presented at the October
26, 2015 Planning Commission meeting.
BUDGET/STAFF IMPACT:
Cost for the real estate broker's services will be taken out of the closing costs for the sale of the
home. Staff will bring forward recognition of these revenues for a park project in the near future
for City Council's consideration.
Attachments:
Staff Review Form
Property Location Map
City Attorney Memo
Real Estate Contract with Apple Seeds, Inc.
Apple Seeds Proposal to the City
Apple Seeds, Inc. Land Lease Agreement
Apple Seeds Board Minutes
Apple Seeds Land Lease Agreement Map
Resolution 165-15: Real Assets, Inc. Contract
2634 and 2648 Old Wire Road 0 30 60 120 180 240
Fayetteville, AR Feet
DEPARTMENTAL CORRESPONDENCE
OFFICE OF THE
CITY ATTORNEY
TO: Mayor Jordan
City Council
CC: Connie Edmonston, Parks & Recreation Director
FROM: Kit Williams, City Attorney(_ ��
DATE: September 24, 2015
Kit Williams
City Attorney
Blake Pennington
Assistant City Attorney
Patti Mulford
Paralegal
RE: Proposed Lease of two acres of recently acquired land to Apple Seeds
Farm
As you remember, the Fayetteville City Council recently authorized
Mayor Jordan to purchase about 9.7 acres of land adjoining Gulley Park to
add it to the park. As part of the $1.1 million total purchase price, the City
purchased the 9.7 acres for $640,000.00. The City was required to purchase
the owners' two houses which we still have been unable to sell for their
appraised amounts. We may be able to sell the more modern, better house
(2648 Old Wire Road) for $200,000.00 to Apple Seeds if we agree to a twenty
year lease to Apple Seeds for two acres of the land we just purchased. These
two acres cost our taxpayers about $132,000.00 so to be legal, the City's
taxpayers must receive a reasonably commensurate rental amount of money
or services to support leasing of this land (which will effectively take the land
out of public use during the 20 year lease period).
Rather than any money, Apple Seeds is proposing to offer some services
for our taxpayers. It is proposing a similar "free admission" to the farm (not
buildings) weekly from 9:00 a.m. until noon which is identical to the major
consideration for the Botanical Garden lease. This free citizen admission
requirement is effective only during March through October each year during
the anticipated garden preparation, planting growing, harvesting and
winterization period for the garden.
The Botanical Garden lease requires additional free access to
Fayetteville students for educational purposes. Apple Seeds is proposing two
free to Fayetteville citizens gardening workshops a year (about three hours
each scheduled in agreement with the Parks Department). Hopefully Apple
Seeds may also work with the Fayetteville School District to provide some
additional free educational access for our school students.
The proposed lease is contingent upon Apple Seeds' purchase of 2648
Old Wire Road for their offered price of $200,000.00. Because of the realtor's
fee and closing costs, the net to our taxpayers would be about $185,000.00 if
the sale is consummated. Apple Seeds $200,000.00 offer is close to the
$218,500.00 that our taxpayers paid for 2648 Old Wire Road. Being able to
move quickly to sell 2648 Old Wire Road for $200,000.00 may be viewed as
another part of the consideration to support the 20 year lease of the two acres.
Since the City has not yet accepted the $200,000.00 offer by Apple Seeds
(only the City Council can agree to sell City property), it is possible that a
higher or more attractive offer to buy 2648 Old Wire Road could be made. If
the City Council would accept a different purchase offer, this lease would
never go into effect.
CONCLUSION
The City Council has significant (but not unlimited) discretion in
determining whether offered consideration for the lease of City property
provides "adequate consideration and serves a proper governmental end."
Arkansas Attorney General Opinion No. 2001-135. "The Arkansas Supreme
Court has held that even non -monetary consideration can be adequate if a
'public advantage' will result from the lease." Id. Non -monetary
consideration is what supports our leases with the Senior Center, Walton Arts
Center and Botanical Garden of the Ozarks. If your opinion is that Apple
Seeds is offering adequate and sufficient public services or other "public
advantage" for the proposed lease of the two acres, you may approve the
lease and authorize Mayor Jordan to sign it.
4
Real Estate Contract „� 20 5ht
(Residential) Arkansas
REALT Rg DPPOR UNir°r AssociREALTation
Page 1 of 12
FORM SERIAL NUMBER:086862-700144-2516144
1. PARTIES: Apple Seeds, Inc.
(individually or collectively, the "Buyer") offers to purchase, subject to the terms and conditions set forth herein, from the
undersigned (individually or collectively, the "Seller"), the real property described in Paragraph 2 of this Real Estate
Contract (the "Property"):
2. This Property is E Single family detached home with land ❑One -to -four attached dwelling with land
❑ Manufactured / Mobile Home with land ❑Condominium / Town Home
(See Condominium/Town Home Addendum Serial No.
ADDRESS AND LEGAL DESCRIPTION:
2648 Old Wire Road, Fayetteville, Arkansas 72703
house, shop building, and .75 acre lot mot.
3. PURCHASE PRICE: Subject to the following conditions, Buyer shall pay the following to Seller and, if so stated
in Paragraph 36 assume the following obligations of Seller for the Property (the "Purchase Price"):
E A. PURCHASE PURSUANT TO NEW FINANCING: Subject to Buyer's ability to obtain financing on the terms and
conditions set forth herein and the Property appraising for not less than the Purchase Price, the Purchase Price
shall be the exact sum of .................... $ 200,000.00
with Buyer paying in cash at Closing as down payment, the sum of ............................. .... $ 20%
...............
with the balance of the Purchase Price (the "Balance") to be paid pursuant to the following:
❑ (i) NEW LOAN: Subject to the Buyer's ability to obtain a loan to be secured by the Property in the
amountof.......................................................................................................................
with such loan to be payable over a period of years. $
Discount points not to exceed % of loan at Closing. Interest rate will be:
❑ Fixed rate not to exceed % per annum (see below)
❑ Variable rate with an initial rate not to exceed % per annum
and a maximum rate not to exceed % per annum (see below)
If the loan rate in Paragraph 3A(i) is available at time of application and Buyer chooses not to lock in loan rate at
application through time of Closing, Buyer agrees to accept prevailing loan rate at the time of Closing.
Loan type will be:
❑ Conventional. Mortgage Insurance: ❑Not applicable ❑Paid as follows:
VA. Funding fee paid as follows: (Continues on Page 2 of 10, for "VA NOTICE TO BUYER")
❑ FHA. Items to be financed: (Continues on Page 2 of 10, for "FHA NOTICE TO BUYER")
❑ USDA -RD. Items to be financed:
❑x (ii) OTHER FINANCING: Subject to Buyer's ability to obtain financing in the amount of..........$ 80%
from a source and being payable as follows: suitable in-house financing from a local lender
❑ B. PURCHASE PURSUANT TO LOAN ASSUMPTION (See Loan Assumption Addendum attached)
❑ C. PURCHASE PURSUANT TO CASH: Cash at Closing in the exact sum of ........................$
$
Page 1 of 12
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FORM SERIAL Nt1MBERos6862-7ao144-2516744
3. PURCHASE PRICE: (continued from Page 1)
❑ IF LOAN TYPE IS VA, I ACKNOWLEDGE THE FOLLOWING "VA NOTICE TO BUYER:"
It is expressly agreed, notwithstanding any other provisions of this Real Estate Contract,
Buyer shall not incur any penalty by forfeiture of Earnest Money or otherwise be obligated to
complete this purchase of the Property described herein, if the Real Estate Contract
Purchase Price or cost exceeds the reasonable value of the Property established by the
Department of Veterans Affairs. Buyer shall, however, have the privilege and option of
consummating this Real Estate Contract without regard to the amount of the reasonable
value of the Property established by the Department of Veterans Affairs. If Buyer elects to
complete the purchase at an amount in excess of the reasonable value established by the
Department of Veterans Affairs, Buyer shall pay such excess amount in cash from a source
which Buyer agrees to disclose to the Department of Veterans Affairs and which Buyer
represents will not be from borrowed funds. If Department of Veteran's Affairs reasonable
value of the Property is less than the Purchase Price, Seller may reduce the Purchase Price
to an amount equal to the Department of Veterans Affairs reasonable value and the parties
to the sale shall close at such lower Purchase Price with appropriate adjustments to
Paragraph 3 above.
❑ IF LOAN TYPE IS FHA, I ACKNOWLEDGE THE FOLLOWING "FHA NOTICE TO BUYER:"
It is expressly agreed, notwithstanding any other provisions of this Real Estate Contract,
Buyer shall not be obligated to complete the purchase of the Property described herein or to
incur any penalty by forfeiture of Earnest Money Deposits or otherwise unless Buyer has
been given, in accordance with HUD/FHA or VA requirements, a written statement by the
Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement
lender setting forth the appraised value of the Property of not less than $
Buyer shall have the privilege and option of consummating this Real Estate Contract
without regard to the amount of the appraised valuation. The appraised valuation is arrived
at to determine the maximum mortgage the Department of Housing and Urban Development
will insure. HUD does not warrant the value nor the condition of the Property. Buyer should
satisfy himself/herself that the price and condition of the Property are acceptable.
We hereby certify the terms and conditions of this Real Estate Contract are true to the best of
our knowledge and belief and any other agreement entered into by any of the parties in
connection with this real estate transaction is part of, or attached to, this Real Estate
Contract.
❑ Buyer has received HUD/FHA's Form No. HUD-92564-CN,
"For Your Protection: Get a Home Inspection."
Page 2 of 12
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Page 3 of 12 E L R' OPPORTUNITY Association
FORM SERIAL NUMBER 086862-700144-2516144
4. AGENCY: (check all that apply)
❑ A. LISTING FIRM AND SELLING FIRM REPRESENT SELLER: Buyer acknowledges Listing Firm and
Selling Firm and all licensees associated with those entities are the agents of Seller and it is Seller
who employed them, whom they represent, and to whom they are responsible. Buyer acknowledges
that before eliciting or receiving confidential information from Buyer, Selling Firm, which may be the
same as Listing Firm, verbally disclosed that Selling Firm represents Seller
❑ B. LISTING FIRM REPRESENTS SELLER AND SELLING FIRM REPRESENTS BUYER: Buyer and
Seller acknowledge Listing Firm is employed by Seller and Selling Firm is employed by Buyer. All
licensees associated with Listing Firm are employed by, represent, and are responsible to Seller. All
licensees associated with Selling Firm are employed by, represent, and are responsible to Buyer.
Buyer acknowledges Selling Firm verbally disclosed Listing Firm represents Seller. Seller
acknowledges Listing Firm verbally disclosed Selling Firm represents Buyer.
❑ C. LISTING FIRM AND SELLING FIRM ARE THE SAME AND REPRESENT BOTH BUYER AND
SELLER: Seller and Buyer hereby acknowledge and agree Listing and Selling Firm are the same and
all licensees associated with Listing and Selling Firm are representing both Buyer and Seller in the
purchase and sale of the above referenced Property and Listing/Selling Firm has been and is now the
agent of both Seller and Buyer with respect to this transaction. Seller and Buyer have both consented
to and hereby confirm their consent to agency representation of both parties. Further, Seller and
Buyer agree:
(i) Listing/Selling Firm shall not be required to and shall not disclose to either Buyer or Seller any
personal, financial or other confidential information concerning the other party without the express
written consent o₹ that party; however, Buyer and Seller agree Listing/Selling Firm shall disclose
to Buyer information known to Listing/Selling Firm related to defects in the Property and such
information shall not be deemed "confidential information." Confidential information shall include
but not be limited to any price Seller is willing to accept that is less than the offering price or any
price Buyer is willing to pay that is higher than that offered in writing.
(ii) by selecting this option 4C, Buyer and Seller acknowledge when Listing/Selling Firm represents
both parties, a possible conflict of interest exists, and Seller and Buyer further agree to forfeit their
individual right to receive the undivided loyalty of Listing/Selling Firm.
(iii) to waive any claim now or hereafter arising out of any conflicts of interest from Listing/Selling Firm
representing both parties. Buyer and Seller acknowledge Listing/Selling Firm verbally disclosed
Listing/Selling Firm represents both parties in this transaction, and Buyer and Seller have given
their written consent to this representation before entering into this Real Estate Contract.
❑ D. SELLING FIRM REPRESENTS BUYER (NO LISTING FIRM): Seller acknowledges Selling Firm and all
licensees associated with Selling Firm are the agents of Buyer and it is Buyer who employed them,
whom they represent, and to whom they are responsible. Seller acknowledges that at first contact,
Selling Firm verbally disclosed that Selling Firm represents Buyer. Any reference to "Listing Firm" in
this Real Estate Contract will be considered to mean Selling Firm, both Buyer and Seller
acknowledging that all real estate agents (unless Seller is a licensed Real Estate Agent) involved in
this Real Estate Contract only represent Buyer.
❑ E. NON -REPRESENTATION: See Non -Representation Disclosure Addendum
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EWALNOUEINO REALTORS -
Page 4 of 12 REALR" OPPORTUNITY Association
FORM SERIAL NUMBER O86862-700144-2516144
5. LOAN AND CLOSING COSTS: Unless otherwise specified, all of Buyer's closing costs, including origination fees, assumption
fees, loan costs, prepaid items, loan discount points, closing fee, and all other financing fees and costs charged by Buyer's lender or
any additional fees charged by Closing Agent(s), are to be paid solely by Buyer except for costs that cannot be paid by Buyer. If
Buyer is obtaining a VA or FHA loan, the "Government Loan Fees" shall be paid by Seller, up to the sum of $
(the "Seller Loan Cost Limit"), which is not included in any loan or closing cost provisions listed below, Notwithstanding any provision
to the contrary, should the Government Loan Fees exceed the Seller Loan Cost Limit, Seller shall have the option to either pay such
excess amount or terminate this Real Estate Contract and have the Earnest Money returned to Buyer. Seller is to pay Seller's
closing costs.
Should Buyer be entitled to a credit at Closing for repairs pursuant to Paragraph 16 of this Real Estate Contract, the amount of such
credit shall be reflected on the settlement statement(s). Buyer and Seller warrant all funds received by Buyer from Seller (or other
sources) will be disclosed to the Closing Agent(s) and reflected on the settlement statement(s).
6. APPLICATION FOR FINANCING: If applicable, Buyer agrees to make a complete application for new loan or for loan
assumption within five (5) business days from the acceptance date of this Real Estate Contract. In order to make a complete
application as required by this Paragraph 6, Buyer agrees to provide lender with any requested information and pay for any credit
report(s) and appraisal(s) required upon request, Unless otherwise specified, if said loan is not closed or assumed, Buyer agrees to
pay for loan costs incurred, including appraisal(s) and credit report(s), unless failure to close is solely the result of Seller's breach of
this Real Estate Contract, in which case such expenses will be paid by Seller. Buyer understands failure to make a complete loan
application as defined above may constitute a breach of this Real Estate Contract,
7. EARNEST MONEY:
❑ A. Yes, see Earnest Money Addendum.
B. No.
8. NON-REFUNDABLE DEPOSIT: The Non -Refundable Deposit (hereinafter referred to as the "Deposit") is funds tendered by
Buyer to Seller to compensate Seller for liquidated damages that may be incurred by Seiler resulting from Buyer failing to close on
this Real Estate Contract. The liquidated damages shall include, but not be limited to, Seller's time, efforts, expenses and potential
loss of marketing due to Seller's removal of Property from market. The Deposit is not refundable to Buyer unless failure to close is
exclusively the fault of Seller or if Seller cannot deliver marketable title to the Property, The Deposit will be credited to Buyer at
Closing. Buyer shall hold Listing Firm and Selling Firm harmless of any dispute regarding Deposit. Buyer expressly acknowledges
The Deposit is not to be held by either Listing Firm or Selling Firm. The Deposit may be commingled with other monies of Seller,
such sum not being held in an escrow, trust or similar account.
1 A. The Deposit is not applicable.
If Buyer is obtaining Government Financing (FHA, VA or other) Deposit is not applicable.
❑ B. Buyer will pay to Seller the Deposit in the amount of $
❑ i. Within days following the date this Real Estate Contract has been signed by Buyer and Seller.
C7 ii, Within three (3) business days of execution of Paragraph 4(a) of the Inspection, Repair & Survey Addendum.
❑ iii. Other:
9. CONVEYANCE: Unless otherwise specified, conveyance of the Property shall be made to Buyer by general warranty deed, in fee
simple absolute, except it shall be subject to recorded instruments and easements, if any, which do not materially affect the value of
the Property. Unless expressly reserved herein, SUCH CONVEYANCE SHALL INCLUDE ALL MINERAL RIGHTS OWNED BY
SELLER CONCERNING AND LOCATED ON THE PROPERTY, IF ANY, UNLESS OTHERWISE SPECIFIED IN PARAGRAPH
30. IT IS THE RESPONSIBILITY OF THE BUYER TO INDEPENDENTLY VERIFY AND INVESTIGATE THE EXISTENCE OR
NONEXISTENCE OF MINERAL RIGHTS AND ANY LEGAL RAMIFICATIONS THEREOF. Seller warrants and represents only
signatures set forth below are required to transfer legal title to the Property. Seller also warrants and represents Seller has
peaceable possession of the Property, including all improvements and fixtures thereon, and the legal authority and capacity to
convey the Property by a good and sufficient general warranty deed free from any liens, leaseholds or other interests.
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EQUALHOURWO REALTORS'
Page 5 of 12 REAL ORS OPPORTUNITY Association
FORM SERIAL NUMBER:086s62-700744-2516144
10. TITLE REQUIREMENTS: Buyer and Seller understand Listing Firm and Selling Firm are not licensed title insurance
agents as defined by Arkansas law and do not and cannot receive direct or indirect compensation from any Closing
Agent regarding the closing process or the possible purchase of title insurance by one or more of Buyer and Seller. An
enhanced version of title insurance coverage may be available to Buyer for this transaction. Discuss enhanced title
insurance coverage with your title insurance provider to determine availability and features.
❑A. Seller shall furnish, at Seller's cost, a complete abstract reflecting merchantable title to Buyer or Buyer's Attorney.
❑B, Seller shall furnish, at Seller's cost, an owner's policy of title insurance in the amount of the Purchase Price. If a
loan is secured for the purchase of the Property, Buyer agrees to pay mortgagee's portion of title policy. If Buyer
elects to obtain enhanced title insurance coverage, Buyer shall pay for the increase in title insurance cost in
excess of the cost of a standard owner's title policy.
EljC. Buyer and Seller shall equally split the cost of a combination owner's and mortgagee's policy of title insurance,
either standard or enhanced (if enhanced coverage is desired by Buyer and available), in the amount of (as to
owner's) the Purchase Price and (as to mortgagee's) the loan amount (not to exceed the Purchase Price).
❑ D. Other:
Buyer shall have the right to review and approve a commitment to provide title insurance prior to Closing. If objections are
made to Title, Seller shall have a reasonable time to cure the objections. Regardless of the policy chosen, Buyer and
Seller shall have the right to choose their Closing Agent(s).
11. SURVEY: Buyer has been given the opportunity to obtain a new certified survey. Should Buyer decline to obtain a
survey as offered in Paragraph I 1A of this Real Estate Contract, Buyer agrees to hold Seller, Listing Firm and Selling
Firm involved in this Real Estate Contract harmless of any problems relative to any survey discrepancies that may
exist or be discovered (or occur) after Closing.
❑ A. A new survey satisfactory to Buyer, certified to Buyer within thirty (30) days prior to Closing by a registered land
surveyor, ❑ showing property lines only ❑ showing all improvements, easements and any encroachments will
be provided and paid for by: ❑ Buyer ❑ Seller ❑ Equally split between Buyer and Seller.
❑ B. No survey shall be provided.
❑x C. Other: Seller to provide recent survey
Should Buyer agree to accept the most recent survey provided by Seller, this survey is for information
purposes only and Buyer will not be entitled to the legal benefits of a survey certified in Buyer's name.
12. PRORATIONS: Taxes and special assessments due on or before Closing shall be paid by Seller. Any deposits on
rental Property are to be transferred to Buyer at Closing. Insurance, general taxes, special. assessments, rental
payments and interest on any assumed loan shall be prorated as of Closing, unless otherwise specified herein. Buyer
and Seller agree to prorate general ad valorem taxes based on the best information available at Closing. Buyer and
Seller agree to hold any Closing Agent(s) selected by Buyer and Seller, Listing Firm and Selling Firm harmless for
error in such tax proration computation caused by unknown facts or erroneous information (or uncertainty) regarding
the Homestead Tax Exemption adopted by the voters of the State of Arkansas in the Year 2000, as amended from
time to time.
13. FIXTURES AND ATTACHED EQUIPMENT: Unless specifically excluded herein all fixtures and attached
equipment, if any, are included in the Purchase Price. Such fixtures and attached equipment shall include but not be
limited to the following: dishwasher, disposal, trash compactor, ranges, ovens, water heaters, exhaust fans, heating
and air conditioning systems, plumbing and septic systems, electrical system, intercom system, ceiling fans, window
air conditioners, carpeting, indoor and outdoor light fixtures, window and door coverings and related hardware, gas or
electric grills, awnings, mail boxes, garage door openers and remote controls, antennas, fireplace inserts,
and any other items bolted, nailed, screwed, buried or otherwise attached to the Property in a permanent manner.
Television satellite receiver dish, cable wiring, water softeners, and propane and butane tanks also remain, if owned by
Seller. Buyer is aware the following items are not owned by Seller or do not convey with the Property:
Page 5 of 12
Sena* 066862.760114-25W4d 4t-i: a o y ..Ii
Electronically Signed using eSignOnlineTM[ Session ID : baba07O3-1cb3-4ec6-9140-adfd327e973b ]
Real Estate Contract Copyright
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(Residential) ® Arkansas
EQUPl NQu91NG REALTORS'
Page 6 of 12 OPPOATUNIry Association
FORM SERIAL NUMBER:os6s6a-7oo144-2516144
14. OTHER CONTINGENCY:
X A. No Other Contingency. (Except for those conditions listed elsewhere in this Real Estate Contract.) It is
understood and agreed Seller has the right to enter into subordinate Real Estate Contracts and other Real
Estate Contracts shall not affect this Real Estate Contract.
❑ B. This Real Estate Contract is contingent upon:
on or before (month) (day) (year) _.
During the term of this Real Estate Contract (Select one):
❑ (i) Binding with Escape Clause: Seller has the right to continue to show the Property and solicit and enter
into another Real Estate Contract on this Property. However, all Real Estate Contracts shall be
subject to termination of this Real Estate Contract. Should Seller elect to provide written notice of an
additional Real Estate Contract being accepted by Seller, Seller shall utilize the "Seller's Contingency
Notice Addendum" (the "Notice")and Buyer shall have hours to remove this
contingency. Buyer shall be deemed in receipt of the Notice upon the earlier of (a) actual receipt of the
Notice, or (b) five (5) business days after Seller or Listing Firm deposits the Notice in the United States
mail, certified for delivery to Buyer at
with sufficient postage to ensure delivery. Removal of this contingency shall occur only by delivery of
Notice, in a manner ensuring actual receipt, to Seller or Listing Firm. Time is of the essence. In the event
Buyer removes the contingency and does not perform on this Real Estate Contract for any reason
concerning this contingency, Seller may assert all legal or equitable rights that may exist as a result of
Buyer breaching this Real Estate Contract. Alternatively, Seller at his sole and exclusive option, may
retain the Earnest Money, as liquidated damages. If this contingency is removed, a Closing date shall be
agreed upon by the parties. If a Closing date is not agreed upon, Closing shall occur calendar
days from removal. Should Buyer not remove this contingency as specified. this Real
Estate Contract shall be terminated with Buyer and Seller both agreeing to sign a Termination of Contract
Addendum with Buyer to recover Earnest Money. All time constraints in this Real Estate Contract
referred to in Paragraphs 6, 168, 17, 18 19B, 20B, and 21 refer to the time Buyer removes the
contingency.
❑ (ii) Binding without Escape Clause: It is understood and agreed Seller has the right to enter into
subordinate Real Estate Contracts and any subordinate Real Estate Contracts entered into by Seller shall
not affect this Real Estate Contract.
15. HOME -WARRANTY PLANS: Buyer understands the benefits of a home -warranty contract which may
include coverage for most major appliances, plumbing, electrical, heating and air conditioning systems. The
home -warranty contract covers unexpected mechanical failures due to wear and tear and is subject to a
per -claim deductible. The availability of a home -warranty contract, cost and applicable deductible have
been explained to Buyer, and Buyer chooses:
Q A. No home -warranty contract concerning the condition of any real or personal Property to be
conveyed from Seller to Buyer for any period after the Closing.
❑ B. A limited one-year home -warranty plan will be provided to Buyer concerning the condition of the
Property and will be paid for by at a cost not to exceed $
plus sales tax. This home -warranty contract will not imply any warranty by Seller after Closing.
Coverages vary and the coverage received is solely set forth In the . home -warranty documents
between Buyer and Home -Warranty Company,
and no representation or explanation will be provided by Seller, Selling Firm or Listing Firm, Buyer
being solely responsible to determine the extent and availability of coverage. Listing Firm and/or
Selling Firm may receive compensation from the warranty company.
❑ C. Other Warranty:
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Real Estate Contract Copyright
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(Residential) Arkansas
REALTORS
a ALT a'° EQUAL ou$ Na '
Page 7 of 12 Association
FORM SERIAL NUMBER:086s62-700144-2516744
16. INSPECTION AND REPAIRS:
❑ A. Subject to Paragraph 25, the sale of the Property, in its condition as existing on the date Buyer signed this Real
Estate Contract, shall take place on an "AS IS, WHERE IS, WITH ALL FAULTS BASIS" and Buyer acknowledges
and agrees to voluntarily waive and decline any right to further inspect or require repair of the Property. An
example are the rights declined and waived by Buyer in Paragraph 16B of this Real Estate Contract.
B. Buyer shall have the right, at Buyer's expense, with the cooperation of Seller, to inspect the electrical,
mechanical, plumbing, environmental conditions, appliances, and all improvements, structure(s) and
components on or about the Property (collectively the "Inspection Items")within TEN (10) BUSINESS DAYS
after the date this Real Estate Contract is accepted. Seller, Listing Firm and Selling Firm recommend Buyer
use a representative(s) chosen by Buyer to inspect Inspection Items. Buyer is not relying on Listing Firm or
Selling Firm to choose a representative to inspect or re -inspect Inspection Items; Buyer understands
any representative desired by Buyer may inspect or re -inspect Inspection Items. Buyer shall neither
make nor cause to be made, unless authorized by Seller in writing, any invasive or destructive Buyer
inspections or investigations. Seller agrees to have all utilities connected and turned on to Property to allow
Buyer to inspect and re -inspect Inspection Items. If Property being purchased is not new, Buyer acknowledges
Inspection Items may not be new. Buyer does not expect Inspection Items to be like new and recognizes
ordinary wear and tear to Inspection Items is normal. For the purpose of this Paragraph 16B, "normal working
order" means that Inspection Items function for the purpose for which they are intended. The fact any or all
Inspection Items may cease to be in normal working order, be discovered or occur, after Closing, shall not
require repair by Seller, or provide legal or other liability to Seller, Listing Firm or Selling Firm.
If Buyer elected to inspect the Inspection Items, Buyer shall deliver an Inspection, Repair and Survey Addendum to Seller
or Listing Firm within the allotted ten (10) business day period so the Inspection, Repair, and Survey Addendum is
actually received by Seller or Listing Firm within the allotted (10) business day period, stating inspections have been
performed and listing all items Buyer requests the Seller to repair or stating no repairs are requested. If Buyer is not
satisfied with a personal or professional inspection and elects to terminate this Real Estate Contract, both Buyer and
Seller agree to sign a Termination of Contract Addendum with Buyer to recover Earnest Money. If Buyer requests
repairs, Seller shall have (5) business days to respond to the Buyer's repair request. If Seller does not respond within the
allotted (5) business days, Buyer may elect to: (1) accept Property in its condition at Closing, or (2) terminate this Real
Estate Contract and recover Earnest Money and both Buyer and Seller agree to sign a Termination of Contract
Addendum.
If Buyer and Seller are not able to negotiate requested repairs, Buyer and Seller agree this Real Estate Contract is
terminated and further agree to sign a Termination of Contract Addendum. IN THE EVENT BUYER DOES NOT MAKE
THE NECESSARY REQUIRED INSPECTIONS OR DOES NOT PRESENT THE INSPECTION, REPAIR AND SURVEY
ADDENDUM TO SELLER OR LISTING FIRM IN THE ALLOTTED TEN (10) BUSINESS DAY TIME PERIOD, BUYER
WAIVES ALL RIGHTS TO A RE -INSPECTION AND ASSUMES COMPLETE RESPONSIBILITY FOR ANY AND ALL
FUTURE REPAIRS AND THE CONDITION OF THE PROPERTY.
If Buyer timely inspected Property and Seller received the Inspection, Repair and Survey Addendum within the time
period set forth above, Buyer shall have the right to re -inspect all Inspection Items immediately prior to Closing to
ascertain whether Inspection Items are in normal working order and to determine whether all requested and accepted
repairs have been made. If Inspection Items are found not to be in normal working order upon re -inspection, Buyer may
elect to: (1) accept Property in its condition at Closing, or (2) terminate this Real Estate Contract and recover the Earnest
Money and, in the event termination is elected, both Buyer and Seller agree to sign a Termination of Contract Addendum.
If Buyer closes on Property believing conditions exist at Property that require repair as allowed by this Paragraph 168,
Buyer waives all right to assert a claim against Seller, Selling Firm or Listing Firm concerning the condition of Property.
Buyer understands and agrees that, pursuant to the terms of Paragraph 16B, Buyer will be accepting Property at Closing
"AS IS, WHERE IS AND WITH ALL FAULTS".
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Real Estate Contract
(Residential)
Page 8 o€12
Copyright
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LIIJ
Arkansas
EQUAL HMODS NO
REALTORS'
RE1lToR''
aPPO%TUy
Association
Form Serial Number:086862-700144-2516144
17. THIRD PARTY REQUIREMENTS:
Any requirements for repair by FHA, VA, USDA -RD, the lender, termite control company or other "third party"
requirements shall be delivered to Seller promptly upon receipt by Buyer. Seller shall have five (5) business
days to respond to "Third Party" requirements upon receipt or Buyer may (1) accept the property in its condition
at Closing as well as the responsibility for the completion of "Third Party" requirements, or (2) terminate this
Real Estate Contract and recover the Earnest Money with Buyer and Seller agreeing to sign the Termination of
Contract Addendum. If Buyer and Seller are unable to negotiate for the requested "Third Party" Requirements to
be performed, this contract may be terminated with Buyer and Seller both agreeing to sign the Termination of
Contract Addendum.
Buyer shall have the right to re -inspect all "Third Party" Requirements immediately prior to closing to ascertain
whether "Third Party" Requirements have been made. If Buyer finds "Third Party" Requirements have not been
made, Buyer may (1) accept the property in its condition at Closing as well as the responsibility for the completion
of "Third Party" Requirements, or (2) terminate this contract and recover the Earnest Money with Buyer and Seller
both agreeing to sign the Termination of Contract Addendum
18. SELLER PROPERTY DISCLOSURE:
❑ A. Buyer and Seller acknowledge that upon the authorization of Seller, either Selling Firm or Listing Firm have
delivered to Buyer, prior to the execution of this Real Estate Contract, a written disclosure prepared by
Seller concerning the condition of the Property, but this fact neither limits nor restricts Buyer's Disclaimer of
Reliance set forth in Paragraph 29 of this Real Estate Contract, nor the rights provided Buyer in Paragraph
16. The written disclosure prepared by Seller is dated (month) (day) , (year)
and is warranted by Seller to be the latest disclosure and the answers contained in the
disclosure are warranted to be true, correct, and complete to Seller's knowledge.
n B. Buyer hereby requests Seller to provide a written disclosure about the condition of the Property that is true
and correct to Seller's knowledge within three (3) business days, after this Real Estate Contract has been
signed by Buyer and Seller. If Seller does not provide the disclosure within the three (3) business days,
Buyer may declare this Real Estate Contract terminated with Buyer and Seller both agreeing to sign the
Termination of Contract, with Buyer to receive a refund of the Earnest Money. If Buyer finds the
disclosure unacceptable within three (3) business days after receipt of disclosure, this Real Estate Contract
may be declared terminated by Buyer, with Buyer and Seller both agreeing to sign the Termination of
Contract with Buyer to receive a refund of the Earnest Money. Receipt of this disclosure neither limits nor
restricts in any way Buyer's Disclaimer of Reliance set forth in Paragraph 29 of this Real Estate Contract,
nor the rights provided to Buyer in Paragraph 16.
❑ C. Although a disclosure form may have been completed (or can be completed) by Seller, Buyer has
neither received nor requested and does not desire from Seller a written disclosure concerning the
condition of the Property prior to the execution of this Real Estate Contract, but this fact neither limits
nor restricts in any way Buyer's Disclaimer of Reliance set forth in Paragraph 29 of this Real Estate
Contract. BUYER IS STRONGLY URGED BY SELLING FIRM AND LISTING FIRM TO MAKE ALL
INDEPENDENT INSPECTIONS DEEMED NECESSARY PRIOR TO SIGNING THIS REAL ESTATE
CONTRACT, IN ADDITION TO THOSE INSPECTIONS PERMITTED BY PARAGRAPH 16B OF THIS
REAL ESTATE CONTRACT.
❑ D. Buyer understands no disclosure form is available and will not be provided by Seller. This fact neither
limits nor restricts in any way the Buyer's Disclaimer of Reliance set forth in Paragraph 29 of this Real
Estate Contract. BUYER IS STRONGLY URGED BY SELLING FIRM AND THE LISTING FIRM TO
MAKE ALL INDEPENDENT INSPECTIONS DEEMED NECESSARY PRIOR TO SIGNING THIS
REAL ESTATE CONTRACT, IN ADDITION TO THOSE INSPECTIONS PERMITTED BY
PARAGRAPH 16B OF THIS REAL ESTATE CONTRACT.
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FIPrtrnniCall.y Signed using eslgnOntineTTM[ Session ID : baba0703-1cb3-4ec6-9140-adfd327e973b 1
Real Estate Contract Copyright
za1 s
(Residential) r:
Page 9 of 12Arkansas
eaUAI 111MINO REALT0RS•
14EAL�r�OPPORTUNITY Association
FORM SERIAL NUMBER -086862-700144-2516144
19. TERMITE CONTROL REQUIREMENTS:
❑ A. None
EIl B. A Letter of Clearance (Wood Infestation Report) requiring a Termite Protection Contract with a One -
Year (1) Warranty to include treatment if allowed by applicable law and the Arkansas State Plant
Board and full protection plan shall be provided by Seller at Seller's cost at closing. Seller shall order
a proposal from a licensed Termite Contractor within ten (10) business days after acceptance of this
Real Estate Contract. All repairs necessary to allow issuance of such Termite Protection Contract,
excluding a new Termite Protection Treatment, are to be part of the Third -Party Requirements
pursuant to Paragraph 17. If Buyer is obtaining financing, such Termite Protection Contract shall be
in a form acceptable to the Lender and Buyer.
❑ C. Other:
20. LEAD -BASED PAINT RISK ASSESSMENT/INSPECTION:
❑A. Buyer understands and agrees that, according to the best information available, improvements on this
Property were not constructed prior to 1978 and should not contain lead -based paint hazards.
EIB. Buyer has been informed that the Property, including without limitation garages, tool sheds, other
outbuildings, fences, signs and mechanical equipment on the Property that were constructed prior to
1978, may contain lead -based paint. Seller will provide the Lead -Based Paint Disclosure (pre -1978
construction) within three (3) business days after acceptance of this Real Estate Contract. The obligation
of Buyer under this Real Estate Contract is contingent upon Buyer's acceptance of the Lead -Based Paint
Disclosure provided by Seller and an Inspection and/or Risk Assessment of the Property for the presence
of lead -based paint and/or lead -based paint hazards obtained at Buyer's expense. If Buyer finds either
the Lead -Based Paint Disclosure or the Inspection and/or Risk Assessment unsatisfactory, in the sole
discretion of Buyer, within ten (10) calendar days after receipt by Buyer of the Lead -Based Paint
Disclosure, Buyer shall have the absolute option to unilaterally terminate this Real Estate Contract with
Earnest Money returned to Buyer and, with neither Buyer nor Seller having further obligation to the other
thereafter. Buyer shall submit any request for abatement repairs in writing as part of the Third -Party
Requirements specified in Paragraph 17 of the Real Estate Contract. Buyer may remove this contingency
and waive the unilateral termination right at any time without cause by written General Addendum signed
by Buyer and delivered to Seller. If Buyer does not deliver to Seller or Listing Firm a Termination of Real
Estate Contract Addendum terminating this Real Estate Contract within the ten (10) calendar days after
receipt by Buyer of the Lead -Based Paint Disclosure, this contingency shall be deemed waived and
Buyer's performance under this Real Estate Contract shall thereafter not be conditioned on Buyer's
satisfaction with the Lead -Based Paint Inspection and/or Risk Assessment of the Property.
I Buyer has been advised of Buyer's rights under this Paragraph 20.
21. INSURANCE: This Real Estate Contract is conditioned upon Buyer's ability to obtain homeowner/hazard
insurance for the Property within ten (10) business days after the acceptance date of this Real Estate Contract. If
Buyer does not deliver to Seller or Listing Firm a written notice from an insurance company within the time set
forth above of Buyer's inability to obtain homeowner/hazard insurance on the Property, this condition shall be
deemed waived (but without waiver of conditions, if any, set in Paragraph 3) and Buyer's performance under this
Real Estate Contract shall thereafter not be conditioned upon Buyer's obtaining insurance. If Buyer has complied
with the terms of this Paragraph 21 and has timely provided written notice to Seller of Buyer's inability to obtain
such insurance, this Real Estate Contract shall be terminated with Earnest Money to be returned to Buyer, subject
to Earnest Money Addendum
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Real Estate Contract ri
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Page 1O of 12 REALTOR* EQUAL TUNITY REALTORS'
g Association
FORM SERIAL NUMBER 086862-700144-2516144
22. CLOSING: Closing is the date and time at which Seller delivers the executed and acknowledged deed. Buyer and
Seller agree the Closing date will be (month) November (day) 30 (year) 2015 . The
Closing date may be changed by written agreement of Buyer and Seller. If the sale is not consummated by the Closing
date, (or any written extension thereof), the parties shall have the remedies available to them in equity or at law,
including the remedies available to them in Earnest Money Addendum.
Buyer and Seller shall have the right to choose their Closing Agent(s) and are not relying on Listing Firm or Selling Firm
to choose a Closing Agent. Should Buyer or Seller choose the services of a Closing Agent(s) other than Selling Firm or
Listing Firm, then Buyer and Seller each jointly and severally agree to indemnify and hold Listing Firm and Selling Firm
harmless for all intentional misconduct and negligent acts (including acts of omission) of the Closing Agent(s).
['his Real Estate Contract shall serve as written closing instructions to the Closing Agent on behalf of the Buyer and
Seller. The Closing Agent(s) is/are authorized to provide Seller's settlement statement to Listing Firm (in addition to
Seller) and Buyer's settlement statement to Selling Firm (in addition to Buyer) prior to settlement so Buyer, Seller,
Listing Firm and Selling Firm shall have a reasonable opportunity to review prior to Closing.
Buyer and Seller shall each have the right to request title insurer(s), if any, issue closing protection to indemnify against
loss of closing funds because of acts of a Closing Agent, title insurer's named employee, or title insurance agent. Any
cost for closing protection will be paid by the requesting party(ies). Listing Firm and Selling Firm strongly advise Buyer
and Seller to inquire of the Closing Agent(s) about the availability and benefits of closing protection.
This Real Estate Contract shall, unless otherwise specified in Paragraph 30 of this Real Estate Contract, constitute
express written permission and authorization to Listing Firm and Selling Firm to disclose the terms of this Real Estate
Contract (and all Addenda), including without limitation concessions provided by Buyer or Seller or other non-public
personal information of Buyer and Seller regarding the purchase and sale of the Property, to any of the following: (i) an
Arkansas licensed appraiser; (ii) multiple listing services for use by the members thereof; and (iii) any other person or
entity which Listing Firm or Selling Firm determines, using sole discretion, may have a legitimate basis to request and
obtain such information. The authorization and permissions granted in this Paragraph 22 shall not create any
obligation or duty upon Listing Firm or Selling Firm to make any disclosure to any person or entity.
23. POSSESSION: Possession of the Property shall be delivered to Buyer:
A. Upon the Closing. (Seller's delivery of executed and acknowledged Deed).
❑ B. Upon Buyer's completion, signing and delivery to Seller (or to Listing Firm or the Closing Agent agreed to by Buyer and
Seller) of all loan, closing documents and Purchase Price funds required to be executed or delivered by Buyer.
❑ C. Delayed Possession. (See Delayed Occupancy Addendum attached)
❑ O. Prior to Closing. (See Early Occupancy Addendum attached)
24. ASSIGNMENT: This Real Estate Contract may not be assigned by Buyer unless written consent'of Seller is obtained,
such consent not to be unreasonably withheld. It shall not be unreasonable for Seller to withhold consent if Seller is to
provide financing for Buyer in any amount.
25. RISK OF LOSS: Risk of loss or damage to the Property by fire or other casualty occurring prior to the time Seller
delivers an executed and acknowledged deed to Buyer is expressly assumed by Seller. Should the Property be
damaged or destroyed prior to Closing, Buyer shall have the option to: (i) enter into a separate written agreement with
Seller whereby Seller will agree to restore the Property to its condition at the time this Real Estate Contract was
accepted, (ii) accept all insurance proceeds related to the Property fire loss or other casualty loss and receive the
Property in its existing condition, or (iii) terminate this Real Estate Contract and recover the Earnest Money. Buyer and
Seller agree any written agreement concerning option (i) or (ii) above shall be prepared only by licensed attorneys
representing Buyer and Seller. If Buyer elects option (ii) above, Buyer shall be entitled to credit for the insurance
proceeds up to the Purchase Price, and any insurance proceeds received by Seller over and above the Purchase Price
shall be tendered to Seller at Closing. Notwithstanding the choice selected in Paragraph 16, Buyer shall have the right
prior to Closing to inspect the Property to ascertain any damage that may have occurred due to fire, flood, hail,
windstorm or other acts of nature, vandalism or theft,
26. GOVERNING LAW: This Real Estate Contract shall be governed by the laws of the State of Arkansas.
27. SEVERABILITY: The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of
any other provision of the Agreement, which shall remain in full force and effect.
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Sella . 086862 -700144 -?516144
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Electronically Signed using eSignOnline7hl[ Session ID : baba0703-1cb3-4ec6-9140-adfd327e973b ]
Real Estate Contract r
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2015
(Residential) IJi Arkansas
°QUAL ',SING REALTORS'
Page 11 of 12 REaL OR OPPORTUNITY Association
FORM SERIAL NIUMBER:Oses62-700144-2576144
28. MERGER CLAUSE; Tiffs Rea! Estate Contract, when executed by both Buyer and Seller, shall contain the entire understanding
and agreement between Buyer and Seller with respect to all matters referred to herein and shall supersede all prior or
contemeraneous agreements. representations, discussions and understandings, oral or written, with respect to such matters
This Real Estate Contract shall not supersede any agency agreements entered into by Buyer or Seller and Listing Firm or
Selling Firm
29. BUYER'S DISCLAIMER OF RELIANCE:
A. BUYER CERTIFIES BUYER WILL PERSONALLY INSPECT OR HAVE A REPRESENTATIVE INSPECT THE PROPERTY AS FULLY AS DESIRED
PRIOR TO CLOSING. BUYER CERTIFIES BUYER HAS NOT AND WILL NOT RELY ON ANY WARRANTIES, REPRESENTATIONS, OR
STATEMENTS OF SELLER, LISTING FIRM, SELLING FIRM, OR ANY AGENT, INDEPENDENT CONTRACTOR, OR EMPLOYEE ASSOCIATED
WITH THOSE ENTITIES, OR INFORMATION FROM MULTIPLE LISTING SERVICES OR OTHER WEBSITES REGARDING MINERAL RIGHTS,
YEAR BUILT, SIZE (INCLUDING WITHOUT LIMITATION THE SQUARE FEET IN IMPROVEMENTS LOCATED ON THE PROPERTY), QUALITY,
VALUE OR CONDITION OF THE PROPERTY, INCLUDING WITHOUT LIMITATION ALL IMPROVEMENTS, APPLIANCES, PLUMBING,
ELECTRICAL OR MECHANICAL SYSTEMS. HOWEVER, BUYER MAY RELY UPON ANY WRITTEN DISCLOSURES PROVIDED BY SELLER.
LISTING FIRM AND SELLING FIRM CANNOT GIVE LEGAL ADVICE TO BUYER OR SELLER. LISTING FIRM AND SELLING FIRM STRONGLY
URGE STATUS OF TITLE TO THE PROPERTY, CONDITION OF PROPERTY, MINERAL RIGHTS, AND SQUARE FOOTAGE OF IMPROVEMENTS,
QUESTIONS OF SURVEY AND ALL OTHER REQUIREMENTS OF BUYER SHOULD EACH BE INDEPENDENTLY VERIFIED AND INVESTIGATED
BY BUYER OR A REPRESENTATIVE CHOSEN BY BUYER.
B. BUYER AGREES TO SIGN PAGE 4 OF THE INSPECTION, REPAIR AND SURVEY ADDENDUM PRIOR TO CLOSING IF BUYER ACCEPTS THE
CONDITION OF THE PROPERTY AND INTENDS TO CLOSE.
30. OTHER: This offer is Contingent upon
-execution of a lease with the City of Fayetteville for 2 acres in Gulley Park adjacent to the subject property.
-the approval by the planning commission, and any other relevant government official, of a conditional use
permit for the operation of a limited business at the subject property.
-a satisfactory inspection by buyer as described in 168, however buyer will not request any repairs by seller
31. TIME: Buyer and Seller agree time is of the essence with regard to all times and dates set forth in the Real Estate Contract.
Unless otherwise specified, days as it appears in the Real Estate Contract shall mean calendar days. Further, all times and
dates set forth in the Real Estate Contract refer to Arkansas Central time and date.
32. ATTORNEY'S FEES: Should Buyer or Seller initiate any type of administrative proceeding, arbitration, mediation or litigation
against the other (or against an agent for the initiating party or agent for the non -initiating party), it is agreed by Buyer and
Seller (aforementioned agents being third -party beneficiaries of this Paragraph 32) that all prevailing parties shall be entitled
to an award of their respective costs and attorneys fees incurred in defense of such initiated action against the non -
prevailing party
33 COUNTERPARTS: This Real Estate Contract may be executed in multiple counterparts each of which shall be
regarded as an original hereof but all of which together shall constitute one in the same.
34. FIRPTA COMPLIANCE, TAX REPORTING: Buyer and Seller agree to disclose on or before Closing, to the person or
company acting as Closing Agent for this transaction their United States citizenship status, solely for the purpose of
compliance with the Foreign Investment in Real Property Taxation Act (FIRPTA). In addition Buyer and Seller shall execute
all documents required by such Closing Agent to document compliance with the FIRPTA and all other applicable laws
Buyer and Seller agree nothing in this Real Estate Contract is intended to limit the responsibility of the Closing Agent as
defined pursuant to United States Treasury Regulation 1 6045-4 to (i) be the "reporting person" under state and federal tax
::laws (including witnout limitation 26 USC Section 6045(e)), and (ii) file all necessary forms regarding the Closing, including
without limitation form 1099, 8288 or 8288A_ By accepting the role as Closing Agent, this Agreement shall obligate the
Closing Agent to Fulfill their responsibilities as set forth above and as defined by the above statutes. Seller will execute an
affidavit contrming compliance with FIRPTA, as prepared by the Closing Agent
35. LICENSEE DISCLOSURE: Check ail that apply
A Not Applicable.
B One or more parties to this Real Estate Contract acting as a ;_Buyer Seller hold a valid Arkansas Real Estate
License
C. One or more owners of any entity acting as IJ Buyer LSeller hold a valid Arkansas Real Estate License
Page 11 of 12
9enaJk 0BBfi2.70014a?5I61,W ,
Electronically Signed using eSignOnlineT"( Session ID baba0703-1cb3-4ec6-9140-adfd327e973b j
Real Estate Contract
(Residential
fl
Copyright
Arkansas
kans
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Pa 'f2 of 12
g_-
REALTOR 0"O -)-y
REALTORS'
Association
36. EXPIRATION; This Real Estate Contract expires if not accepted on or before (month) September
(day) 25 ,(year) 2015 , at 5:00 ❑ (a.m.) i)j(p.m.).
THIS IS A LEGALLY BINDING REAL ESTATE CONTRACT WHEN SIGNED BY THE PARTIES BELOW. READ IT CAREFULLY YOU MAY EMPLOY AN
ATTORNEY TO DRAFT THIS FORM FOR YOU. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING.
REAL ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW' NAIVE THEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS
FORM AND HAVE AUTHORIZED TEE REAL ESTATE AGENT(S) TO FILL IN THE BLANKS ON THIS FORM.
THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANS AS REALTORS' ASSOCIATION. THE SERIAL NUMBER BELOW IS A UNIQUE NUMBER
NOT USED ON ANY OTHER FORM. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING; NOT MACHINE COPIED, OTHERWISE THE FORM
MAY HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF IT WAS PREPAR ED AFTER DECEMBER 31, 2015.
FORM SERIAL NUMBER:O86862.70Q144-2516144
The above Real Estate Contract is executed on
(month) September (day) 17, (year) 2015 , at ] (air.) =j (p.m.).
Lindsey and Associates 911 7/2015 12:38 PNI PDT
Selling Firm
sinattrretta/f4Pstsp/S signature: GotL%tnsoard nrT___
Printed Name: Holly Daniels Prated Name' Apple Seeds, Inc.
Principal or Executive Broker Bu. er
Si nature_kQ 841/9/_7 ;`2015 3:465 gAa CDT y'
gtgnatUto:t'1tYtt.AwGfGT WRl^Few gD!3rGf 5$CYutLiY
Printed Name: Kathy Ball Printed Name. Apple Seeds, Inc,
Selling Agent Buyer
10 on
(year } at
Printed Name
oetier
Signature_ _ jdJ/jQ t
Panted Nan e, Sondra L= SM
Seller
The above offer was (L rejected ❑counter -offered (Form Serial Number
_; Buyer informed of Notification of Existing Real Estate Contract Addendum
(Form Serial Number ) -
on (month) (day) (year) , at ❑ (a.rn.) [](o m.}.
Seller's Initials Seller's Initials
Page 12 or 12
Senaa. 088882-700144-2816144
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�= FAYE
IHilt11
I•T'R E4' ,
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Copyright
Arkansas
General Addendum dsey 2015
REAL70RS*
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T■,+n'µ,,; REALTOR= orronrunrry Association
Page 1 of 2
FORM SERIAL NUMBER: 093875-000144-3039195
Regarding the Real Estate Contract (Form Serial Number 086862-700144-2516144
dated (month) September (day) 17 (year) 2015 , between Buyer/Lessee,
Apple Seeds, Inc , and Seller/Lessor,
City of Fayetteville , covering the
real property known as 2648 Old Wire Road, Fayetteville, Arkansas 72703
(the "Property"), the undersigned Buyer and Seller, in consideration for the covenants, agreements
and promises made below and other good and valuable consideration, receipt and sufficiency being
acknowledged, agree as follows:
This contract is subject to approval by the Fayetteville City Council
Fayetteville, Arkansas
-The expiration date on the Real Estate Contract is changed to October 9, 2015
Page 1 of 2
SlJ 09875.000146-03015
Electronically Signed using eSignOnlineT'1[ Session ID : 2752.2799-7952-4b76-915f-9dedbe2274db I
GeneralAddendum®,2015
o�rm
Copyright
Arkansas
REALTORS'
REA14TOV EWALKUS1T
Page 2 of 2
Association
This General Addendum, upon its execution by both parties, incorporates by reference all provisions of the
above -referenced Real Estate Contract not expressly modified herein_ This General Addendum may be executed in
multiple counterparts each of which shall be regarded as an original hereof but all of which together shall constitute
one in the same,
EXPIRATION: This General Addendum shall not be effective unless signed by Buyer/Lessee and Seller/Lessor on
on before (month) October (day) 9 , (year) 2015 , at 5:00 n(a.ni.) 7c:
(p.m).
THIS 15 A LEGALLY BINDING AGREEMENT WHEN SIGNED BY THE. PARTIES BELOW. RFAD IT CAREFULLY. YOU MAY EMPLOY AN
ATTORNEY TO DRAFT THIS FORM FOR YOU, IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY
BEFORE SIGNING. REAL ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO
HAVE AN ATTORNEY DRAFT THIS FORM AND HAVE AUTHORIZED THE REAL ESTATE AGENT(S) TO FILL IN THE BLANKS ON THIS FORM.
THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS' ASSOCIATION. THE SERIAL NUMBER BELOW IS1\
UNIQUE NUMBER NOT USED ON ANY OTHER FORM. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE
COPIED, OTHERWISE THE FORM MAY IJAVE BEEN ALTERED. DO NOT SIGN TI IIS FORM IF IT WAS PREPARED AFTER DECEMBER 31,
2015. FORM SERIAL NUMBER: 093875-OO0744-3039795
The above General Addendum is executed on
(month) September (day) 23 ,(year) 2045, at ❑ (a.m.) (p,rn.),
Lindsey and Associates
Selling Firm ��q B 9/24/2015 10:.55 AIVfrti:eu
Signature: O,�i 61891�'IS _ _. Si matureg, e14
Printed Name: Holly Daniels Printed Name: Apple Seeds, Inc.
Principal or Executive Broker Buyer/Lessee
9�,
)� 9/23/2015 4:15 PM CDT
Signature. a& 6a1l Signature: Ay1t,L V01[A WRYYef. UDArci S$CYet'RYP4
Printed Name: Kathy Ball Printed Name: Apple Seeds, Inc.
Selling Agent Buyer/Lessee
The above Gpnerat ddendum is executed on �-- - ?
(month) ____",7T'.r,.(day) S (Yea))/ at.:.,2.... C. L f (a. m.)
Listing Firm ,F --
Signature:''
Printed Name: I J (
Principal or Ex eutive roles
Signature. c -
Printed Name: r'(H°`t. IC L)
Listing Agent
Printed Name: c 0I2a'Ya Lei Smi /4 ..
Page 2 of 2
SeileriLessor
Sofiae 043B75.p0014#•30315
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_
�•
General BuyerlLessee Disclaimer
lJ iai
Copyright
1
Arkansas
REALTORS
Page 1 of I
REAtto t TLit tt
Association
Refers to Real Estate Contract / Rental -Lease Agreement Serial Number
Property Address: 2648 Old Wire Road, Fayetteville, Arkansas 72703
Presence of Mold in a Property
Mold, mildew, spores and other microscopic organisms and/or allergens (collectively referred to as "Mold") are
environmental conditions that are common in residential properties and may affect the Property. Mold, in some
forms, has been reported to be toxic and cause serious physical illnesses, including, but not limited to, allergic
and/or respiratory reactions or other problems, particularly in persons with immune system problems, young
children and/or the elderly. Mold has also been reported to cause extensive damage to personal and real
property.
Existence of Chemical or Drug Substances in a Property
Buyer/Lessee is strongly urged, as part of any pre -closing investigation desired by Buyer/Lessee concerning
the Property to: (i) conduct testing for possible existence of chemical(s) to manufacture illegal drugs or illegal
drug substances in, on or about the Property, as desired by Buyer/Lessee, and (ii) to visit with applicable law
enforcement authorities about possible prior illegal activity on or about the Property.
Presence of a Convicted Sexual Offender in the Neighborhood
If the presence of a registered sex offender is a matter of concern to Buyer/Lessee, Buyer/Lessee understands
Buyer/Lessee must contact local law enforcement officials or access the State of Arkansas registered sexual
offender website at http_//w ww.acic.org regarding such information.
Flood or Flood Prone
If the location of the Property being in a Flood or Flood Prone area is of concern to Buyer, Buyer may access
FEMA (Federal Emergency Management Authority) at www.rnsc.fema_gpy regarding such information.
Your mortgage lender may require you to purchase flood insurance in connection with your purchase
of this property. The National Flood Insurance Program provides for the availability of flood insurance',
but also establishes flood insurance policy premiums based on the risk of flooding in the area where
properties are located. Due to recent amendments to federal law governing the NFIP those premiums
are increasing, and in some cases will rise by a substantial amount over the premiums previously
charged for flood insurance for the property. As a result, you should not rely on the premiums paid for
flood insurance on this property previously as an indication of the premiums that will apply after you
complete your purchase. In considering your purchase of this property you should consult with one or
more carriers of flood insurance for a better understanding of flood insurance coverage, the premiums
that are likely to be required to purchase such insurance and any available information about how those
premiums may increase in the future.
Real estate agents cannot suggest, refer, recommend, or infer that you should or should not use an
inspector for Mold, Chemical and Drug Substances. Should you desire an inspection by a qualified
inspector, you should contact an inspector who has been authorized and/or certified to capture
samples for laboratory testing. No warranty, representation or recommendation can be made by real
estate agent(s) concerning any inspector. The Buyer(s)/Lessee(s) signing this disclaimer islare
STRONGLY URGED to independently determine the competency of any inspector to be used in
connection with the purchase, sale or rental of real estate. By signing this form in the space below, it is
acknowledged that the disclaimer listed above has been read and understood, the real estate agent(s)
has/have fully compiled with the policy outlined herein and I/we understand our responsibility to
independently choose and determine the competency of an inspector.
�✓14 9/24/2015 10:55 AM CDT
Buyer I Lessee Date
- Avx,Ltvvda secretctrt j 9/23/20154:15 PM CDT
BuyerlLessee Date
Page 1 of 1
Serl:l4; 0S163400IA43x3925
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Representation Agreement �` ` kans
Arkansas
NOn;Exciustve Buyer 0] REALTORS"
.. T!!.`k:�7._..j RIi �tiL iO OPPO`R U81TY
Pagel 0�4 �y*�:m Association
-
Form SeriaF Number076473-100144-3034377
1 • RIGHT TO REPRESENT: In consideration of the services of _ —
Lindsey and Associates (by and through the Principal Broker or
agent thereof assigned by Selling Firm) (hereafter collectively called "Selling Firm") for the purpose of
representing Apple Seeds, Inc
(hereafter called "Buyer") to possibly acquire an interest in real property, Buyer and Selling Firm agree to
conduct negotiations for property made known to Buyer by Selling Firm (the "Property") through Selling
Firm Listing Firm, as used in this Non-Exolusivo Buyer Representation Agreement, is a real estate
brokerage firm representing persons having property that Buyer may want to purchase. Listing Firm may be
the same as Selling Firm and properties owned by persons represented by Selling Firm may be shown to
Buyer only if authorized in Paragraph 3 below. Seller, as used in this Non -Exclusive Buyer Representation
Agreement, refers to any owner of a property presented or offered to Buyer.
2. DURATION OF AGENCY: Selling Firm's authority as Buyer's agent begins at 12:01 a.m. on
(month) September (day) 17 , (year) __ 2015 , and expires at 11:59 p.m. on
(month) December (day) 30 , (year) 2015 , or upon completion of the acquisition of
the Property, unless extended by mutual written agreement of Buyer and Selling Firm. This Non -Exclusive
Buyer Representation Agreement may be cancelled at any time by either party,
3. AGENCY REPRESENTATION: Buyer understands that Selling Firm may be in the business of
representing both buyers and sellers for the purchase and safe of real property. If Buyer decides to view or
purchase property from a Seller also represented by Selling Firm, Buyer hereby agrees that:
[]A. SELLING FIRM MAY REPRESENT BOTH BUYER AND SELLER and such agreement by Buyer
means:
(i) Listing/Selling Firm shall not be required to and shall not disclose to either Buyer or Seller any
personal, financial or other confidential information concerning the other party without the express
written consent of that party; however, Buyer agrees Listing/Selling Firm shall disclose to Buyer
information known to Listing/Selling Firm related to defects in the Property and such information
shall not be deemed "confidential information." Confidential information shall include but not be
limited to any price Seller is willing to accept that is less than the offering price or any price Buyer
is willing to pay that is higher than that offered in writing,
(ii) Buyer, by selecting this option 3A, acknowledges that when Listing/Selling Firm represents both
Buyer and Seller a possible conflict of interest exists, and Buyer further agrees to waive and
forfeit individual rights to receive the undivided loyalty of Selling Firm.
(iii) Buyer waives any claim now or hereafter arising out of any conflicts of interest from Selling Firm
representing both parties. Buyer acknowledges Selling Firm verbally disclosed that Selling Firm
may represent both buyers and others, and Buyer has consented to Selling Firm representing
both Buyer and Seller before entering into this Non -Exclusive Buyer Representation Agreement.
(iv) It is not a breach of fiduciary duty to inform a Seller also represented by Selling Firm of the
existence or possibility of offers to purchase the Property other than those contemplated or
submitted by Buyer.
Li B. SELLING FIRM MAY NOT REPRESENT BOTH: Buyer understands that Selling Firm may not show
to Buyer properties listed with Selling Firm.
Papa 1 of
Spp- 07fW 3.1001-14.3039317
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Non -Exclusive Buyer copyright
2015
Representation Agreement Iii IJ Arkansas
RtAI-1'STR� EQUAL QU511IV REALTORS"'
Page 2 of 4 Association
Form Serial Number: 076473-1076473-100144-3039317
4. EARNEST MONEY: Buyer authorizes and instructs Selling Firm to tender any Earnest Money presented
by Buyer with a Real Estate Contract to Listing Firm to be deposited in Listing Firm's escrow account. The
Real Estate Contract will serve as a receipt to Buyer for Earnest Money tendered. Should Buyer's Earnest
Money be forfeited, Selling Firm will not accept any portion of the forfeited monies from Listing Firm unless
consented to by Buyer. If a dispute between Seller and Buyer arises, Buyer authorizes Selling Firm to
instruct Listing Firm to interplead the disputed Earnest Money in a court of law or to an arbitrator, and to
have Selling Firm's and Listing Firm's costs and attorneysfees paid out of the funds entered for
interpleading,
5. COST OF SERVICES OR PRODUCTS OBTAINED FROM OUTSIDE SOURCES: Selling Firm will not
obtain nor order products or services from outside sources unless Buyer has agreed to pay for them when
payment is due.
6. SELLING FIRM'S FEE: In consideration of the services to be performed by Selling Firm, Buyer agrees
Selling Firm shall be compensated as follows:
❑x A. Selling Firm shall collect a fee from Listing Firm or Seller. Buyer shall not be responsible for Selling
Firm's compensation; or
LI B. Buyer shall pay to Selling Firm a professional fee of either:
(] (i) percent (.___%) of the gross amount of any accepted Real Estate
Contract entered into by Buyer and procured by Selling Firm (or value of any property exchanged
for the Property) plus $ for professional services rendered; or
❑ (ii) $_ for professional services rendered.
This fee will be due at the scheduled Closing of the transaction. Buyer is obligated to pay Selling
Firm's fee. However, Selling Firm is authorized to accept partial or complete payment of Selling Firm's
fee from Seller or from Listing Firm.
Selling Firm may not have access to any information concerning properties for sale and not listed with a
real estate licensee. Buyer agrees Selling Firm shall not have any duty to review or learn of any "For Sale By
Owners" or properties not listed with real estate licensees that may suit the desires or needs of Buyer.
7. FAIR HOUSING: Buyer agrees that Selling Firm will provide equal services to all interested persons
without regard to race, color, religion, sex, national origin, handicap, sexual orientation or familial status.
Additionally, Buyer agrees that Selling Firm and Buyer must comply with all state and federal laws while
performing this Non -Exclusive Buyer Representation Agreement.
8. BUYER WARRANTY, REPRESENTATION AND AUTHORIZATION: Buyer warrants and represents to
Selling Firm that no exclusive representation or exclusive agency agreement is in force. Buyer understands
that if the warranty and representation contained herein is not true Buyer is strongly encouraged to seek
legal advice concerning the possibility of liability for two or more commissions before signing this Non -
Exclusive Buyer Representation Agreement. Unless otherwise specified, Buyer warrants, represents and
authorizes Selling Firm to take the following actions as deemed appropriate by Selling Firm:
A. Inform at the time of initial contact all prospective sellers or their agents with whom Selling Firm has
contact pursuant to this Non -Exclusive Buyer Representation Agreement that Selling Firm is acting on
behalf of and represents Buyer;
B. Disclose Buyer's identity to third parties without prior consent of Buyer unless otherwise specified;
C. Present, negotiate and sell properties submitted to Buyer to other prospective buyers.
Page 2o(4
Se,ial'> OT 473.100144-30.19317
Electronically Signed using eSignOnlineTM°[ Session ID : 2752.2799-7952-4b76-915f-9dedbe2274db ]
Copyright
2015
" Arkansas
E>YLTpR�> oFuntnouihc REALT0RS`"
°a°""" Association
to request that title insurer(s), if any, issue closing
because of acts of a Closing Agent, title insurer's
or closing protection will be paid by the requesting
'e of the Closing Agent(s) about the availability and
I a Closing Protection Letter, an additional binder to
Closing Protection Letter may be rcquircd cd at the
call not be responsible for the condition of the
d -party inspections deemed necessary by Buyer to
iout limitation those provided by the Real Estate
ie Property to be free from mechanical, electrical,
defects and further disclaims knowledge regarding
ogarding the Property unless specifically set forth in
nership of mineral rights is important to Buyer, an
hereby covenants and agrees to indemnify Selling
bility, obligations or demands made by third parties
:s in finding properties for Buyer, including but not
and reasonable attorney's fees. Further, Buyer
Property or any terms of purchase concerning the
tyer than if Buyer were not represented by Selling
of any provisions of this Non -Exclusive Buyer
)r enforceability of any other provision of this Non -
remain in full force and effect
r: This Non -Exclusive Buyer Representation
ig the subject matter hereof between Buyer and
itten agreement or understanding concerning the
s Non -Exclusive Buyer Representation Agreement
Buyer and Selling Firm, Any contract entered into
Non -Exclusive Buyer Representation Agreement,
ance with regard to all times and dates set forth in
nless otherwise specified, days as it appears in this
can calendar days. Further, all times and dates set
tent refer to Arkansas Central time and date.
S:ialrp; 07M73'10014.3039317
Eloctroniccty Signed using eSi nOnlinei Session IV y / 2
3 g ''i ID: I
Non -Exclusive Buyer Copyright Arkansas Representation Agreement2015
�
R$ALiOR₹ EQO.L UMITY REALT0RS`"
Page 4 of 4 Association
Form Serial Number: 076473-100144-3039317
15. COUNTERPARTS: This Non -Exclusive Buyer Representation Agreement may be executed in multiple
counterparts each of which shall be regarded as an original hereof but all of which together shall constitute
one in the same.
THIS IS A LEGALLY BINDING AGREEMENT WHEN SIGNED BY THE PARTIES BELOW. READ IT CAREFULLY. YOU MAY EMPLOY AN ATTORNEY
TO DRAFT THIS FORM FOR YOU. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART, CONSULT YOUR ATTORNEY BEFORE SIGNING. REAL
ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM
AND HAVE AUTHORIZED THE REAL ESTATE AGENT(S) TO FILL IN THE BLANKS ON THIS FORM,
THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS ASSOCIATION, THE SERIAL NUMBER BELOW IS A UNIQUE
NUMBER NOT USED ON ANY OTHER FORM. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING, NOT MACHINE COPIED, OTHERWISE
THE FORM MAY HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF IT WAS PREPARED AFTER DECEMBER 31, 2015.
FORM SERIAL NUMBER: 076473-100144-3039317
The above Non -Exclusive Buyer Representation Agreement is executed on
(month) September _ (day) _23 ., (year) 2015 , at ---. ❑ (a.m.) ❑ (p.m.)
Lindsey and Associates
Selling Firm 9i'24/2015 1055 A DT /
Signj�ature: `f 41119 Jaaire/s Signature:
Printed Name: Holly Daniels Printed Name: Apple Seeds, Inc.
Principal or Executive Broker Buyer
/ g 9/23/2015 4:15 PM CDT
Signature: k'a-P i4 gall Signature: A 1A.awda W01rre u Board seeretn
Printed Name: ✓ Kathy Sall Printed Name- Apple Seeds, Inc.
Assigned Associate Buyer
Buyer's Address
City. Slate Zip
Buyer's Phone
Buyer's e-mail address
Buyer's e-mail address
Page 4 of 4
Serial;{: 076473.100144.3039317
Electronically Signed using eSignOnlineTf*1[ Session ID: 27522799-7952-4b76'.915f-9dedbe2274db ]
App le .Seed's
Apple Seeds Request for Consideration
Gulley Park
Goo;
Apple Seeds would like to request that the city of Fayetteville consider our request
to enhance the park system with teaching gardens.
1. Apple Seeds would like to purchase 2648 Old Wire property.
2. Apple Seeds would like to lease ($1/year) 2 acres of the new Gulley Park
Acquisition for Teaching Gardens. Apple Seeds would be responsible for all
upkeep and utilities.
Apple Seeds currently operates a Teaching Farm on land owned by a community
supporter. We are in need of a sustainable location with adjacent property that the
organization owns for infrastructure, offices, teaching kitchen, and storage.
Mission Statement:
Apple Seeds inspires healthy living through garden -based education.
Apple Seeds is a non-profit organization based in Fayetteville, AR that works
to educate and excite children about healthy food while increasing access to
healthy food in schools. Our mission is to inspire healthy living through garden -
based education. Apple Seeds offers experiential learning activities through school
garden programs, farm to table cooking classes, student -run farmer's markets,
and Farm Lab (field trips) at our Teaching Farm. Apple Seeds also integrates a
nutrition -based curriculum into all of its activities and materials. Our program
increases exposure to healthy foods in a positive atmosphere, empowers students
with knowledge about healthy foods, and inspires students to try new fruits and
vegetables. By starting at the school level, students are equipped with tools and
knowledge to make healthy decisions now, which lead to healthy decisions as adults.
The overarching goal is to enable and empower students to actively choose life-long
healthy eating habits.
The Need in Fayetteville:
Northwest Arkansas faces both hunger and obesity. Children in food insecure
families are especially vulnerable to obesity due to the additional risk factors
associated with poverty, including limited access to healthy and affordable foods.
49% of Arkansas adolescents report consuming fruits/vegetables less than
one time a day. (CDC -State indicator report on fruits and vegetables, 2013).
There is a clear need to reconnect our young students and families with fresh fruits
and vegetables. There is strong evidence that gardens increase participating
children's vegetable consumption and willingness to try new vegetables (Langellotto
2012, Scherr 2013. Ratcliffe 2011, Parmer 2009, McAleese 2007, Murphy 2003).
Among students who participate in our programs, we have seen an increase in
positive attitudes toward healthy food. Recent data shows that 41% of Apple
Seeds students replicated a healthy snack at home after attending our
student -run market program.
Goals:
Apple Seeds currently reaches around 4,000 students a year. We reach 1,000
students through Farm Lab and we host 25 student -run farmers markets a year at 3
sites. We provide fresh food to the Fayetteville Public School System. We assist 20
schools a year is supporting and sustaining their school gardens. Our goal is to reach
all of the towns of Northwest Arkansas reaching 10,000 students a year. Our goal is
for students to have access to healthy food as well as the skills to prepare their own
healthy snacks and meals.
Benefits to the City of Fayetteville:
Apple Seeds' mission reinforces the City of Fayetteville's Be Active initiative by
encouraging a healthy and active lifestyle. The Teaching Farm Project also supports
the Parks and Recreation's mission for a diversified park system - this project is the
only if its kind in Northwest Arkansas. Our current Teaching Farm is a beautiful
evidence of our visionary planning and our high degree of importance placed on
aesthetics.
Additional benefits to the City of Fayetteville include:
• Increase the beauty of Gulley Park
• Open tours to residents during designated hours
• 2 Garden Workshops/year open to community
• Unique park feature that displays the values of Fayetteville.
APPLE SEEDS, INC. LAND LEASE AGREEMENT
This Agreement to lease a two acre portion of land adjacent to Gulley Park to
Apple Seeds, Inc. as shown on the map attached to this Agreement as Exhibit "A" is
entered into by and between the City of Fayetteville (hereinafter the " ity" as
landlord and Apple Seeds, Inc. (hereinafter "Apple Seeds") as tenant on this (JAL
day of October, 2015.
WHEREAS, the City is the owner of property located at 2648 Old Wire Road
which has been listed for sale and for which Apple Seeds has made an offer to purchase
for the purpose with the condition that the City agree to lease a two acre portion of
land adjacent to the property and Gulley Park for the purpose of operating the Apple
Seeds Teaching Farm; and
WHEREAS, Apple Seeds, Inc. is an Arkansas 501(c)(3) non-profit corporation
whose mission is "Apple Seeds inspires healthy living through garden -based
education" which reinforces the City's Parks & Recreation "Be Active" initiative by
encouraging a healthy and active lifestyle and furthers the City's mission of a
diversified parks system; and
WHEREAS, Apple Seeds has agreed, as part of the consideration for this
contract, to conduct at least two free public Garden -Based Educational Workshops each
year and conduct free public Teaching Farm tours at specified hours at least one day
per week during the gardens growing season; and
WHEREAS, the Gulley Park Master Plan has not been updated with the newly
acquired 10 acres and a specific use for the two acres Apple Seeds desires to lease has
not been designated nor required for any corporate purpose at this time; and
WHEREAS, this agreement is contingent upon Apple Seeds obtaining a
conditional use permit from the Fayetteville Planning Commission to operate a
teaching farm and the purchase of the property at 2648 Old Wire Road.
NOW, THEREFORE, the City of Fayetteville and Apple Seeds, Inc. hereby
mutually covenant and agree as follows:
1. Leased Premises
The City of Fayetteville agrees to Lease the land shown on the map attached
hereto as Exhibit A, which is approximately two acres, to Apple Seeds, Inc. which
agrees to accept such leased premises to be used for the purposes normally
1
associated with a teaching farm and as set forth in later provisions of this lease. If
the parties desire a survey, this Agreement may be amended by the parties to adopt
the legal description contained in the survey.
2. Use of Leased Premises
Apple Seeds agrees that it will, as a nonprofit charitable corporation, operate,
maintain, improve, and promote a teaching farm on the leased property.
3. Consideration for the Lease
In consideration of the twenty year lease and any extensions thereof of about two
acres of City of Fayetteville parkland to Apple Seeds, Apple Seeds agrees to:
A. Provide free access to the teaching farm for all Fayetteville residents on
Saturdays from 9:00 a.m. until 12:00 a.m. during the months of March through
October. Apple Seeds shall publicly post the times the teaching farm is
accessible at no cost to Fayetteville residents on its premises and on its
website and social media pages. Free access to Fayetteville residents does not
have to include Apple Seeds buildings, but must include all displays, areas
and gardens. Public access will begin when the gardens are being planted in
the spring of 2016.
B. Conduct at least two public garden -based educational workshops per year at
no cost to Fayetteville residents. The workshops shall be held on a date
approved by the Parks and Recreational Director during the spring, summer,
or fall seasons and shall be no less than three hours in length.
C. Construct and maintain a fence around the two acre leased property as shown
on the map attached as Exhibit "A" and install a gate for access between
Apple Seeds' property at 2648 Old Wire Road and the leased property. Any
improvements, including fences, water lines, buildings or other structures,
located on City property shall be approved by the Parks and Recreation
Director prior to installation and shall comply with all applicable City
ordinances and building regulations. Apple Seeds is solely responsible for the
upkeep and maintenance of the fences, buildings or other structures it erects
on the leased premises. Apple Seeds shall also install a gate for access to the
leased premises from Gulley Park and the gate shall remain unlocked and
accessible to the public during the times the teaching garden is open to
Fayetteville public residents and any other times approved by the Parks and
Recreation Director.
D. Be responsible for all costs associated with constructing and maintaining
water lines and irrigation equipment on the leased property and shall be
responsible for paying all utility bills and fees associated with this
development.
E. Submit an annual progress report to Parks and Recreation staff and the Parks
and Recreation Advisory Board and meet at least annually with Parks and
Recreation staff to review Apple Seeds' upcoming program goals.
F. Operate, maintain, improve and promote a tidy and attractive teaching
garden located on the premises leased from the City. Apple Seeds will reach
these milestones within the stated timeframe: the preparation of garden
grounds to begin by spring of 2016, fence construction will be completed by
summer of 2016, and educational programming will begin by spring of 2016.
G. Comply with any conditions set forth by the Fayetteville Planning
Commission or Planning staff as a part of a Conditional Use Permit or other
development permits required for its operations.
4. Lease Term
This lease term shall commence upon the approval and execution by both Apple
Seeds and the City. It shall continue for twenty years, unless sooner terminated
pursuant to this Agreement or by mutual consent of the parties.
5. Teaching Farm Operating Policies
Apple Seeds shall ensure nondiscriminatory operating polices for the teaching
garden for all Fayetteville residents. These policies will be designed to preserve and
maintain the integrity of all buildings, grounds and improvements on the property
although Apple Seeds may alter or remove buildings and improvements when
needed for further improvements, construction or for safety reasons.
6. Teaching Farm Rules and Regulations
Apple Seeds may establish and enforce any reasonable rules and regulations
regarding behavior of visitors to assure the well-being of the plants and gardens, as
well as the safety, comfort and quality of experience for visitors to the premises and
shall provide copies of these rules and regulations to the City. To the extent
permitted by law, either the City or Apple Seeds may exclude objectionable uses, or
abusive or offensive persons from all premises subject to this agreement.
3
7. Teaching Farm Operation and Supervision
Apple Seeds shall exercise sole operational and supervisory authority over all
grounds, buildings and personnel of the Apple Seeds Teaching Farm and over all
such matters, including but not limited to, safety, insurance, planning, plant
acquisitions, displays and gardens, and the purchase, exchange, or acquisition of
additional items to be added to the collection, except as otherwise provided in this
agreement. Apple Seeds at its expense will be responsible for all maintenance and
security associated with the operation of the teaching farm, including equipment,
parking lots, and other improvements. Apple Seeds may not sublet any portion of
the leased property without the express written consent of the City Council.
8. Apple Seeds, Inc. is an independent entity
The parties agree that Apple Seeds, Inc. is an independent entity and nonprofit
501(c) (3) Arkansas corporation and will maintain that status and remain in good
standing throughout the lease term. The City of Fayetteville has no authority to
hire, fire or supervise any Apple Seeds employee. Apple Seeds has the sole
authority for selecting, engaging, terminating, fixing compensation, supervising
and otherwise directing all of its personnel, contractors and volunteers.
9. Operations and Development must comply with Federal, State and City
requirements and restrictions
Apple Seeds agrees to always be in full compliance with all applicable Federal,
State or City requirements and restrictions. Specifically Apple Seeds agrees to
always use best management practices including obeying all State and City laws
and regulations governing the use of pesticides, herbicides and fertilizers. Apple
Seeds shall obtain the approval of the Parks and Recreation Director prior to the use
of any public parking areas for buses or large passenger vans.
10. Insurance
Apple Seeds agrees to obtain and maintain through the duration of the lease at
its own expense, Commercial General Liability Insurance covering public liability,
bodily injuries, death, products liability and property damage for damages and
expenses arising out of the operation of the teaching farm.
11. Defense and Indemnification
n
Apple Seeds agrees to defend, indemnify and hold the City, its officers,
employees, agents and representatives harmless against all damages, expenses, loss
or liability from any claim or suit arising or alleged to have risen from any act or
omission of Apple Seeds, its officers, employees, agents or representatives by reason
of the operation of the Teaching Garden under this agreement, including, but not
limited to, damage to or destruction of property or injuries to or death of a person or
persons.
12. Nonprofit Corporate Status
Apple Seeds shall file a true and correct copy of its corporate charter, with
amendments, if any, and an accurate and complete copy of its Bylaws and any
amendments thereto, and a copy of the I.R.S. Letter of Determination of I.R.C. Sec.
501(c)(3) status with the City to be maintained as a public record. In the event of
subsequent amendments to such charter or bylaws, true and correct copies of the
same shall be timely filed with the City Clerk. If the IRS revokes Apple Seeds'
501(c)(3) status, Apple Seeds shall immediately notify the City of this occurrence
and such revocation shall be grounds for termination of this lease agreement
13. Financial Reports
Apple Seeds shall provide the City a copy of its annual Form 990 every year. The
form will be provided within thirty (30) days of its filing.
14. Rent, Fees, Concessions and Taxes
Apple Seeds shall have the right to set admission fees to the teaching farm, with
the exception of the times that are free to Fayetteville residents, as well as fees for
optional services such as programs, space rental, etc. Fees shall be reasonable and in
line with similar services available in the tourism or educational market place.
Apple Seeds shall pay promptly all taxes and license fees of whatever nature
applicable under municipal, state, and federal law. In addition, the parties agree
that Apple Seeds shall indemnify and save the City harmless from and against any
liens or similar liabilities claimed or charges against Apple Seeds pursuant to Apple
Seeds' operation of the teaching farm.
15. Remedies for Breach or Bankruptcy
A. Termination of Agreement. The parties agree that if either party materially
breaches or fails to perform its obligations under this agreement, the other
E
party may give notice in writing of intent to terminate. If the breaching or
non -performing party fails to commence and effect cure in good faith to the
satisfaction of the other party within six months of such notice or such longer
period, if agreed in writing by the parties, the agreement shall be deemed
terminated at the expiration of the sixth month period or other agreed period.
Any request of extension shall not be unreasonably withheld.
B. Bankruptcy. In the event Apple Seeds shall be adjudicated bankrupt or
insolvent or take the benefit of any reorganization of composition proceedings
or insolvency law, or make an assignment for the benefit of creditors, or if
Apple Seeds' interest under this agreement shall be levied upon or attempted
to be attached or sold under any process of law, or if a receiver shall be
appointed for Apple Seeds, then and thereafter the City shall have the right
and option to terminate this agreement irrespective of whether or not default
exists hereunder, said determination to be effective immediately upon City's
exercise of such option by giving written notice to Apple Seeds.
C. Acts of God. The parties agree that neither party shall be liable or responsible
to the other for delays or impossibilities of performance caused by force
majeure occurrences beyond the control of the parties including, but not
limited to, civil disorder, fires, floods, or acts of God.
16. Conditions Precedent
This agreement is conditioned upon the occurrence of the following and if any
condition fails for any reason, this agreement shall be null and void:
A. Fayetteville City Council approval of Apple Seeds offer to purchase the
property located at 2648 Old Wire Road and Apple Seeds actual purchase of
the property.
B. Apple Seeds shall obtain a conditional use permit for the operation of the
teaching farm and associated activities for the property located at 2648 Old
Wire Road and the leased property.
17. Authorization
Emily Collins, Board Chair of Apple Seeds, Inc., is authorized by corporate
resolution, attached hereto as Exhibit "B", passed by the Board of Directors of Apple
Seeds, Inc. on Gt2. , 2015 to sign the foregoing lease agreement on behalf of
Apple Seeds, Inc.
In agreement with all the terms, conditions and promises set forth above, we sign
our names below:
APPLE SEEDS, INC.
By:
Emily Collins, Board Chair
Date: ZC c
Witnes
CITY OF FAYETTEVILLE
n nnnnXTT7n-
ATTEST:
By: ,24 o nd"t Q. 6.
,L x
Sondra E. Smith, City Clerk/Treasurer
-c-':
FAYETTEVtLLE.
's9s •9RKA NSQ. � J`e.`
• G®a
Board of Directors
On Line Meeting Minutes
Travis Brooks
Brittany Corn
Carolyn Dux
Friday, September 25, 2015
Deborah Keazer
Via Email Communications
Emily Collins Kell
Reed Luhtanen
1. MOTION ON THE FLOOR : To authorize the chair of the board of Apple Seeds to sign the
Mandy Warren
foregoing lease agreement with the City of Fayetteville on behalf of Apple Seeds Inc.
Moved by Carolyn Dux
Seconded by Travis Brooks
Advisory Board
Jeanette Balleza
Passed with no objections.
Scribe Marketing
Mark Cain
Dripping Springs Garden
Allison Curtis
Parent
Jerrmy Gawthrop
Greenhouse Grille
Christine Haller
Parent, Leverett Elementary
Michele Halsell
Walton College of Business
Dr. Tara Hickmann
NWA Natural Health
Rachel Huff
Parent
Alysen Land
Ozark Natural Foods Coop
Betony Maringer
LaLeche League
Rachel Martin
Parent, Shaw Elementary
Martha Melendez
Parent, Butterfield School
Aimee Papazian
Fayetteville City Schools
Keaton Smith
Iberia Bank
P.O. Box 4151 j Fayetteville, AR 72702 I www.appleseedsnwa.org
I contact@appleseedsnwa.org
N
Apple Seeds, Inc. Land Lease Area o 50 100 200 300 400eet
113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Resolution: 165-15
File Number: 2015-0408
REAL ASSETS, INC.:
A RESOLUTION TO AUTHORIZE A CONTRACT WITH REAL ASSETS, INC. TO
REPRESENT THE CITY IN SELLING APPROXIMATELY 1.25 ACRES OF CITY -OWNED
REAL PROPERTY ON OLD WIRE ROAD NEAR GULLEY PARK FOR A SIX PERCENT (6%)
COMMISSION
WHEREAS, Fayetteville City Code § 34.27(E) authorizes the use of a realtor to assist the City
in selling the two houses owned by the City near Gulley Park; and
WHEREAS, Real Assets, Inc. submitted the only qualified proposal in response to RFP 15-06.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby authorizes a
contract with Real Assets, Inc. to represent the City in selling the two houses near Gulley Park
for a six percent (6%) commission.
Section 2: That the City Council of the City of Fayetteville, Arkansas hereby sets the listing price
for 2634 Old Wire Road at $111,500.00 and for 2648 Old Wire Road at $218,500.00 based on
their appraised values.
PASSED and APPROVED on 9/15/2015
Page 1 Printed on 9118/15
File Number: 2015-0408
Page 2
165-15
Attest:
Sondra E. Smith, City Clerk Treasurer
01111 u f If li�,`
:• °c \ Y pF 's ue.
FAYETTEVILLE; '
�`t' • �h`A NSP �.�'
Page 2 Printed on 9/18/15
FINAL
A SETTLEMENT STATEMENT (HUD -1)
B Tl'PF OF LOAN
L I I FtIA 2 r] FHMA 3. EX] CONY UNINS
•1. _ VA 5 ❑ CONV INS.
6 FILE NUMBER: 7, LOAN NUMBER
22015-15 7015176
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 shown. Items
marked 'ip,o.c,)' were paid outside the clnausg; tiny are slwwii here for infommtmnal purposes and arc not included in the totals.
D. NAME & ADDRESS Apple Seeds, Inc.
OF BORROWER: P. O. Box 4151, Fayetteville, AR 72702
E. NAME & ADDRESS City of Fayetteville
OF SELLER: 113 West Mountain St.. Fayetteville, AR 72701
F. NAME & ADDRESS United Bank
OF LENDER: 2600 South Thompson Street, Springdale,, AR 72765-1234
G. PROPERTY LOCATION: 2648 Old Wire Road, Fayetteville, AR 72703
H. SETTLEMENT AGENT: Bronson Abstract Co., Inc.
PLACE OF SETTLEMENT: 3810 Front Street, Stttte 5. Pnycttevi]lc, AR 72703 (479) 442-2700
I. SETTLEMENT DATE: 11/30/2015 DISBURSEMENT DATE: 11/3(1/2015
T c..........".. ,,r o............'. •rI w c........a ..fc..tr,,.'o T....,...*t.,..
100. Gross Amount Due From Borrower: 400, Gross Amount Due To Seller:
101, Contract sales price
200 000.00 401. Contract sales price
200 000.00
102. Personal property402.
Personal property
103 Settlement charges to borrower: (line 1400)
388.50 403.
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,
v,. 411.
112.
412
113
413.
114.
414.
115.
415.
116.
416.
120. Gross Amount Due From Borrower:
200,388.50 420. Gross Amount Due To Seller:
200,000.00
100,.Amoussts Paid By In Behalf Of Borrower: 00 Reductions In Amount Due To Seller:
201. Deposit or earnest money
501. Excess de osit (see instructions)
202. Priocilini amount of new loan(t)
160 000.00 502. Settlement charges to seller (line 1400)
13,263.88
203. Existing loan(s) taken subject to
__
503 Existing loan(s) taken subject to
204
504. Payoff lot Mtg. Ln.
205.
505, Payoff 2nd 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 01/01/15 to 11/30/15
632.17 511 County taxes 01/01/15 to 11/30/15
632.17
212 Assessments to
512 Assessments to
_
213.
513
214
514
215.
216.
515
_
516
217
517
218
518
219
220. Total Paid By/For
Borrower:
519.
13,896.05
520. Total Reductions
160 632 , 17 In Amount Due Seller:
300. Cosh Al Scltlemcnl Front/To Borrower: ` 600- Cash At Settlement From/To Seller:
301. Gross amount due from borrower (line 120)
200.388.50 601 Gross amount due to seller (line 4201
_ 200 000.00
L 13.896.05
_
302 Less amount paid by/for borrower (line 220)
_
160.632.17 602 Less reductions in amount due seller (line 520)
303. Cash ( X❑FROM) iL-irO) Borrower:
39,756 33 603. Cash (NlrO) (❑FROM) Seller:
186,103.95
Previous Edition Is Obsolete
Form No 1581
3/86
Page I of 3
SB-4-3538-000-I
HUD -I (3-86)
RESPA, HB 4305.2
I . SF.TT1.F4TFNT C'IIARC:FS F-crrnw-7.2015-IS
700. Total Sales/Broker's Commission:
Based On Price 200.00000 (rtl 0.00 % = 12.00000
Paid From
Borrower's
Funds
At
Settlement
Paid From
Seller's
Funds
At
Settlement
Division of n ' s•
701._ "� - _6 01I_atZ_to- Real Assets_ Inc_ _ —
702. $ 5,400.0(1 to Lindsey & Associat s
703- Commission paid at settlement
12.00000
704.
1101. Lean Origination fee °./e
_ _ _
802. Loan Discount
803- Appraisal fee to: United Bank
804. Credi r . 10 United Rank
805. Lender's inspection fee
806. Mortgage insurance application fee to
807. Assumption fee
_Q8. Flood Determination To: First Track Information Services _
14.50
809. Release Fee To: United Bank
40.00
77 Q0
R I 1 Tax Service To: Lereta Cap oratoin _ _
II
813.
814,
815-
816.
______________
______________
______________
818.
820,
821.
901. Interest from to t$ May
902 Mortgage insurance premium for mo, to
903. Hazard insurance remiu for rs. to
904. Flood insurance premium for yrs. to
__
906.
1001- Hazard insurance 0 months @$ 0 00 per month
1002. Mortgage insurancee 0 months 651 $ 0.00 per month
1003. City property taxes 0 months 6515 0.00 per month
1004. County P100clanes 0 mon lhs1$ 0.00 r mont
1005. Annual assessments 0 months @ $ 0.00 per month
t0066_Flood insurance 0 months 1231$ 000 per month
_L0,07 0 months t23 0.00 e
1008. Aggregate.Adiustment
1009.
1101. Settlement or closing fee to Bronson Abstract Co Inc.
300.00
1102, Abstract title search to ns n Abstract Company. Inc.
125.00
1103. Title examination to
_ _
1104• Title insurana bind
1105- Document preparation to
—
.L 06- Notary fees to
1107. Attorney's fees to
(includes above item Numbers:
11201
345.00
1108. Title insurance to Bronson Abstract Company, Inc.
(includes above item Numbers: )
UO4;_-I,grrdzgoovgrge 160.000.00 Premium: $112.00
1110. Owner's coverage $ 200.000.00 Premium: $345.00
1111. Closing Protection Letter to First American Title Insurance Comps
25,00
_
1112.
1113
1114.
]lDfl. Gaysrnmant Record ins, and Transfer Charges:
1201- Recording fees: Deed $ 25.00 Mortgage $ 59-00yReleases $ 0.00
_____________
80.01
_____________
1202. City/county tax/stamps: Deed $ 0.00 ;M ortgaze $ 0-00
1203. State tax/Stamps_ — Deed $ 0.00 :Mortgagees (),On
1204- Record Assignment of rents to Circuit ClercJ— _
_ _
40.00
_
1205.
i
1301 Survey to
1302. Pest inspection to Advance Pest_control
1303
1304.
13_05
1306
1307.
493-88
1308.
J_4D-1).__Tot3] et lement_Charge (Enter on line 103, Section.!- and - line 502,,,Serlion K)
11,263,88
38850
Form No 1582 Page 2 of 3 SB-4-3538-000-1
SELLER'S AND/OR BORROWER'S STATEMENT Escrow: 22015-15
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
Borrowers/Purchasers Sellers
Apple S s, Inc. \ C' Ic
B
The HUD -I Settlement Statement which I ltuve prepared is a true and accurate account of this transaction. I have caused or will cause the funds to be
disbursed in accordance with [his at t t.
Sc[lemsnt Agent: Date: _
Bronson Abstract Co., Inc.
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 or imprisonment. For details see: Title 18 U.S. Code Section 1001 and Section 1010.
Page 3 of 3
Wood Destroying Insect Inspection Report Notice: Please readimportaniconsumerinformationonpage2,
Section 1. General Information Company's Business Lic. No. Date of Inspection
Inspection Company, Address & Phone 312 10122115
Advance Pest Control A-
POO Box 1884 ddress of Properly Inspected Y
Springdale, AR 72765 APPLE SEEDS, LLC.
r;79.756-1788 2648 N OLD WIRE RD
FAYETTEVILLE, AR 72703-3771
Inspector's Name, Signature & Certification, Registration, or Lic. f1
REED MCCRACKIN X1444 [YtiI
Structure(s) Inspected
HOUSE ONLY
Section II. Inspection Find ingS This reporl is indicative of the condition of the above identiriod stnicture(s)on the date of inspection and is not to be construed as a
guarantee or warranty against latent, concealed, or future infestations or defects. Based on a careful visual inspection of the readily accessible areas of the structure(s)
Inspected:
[] A. No visible evidence of wood destroying insects was observed.
I_X] B. Visible evidence of wood destroying insects was observed as lotlows:
C] 1. Live insects (description and location): — -- — — -- —
1J 2. Dead insects, insect parts, crass, shelter tubes, exit holes, or staining (description and location): LGN .. QE. T RMIIE_T -V TY..VW.H.ERE._
NOTED ON -ACCOMPANYING G.i.3 H- _ —
L_l 3. Visible damage from wood destroying insects was noted as follows (description and location): —
ii2_1ThL&nQLali1rnLc1nmJQiojecf. It box B above Is checked, It should be understood that some degree of damage, Including hidden damage, may be
present. if any questions arise regarding damage indicated by this report, it is recommended that the buyer or any interested parties contact a qualified structural
professional to determine the extent of damage and the need for repairs.
Yes [j No[j It appears that the structure(s) or a portion thereot may have been previously treated. Visible evidence of possible previous treatment.
AFTER CLOSING: EASTERN SUBTERRANEAN TERMITE TREATMENT — The Inspecting company can give no assurances with regard to work done by other companies. The company that performed the treatment should be contacted for information
on treatment and anywananty or service agreementwhich maybe in place,
Section III. Recommendations
III] No treatment recommended: (Explain if Box B in Section II is checked)
— —
[] Recommend treatment for the control of: EASTERN SUBTERRANEAN TERMITE_T EATMEN'f IS TO BE DONE AFTER CLOSING AND
SENT TO THE ARKANSAS STATE PLANT BOARD --
Sectionn IV. Obstructions and Inaccessible Areas
The inspector may write out otlstnlctlons
The following areas of the structure(s) inspected were obstructed or inaccessible:
or use the following optional key:
f3asenlent
1.Fixecicel19 13. Only visual access
[ ]
2. Susperxied co nrt t 4, Ckatc red cond1r
L.] Crawispace _
3. Fixed wall covering 15Starxiurgvrater
1I Main Level 1-9-17 — --
_
•1, Floor covering 16. Dense vegetation
— —
l](] Atlri 5
5 kxsiLxrsr 17. Exteror siding
_
[j '1rge
G. Cabinets or sbretving 18.Mulovewellcovers
19. Wood
_ _ . _ — -- — _—.. _ . _ — - — — —
_ --
7. Stored itoms ride
C.l Exterior —
---
e.Ftn hrr;y 20.snov
ClPorch
9Aprk xr.:, 21.Unr7lecorxbti i
Ade11ti0n
10. No access or entry 22. Right care board
l ,] .
—
11. Limited access 23. Syntlrreric :ruccu
l I Other — __
— —_
12.rbasx t rrrsdt 2'1, Duct li r+urrrhln'-,
lntIr01 1VIr•rrt]
Section V. Additional Comments and Attachments (theseareanintegratpartofthereport)
GRAPH AND ONE YEAR WARRANTY I
AI KAN AS STATE PLANT 89ARD-REQUIRES.-TREAIM.ENY - - - -
-
Attachments .
- . - -
Signature of §eiler(s)orOwner(s) if refinancing. Selleracknowledgesthat Signature of Buyer. The undersigned herebyacknowledgesre-ceiplofa
all inlnunalirirr rps riding W. lotion, damn s, repair, and treatment copy of l rte 1 ind,pagrr 2 of this report and understands the information
hisln hits ly irsr:ta a buyr. fu[Ntlt
s "i;U anti Pest Lt;rruigenianr A sw,..,auon All flights no'irrvod Na rr'prodducr aIi of Ih,s terra is perrniecd mrli ur the oxprcr: i panne, .an of NPUUA
P �� rn+: '..:. pie• ,..,.. .. • I.'
Page 1 of
PEST CONTROLr-.
Serving Northwest Arkansas Since 1981
P.O. BOX 1884
SPRINGDALE, AR 72765
PHONE 479-756-1788
OFFICIAL TERMITE PROTECTION PLAN
PURCHASER App e SeeJ5, LLC. _
PROPERTY ADDRESS 2648 Did Wire Rd.
CITY Fa otteviIIa STATE Arkansas 71P 72703
DESCRIPTION OF PROPERTY Ras i dence
Y
I>ev grapal
MAIL ADDRESS
CITY STATE
ZIP
EfIcetivc_ 1— -15 t{trough 1 t
�1C for the suns of
S 450.00 + Tax 43, 8 Total 493.8$ Advance shall provide the necessary services to protect the identified
premises against the attack of eastern subterranean termites (Reticulitermee
Ilavipes). This plan does put protect against
Formosan termites (Coptoternlcs Fornmsanus). Advance is not responsible for other wood -destroying insects such as powder
post beetles. carpenter ants. etc. Advance is not responsible Ii r past. present
or future moisture damage that has or Inay occur.
Advance will reinspect perindlcally during the protection period and any further trcapnent found necessary will be performed free.
Advance will extend protection annually for S 120.00 +'I:Ix
per year
payable on ax before the esid ol'the previous protection period. After the third year. Advance reserves the right to revise
the annual exleltsion charge.
If new damage to the premises or contents occurs during the contract term.
Advance will arrange for necessary repairs :u its
expense. New damage is only that damage done by eastern subterranean
termites after initial service. Advance liability is
limited to repairs of protected premises and contents up to $1500011.
Purchaser agrees to arrange for additional service and adjustment to the annual
extension charge in the event of udditions or
alters Ii pllti to (lie prelni sea.
Termiticide used Termidorstandard treatment-------------------------------------
_—
lsZ 13tiS�vt.S
ciaiay/,K�ffr,_�r-Jd+'
Syv►Z
era
1 lI�
lit
117 EMI/F [vc
S 'I
1�t .C
1*t
54Y = S.a-s&
llk I aK
Advance is out responsible For any wood decks. porches, steps. etc. that
arc attached to the premrisses,
❑ I,n {I' __.
5ar0i JI
KJ.. II) 'y� _1i1
.A.ctH l 1cii t
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1D-22-1
ADVANCE REI RESENTAT1VE DATE
APPLE SEEDS, LLC.
2648 OLD WIRE RD.
FAYETTEVILLE, AR. 72703
Dear Owner / Buyer:
Our Company did a termite estimate on your home prior to your closing. After you have
closed we will contact you to schedule a time to do the termite treatment on your home.
Please provide phone numbers where you may be reached. We also need to know if this will
be your mailing address next year when your renewal statement is to be mailed. If you have
any questions, please feel free to call.
Thank you,
Advance Pest Control, Inc.
Phone Number:
Mailing Address:
Email address:
L -7�
ilJL0O (Al \v�ve
1 \1 1- f
PO BOX 1884 SPRINGDALE, AR 72765
(479)756-1788 (479)636-5590 (479)253-8967
FAX (479)756-3898
Parcel No. 765-16092-000
WARRANTY DEED
BE IT KNOWN BY THESE PRESENTS:
THAT WE, the City of Fayetteville, Arkansas, a municipal
corporation, hereinafter called GRANTOR, for and in consideration of the sum
of Two Hundred Thousand Dollars ($200,000.00) and an agreement to lease
approximately two acres of City -owned property near Gulley Park for the
operation of a teaching farm, the receipt of which is hereby acknowledged, do
hereby grant, bargain, sell and convey unto Apple Seeds, Inc., an Arkansas
non-profit 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:
Part of the Northeast quarter of the Southwest quarter (NE/4 SW/4) of Section 36, Township 17 North,
Range 30 West, in the City of Fayetteville, Washington County, Arkansas, said part being previously
described in three separate deeds recorded in Washington County deed book 526, page 444; deed book
526, page 445; and deed book 543, page 176, and said part being more particularly described as follows:
commencing at a set 1/2 inch rebar and plastic cap which lies at the northeasterly corner of the Logue
tract first recorded in deed book 534, Page 37 and which also lies West 330 feet and North 248 feet from
the southeast corner of the said NE/4 SW/4 of Section 36; thence N35°13'03"E 100.25 feet to the point of
beginning, a set 1/2 inch rebar and plastic cap; thence N59°10'35"W 208.28 feet to a point on the east
line of Old Wire Road which lies 0.16' southeasterly from a 1 inch pinch -top pipe; thence along the east
line of Old Wire Road N30°29'02"E 148.23 feet to the southwesterly corner of the Phillips property as
recorded in Washington County document 2012-00026046; thence leaving the east line, along the
southerly line of the said Phillips property, S59°13'04"E 220.56 feet, passing at 0.16 feet a 1 inch pipe, to
a 4 inch diameter concrete -filled fence post at the southeasterly corner of the Phillips tract; thence
S35°13'03"W 148.82 feet to the point of beginning, enclosing 31,798 square feet, or 0.730 acres.
TO HAVE AND TO HOLD the said lands
Grantee's successors and assigns, forever. And th
and premises; that the same is unencumbered, and
lands against all legal claims whatever.
WITNESS the execution hereof on this the
ATTEST: Jjj
Sondra Smith, City Cle(s i u rrr,,
L 1 1rr
�C7•
• FAYE1TEVHL1
M.
•���11IIII11 5L��,'
e
and appurtenances hereunto belonging unto the said Grantee and
said Grantor hereby covenants that it is lawfully seized of said lands
that the Grantor will forever warrant and defend the title to the said
day of�'"j1�`.11Lr , 2015.
CITY OF �ETTEVILLE, ARKANSAS
A Munici orporation
ACKNOWLEDGMENT
STATE OF ARKANSAS
COUNTY OF Ak}�-I�C\1N � 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 Lioneld Jordan 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, respectively, 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
City of Fayetteville, Arkansas, and further stated and acknowledged that they had so signed, executed and
delivered said instrument for the consideration, uses and purposes therein mentioned and set forth.
WITNESS my hand and seal on this day of 2015.
MY COMMISSION EXPIRES:
INFIELl7 S BRONSON JR
NOTARY
WASHINGTON COUNTY - ARKANSAS
COMMISSION # i2387836
EXPIRES: APRIi 1 Q 21122
u)
Notary Public
Lvc , I - 3
CLOSING CERTIFICATION
FILE No: 22015-15
Address: 2648 Old Wire Road, Fayetteville, AR 72703
We the undersigned hereby state that we are the party(ies) with respect the property referenced above and theretofore make the
following certifications where applicable:
PROPERTY ADDRESS PRORATIONS
Bronson Abstract Co., Inc. (hereinafter referred to as "Closing Agent") has prorated the current years real estate taxes (if a purchase)
from January first of the current year through the date of the closing and have given the purchaser(s) credit for same on the settlement
statement. The purchaser will therefore be responsible for payment of those taxes when they become due and payable the next
payment cycle.
If an escrow is being established for payment of taxes and/or insurance then the Closing Agent has made the necessary entries on the
settlement statement as instructed by the Lender. The reserves and monthly payments for the escrow have been established by using
the current amounts provided by the County Assessor for the current year without consideration of any existing credits.
It is the responsibility of the undersigned Borrower(s)/Purchaser(s) to contact the County Assessor's office for the purpose of applying
for any credits for which they may be entitled. It will also be the responsibility of the undersigned to provide the Lender with any
information which would be necessary for the purpose of changes to any of the escrow payment amounts.
The Closing Agent hereby disclosed that the valuations as provided by the County Assessor's office at the time of closing may be
changed at any time for the closing date forward and said Closing Agent shall not be held responsible or liable to the undersigned for
any discrepancies and/or adjustments which may occur subsequent to the date of the closing.
TITLE INSURANCE AFFIDAVIT
The undersigned, where applicable, hereby affirm that they have received a copy of the title insurance commitment and are aware of
any matters contained therein.
SURVEY -WAIVER
The undersigned affirm and acknowledge that they did not receive, unless previously agreed and/or required, a survey of the property,
and further will have no coverage or protection on the title policy with respect to matters that would have been disclosed by an
accurate survey of the property. It is the responsibility of the undersigned to request such coverage, including but not limited to survey
matters, directly from the title insurance issuing agent prior to the closing and be responsible for additional coverage. In the even the
survey coverage is requested and/or required, it is further the responsibility of the undersigned to provide the title insurance issuing
agent a survey which would meet the criteria and requirements as determined by the title insurance company guidelines.
ERRORS AND OMISSIONS
The undersigned party(ies) affirm and acknowledge that they will cooperate and agree to re -executed any documents, initial any
changes, or pay any additional amounts and/or fees which my result from clerical errors or other matters, including but not limited to
misspellings, incorrect names, addresses, legal descriptions, costs, terms, conditions, computations, taxes collected or due and
expenses which were all done in good faith by the Closing Agent and further agree to respond to any such request made by Closing
Agent, Lender, or other parties involved, in a manner which is timely and consistent with such request.
We further agree to indemnify and hold Closing Agent, Lender and Realtors harmless from loss or damage or liability resulting from
matters herein.
Dated this 29th day of October,2015.
PURL Ff UBORROWER
Apple Seeds, Inc,
SELLER/BORROWER'S AFFIDAVIT
STATE OF ARKANSAS, 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, Arkansas, to -wit:
Part of the Northeast quarter of the Southwest quarter (NE/4 SW/4) of Section 36, Township 17 North, Range
30 West, in the City of Fayetteville, Washington County, Arkansas, said part being previously described in
three separate deeds recorded in Washington County deed book 526, page 444; deed book 526, page 445; and
deed book 543, page 176, and said part being more particularly described as follows: commencing at a set 1/2
inch rebar and plastic cap which lies at the northeasterly corner of the Logue tract first recorded in deed book
534, Page 37 and which also lies West 330 feet and North 248 feet from the southeast corner of the said NE/4
SW/4 of Section 36; thence N35°13'03"E 100.25 feet to the point of beginning, a set 1/2 inch rebar and plastic
cap; thence N59°10'35"W 208.28 feet to a point on the east line of Old Wire Road which lies 0.16' southeasterly
from a 1 inch pinch -top pipe; thence along the east line of Old Wire Road N30°29'02"E 148.23 feet to the
southwesterly corner of the Phillips property as recorded in Washington County document 2012-00026046;
thence leaving the east line, along the southerly line of the said Phillips property, S59°13'04"E 220.56 feet,
passing at 0.16 feet a 1 inch pipe, to a 4 inch diameter concrete -filled fence post at the southeasterly corner of
the Phillips tract; thence S35°13'03"W 148.82 feet to the point of beginning, enclosing 31,798 square feet, or
0.730 acres.
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:
NONE
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. There are no pending liti gations against Seller/Borrower which may result in ajudgment.
11. 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 .__day of 1"bj , 2015.
Apple Seeds, Inc.
Stib cribecildilt �&41skg�81iS0} ❑ct�r Public, on thi:
NOTARY PUBLIC
WASHINGTON COUNTY - ARKANSAS
My ❑rnnK # 12387836
EXP1f8S: APRIL 10, 2022
Notary Public
Please return this to Bronson Abstract Company, Inc., 3810 Front Street, Suite #5, Fayetteville, AR 72703
File Number: 22015-15
NOTICE REGARDING CLOSING PROTECTION LETTER
(PURSUANT TO Arkansas Code Section 23-103-405(c) (1) and Rule 7)
Issued by:
Bronson Abstract Company, Inc.
3810 Front Street, Suite 5
Fayetteville, AR 72703
ON BEHALF OF FIRST AMERICAN
TITLE INSURANCE COMPANY
Apple Seeds, LLC
P. O. Box 4151
Fayettevi1le72702
Property Location: 2648 Old Wire Road Fayetteville, 72703
Pursuant to the requirements of The Arkansas Title Insurance Act (Arkansas Code Title 23, Chapter 103,
and Section 401 et seq.) and 87 of the Arkansas Insurance Department, notice is hereby given that Closing
Protection Letter Protection is available to you as part of the transaction insured by the Agent referenced
above and involving the property referenced above.
Section 23-103-405 (c) (1) describes the protection afforded by the Closing Protection Letter ("Letter") as
follows. The Letter "indemnifies a person solely against loss of closing funds because of the following acts
of a closing agent, title insurer's named employee, or title insurance agent.
(A) Theft of misappropriation of closing funds, or
(B) Failure to comply with written instructions from the proposed insured when agreed to by the
closing agent, employee, or title insurance agent as it relates to the status of the title to the
interest in land or to the validity, enforceability, and priority of the lien of a mortgage or
deed of trust on said interest in land."
Please indicate your choice with regard to this offer of protection by placing a mark on the line to the left of
one of the two choices set out below.
�NO — CLOSING PROTECTION LETTER IS NOT REQUESTED AND CLOSING PROTECTION
TTER PROTECTION IS DECLINED.
YES - CLOSING PROTECTION LETTER IS REQUESTED. By execution hereof the undersigned
requests that the Letter be provided to it and agrees to pay the charge of $25.00 for the Letter.
The signature of the undersigned below evidences the receipt by the undersigned of the required notice
pertaining to protection provided under the Closing Protection Letter.
Apple Seeds, Inc.
NOTICE REGARDING CLOSING PROTECTION LETTER
(PURSUANT TO Arkansas Code Section 23-103-405(c) (1) and Rule 87)
Issued by:
Bronson Abstract Company, Inc.
3810 Front Street, Suite 5
Fayetteville, AR 72703
ON BEHALF OF FIRST AMERICAN
TITLE INSURANCE COMPANY
City of Fayetteville
Property Location: 2648 Old Wire Road Fayetteville AR72703
Pursuant to the requirements of The Arkansas Title Insurance Act (Arkansas Code Title 23, Chapter 103,
Section 401 et seq.) and 87 of the Arkansas Insurance Department, notice is hereby given that Closing
Protection Letter Protection is available to you as part of the transaction insured by the Agent referenced
above and involving the property referenced above.
Section 23-103-405 (c) (1) describes the protection afforded by the Closing Protection Letter ("Letter") as
follows. The Letter "indemnifies a person solely against loss of closing funds because of the following acts
of a closing agent, title insurer's named employee, or title insurance agent.
(A) Theft of misappropriation of closing funds, or
(B) Failure to comply with written instructions from the proposed insured when agreed to by the
closing agent, employee, or title insurance agent as it relates to the status of the title to the
interest in land or to the validity, enforceability, and priority of the lien of a mortgage or
deed of trust on said interest in land."
Please indicate your choice with regard to this offer of protection by placing a mark on the line to the left of
one of the two choices set out below.
NO — CLOSING PROTECTION LETTER IS NOT REQUESTED AND CLOSING PROTECTION
LETTER PROTECTION IS DECLINED.
YES - CLOSING PROTECTION LETTER IS REQUSTED. By execution hereof the undersigned
requests that the Letter be provided to it and agrees to pay the charge of $25.00 for the Letter.
The signal ;e of the undersigned below evidences the receipt by the undersigned of the required notice
pertait ro protection provided under the Closing Protection Letter.
of
ONE SOUTH BLOCK STREET 020736
BRONSON ABSTRACT COMPANY, INC. FAYETTEVILLE, ARKANSAS 72701
ESCROW ACCOUNT THE BANK OF FAYETTEVILLE
3810 FRONT ST., SUITE 5 479-444-4444 MEMBER FDIC 11/30/2015
FAYETTEVILLE, AR 72703 File No.: 22015-'g-161/829
PAY TO THE City of Fayetteville
ORDER OF
ONE HUNDRED EIGHTY SIX THOUSAND ONE HUNDRED THREE AND 95/100 DOLLARS
MEMO
City of Fayetteville
113 West Mountain St.
Fayetteville, AR 72701
II'D 20 7 3611' ':08 290 L6 L91: 8004 7 L6 ElI'
$ 186,103.95
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