HomeMy WebLinkAbout40-16 RESOLUTIONI 13 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Resolution: 40-16
File Number: 2016-0025
PACIFIC VET GROUP-USA, INC.:
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT FOR 2OI5 TO APPROPRLA.TE THE NON-
CASH REPURCHASE OF APPROXIMATELY 24 ACRES IN THE FAYETTEVILLE COMMERCE
DISTzuCT FROM PACIFIC VET GROUP-USA, INC.
WHEREAS, on December 75,2015, the City Council approved the repurchase of approximately 24 acres in
the Commerce District from Pacific Vet Group-USA, Inc. in exchange for the cancellation of the remaining
indebtedness owed to the City; and
WHEREAS, the closing was held on December 29, 2015, and the transaction must be properly accounted
for in the 2015 budget.
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 approves a budget adjustment
for 2015, a copy of which is attached to this Resolution, to appropriate the non-cash repurchase of
approximately 24 acres in the Fayetteville Commerce District from Pacific Vet Group-USA, Inc._---_
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PASSED and APPROVED on 2/212016 ,1) -È\o
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Sondra E. Smith, City Clerk Treasurer
Page 1 Printed on 2/3/16
City of Fayetteville, Arkansas
Text File
File Number:2016-0O25
113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Agenda Dale':21212016
ln Gontrol: City Council Meeting
,Agenda Number: A. 10
PACIFIC VET GROUP-USA, INC.:
Version: 1 Status: Passed
File Type: Resolution
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT FOR 2O15TO APPROPRIATE THE
NON-CASH REPURCHASE OF APPROXIMATELY 24 ACRES IN THE FAYETTEVILLE
COMMERCE DISTRICT FROM PACIFIC VET GROUP-USA,INC.
WHEREAS, on December 15, 2015, the City Council approved the repurchase of approximately 24
acres in the Commerce District from Pacific Vet Group-USA, Inc. in exchange for the cancellation of
the remaining indebtedness owed to the City; and
WHEREAS, the closing was held on December 29, 2075, and the transaction must be properly
accounted for in the 2015 budget.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section l: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget
adjustment for 2015, a copy of which is attached to this Resolution, to appropriate the non-cash
repurchase of approximately 24 acres in the Fayetteville Commerce District from Pacific Vet
Group-USA, Inc.
City of Fayelteviile, Arkansas Page I Printed on Z3/201 6
City of Fayetteville Staff Review Form
&AÁÃ ÃA4F¿&.råb-r-iu¿.5
l-egistar Fiie lÐ
ælzfz#Lffi
City Council Meeting Date - Agenda ltem Only
N/A for Non-Agenda ltem
Paul A Becker Ll].s/201,6 Accounting & Audit /
Submitted By
Finance & lnternal Services Department
s"b-ñitt"-d D-"t"-'-
Action Recommendation:
Approve a Budget Adjustment for buying back24 Acres in the Fayetteville Commerce from the Pacific Vet Group-
USA, lnc.
Budget lmpact:
1010-6600-5805-00
Project Number
Budgeted ltem? No
Does item have a cost? Yes
Budget Adjustment Attached? Yes
Fu nd
Project Title
Current Budget S
Funds Obligated S
Item Cost S ¡39,320.00
Budget Adjustment 5 :39,320.00
Remaining Budget
5 :39,320.00
Account Number
Current Balance
v20140710
Previous Ordinance or Resolution #
Original Contract Number:
Comments:
Approval Date:
ffilew/ætås*Æ
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENT CORRESPONDENCE
CITY COUNCIL AGENDA MEMO
To: Mayor Lioneld Jordan and Fayetteville City Council
From: Paul Becker, Finance Director
Date: January 15,2016
Subject: Request the Council to formally approve a budget amendment for 2015 to appropriate the non-
cash buy back of land previously sold to the Pacifïc Vet Group
PROPOSAL:
On December 15 2015 the City Council approved the re-purchase of land previously sold to the Pacific Vet
Group. This was accomplished by the cancellation of indebtedness to the City in the amount of
$339,320.Although this resulted in a non-cash transition to the City the transaction must be posted as an
expense on the Financial Statements. Therefore, to properly portray this transaction the Council should also
approve a corresponding budget amount in the City budget.
RECOMMENDATION:
Administration recommends the City Council approve the attached 2015 budget amendment.
BUDGET IMPACT:
The approval of this resolution will formally budget this transaction formerly approved on 7211512015.
City of Fayetteville, Arkansas
Legislation Text
113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
File #: 2015-0560, Version: 1
PACIFIC VET GROUP-USÁ,, INC.:
A RESOLUTION TO APPROVE A LAND SALE AGREEMENT WITH PACIFIC VET GROUP-USA, INC.TO SELL ABOUT 24 ACRES IN THE FAYETTEVILLE COMMERCE DISTRICT (FORMERLY
INDUSTRIAL PARK) BACK TO THE CITY IN EXCHANGE FOR THE CANCELLATION OF THEREMAIMNG INDEBTEDNESS OWED TO THE CITY
WHEREAS, on June 17, 2014, the City Council approved the sale of about 24 acres in the Fayetteville
Commerce District to Pacific Vet Group-USA, Inc. and also agreed to grant a Right of First Refusal io pacific
Vet Group-USA, Inc. to acquire an adjacent 13.1 acre tract for the amount of $¡6b,000.00, which was secured
by a promissory note and mortgage on the property; and
WHEREAS, the City spent $27,556.88 to conduct a geotechnical feasibility study in connection with the saleof the properfy; and
WHEREAS, Pacific Vet Group-USA, Inc., has made payments to the City in accordance with the land sale
agreement, promissory note and mortgage but the City is still owed the principal amount of $339,320.04 plus
interest; and
WHEREAS, Pacific Vet Group-USA, Inc. has been acquired by Novozymes US, Inc., which does not wish to
develop the properly and desires to sell the property back to the City.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS:
Section l: That the City Council of the Cify of Fayetteville, Arkansas hereby approves aLand Sale Agreement,
a copy of which is attached to this Resolution, with Pacific Vet Group-USA,tnð, to sell about 24 acres of Tract
14 on Industrial Drive in the Fayetteville Commerce District (formerly the Industrial Park) back to the City in
exchange for the cancellation of the remaining indebtedness owed to the City. Mayor Joráan is hereby
authorized to sign the Land Sale Agreement and all necessary documents necessary to effectuate the Land Sale
Agreement.
Printed on 1212112015
powered by Legistar'r'
City of Fayetteville, Arkansas Page 1 of 1
Don Marr/eremy Pate
City of Fayetteville Staff Review Form
2015-0560
Legistar File lD
L¿ltslzOLs
City Council Meet¡nt Date - Agenda ltem Only
N/A for Non-Agenda ltem
rLl24/2015 Chief of Staff
Submitted By Submitted Date
Budget lmpact:
Division / Department
Action Recommendation:
Approval of a contract with Novozymes US, lnc formerly Pacific Vet Group - USA lnc. (PVG) to exchange
approximately 24 acres (tract 14) of land. The transaction will be an exchange of clear t¡tle to the property from
Novozymes US lnc to the City of Fayetteville and the City will forgive the remaining balance due of $339 32A,O4
including a release of the mortgage and remove the granting to Novozymes US/PVG a Right of First Refusal to
acquire the adjacent 13.1 acres if the City choses to sell the land in the future,
Account Number Fund
Project Number
Budgeted ltem? NA
Does item have a cost? No
Budget Adjustment Attached? NA
Project Title
Current Budget S
Funds Obligated S
Current Balance
Item Cost
Budget Adjustment
Remaining Budget
s
s
v20140710
Previous Ordinance or Resolution # 113-14
Original Contract Number:
Cornments:
Approval Date:
CITY OF
ARKANSAS
CITY COUNCIL AGENDA MEMO
MEETING OF DECEMBER 15,20I5
Mayor and City Council
Don Murr,Fl;staff and Jeremy pate, Deveropment services Director
November 24,2015
Sale back of the 24 acres of Land in the Commerce District from Pacific Vet
Group.USA, lnc. back to the Gity of Fayetteville
TO:
FROM:
DATE:
SUBJECT:
RECOMMENDATION:
City Stafl recommends approval of a contract with Novozymes US, lnc. formerly pacifíc Vet
Group-USA (PVG) to exchange approximately 24 acres (tract 14) of land recenfly sold by the
City of Fayetteville to and now owned by Novozymes US, lnc./Pacific Vet Group-U-Sn 1eVé¡ on
lndustrial Drive in the Fayetteville Commerce Park. The transaction will be an exchangè of ciear
title to the property from Pacific Vet Group - USA back to the City of Fayetteville and tñe City will
forgiving the remaining balance due of $339,320.04 including a releãse of the mortgage and
remove the granting to Novozymes US, lnc./PVG a Right of First Refusal to acquire the adjacent
13.1 acres if the City choses to sell the land in the future. Additionally in exchange for the money
the city spent to conduct a geotechnical feasibility study (at the cost oi g27,5s6.8s) and the money
that Novozymes US, lnc./PVG has paid (initial payments of 920,679), a difference of $6,977.88the City of Fayetteville will receive all ínformation regarding engineering and environmental
studies conducted on the land by Novozymes US, lnc./Pacific Vet Group - USA (pVG).
BACKGROUND:
ln June of 2o13, the City Council approved a contract with PVG to sell approximately 14.9 acres
of land along City Lake Road in the Commerce Park for the constr.uction of a facility for
research, development and manufacturing of animal health products. PVG is a privately held
bioscience company specializing in the development and commercialization of science-based
probiotic products for the pouftry industry. PVG has indicated this $6.7 million investment to
construct and occupy a new facility in Fayetteville would result in at least 4T newjobs wíthin 60
months at an average annuaf salary of $66,000.
After geotechnical studies were completed on the City Lake Road property, the soil conditions
were found to be less than ideal for thís particular development, resulting ín significant cost
increases in construction. The City decided to conduct geotechnical studies for other city-owned
properties within the Commerce District, and discussed with PVG the potentíal of another
property on which they could construct their facilÍty. PVG identified Tract#14 on lndustrial Drive,
a 37.1 acre property, as suitable for their long-term needs. The Gity of Fayetteville completed
the sale of 24 acres in Tract 14 of the4 Commerce Park for $15,00-0 per acre resulting in a
purchase price of $360,000, The Payment of the cost of the land was amortized ovei20 years
with the first 5 years fixed at an interest rate of the Federal Reserve Rate plus one per"*nt 11%¡.At the end of the 5h year, the interest rate will be modified annually based on the federal
Reserve Rate plus one percenl (1o/o) on each anniversary date. ln order for the project to be
Mailing Address:
113 W. Mountain Street
Fayetteville, AR72701
www.f ayettevill e-ar. gov
eligible for AEDC funding support, the City must contribute to the economic development project
as well. The previously approved proposal, the City contributed by offering a discounted
purchase price of $15,000 per acre (compared to a normal $20,000 asking price for similarly
situated land in the Commerce District), as well as assistance with up to $200,000 of
infrastructure investment, which could include water and/or sewer line extensions and other
work within public easements or ríghts-of-way. The City retained the remaining 13.1 acres,
granting PVG a Right of First Refusat to acquire the balance of the land in the future, if the City
ever decided to sell.
DISGUSSION:
On November 6th, 2015, the City of Fayetteville received a letter from Robert C Latz of Brown &
Ruprecht, PC; representing their clients Novozymes an international company headquartered in
Copenhagen, Denmark who recently purchased Pacific Vet Group - USA lnc. The letter
communicated that Pacific Vet Group - USA, lnc had recently been acquired by Novozymes
US, lnc. a subsidiary of Novozymes. The letter also communicated that the new owners
(Novozymes) do not wish to be in the real estate development business and do not wish to
retain Tract 14, thus wanting to sell the Tract. After discussions with the City's Economic
Development Gontractor representative Steve Clark concerning various options, it was agreed
that it would be best for Novozymes to sell the property back to the City of Fayetteville in order
for the City to be in a better position to control the ultimate use of the property in the future.
Accordingly, they proposed to sell Tract 14backto the Ci$ at their cost. After discussions wíth
the Mayoi and City Attorney's office the proposalto exchange clear title back to the city per the
recommendations above is being recommended.
BUDGET/STAFF IMPACT:
The City will have a reduction of future sale revenues of $339,320,04 (the balance of the original
sale price of $360,000), and will no longer be required to provide up to $200,000 in staff time
and materials to provide public infrastructure work for the area. This reduction of sales revenue
will impact the Water/Sewer fund and General Fund, since both funds had ownership on
portions of the subject property..
Attachments:. Prior Approved Land Sale Agenda ltem
r Land Sale Exchange Agreement. Brown & Ruprecht Attorneys at Law Letter
City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar)
Division: Accounting & Audit
Dept.: Finonce & lnternolServices
Requestor: Morsho Hertweck
Budget Year
201s (PY)
Adjustment Number
BU DG ET ADJ USTM ENT DESCRT PTrON / J USTIFTCATION :
lncrease the land acquisition account for the buy back of 24 acres of lndustrial Park Land from Pacific Vet Group.
COUNCIL DATE:
LEGISTAR FILE ID#:
2/2/2016
2016-0025
ßa,r\¡ø,t"wFd,l¿
7/7s/2016 1-O:47 At4
Budget Direcior
TYPE:
Dote
RESOLUTION/ORDINANCE
DESCRIPTION:
GLDATE:
POSTED:
v.20150925TOTAL
Accouni Number
339,320 339320
lncreose / [Decreose)Project.Sub#
Expense Revenue Projecl Sub AT Account Nome
_1019 !99q,s80Þ,09
10L0.0001.4999.99
339,320 EX Land Acquisition
3?9,3?9 RE Use of Fund Balance
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Fayetteville, Arkansas 72703. •
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www.bronsonabstract.com
THE ONLY NAME YOU NEED TO KNOW IN THE LOAN CLOSING AND TITLE
INSURANCE BUSINESS .
Owner's Policy of Title Insurance
Please find attached your Owner's Title policy from Bronson Abstract Company, Inc.
Keep this with all of your closing records in a safe place. When you sell or refinance this
property, you may receive a discount on your title insurance premium. If you own other
properties and your choose to sell or refinance them, you can also receive a discount on
the title insurance premium at that time when you provide our firm with a copy of the
title insurance policy or policies regardless if they were initially issued by our firm. To
take advantage of these discounts, please advise your realtor or loan officer that you
prefer Bronson Abstract Company, Inc.
Should you have questions concerning this policy or any other questions concerning any
your title insurance, please contact us at 479-442-2700 or refer to your website at
www.bronsonabstract.com. We try to provide the best service to our customers and we
thank you for your business.
Why are there separate title policies for owners and lenders?
There are two types of title insurance: owner's title insurance,called an Owner's Policy,and lender's title
insurance,called a Loan Policy. Most lenders require a Loan Policy when they issue you a loan.The Loan
Policy is usually based on the dollar amount of your loan. It only protects the lender's interests in the
property should a problem with the title arise. It does not protect the buyer.The policy amount decreases as
you pay down your loan and eventually disappears as the loan is paid off.An Qwner's Policy is usually
issued in the amount of the real estate purchase. It is purchased:fgr a one=tini ,f'e^�t closing and lasts for as
long as you have an interest in the property. =": .
Only an Owner's Policy protects the buyer should a covered title problem arise:Possible hidden title
. problems can include: Errors or omissions in deeds, mistakes in exaitiining'iecords, forgery and
undisclosed heirs
An Owner's Policy provides assurance that your title insurance company will stand behind you—
monetarily and with legal defense if needed—if a covered title problem arises after you buy your home.
'"ra-e Owner's Policy of Title Insurance
•�-d+, � First American Title' ISSUED BY
J'. Lilt
First American Title Insurance Company
POLICY NUMBER
Owner's Policy 5011405-0024506e
Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the
Company at the address shown in Section 17 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE
CONDITIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a Nebraska corporation (the "Company") insures, as of Date of Policy and,to
the extent stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or
incurred by the Insured by reason of:
1. Title being vested other than as stated in Schedule A.
2. Any defect in or lien or encumbrance on the Title.This Covered Risk includes but is not limited to insurance against loss from
(a) A defect in the Title caused by
(i) forgery,fraud,undue influence,duress,incompetency,incapacity,or impersonation;
(ii) failure of any person or Entity to have authorized a transferor conveyance;
(iii) a document affecting Title not properly created,executed,witnessed,sealed,acknowledged,notarized,or delivered;
(iv) failure to perform those acts necessary to create a document by electronic means authorized by law;
(v) a document executed under a falsified,expired,or otherwise invalid power of attorney;
(vi) a document not properly filed,recorded, or indexed in the Public Records including failure to perform those acts by electronic means
authorized by law;or
(vii) a defective judicial or administrative proceeding.
(b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable,but unpaid.
(c) Any encroachment, encumbrance, violation, variation,or adverse circumstance affecting the Title that would be disclosed by an accurate
and complete land survey of the Land. The term "encroachment" includes encroachments of existing improvements located on the Land
onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land.
3. Unmarketable Title.
4. No right of access to and from the Land.
(Covered Risks Continued on Page 2)
In Witness Whereof, First American Title Insurance Company has caused its corporate name to be hereunto affixed by its authorized officers as of
Date of Policy shown in Schedule A.
First American Title Insurance Company For Reference:
#6444.— V � File#: 22112-15
Issued By:
Bronson Abstract Company, Inc.
Dennis J.Gilmore 3810 Front Street, Suite 5
President Fayetteville,AR 72703
l/'p . elan;Jeffrey
# 0100111264
Jeffrey S.Robinson
Secretary
(This Policy Is valid only when Schedules A and B are attached) This jacket was created electronically and constitutes an original document
copyright 2008-2009 American Land Title Association.All rights reserved.The use of etls fore,is restricted to ALTA faeneees and ALTA members in good standing as of the date of use.
MI other uses are prohibited.Reprinted under license from the American Land Tide Association.
Form 5011405(7-1-14) Page 1 of 5 I ALTA Owner's Policy of Title Insurance(6-17-06)
Arkansas
Policy#: 5011405.0024506e
CONDITIONS
1. DEFINITION OF TERMS Records" shall also include environmental protection liens
The following terms when used in this policy mean: filed in the records of the clerk of the United States District
(a) "Amount of Insurance": The amount stated in Schedule A, as Court for the district where the Land is located.
may be increased or decreased by endorsement to this policy, (j) "Title":The estate or interest described in Schedule A.
increased by Section 8(b), or decreased by Sections 10 and (k) "Unmarketable Title":Title affected by an alleged or apparent
11 of these Conditions. matter that would permit a prospective purchaser or lessee of
(b) "Date of Policy": The date designated as "Date of Policy" in the Title or lender on the Title to be released from the
Schedule A. obligation to purchase, lease, or lend if there is a contractual
(c) "Entity": A corporation, partnership, trust, limited liability condition requiring the delivery of marketable title.
company,or other similar legal entity, 2. CONTINUATION OF INSURANCE
(d) °Insured":The Insured named in Schedule A. The coverage of this policy shall continue in force as of Date of
(i) The term"Insured°also includes Policy in favor of an Insured,but only so long as the Insured retains
(A) successors to the Title of the Insured by operation an estate or interest in the Land,or holds an obligation secured by
of law as distinguished from purchase, including a purchase money Mortgage given by a purchaser from the
heirs,devisees,survivors,personal representatives, Insured,or only so long as the Insured shall have liability by reason
or next of kin; of warranties in any transfer or conveyance of the Title.This policy
(B) successors to an Insured by dissolution, merger, shall not continue in force in favor of any purchaser from the
consolidation,distribution,or reorganization; Insured of either (i) an estate or interest in the Land, or (ii) an
(C) successors to an Insured by its conversion to obligation secured by a purchase money Mortgage given to the
another kind of Entity; Insured.
(D) a grantee of an Insured under a deed delivered 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT
without payment of actual valuable consideration The Insured shall notify the Company promptly in writing(i)in case
conveying the Title of any litigation as set forth in Section 5(a)of these Conditions,(ii)
(1) if the stock, shares, memberships, or other in case Knowledge shall come to an Insured hereunder of any
equity interests of the grantee are wholly- claim of title or interest that is adverse to the Title,as insured, and
owned by the named Insured, that might cause loss or damage for which the Company may be
(2) if the grantee wholly owns the named Insured, liable by virtue of this policy, or (iii) if the Title, as insured, is
(3) if the grantee is wholly-owned by an affiliated rejected as Unmarketable Title.If the Company is prejudiced by the
Entity of the named Insured, provided the failure of the Insured Claimant to provide prompt notice, the
affiliated Entity and the named Insured are both Company's liability to the Insured Claimant under the policy shall
wholly-owned by the same person or Entity,or be reduced to the extent of the prejudice.
(4) if the grantee is a trustee or beneficiary of a 4. PROOF OF LOSS
trust created by a written instrument In the event the Company is unable to determine the amount of
established by the Insured named in Schedule loss or damage, the Company may, at its option, require as a
A for estate planning purposes. condition of payment that the Insured Claimant furnish a signed
(ii) With regard to (A), (B), (C), and (D) reserving, however, proof of loss. The proof of loss must describe the defect, lien,
all rights and defenses as to any successor that the encumbrance, or other matter insured against by this policy that
Company would have had against any predecessor constitutes the basis of loss or damage and shall state, to the
Insured. extent possible, the basis of calculating the amount of the loss or
(e) °Insured Claimant":An Insured claiming loss or damage. damage.
(f) "Knowledge" or "Known": Actual knowledge, not constructive 5. DEFENSE AND PROSECUTION OF ACTIONS
knowledge or notice that may be imputed to an Insured by (a) Upon written request by the Insured, and subject to the
reason of the Public Records or any other records that impart options contained in Section 7 of these Conditions, the
constructive notice of matters affecting the Title. Company, at its own cost and without unreasonable delay,
(g) "Land": The land described in Schedule A, and affixed shall provide for the defense of an Insured in litigation in which
improvements that by law constitute real property. The term any third party asserts a claim covered by this policy adverse
°Land°does not include any property beyond the lines of the to the Insured. This obligation is limited to only those stated
area described in Schedule A, nor any right, title, interest, causes of action alleging matters insured against by this
estate, or easement in abutting streets, roads, avenues, policy,The Company shall have the right to select counsel of
alleys,lanes,ways,or waterways, but this does not modify or its choice (subject to the right of the Insured to object for
limit the extent that a right of access to and from the Land is reasonable cause)to represent the Insured as to those stated
insured by this policy, causes of action. It shall not be liable for and will not pay the
(h) °Mortgage": Mortgage, deed of trust, trust deed, or other fees of any other counsel.The Company will not pay any fees,
security instrument, including one evidenced by electronic costs, or expenses incurred by the Insured in the defense of
means authorized by law. those causes of action that allege matters not insured against
(i) "Public Records": Records established under state statutes at by this policy.
Date of Policy for the purpose of imparting constructive notice (b) The Company shall have the right, in addition to the options
of matters relating to real property to purchasers for value and contained in Section 7 of these Conditions, at its own cost, to
without Knowledge.With respect to Covered Risk 5(d),°Public institute and prosecute any action or proceeding or to do any
Form 5011405(7-1-14) Page 3 of 5 I ALTA Owner's Policy of Title Insurance(6-17-06)
Arkansas
Policy#: 5011405.0024506e COVERED RISKS(Continued)
5. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning)
restricting,regulating,prohibiting,or relating to
(a) the occupancy,use,or enjoyment of the Land;
(b) the character,dimensions,or location of any improvement erected on the Land;
(c) the subdivision of land;or
(d) environmental protection
if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the
extent of the violation or enforcement referred to in that notice.
6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement
action,describing any part of the Land,is recorded in the Public Records,but only to the extent of the enforcement referred to in that notice.
7. The exercise of the rights of eminent domain if a notice of the exercise,describing any part of the Land,is recorded in the Public Records.
8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge.
9. Title being vested other than as stated in Schedule A or being defective
(a) as a result of the avoidance in whole or in part,or from a court order providing an alternative remedy,of a transfer of all or any part of the
tide to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer
constituted a fraudulent or preferential transfer under federal bankruptcy,state insolvency,or similar creditors'rights laws;or
(b) because the instrument of transfer vesting Tide as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state
insolvency,or similar creditors'rights laws by reason of the failure of its recording in the Public Records
(i) to be timely,or
(ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor.
10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has
been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in
the Public Records that vests Tide as shown in Schedule A.
The Company will also pay the costs,attorneys'fees, and expenses incurred in defense of any matter insured against by this Policy,but only to the
extent provided in the Conditions.
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this Records at Date of Policy,but Known to the Insured Claimant
policy, and the Company will not pay loss or damage, costs, attorneys' and not disclosed in writing to the Company by the Insured
fees,or expenses that arise by reason of: Claimant prior to the date the Insured Claimant became an
1. (a) Any law, ordinance, permit, or governmental regulation Insured under this policy;
(including those relating to building and zoning) restricting, (c) resulting in no loss or damage to the Insured Claimant;
regulating,prohibiting,or relating to (d) attaching or created subsequent to Date of Policy (however,
(i) the occupancy,use,or enjoyment of the Land; this does not modify or limit the coverage provided under
(ii) the character, dimensions, or location of any Covered Risk 9 and 10);or
improvement erected on the Land; (e) resulting in loss or damage that would not have been
(iii) the subdivision of land;or sustained if the Insured Claimant had paid value for the Title.
(iv) environmental protection; 4. Any claim, by reason of the operation of federal bankruptcy, stale
or the effect of any violation of these laws, ordinances, or insolvency, or similar creditors' rights laws, that the transaction
governmental regulations. This Exclusion 1(a) does not vesting the Title as shown in Schedule A,is
modify or limit the coverage provided under Covered Risk 5. (a) a fraudulent conveyance or fraudulent transfer;or
(b) Any governmental police power.This Exclusion 1(b)does not • (b) a preferential transfer for any reason not stated in Covered
modify or limit the coverage provided under Covered Risk 6. Risk 9 of this policy.
2. Rights of eminent domain. This Exclusion does not modify or limit 5. Any lien on the Tide for real estate taxes or assessments imposed
the coverage provided under Covered Risk 7 or 8. by govemmental authority and created or attaching between Date
3. Defects,liens,encumbrances,adverse claims,or other matters of Policy and the date of recording of the deed or other instrument
(a) created, suffered, assumed, or agreed to by the Insured of transfer in the Public Records that vests Tide as shown in
Claimant; Schedule A.
(b) not Known to the Company, not recorded in the Public
Form 5011405(7-1-14) Page 2 of 5 I ALTA Owner's Policy of Title Insurance(6-17-06)
Arkansas
Policy#: 5011405.0024506e CONDITIONS(Continued)
other act that in its opinion may be necessary or desirable to In case of a claim under this policy, the Company shall have the
establish the Title, as insured,or to prevent or reduce loss or following additional options:
damage to the Insured. The Company may take any (a) To Pay or Tender Payment of the Amount of Insurance.
appropriate action under the terms of this policy, whether or To pay or tender payment of the Amount of Insurance under
not it shall be liable to the Insured. The exercise of these this policy together with any costs, attorneys' fees, and
rights shall not be an admission of liability or waiver of any expenses incurred by the Insured Claimant that were
provision of this policy. If the Company exercises its rights authorized by the Company up to the time of payment or
under this subsection,it must do so diligently. tender of payment and that the Company is obligated to pay. I
(c) Whenever the Company brings an action or asserts a defense Upon the exercise by the Company of this option, all liability I
as required or permitted by this policy, the Company may and obligations of the Company to the Insured under this
pursue the litigation to a final determination by a court of policy, other than to make the payment required in this
competent jurisdiction, and it expressly reserves the right, in subsection,shall terminate,including any liability or obligation
its sole discretion,to appeal any adverse judgment or order. to defend,prosecute,or continue any litigation.
6. DUTY OF INSURED CLAIMANT TO COOPERATE (b) To Pay or Otherwise Settle With Parties Other Than the
(a) In all cases where this policy permits or requires the Company Insured or With the Insured Claimant.
to prosecute or provide for the defense of any action or (i) To pay or otherwise settle with other parties for or in the
proceeding and any appeals, the Insured shall secure to the name of an Insured Claimant any claim insured against
Company the right to so prosecute or provide defense in the under this policy. In addition, the Company will pay any
action or proceeding, including the right to use, at its option, costs, attorneys' fees, and expenses incurred by the
the name of the Insured for this purpose.Whenever requested Insured Claimant that were authorized by the Company
by the Company, the Insured, at the Company's expense, up to the time of payment and that the Company is
shall give the Company all reasonable aid (i) in securing obligated to pay;or
evidence, obtaining witnesses, prosecuting or defending the (ii) To pay or otherwise settle with the Insured Claimant the
action or proceeding, or effecting settlement, and (ii) in any loss or damage provided for under this policy, together
other lawful act that in the opinion of the Company may be with any costs,attorneys'fees,and expenses incurred by
necessary or desirable to establish the Title or any other the Insured Claimant that were authorized by the
matter as insured. If the Company is prejudiced by the failure Company up to the time of payment and that the
of the Insured to furnish the required cooperation, the Company is obligated to pay.
Company's obligations to the Insured under the policy shall Upon the exercise by the Company of either of the options
terminate, including any liability or obligation to defend, provided for in subsections (b)(i) or (ii), the Company's
prosecute,or continue any litigation,with regard to the matter obligations to the Insured under this policy for the claimed loss
or matters requiring such cooperation. or damage, other than the payments required to be made,
(b) The Company may reasonably require the Insured Claimant to shall terminate, including any liability or obligation to defend,
submit to examination under oath by any authorized prosecute,or continue any litigation.
representative of the Company and to produce for 8. DETERMINATION AND EXTENT OF LIABILITY
examination, inspection, and copying, at such reasonable This policy is a contract of indemnity against actual monetary loss
times and places as may be designated by the authorized or damage sustained or incurred by the Insured Claimant who has
representative of the Company, all records, in whatever suffered loss or damage by reason of matters insured against by
medium maintained, including books, ledgers, checks, this policy.
memoranda, correspondence, reports, e-mails, disks, tapes, (a) The extent of liability of the Company for loss or damage
and videos whether bearing a date before or after Date of under this policy shall not exceed the lesser of
Policy,that reasonably pertain to the loss or damage.Further, (i) the Amount of Insurance;or
if requested by any authorized representative of the Company, (ii) the difference between the value of the Title as insured
the Insured Claimant shall grant its permission, in writing, for and the value of the Title subject to the risk insured
any authorized representative of the Company to examine, against by this policy.
inspect,and copy all of these records in the custody or control (b) If the Company pursues its rights under Section 5 of these
of a third party that reasonably pertain to the loss or damage. Conditions and is unsuccessful in establishing the Title, as
All information designated as confidential by the Insured insured,
Claimant provided to the Company pursuant to this Section (i) the Amount of Insurance shall be increased by 10%,and
shall not be disclosed to others unless, in the reasonable (ii) the Insured Claimant shall have the right to have the loss
judgment of the Company,it is necessary in the administration or damage determined either as of the date the claim
of the claim. Failure of the Insured Claimant to submit for was made by the Insured Claimant or as of the date it is
examination under oath, produce any reasonably requested settled and paid.
information, or grant permission to secure reasonably (c) In addition to the extent of liability under (a) and (b), the
necessary information from third parties as required in this Company will also pay those costs, attorneys' fees, and
subsection, unless prohibited by law or governmental expenses incurred in accordance with Sections 5 and 7 of
regulation, shall terminate any liability of the Company under these Conditions.
this policy as to that claim. 9. LIMITATION OF LIABILITY
7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; (a) If the Company establishes the Title, or removes the alleged
TERMINATION OF LIABILITY defect, lien, or encumbrance, or cures the lack of a right of
Form 5011405(7-1-14) Page 4 of 5 I ALTA Owner's Policy of Title Insurance(6-17-06)
Arkansas
Policy#: 5011405.0024506e CONDITIONS(Continued)
access to or from the Land, or cures the claim of (b) Any claim of loss or damage that arises out of the status of the
Unmarketable Title, all as insured, in a reasonably diligent Title or by any action asserting such claim shall be restricted
manner by any method, including litigation and the completion to this policy.
of any appeals, it shall have fully performed its obligations (c) Any amendment of or endorsement to this policy must be in
with respect to that matter and shall not be liable for any loss writing and authenticated by an authorized person, or
or damage caused to the Insured. expressly incorporated by Schedule A of this policy.
(b) In the event of any litigation, including litigation by the (d) Each endorsement to this policy issued at any time is made a
Company or with the Company's consent, the Company shall part of this policy and is subject to all of its terms and
have no liability for loss or damage until there has been a final provisions. Except as the endorsement expressly states, it
determination by a court of competent jurisdiction, and does not (i) modify any of the terms and provisions of the
disposition of all appeals,adverse to the Title,as insured. policy, (ii)modify any prior endorsement,(iii)extend the Date
(c) The Company shall not be liable for loss or damage to the of Policy,or(iv)increase the Amount of Insurance.
Insured for liability voluntarily assumed by the Insured in 15. SEVERABILITY
settling any claim or suit without the prior written consent of In the event any provision of this policy,in whole or in part,is held
the Company. invalid or unenforceable under applicable law, the policy shall be
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION deemed not to include that provision or such part held to be invalid,
OF LIABILITY but all other provisions shall remain in full force and effect.
All payments under this policy, except payments made for costs, 16. CHOICE OF LAW;FORUM
attorneys' fees, and expenses, shall reduce the Amount of (a) Choice of Law The Insured acknowledges the Company has
Insurance by the amount of the payment. underwritten the risks covered by this policy and determined
11. LIABILITY NONCUMULATIVE the premium charged therefor in reliance upon the law
The Amount of Insurance shall be reduced by any amount the affecting interests in real property and applicable to the
Company pays under any policy insuring a Mortgage to which interpretation, rights, remedies, or enforcement of policies of
exception is taken in Schedule B or to which the Insured has title insurance of the jurisdiction where the Land is located,
agreed, assumed, or taken subject, or which is executed by an Therefore,the court or an arbitrator shall apply the law of the
Insured after Date of Policy and which is a charge or lien on the jurisdiction where the Land is located to determine the validity
Title, and the amount so paid shall be deemed a payment to the of claims against the Title that are adverse to the Insured and
Insured under this policy. to interpret and enforce the terms of this policy. In neither
12. PAYMENT OF LOSS case shall the court or arbitrator apply its conflicts of law
When liability and the extent of loss or damage have been principles to determine the applicable law.
definitely fixed in accordance with these Conditions, the payment (b) Choice of Forum:Any litigation or other proceeding brought by
shall be made within 30 days. the Insured against the Company must be filed only in a state
13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT or federal court within the United States of America or its
(a) Whenever the Company shall have settled and paid a claim territories having appropriate jurisdiction.
under this policy, it shall be subrogated and entitled to the 17. NOTICES,WHERE SENT
rights of the Insured Claimant in the Title and all other rights Any notice of claim and any other notice or statement in writing
and remedies in respect to the claim that the Insured Claimant required to be given to the Company under this policy must be
has against any person or property, to the extent of the given to the Company at First American Title Insurance
amount of any loss,costs, attorneys'fees,and expenses paid Company, Attn: Claims National Intake Center, 1 First
by the Company. If requested by the Company, the Insured American Way, Santa Ana, California 92707. Phone: 888.632-
Claimant shall execute documents to evidence the transfer to 1642.
the Company of these rights and remedies. The Insured
Claimant shall permit the Company to sue, compromise, or
settle.in the name of the Insured Claimant and to use the
name of the Insured Claimant in any transaction or litigation
involving these rights and remedies.
If a payment on account of a claim does not fully cover the
loss of the Insured Claimant, the Company shall defer the
exercise of its right to recover until after the Insured Claimant •
shall have recovered its loss.
(b) The Company's right of subrogation includes the rights of the
Insured to indemnities,guaranties,other policies of insurance,
or bonds, notwithstanding any terms or conditions contained
in those instruments that address subrogation rights.
14. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT
(a) This policy together with all endorsements, if any, attached to
it by the Company is the entire policy and contract between
the Insured and the Company. In interpreting any provision of
this policy,this policy shall be construed as a whole.
Form 5011405(7-1-14) Page 5 of 5 I ALTA Owner's Policy of Title Insurance(6-17-06)
Arkansas
•
BRONSON ABSTRACT COMPANY, INC.
3810 N. Front Street, Suite#5
Fayetteville, AR 72703 479-442-2700
Privacy Information
We Are Committed to Safeguarding Customer Information
In order to better serve your needs now and in the future,we may ask you to provide us with certain information.We •
understand that you may be concerned about what we will do with such information—particularly any.personal or financial
information.We agree that you have a right to know how we will utilize the personal information you provide to us.
Therefore,together with our subsidiaries we have adopted this Privacy Policy to govern the use.and handling of your
personal information. •
Applicability •
This Privacy Policy governs our use of the information that you provide to us.It does not govern the manner in which we
may use information we have obtained form any other source,such as-information obtained form a public record or from
another person or entity.Bronson Abstract Company;Inc.,has also adopted broader guidelines that.govem our use of
personal inform regardless of its sources.Bronson Abstract Company,Inc.calls these guidelines its Fair Information
Values. •
Types of Information
The type of nonpublic personal information that we may collect include:
•Information we receive about you on appraisal requestsfengagement letters,real estate contracts,forms and In other
communications to us,whether In writing,in person,by telephone or any-other means.
Use of Infornatien
• We request information from you for our own legitimate business purposea.and not for the benefit-of-any non-affiliated
party.Therefore,we will not release your Information to non-affiliated paNes.except:(1)with written pemilssion by:the.. •
cfientflender,or(2)as pernitted'by law.We may,however,store such:infonnation indefinitely,including the peddd attar
which any customer relationship has ceased Such information may be:used•for:any internal purposes,such as gua city •
control efforts or customer analysis. .-. .
Former Customers '
Even if you are no longer our customer,our Privacy Policy will continue to apply to you.
Confidentiality and Security
We will use our best efforts to ensure that no unauthorized parties have access to any of your Information.We will use our
best efforts to train and oversee our employees and agents to ensure that your informationwill be handled responsibly
and in accordance with this Privacy Policy and Bronson Abstract Company,'lnc's,Fair Information Values.We currently
maintain physical,electronic,and procedural safeguards that comply with'federal regulations to.guard your nonpublic
personal information.
Fair Information Values •
Fairness-We consider consumer exceptions about their privacy in our business.We only offer products and services
that assure a favorable balance between consumer benefits and consumer privacy.
Public Record-We believe that'an open public record creates significant value for society,enhances consumer choice
and creates consumer opportunity.We actively support an open public record and emphasize its importance and
contribution to our economy.
Use-We believe we should behave responsibly when we use information about a consumer in our business.We will
obey the laws governing the collection,use and dissemination of data
Accuracy-We will take reasonable steps to help assure the accuracy of the date we collect,use and disseminate.
Where possible,we will take reasonable steps to correct inaccurate information.When,as with the public record,we
cannot correct inaccurate information,we will take all reasonable steps to assist consumers in identifying the source of the
erroneous data so that the consumer can secure-the required correction.
Education-We endeavor to educate the users of our products and services,our employees and others I our industry
about the importance of consumer privacy.We will instruct our employees on our fair information values and on the
responsible collection and use of data.We will encourage others in our industry to collect and use information in a
responsible manner.
Security-We will maintain appropriate facilities and systems to protect against unauthorized access to and corruption of
the
FIRST AMERICAN TITLE INSURANCE COMPANY
Form 1402.06.A ALTA Owners Policy (6-17-06) File Number: 22112-15
Policy Number: 5011405-0024506e
Issued Simultaneously with Policy#:
Endorsement(s): $
SCHEDULE A
Amount of Insurance: $339,320.04
Date of Policy: December 17,2015 at 3:20PM
Insured: City of Fayetteville Arkansas,Arkansas
1. Title to the fee simple estate or interest in said land is at date hereof vested in:
City of Fayetteville, Arkansas,a municipal corporation
The estate or interest in the land described or referred to in this Schedule covered by this
policy is fee simple in City of Fayetteville,Arkansas,a municipal corporation, by
warranty deed filed December 17,2015 at 3:20 PM, recorded as instrument#2015-
00035597 of the records of the Circuit Clerk and Ex-Officio Recorder of Washington
County, Arkansas.
2. The land referred to in this Policy is located in the County of Washington, State of Arkansas, and described
as follows:
A part of original Lot Numbered Fourteen (14) of the final plat of Fayetteville Industrial Park-West to the City of
Fayetteville, Arkansas, as per plat recorded in Plat Book 10 at page 17 of the records of the Circuit Clerk and Ex-
Officio Recorder of Washington County, Arkansas,being more particularly described as follows: beginning at the
Northeast corner of said original Lot Fourteen (14) being a found iron pin; thence along the Easterly line of said
lot South 02°49' 16" West 559.73 feet to a set iron pin; thence leaving said Easterly line North 87° 16' 17"West
370.14 feet to a set iron pin, thence South 63° 12' 36" West 402.07 feet to a set iron pin, thence South 24° 15' 09"
West 240.32 feet to a set iron pin, thence South 12° 21' 07" West 353.18 feet to a set iron pin on the southerly
line of said original Lot 14, thence along said southerly line North 87°25' 43" West 609.41 feet to a found iron
pin at the southwest corner of said original Lot Fourteen (14), thence along the westerly line of said original Lot
Fourteen(14)North 24° 09' 36" East 1274.35 feet to a set iron pin on the Easterly right-of-way of S. Industrial
Drive, thence along said Easterly right-of-way North 24° 09' 36" East 155.08 feet to a found iron pin being the
Northwest corner of said original Lot Fourteen (14), thence along the Northerly line of said Lot, South 87° 18'
44" East 955.25 feet to the point of beginning, containing 24 acres, more or less.
FIRST AMERICAN TITLE INSURANCE COMPANY
SCHEDULE B
Policy No. 5011405-0024506e File Number: 22112-15
This policy does not insure against loss or damage by reason of the following:
STANDARD EXCEPTIONS:
a. Rights or claims of parties in possession not shown by the public records.
b. Easements,or claims of easements, not shown by the public records.
c. Encroachments, overlaps, discrepancies or conflicts in boundary lines, shortage in area, or other matters
which would be disclosed by an accurate and complete survey or inspection of the premises.
d. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law
and not shown by the public records.
SPECIAL EXCEPTIONS:
1. Real estate taxes for 2015 and subsequent years, amount of which is not ascertainable, due or payable.
2. Those taxes and special assessments, which become due and payable subsequent to Date of Policy.
3. Zoning ordinances, resolution, lot-split or lot line adjustment regulations, and subdivision requirements of the
municipality or county in which the insured land is located.
4. Subject to utility easements and setback lines as shown on the recorded plat on file in the office of the Circuit
Clerk and Ex-Officio Recorder of Washington County, Arkansas.
5. Subject to a right of way granted by Scott A. Minor to Arkansas Western Gas Co. recorded in book 451 at
page 48.
6. Subject to a right of way granted by Fayetteville Chamber of Commerce, Inc. to Arkansas Western Gas
Company recorded in book 1001 at page 427.
FIRST AMERICAN TITLE INSURANCE COMPANY
Countersigned:
Bronson Abstract C" pany, Inc., Agency License Number 1001 1 1264
Winfield S. Bronson, Jr.,
Validating Officer or Agent, Agent License Number: 1667834
Arkansas Insurance Department
Contact Information: (800)852-5494 (501)371-2640
Consumer Services Division
1200 West Third Street
Little Rock, AR. 72201-1904
Owner's Policy of Title Insurance
First American Title'" ISSUED BY
ccy,
First American Title Insurance Company
POLICY NUMBER
Owner's Policy 5011405-0024506e
Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the
Company at the address shown in Section 17 of the Conditions.
COVERED RISKS
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE
CONDITIONS, FIRST AMERICAN TITLE INSURANCE COMPANY, a Nebraska corporation (the °Company") insures, as of Date of Policy and,to
the extent stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or
incurred by the Insured by reason of:
1. Title being vested other than as stated in Schedule A.
2. Any defect in or lien or encumbrance on the Title.This Covered Risk includes but is not limited to insurance against loss from
(a) A defect in the Title caused by
(i) forgery,fraud,undue influence,duress,incompetency,incapacity,or impersonation;
(ii) failure of any person or Entity to have authorized a transfer or conveyance;
(iii) a document affecting Title not properly created,executed,witnessed,sealed,acknowledged,notarized,or delivered;
(iv) failure to perform those acts necessary to create a document by electronic means authorized by law,
(v) a document executed under a falsified,expired,or otherwise invalid power of attorney;
(vi) a document not properly filed,recorded,or indexed in the Public Records including failure to perform those acts by electronic means
authorized by law,or
(vii) a defective judicial or administrative proceeding.
(b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable,but unpaid.
(c) Any encroachment, encumbrance,violation,variation, or adverse circumstance affecting the Title that would be disclosed by an accurate
and complete land survey of the Land. The term °encroachment"includes encroachments'of existing improvements located on the Land
onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land.
3. Unmarketable Title.
4. No right of access to and from the Land.
(Covered Risks Continued on Page 2)
•
In Witness Whereof, First American Title Insurance Company has caused its corporate name to be hereunto affixed by its authorized officers as of
Date of Policy shown in Schedule A.
First American Title Insurance Company For Reference:
File #: 22112-15
Issued Bv:
Bronson Abstract Company, Inc.
Dennis J.Gilmore 3810 Front Street, Suite 5
President Fayetteville,
Fayetteville, AR 72703#
$�� I' V Lic 0100111264
Jeffrey S.Robinson
Secretary
(This Policy is valid only when Schedules A and B are attached) This jacket was created electronically and constitutes an original document
Copyright 2006.2009 American Land Tile Association.All rights reserved.The use of this form is restricted to ALTA licensees and ALTA members in good standing as of the date of use.
Aa other uses are prohibited.Reprinted under license from the American Land Title Association.
Form 5011405(7-1-14) Page 1 of 5 I ALTA Owner's Policy of Title Insurance(6-17-06)
Arkansas
2-
Part
Part of Parcel No.765-16578-000
WARRANTY DEED
BE IT KNOWN BY THESE PRESENTS:
THAT the Pacific Vet Group-USA, Inc., hereinafter called GRANTOR,
for and in consideration of the forgiveness of the remaining debt owed to the City
of Fayetteville in the principal amount of $339,320.04 and other good and
valuable consideration, the receipt of which is hereby acknowledged, do hereby
grant, bargain, sell and convey unto City of Fayetteville, Arkansas, a
municipal corporation, hereinafter called GRANTEE, and unto Grantee's
successors and assigns, the following described land situated in the County of
Washington, State of Arkansas, to-wit:
A part of original Lot Numbered Fourteen (14) of the final plat of Fayetteville Industrial Park-West to the
City of Fayetteville, Arkansas as per plat recorded in Plat Book 10 at Page 17 of the records of the Circuit
Clerk and Ex-Officio Recorder of Washington County, Arkansas, being more particularly described as
follows: BEGINNING at the Northeast corner of said original Lot Fourteen (14) being a found iron pin;
thence along the Easterly line of said tot South 02°49'16" West 559.73 feet to a set iron pin; thence
leaving said Easterly line North 87°16'17" West 370.14 feet to a set iron pin; thence South 63°12'36"
West 402.07 feet to a set iron pin; thence South 24°15'09" West 240.32 feet to a set iron pin; thence
South 12°21'07"West 353.18 feet to a set iron pin on the Southerly line of said original Lot Fourteen (14);
thence along said Southerly line North 87°25'43" West 609.41 feet to a found iron pin at the Southwest
corner of said original Lot Fourteen (14); thence along the Westerly line of said original Lot Fourteen (14)
North 24°09'36" East 1274.35 feet to a set iron pin on the Easterly right-of-way of S. Industrial Drive;
thence along said Easterly right-of-way North 24°09'36" East 155.08 feet to a found iron pin being the
Northwest corner of said original Lot Fourteen (14); thence along the Northerly line of said lot South
87°18'44" East 955.25 feet to the Point of Beginning, containing 24 acres, more or less. Subject to
easements and rights-of-way of record, if any.
TO HAVE AND TO HOLD the said lands and appurtenances hereunto belonging unto the said Grantee and
Grantee's successors and assigns, forever. And the said Grantors, hereby covenant that they are lawfully seized of said
lands and premises; that the same is unencumbered, and that the Grantors will forever warrant and defend the title to the
said lands against all legal claims whatever.
WITNESS the execution hereof on this the 16th day of December, 2015.
Pacific Vet Group-USA, Inc.
BY: a\\ .�
William J. Davies, esident
[SEAL)
REVENUE STAMPS AFFIDAVIT
The foregoing dee• as th- corre,, amount of Revenue
Stamps affixed ts i r is-xempt from such slam s.
IIIIIIIIIIIIIIIIIilMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
Sign=/A�ntLij;�%L Doc ID: 016620700002 Type: REL
C'yof Fa .... e Kind: WARRANTY DEED
ntain Recorded: 12/17/2015 at 03:30:20 PM
113
aU' Fee Amt: $20.00 Page 1 of 2
Faye eville,AR 72701 Washington County, AR
Kyle Sylvester Circuit Clerk
F11e2015-00035597
PacVetGrUSA
Warranty Deed -_______ ___----- -
Page 2of2
ACKNOWLEDGMENT
STATE OF ARKANSAS
ss.
COUNTY OF WASHINGTON
BE IT REMEMBERED, that on this date, before the undersigned, a duly commissioned and acting Notary Public
within and for said County and State, personally appeared William J. Davies, to me well known as the person who
executed the foregoing document, and who stated and acknowledged that he is the President of Pacific Vet Group-USA,
Inc., and are duly authorized in their respective capacities to execute the foregoing instrument for and in the name and
behalf of said corporation, and further stated and acknowledged that they had so signed, executed and delivered said
instrument for the consideration, uses and purposes therein mentioned and set forth.
WITNESS my hand and seal on this 1 Cam` day of 1VA' , 2015.
MY COMMISSION EXPIRES: n n n
0utw�i� n ) • � V /�r_ x
Go • 3 a3 ° s'�` �Fp % Notary Public «"rr, "` w\\
S 0.\2a9424..'PQ
g : NOTARy a
PUBLIC 'i E
:'
Irec 6Eo os�� :�4Qzir
%,�'COUNT\'S
9
•
Washington County, AR
I certify this instrument was filed on
12/17/2015 03:30:20 PM
and recorded in Real Estate •
File Number 201`5 035597
Kyle Sylve ter-Cir it Clerk
by