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HomeMy WebLinkAbout203-19 RESOLUTIONOF FAYE�T6 J L ti o •'14 J to a� q RKANS PS 113 West Mountain Street Fayetteville, AR 72701 (479)575-8323 Resolution: 203-19 File Number: 2019-0541 LEWIS FIELDS PARK REAL ESTATE AGREEMENT: A RESOLUTION TO APPROVE THE REAL ESTATE AGREEMENT (OFFER AND ACCEPTANCE) BETWEEN THE CITY OF FAYETTEVILLE AND THE FAYETTEVILLE PUBLIC SCHOOL DISTRICT TO JOINTLY PURCHASE ABOUT 27.5 ACRES KNOWN AS LEWIS FIELDS PARK FROM THE DIVISION OF AGRICULTURE OF THE UNIVERSITY OF ARKANSAS IN THE AMOUNT OF THREE AND A HALF MILLION DOLLARS ($1,750,000.00 EACH) PLUS ANY ASSOCIATED CLOSING COSTS, AND TO APPROVE A BUDGET ADJUSTMENT WHEREAS, the Division of Agriculture of the University of Arkansas leased to the City about 25 acres known as Lewis Fields for more than two decades, but now is agreeable with selling this property jointly to the City and Fayetteville School Public District for public and school recreation uses; and WHEREAS, The City and Fayetteville Public School District desire to preserve much of Lewis Fields for public and school recreation purposes. PASSED and APPROVED on 9/3/2019 City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Text File File Number: 2019-0541 Agenda Date: 9/3/2019 Version: 1 Status: Passed In Control: City Council Meeting File Type: Resolution Agenda Number: C. 17 LEWIS FIELDS PARK REAL ESTATE AGREEMENT: A RESOLUTION TO APPROVE THE REAL ESTATE AGREEMENT (OFFER AND ACCEPTANCE) BETWEEN THE CITY OF FAYETTEVILLE AND THE FAYETTEVILLE PUBLIC SCHOOL DISTRICT TO JOINTLY PURCHASE ABOUT 27.5 ACRES KNOWN AS LEWIS FIELDS PARK FROM THE DIVISION OF AGRICULTURE OF THE UNIVERSITY OF ARKANSAS IN THE AMOUNT OF THREE AND A HALF MILLION DOLLARS ($1,750,000.00 EACH) PLUS ANY ASSOCIATED CLOSING COSTS, AND TO APPROVE A BUDGET ADJUSTMENT WHEREAS, the Division of Agriculture of the University of Arkansas leased to the City about 25 acres known as Lewis Fields for more than two decades, but now is agreeable with selling this property jointly to the City and Fayetteville School Public District for public and school recreation uses; and WHEREAS, The City and Fayetteville Public School District desire to preserve much of Lewis Fields for public and school recreation purposes. City of Fayetteville, Arkansas Page 1 Printed on 9/4/2019 Added at Agenda Session 8/27/19 City of Fayetteville Staff Review Form 2019-0541 Legistar File ID 9/3/2019 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item Paul A. Becker 8/26/2019 Chief Financial Officer Finance & Internal Services Department Submitted By Submitted Date Division / Department Action Recommendation: A Resolution approving the land sale agreement with the University of Arkansas System Division of Agriculture for the acquisition of the Lewis Fields Park Land of a portion of the 27.50 acres (to be determined by the lot split of equal value with the Fayetteville Public School District) for $1,750,000, plus any associated closing costs; and approval of a Budget Adjustment. 4605.860.7510-5805.00 Account Number 46050.7510 Project Number Budgeted Item? Yes Does item have a cost? Yes Budget Adjustment Attached? Yes Budget Impact: 4605 - Park Projects 2019 Bonds Fund Park Projects (2019 Bonds), Lewis Park Land Acquisition Current Budget Funds Obligated Current Balance Item Cost Budget Adjustment Remaining Budget Project Title $ 11,153,726.00 $ 127,290.00 $ 11,026,436.00 $ 1,750,000.00 $ 9,276,436.00 V20180321 Purchase Order Number: Previous Ordinance or Resolution # Change Order Number: Original Contract Number: Comments: Approval Date: CITY OF FAYETTEVILLE ARKANSAS MEETING OF SEPTEMBER 3, 2019 TO: Mayor and City Council FROM: Paul A. Becker, Chief Financial Officer DATE: August 26, 2019 CITY COUNCIL MEMO SUBJECT: A Resolution to Approve the Land Sale Agreement with the University of Arkansas System Division of Agriculture for the purchase of Lewis Fields Park Land RECOMMENDATION: Staff recommends the City Council approve the land sale agreement with the University of Arkansas System Division of Agriculture for the acquisition of the Lewis Fields Park Land of a portion of the 27.50 acres (to be determined by the lot split of equal value with the Fayetteville Public School District) for $1,750,000, plus any associated closing costs. BACKGROUND: The Lewis Park Land is located east of Asbell Elementary School and has served the community as a soccer park since the City of Fayetteville began leasing the land from the university in 1993. The potential purchase of the Lewis Park Land was proposed during the City Council discussion of parks projects for the 2019 bond initiative, which was subsequently approved by Fayetteville voters in April. DISCUSSION: The City and the University of Arkansas System Division of Agriculture negotiated to purchase the land according to the attached land sale agreement. The City Attorney and Mayor have recommended it is best to present the Land Sale Agreement to the City Council for approval before the Agreement is submitted to the U of A Board of Trustees on September 12th, 2019. BUDGET/STAFF IMPACT: The budget for this project will be approved on the September 3rd, 2019 City Council meeting prior to this item. The attached Budget Adjustment will be moving $1,775,000 ($1,750,000 for the actual land purchase + $25,000 to cover any closing costs) from the Parks Bond Project unallocated budget program. Any residual budget will revert back to the unallocated budget once all costs have concluded. Attachments: Budget Adjustment, Real Estate Agreement (Offer and Acceptance) Mailing Address: 113 W. Mountain Street www.fayetteville-ar.gov Fayetteville, AR 72701 Real Estate Acrreement f Offer and Acce tante The Board of Trustees of the University of Arkansas, acting on behalf of the Division of Agriculture ( "Seller"), makes the following offer to sell the property described herein to the City of Fayetteville, Arkansas ("City') and to Fayetteville School District Board No. 1 ("School District") (together, "Buyers"): The University officer signing this offer is authorized to extend an offer to sell. However, only the Board of Trustees of the University of Arkansas holds the authority to convey real property. Accordingly, the Seller's obligation to sell the Property (as defined below) is conditioned upon approval of a resolution by the Board of Trustees of the University of Arkansas, confirming the Board's consent to conveyance of the Property and the terms of this agreement. 2. Subject to and on the terms and conditions set forth herein, Seller offers to sell, and the Buyers offers to purchase, the following described property situated in Washington County. Arkansas (the "Property") The North West quarter (NW 1/4) of the North last quarter (NE 1/4) of Section Eight (8), in Township Sixteen 06) North. Range Thirty (30) West of the 5th P.M. less twelve and one half (12.50) acres off the east side of said 40 acre tract, and also except that part of the said tract now taken up and used as public roads or highways, being twenty seven and one half (27.50) acres, more or less. 3. Prior to closing Buyers may obtain a land survey of the Property, at Buyers' sole expense, in order to establish a more precise description of the Property's boundaries. 4. The City and the School District intend to divide the Property into lots of approximately equal value to be used cooperatively and initially for public and school recreation purposes. All surveying work, and any necessary approvals, and all associated costs for any lot splits, lot line adjustments or other subdivisions shall be the responsibility of the Buyers. The Seller will cooperate with Buyers, at no cost to Seller, in completion of the required surveying. 5. At closing the Buyers will pay to Seller the cash sum of Three Million Five Hundred Thousand Dollars ($3,500,000.00) for the Property. Buyers will pay 2/3 of the closing agent's fee, and Seller will pay 1/3 of the closing agent's fee. Buyers will pay the recording fee for the general warranty deed. Buyers will pay the cost of any revenue stamps. Buyers' counsel will prepare the general warranty deed and any other closing documents required by Buyers at closing. Seller hereby authorizes the closing agent to have prepared any release deeds, affidavits or other documents required to be executed by Seller at closing. 6. Conveyance shall be made to Buyers, or as directed by Buyers, by general warranty deed, subject to restrictions and easements which, in the Buyers' judgment, do not materially affect the merchantability of the Property or the Buyers' intended use of the Property. Pursuant to Ark. Code Ann. § 22-6-113, Seller shall retain a one-half (1/2) ownership interest in and to all the oil, gas, and other minerals in or under the Property. Seller shall also execute at closing an affidavit stating in substance that the Property is not subject to adverse possession claims and that no work or materials have been performed on the Property within one hundred and thirty (130) days of closing for which a lien might be asserted. Possession of the Property shall be delivered to Buyers at closing, free of any tenancies or other third party possessory rights. Seller shall furnish Buyers, at Seller's cost, an owner's title insurance policy in the amount of the purchase price, reflecting merchantable title and issued on terms and conditions satisfactory to Buyers' attorneys. If objections are made to Seller's title, Seller shall have a reasonable time, not to exceed thirty (30) days from the date of Buyers' written notification of such objections, to cure such defects to Buyers' satisfaction. If such defects are not cured within thirty (30) days. the Buyers may terminate this agreement or may, at their election, take title subject to any such defects. 4. Prior to closing Buyers may inspect the Property for environmental hazards and may obtain at their cost a Phase I environmental report performed by a licensed engineer or firm selected by Buyers. If the inspection or report discloses environmental hazards requiring remediation. Buyers will have the right to terminate this agreement on written notice to Seller unless Seller elects to pay the cost of remediation or to reduce the purchase price by the cost of remediation. 5. No general taxes are currently owed on the Property, as Seller is immune from ad valorem taxation. Any general taxes and special assessments incurred on the Property as of the closing date and thereafter shall be the responsibility of the Buyers. 6. Buyers represent to Seller that Buyers have full power and authority to execute this real estate agreement. Seller represents that it has full power and authority to convey the Property and that there are no options, rights of first refusal or contracts, written or oral, for the sale of the Property or which otherwise would affect Seller's obligations hereunder. Seller further represents that the individual signing on its behalf is authorized to sign this agreement. Seller represents to Buyers that the Property is presently leased to the City. Seller and the City agree that, if not sooner terminated, such lease shall terminate at the date and time of the closing of the sale of the Property pursuant to this agreement. 8. The closing date shall be at a time and place established by Buyers and is estimated to occur within sixty (60) days following the date the Board of Trustees of the University of Arkansas approves a resolution confirming this agreement. The parties may extend the closing date beyond such time if necessary to complete title requirements, inspections, review or approvals. Possession shall be delivered to Buyers upon closing. y. All structures. improvements, fixtures and attached equipment. if any, are included in the purchase price. 10. Buyers will inspect the Property prior to closing and are not relying upon any warranties, representations or statements of Seller. if any, as to the age or condition of the improvements, other than those specified in this agreement. 11. Each party covenants that no broker has been involved in this real estate agreement and that no commission is or will be owed on the sale of the Property. 12. This real estate agreement contains the entire agreement of the parties and may not be changed, modified or amended except by a written instrument signed by both parties. 13. There are no agreements or representations, written or oral, with respect to the subject matter of this agreement which are not contained herein. 14. Seller shall provide to Buyer any disclosure required by Governor"s Executive Order 98-04. 15. Notices required by this agreement shall be in writing. and shall be delivered via mail, personal delivery, or email, to the following: If to the City of Fayetteville: City of Fayetteville Attn: Mayor's Office 113 W. Mountain Street Fayetteville, AR 72701 If to the Fayetteville School District: Fayetteville School District No. 1 Superintendent's Office 1000 West Bulldog Boulevard Fayetteville, AR 72701 If to the Seller: University of Arkansas Division of Agriculture Attn: Dr. J.F. Meullenet DTAS 215 1371 Altheimer Drive Fayetteville, Arkansas 72704 With a copy to: Office of General Counsel University of Arkansas System 2404 North University Little Rock, AR 72207 16. For purposes of executing this agreement, a scanned or facsimile signature shall be as effective an as actual signature. 17. All understandings and agreements heretofore existing between or among the parties are merged into this a greement that alone fully and completely expresses their agreement. This agreement may be changed only in writing signed by all of the parties hereto and shall apply to and bind the successors and assigns of all of the parties hereto. 18. This agreement may be executed in two or more counterparts, each of which shall be deemed an original. City of a ville, • • =s . Fayetteville Sc of Dis ict No 1 / Ce,-ek By• , t,/ on- d Jor•: -or y L . M. Date: 1 /� /y — �� Date: 5 The Board of Trustees of the University of Arkansas, acting on behalf of the University of Arkansas Division of Aure By: Dr. Mark J.1i2JQL chran, Vice President, Division of Agriculture Date: q--18 -17 6 n • I I 0 ° «� . .r 1; 4 w tm m 0 -0 S ' CD @ J' IP m \ � �,,r, • IS • 1 , r :a 7 » i, v') r } rP,g, z T o o o CD = 11r vyis.•� ! .s w £ " 3 U 1•• t X11 � m c w w�.- TTT .. -- x • a i r. m A. tr f • ..a 4 t. t, j• , ter- 1 `--a III e _ `.{ .. ---P, w ) - ' r.' m o CO w J ommonc .t mak` 1 • y I - ,� —• y -i m c J J .M z �' 11 , .;:i1,.. „. it ot. i . i • -7 3 o m 0 ' a n o N• # - IIII , '4, '1 C 1 ' . rimm p N ° C N ` Y ° 3 .[ /D c m W N 9 ^ ..: h \V J m 3 a ^ •yrr .- 1 4 — v T 0 .B - Ji .. .Fri D. . 0 3� vi ,-•+ ,I.i .�,. rte'., .. i,10'- 4: '� -$.. ..j ' , f,-' " 4,7,2M .Y# ,*-.tr-vs- „016 �. r �,..#' r + � 1. .. , � +-. R • r). -+is Y ry - •. .,�. C .,. • y - ,..•a ,, iti- .71..,44r'-'...?'11-- VLD'": ' -'''''. �wt 6:0ti i.''... li ' i '''' 'itr .:44•L-= . 1 '-' - c_ '' :17.1t„, t''"'.. ._,:: . i ,..--. Pt.' ,•:"4. ' i S / � �o .s. c * , edp • `- K A ` 3. l ' ' I " t a 4 }4itT 'xi p Lr ''• 1) k'yJi '•F' �:,�,�.i ":y '��,, -', 3 ti v ) ' ),-; JO 1 04 ig i- M°' •�' 1 ti , 0 - ' i - 'II- t IIc ,jam ; City of Fayetteville, Arkansas- Budget Adjustment Form (Legistar) 2 Errors Budget Year Division Adjustment Number /Org2 PARKS & RECREATION (520) 2019 Requestor: Kevin Springer BUDGET ADJUSTMENT DESCRIPTION /JUSTIFICATION: A Resolution approving the land sale agreement with the University of Arkansas System Division of Agriculture for the acquisition of the Lewis Fields Park Land of a portion of the 27.50 acres (to be determined by the lot split of equal value with the Fayetteville Public School District)for$1,750,000, plus any associated closing costs;and approval of a Budget Adjustment of$1,750,000+Contingency($25,000) related to any closing costs. COUNCIL DATE: 9/3/2019 LEGISTAR FILE ID#: 2019-0541 KeA''S runner 8/26/2019 5:36 PM Budget Director Date TYPE: D - (City Council) JOURNAL#: GLDATE: RESOLUTION/ORDINANCE CHKD/POSTED: / TOTAL - - v.20190816 Increase/ (Decrease) Project.Sub# Account Number Expense Revenue Project Sub.Detl AT Account Name 4605.860.7510-5805.00 1,750,000 - 46050 7510 EX **Land Acquisition 4605.860.7510-5911.99 25,000 - 46050 7510 EX **Contingency-Capital Project 4605.860.7999-5899.00 (1,775,000) - 46050 7999 EX Unallocated-Budget H:\Budget Adjustments\2019_Budget\City Council\09-03-2019\2019-0541 BA Bonds Lewis Land Acqusition.xlsm 1 of 1 e-- LTC LENDERS TITLE COMPANY 3761 N Mall Avenue Fayetteville, AR 72703 Phone: 479-444-3333 Fax: 479-443-4256 January 21, 2020 City of Fayetteville, Arkansas, A Municipal Corporation 113 W. Mountain Street Fayetteville, AR 72701 RI-: 19-058679-500 Tract A: 8.503 acre and Tract C: 3.619 acre Dear Sir/Madam: In connection with your transaction on the captioned property, please find enclosed the following: X Owner's Policy of Title Insurance X Recorded Warranty Deed X Privacy Policies and Notices We appreciate the opportunity to serve you and ask that you contact us if we may help you with your future needs. Sincerely, Susan Elizabeth McCord Title Agent License No.: 1020013 Arkansas Title Agency License No. 1001 1 1646 Enclosure Transmittal Letter - Owners Policy.rif I of I * * OWNER'S POLICY OF TITLE INSURANCE Policy Number OX12885233 Issued by Old Republic National Title Insurance Company 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 18 of the Conditions. COVERED RISKS SUBJECT TO THE EXCLUSIONS PROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS. OLD REL,PUBLIC NATIONA"TITLI; INSURANCE-' COMPANY. a Minnesota corporation (the "Company") insures. as of Date ol' 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'. I . 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 isnot 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 deflective 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. 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 ofthe violation or enforcement referred to in that notice. OW AfPUSUC NATIONAL TITLE INSURANCE COMPAW A Siork CzmMrr1 400 S&-.,tad,AmmM Sark, :WAoayn64s Mimesaa.5Udi f6f2) 371.1 t t i 8}' AW,st Afeeidafn Swmrary 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 title 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 Title 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 I 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 Title 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 policy. and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of: 1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to (i) the occupancy, use, or enjoyment of the Land, (ii) the character, dimensions, or location of any improvement erected on the Land; (iii) the subdivision of land; or (iv) environmental protection; or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5. (h) Any governmental police power. This Exclusion I(b) does not modify or limit the coverage provided under Covered Risk 6. 2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 3. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed, or agreed to by the Insured Claimant; (b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the insured Claimant became an insured under this policy; (c) resulting in no loss or damage to the Insured Claimant; (d) attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 9 and 10); or (c) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. 4, Any claim. by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction vesting the Title as shown in Schedule A, is (a) a fraudulent conveyance or fraudulent transfer; or (b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy. 5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. CONDITIONS AND STIPULATIONS DEFINITION OF TERMS The following terms when used in this policy mean: (a) "Amount of Insurance": The amount staled in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 8(b). or decreased by Sections 10 and 1 1 of these Conditions. (b) "Date of Policy": The date designated as "Date of Policy" in Schedule A. (c) "Entity": A corporation, partnership. trust, limited liability company. or other similar legal entity. (d) "Insured": The Insured named in Schedule A. (i) The term "Insured" also includes (A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; (B) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization; (C) successors to an Insured by its conversion to another kind of Entity; (D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title (1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured, (2) if the grantee wholly owns the named Insured, (3) if the grantee is "holly -owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly-owned by the same person or Entity. or (4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule A for estate planning purposes. (ii) With regard to (A), (B), (C), and (D) reserving, however, all rights and defenses as to any successor that the Company would have had against any predecessor Insured. (e) "Insured Claimant": An Insured claiming loss or damage. (t) "Knowledge" or "Known": Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the Public Records or any other records that impart constructive notice of matters affecting the Title. (g) "Land": The land described in Schedule A, and affixed improvements that by law constitute real property. The term "Land" does not include any property beyond the lines of the area described in Schedule A. nor any right, title. interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is insured by this policy. (h) "Mortgage": Mortgage. deed oflrust. trust deed, or other security instrument, including one evidenced by electronic means authorized by law. (i) "Public Records": Records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. With respect to Covered [tisk 5(d), "Public Records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land is located. (j) "Title": The estate or interest described in Schedule A. (k) "Unmarketable Title": Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title. - 2. CONTINUATION OF INSURANCE (a) The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate or interest in the Land. or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title. This policy shall not continue in force in favor of any purchaser from the Insured of either (i) an estate or interest in the Land. or (ii) an obligation secured by a purchase money Mortgage given to the Insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title. if the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the policy shall be reduced to the extent of the prejudice. 4. PROOF OF LOSS In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. 5. DEFENSE AND PROSECUTION OF ACTIONS (a) Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action. It shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs, or expenses incurred by the insured in the defense of those causes of action that allege matters not insured against by this policy. (b) The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its own cost. to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title. as insured, or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable to the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under this subsection, it must do so diligently. (c) Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any adverse judgment or order. 6. DUTY OF INSURED CLAIMANT TO COOPERATE (a) in all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose. Whenever requested by the Company, the Insured, at the Company's expense, shall give the Company all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter as insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the Insured under the policy shall terminate, including any liability or obligation to defend. prosecute. or continue any litigation, with regard to the matter or matters requiring such cooperation. (b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the Company. all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos whether bearing a date before or after Date of Policy, that reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy all of these records in the custody or control of a third party that reasonably pertain to the loss or damage. All information designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable .judgment of the Company, it is necessary in the administration of the claim. Failure of the Insured Claimant to submit for examination under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as required in this subsection, unless prohibited by law or governmental regulation. shall terminate any liability of the Company under this policy as to that claim. 7. OPTIONS TO PAY OR O'T'HERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the Amount of Insurance under this policy together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay. Upon the exercise by the Company ofthis option, all liability and obligations of the Company to the Insured under this policy, other than to make the payment required in this subsection, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. (b) To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant. (i) To pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay: or (ii) To pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in subsections (b)(i) or (ii), the Company's obligations to the Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. 8. DETERMINATION AND EXTENT OF LIABILITY This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. (a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of (i) the Amount of Insurance: or (ii) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy. (b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured. (i) the Amount of Insurance shall be increased by 10%, and (ii) the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. (c) In addition to the extent of' liability under (a) and (b), the Company will also pay those costs, attorneys' fees, and expenses incurred in accordance with Sections 5 and 7 of these Conditions. 9. LIMITA'T'ION OF LIABILITY (a) If the Company establishes the Title, or removes the alleged defect, lien, or encumbrance, or cures the lack of a right of access to or from the Land, or cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused to the Insured. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals, adverse to the Title, as insured. (c) The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent ofthe Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY All payments under this policy, except payments made for costs. attorneys' fees, and expenses, shall reduce the Amount of Insurance by the amount of the payment. 11. LIABILITI' NONCUMULATIVE The Amount of Insurance shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured atter Date of Policy and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy. 12. PAYMENT OF LOSS When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days. 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT (a) Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the amount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant shall execute documents to evidence the transfer to 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. ARBITRATION Either the Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land 'Title Association ("Rules"). Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured arising out of or relating to this policy, any service in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured. All arbitrable matters when the Amount of Insurance is in excess of $2,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this policy and under the Rules shall be binding upon the parties. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court of competent _jurisdiction. 15. 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. (b) Any claim of loss or damage that arises out of the status of the Title or by any action asserting such claim shall be restricted to this policy. (c) Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated by Schedule A of this policy. (d) Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions. Except as the endorsement expressly states, it does not (i) modify any of the terms and provisions ofthe policy. (ii) modify any prior endorsement, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. 16. SEVERABILITY In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect. 17. CHOICE OF LAW; FORUM (a) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium charged therefor in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or enforcement of policies of title insurance of the Jurisdiction where the Land is located. Therefore, the court or an arbitrator shall apply the law of the.jurisdiction where the Land is located to determine the validity of claims against the Title that are adverse to the Insured and to interpret and enforce the terms of this policy. In neither case shall the court or arbitrator apply its conflicts of law principles to determine the applicable law. (b) Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or federal court within the United States of America or its territories having appropriate Jurisdiction. 18. NOTICES, WHERE SENT 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 400 Second Avenue South, Minneapolis, Minnesota 55401-2499. OWNER'S POLICY OF TITLE INSURANCE Issued by Old Republic National Title Insurance Company SCHEDULE A Name and Address of Title insurance Company: OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY 400 Second Avenue South, Minneapolis, Minnesota 55401 File No.: 19-0.58679-500 Address Reference: Tract A: 8.503 acre and Tract C: 3.619 acre, Fayetteville, AR 72703 Amount of Insurance: $1,750,000.00 Date of Policy: January 17, 2020, at 09:23am 1. Name of Insured: City of Fayetteville, Arkansas, A Municipal Corporation 2. The estate or interest in the Land that is insured by this policy is: Fee Simple 3. Title is vested in: City of Fayetteville, Arkansas, A Municipal Corporation 4. The Land referred to in this policy is described as follows: SEE ATTACHED EXHIBIT "A" Countersigned Lenders Title Company 3761 N Mall Avenue Fayetteville, AR 72703 479-444-3333 Arkansas Title Agency License No. 1001 1 1646 LE�,,�jv,k By: Susan Elizabeth McCord Title Agent License No.: 10200130 ALTA Owner's Policy (6-17-06) Schedule A Policy No.: OX12885233 Page I EXHIBIT "A" Tract A A part of the Northwest Quarter (NWI/4) of the Northeast Quarter (NEI/4) of Section Eight (8), in Township Sixteen (16) North, Range 'Thirty (30) West of the 5th Principal Meridian being more particularly described as follows: Commencing at the Northwest corner of the said Northwest Quarter (NW1/4) of the Northeast Quarter (NEI/4) said corner being an Arkansas Dept of Commerce - Land Survey Division Aluminum Monument; thence along the Northerly line of said Section Eight (8) South 86159'13" East 72.71 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 on the Eastern right-of-way of Lewis Avenue and the point of beginning; thence along the Northerly line of said Section Eight (8) South 86059'13" East 337.38 feet to a set 5/8" rebar and cap labeled - C.O.F. 1.514; thence South 04122'46" East 661.68 feet to a set 5/8" rebar and cap labeled - C.O.F 1514; thence South 85149'46" East 60.00 feet to a set 5/8" rebar and cap labeled C.O.F. 1514; thence South 04106'52" West 430.81 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 also being the Northerly right-of-way line Mount Comfort Road; thence along said Northern right-of-way being in a curve with a radius of 47.5.00 feet, a central angle of 13115'37" and a length of 109.93 feet to a set .5/8" rebar and cap labeled - C.O.F. 1514 also having a chord bearing and distance of North 71119'30"West 109.69 feet; thence continuing along said right-of-way North 64041'41" West 152.48 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said right-of-way North 69158'51" West 159.47 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 and the Northeasterly right-of-way intersection of Mount Comfort Road and Lewis Avenue; thence along said Lewis right-of-way North 04°33'31" East 959.69 feet to the point of beginning, and containing 8.503 acres, more or less. "Tract C A part of the Northwest Quarter (NW 1/4) of the Northeast Quarter (NEI/4) of Section Eight (8), Township Sixteen (16) North, Range Thirty (30) West of the 5th principal meridian being more particularly described as follows: commencing at the Northwest corner of the said Northwest Quarter (NWI/4) of the Northeast Quarter (NEI/4) said corner being an Arkansas Dept. of Commerce - Land Survey division aluminum monument; thence along the Northerly line of said Section Eight (8) South 86°59'13" East 72.71 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 on the Eastern right-of-way Lewis Avenue; thence South 04033'31" West 1011.57 feet to a set nail and washer - C.O.F. 1514 being the intersection of the Easterly right-of-way Lewis Avenue and the Southerly right-of-way Mount Comfort Road and the point of beginning; thence along said Southerly right-of-way said South 69°58'51" East 143.33 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said South 64°41'41" East 33.86 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said South 57155'29" West 11.87 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said Southerly right-of-way South 64°41'41" East 122.71 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514, and the beginning of a tangent curve to the left having a radius of 535.00 feet and a central angle of 22025'40"; thence along said curve and continuing along said Southerly right-of-way an are length of 209.42 feet to a point, said point having a chord bearing and distance from the said beginning of the curve of South 75°54'31" East 208.09 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 ; thence continuing along said Southerly right-of-way South 87°07'21" East 391.24 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 and the Westerly line of Garner-Larimore Addition to the City of Fayetteville, Arkansas Block A ; thence along said Westerly line South 02050'06" West 149.56 feet to a found 5/8" iron rebar on the Northerly right-of-way of Hefley Street; thence leaving said Westerly line and along said Northerly right -of --way North 86138'59" West 876.02 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 and the intersection of the Northerly right-of-way Hefley Street and the Easterly right-of-way Lewis Avenue; thence along the said Easterly right-of-way Lewis Avenue North 04°33'31" East 291.71 feet to the point of beginning, containing 3.619 acres, more or less. OWNER'S POLICY OF TITLE INSURANCE Issued by Old Republic National Title Insurance Company SCHEDULE B File No.: 19-058679-500 Policy No.: 0X12885233 EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage, and the Company will not pay costs, attorneys' fees, or expenses that arise by reason of: I . Any facts, rights, interests or claims which are not shown by the public records but which could be ascertained by an inspection of said land or by making inquiry of persons in possession thereof. 2. Any lien or right to a lien, for services, labor or material theretofore or hereafter furnished, imposed by law and not shown by the public records. 3. Encroachments, overlaps, boundary line disputes and any matters which would be disclosed by an accurate survey and inspection of the premises. 4. Rights of parties in actual possession of all or any part of the premises. 5. Easements or claims of easements, not shown by the public records. 6. Loss arising from any Oil, Gas or Mineral interests, conveyed, retained, assigned or any activity on or damage to the insured land caused by the exercise of sub -surface rights or ownership, including but not limited to the right of ingress and egress for said sub -surface purposes. 7. Loss arising from any judgment liens or other liens of record in any United States District Court or Bankruptcy Court in the State of Arkansas as of the Effective Date hereof that are not reflected in the real property records of the county in which the property is located. 8. Taxes and assessments for the year(s) 2019 and thereafter, which are not yet due and payable, plus any penalties and interest which may accrue. 9. Water/Sewer Easement in favor of City of Fayetteville and recorded on October 8, 2001, as Instrument No. 2001-126085 in the records of Washington County, Arkansas. 10. Water/Sewer Easement in favor of City of Fayetteville and recorded on September 13, 2002, as Instrument No. 2002-134105 in the records of Washington County, Arkansas. 11. Utility easement in favor of City of Fayetteville, Arkansas as set forth in Easement dated June 13, 1986, and recorded on July 25, 1986, as Instrument No. 1187-065 in the records of Washington County, Arkansas. 12. Temporary Construction Easement in favor of City of Fayetteville, Arkansas as set forth in Temporary Construction Easement dated March 8, 1985, and recorded on May 13, 1985, as Instrument No. 1140-277 in the records of Washington County, Arkansas. 13. Right of Way/Easement in favor of City of Fayetteville, Arkansas, and recorded in 534-434, in Washington County, Arkansas. 1 Owner's Polio, (6-17-06) Page 3 Schedule 13 Policy No.: OX12885233 SCHEDULE B Continued 14. Right of Way/Easement in favor of Arkansas Western Gas Company , and recorded in 370-510 & 511, in Washington County, Arkansas. 15. Quitclaim Deed dated October 5, 1957 to the City of Fayetteville, Arkansas for Street Purposes and recorded October 17, 1957 as Instrument No. 497-512. 16. Any loss or damage as a result of the land being situated within the bounds of the flood plain. 17. No insurance is given under this Policy for any property which may have been acquired as a result of accretion or other means of addition to the property which would result in additional property in excess of the original contour line. 18. Title to that portion of the property within the bounds of Lewis Avenue. 19. Title to that portion of the property within the bounds of Mount Comfort Road. 20. Title to that portion of the property within the bounds of Hefley Street. 21. The reservation of 1/2 interest in all oil, gas, and other mineral rights in or under subject property. (Tracts A & C) ALTA (hvner's Policy, (6-17-06) Page 4 Schedule 8 Arkansas Insurance Department Contact Information: Arkansas Insurance Department Consumer Services Division 1200 West Third Street Little Rock, AR 72201-1904 (800) 852-5494 (501) 371-2640 Rev 10/2014 WHAT DOES Lenders Title Company DO WITH YOUR PERSONAL INFORMATION? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. The types of personal information we collect and share depend on the product or service you have with us. This information can include: Social Security number and credit history • transaction history and mortgage rates and payments purchase history and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice. All financial companies need to share customers' personal information to run their everyday business In the section below, we list the reasons financial companies can share their customers' personal information: the reasons Lenders Title Company chooses to share; and whether you can limit this sharing. For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal Yes No investigations, or report to credit bureaus For our marketing purposes— to offer our products and services to you Yes No For joint marketing with other financial companies Yes No For our affiliates' everyday business purposes— information about your transactions and experiences Yes No For our affiliates' everyday business purposes— information about your creditworthiness No No For our affiliates to market to you No No For nonaffiliates to market to you No No Call 501-225-3519 or go to www.lenderstitlegroup.com Page 2 Lenders Title Company Who is providing this notice? How does Lenders Title Company To protect your personal information from unauthorized access protect my personal information? and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. How does Lenders Title Company We collect your personal information, for example, when you collect my personal information? • provide account information or give us your contact information • pay us by check or make a wire transfer show us your government -issued ID We also collect personal information from others, such as credit bureaus, affiliates, or other companies. Why can't I limit all sharing? Federal law gives you the right to limit only • sharing for affiliates' everyday business purposes—information about your creditworthiness • affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies. • Our affiliates include companies such as our bank, mortgage companies, insurance companies, and securities brokerages. Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies. We do not share with nonaffiliates so they can market to you. Joint marketing A formal agreement between nonfinancial financial companies that together market financial products or services to you. Our joint marketing partners include companies such as credit card issuers to inform you about their products and/or services. State laws and individual companies may give you additional rightsto limit sharing. Please consult your state laws regarding information sharing. WHAT DOES OLD REPUBLIC FACTS DO WITH YOUR PERSONAL INFORMATION Financial companies choose how they share your personal information. Federal law gives Yes consumers the right to limit some but not all sharing. Federal law also requires us to tell you For our marketing purposes— to offer our products and services to you how we collect, share, and protect your personal information. Please read this notice We don't share carefully to understand what we do. No The types of personal information we collect and share depend on the product or For our affiliates' everyday business purposes— information about your transactions and experiences service you have with us. This information can include: N ° • Social Security number and employment information No • Mortgage rates and payments and account balances For our affiliates to market to you • Checking account information and wire transfer instructions We don't share When you are no longer our customer, we continue to share your information as No described in this notice. All financial companies need to share customers' personal information to run their everyday business. In the section beloN, we list the reasons financial companies can share their customers' personal information; the reasons Old Republic Title chooses to share; and whether you can limit this sharing. For our everyday business purposes — such as to process your transactions, maintain your account(s), or respond to court orders and legal investigations, or report to credit bureaus Yes No For our marketing purposes— to offer our products and services to you No We don't share For joint marketing with other financial companies No We don't share For our affiliates' everyday business purposes— information about your transactions and experiences Yes N ° For our affiliates' everyday business purposes — information about your creditworthiness No We don't share For our affiliates to market to you No We don't share For non -affiliates to market to you No We don't share e - Go to www.oldrepublictitle.com (Contac! Us) Who is providing this notice? Companies with an Old Republic Title name and other affiliates. Please see below for a list of affiliates. How does Old Republic To protect your personal information from unauthorized access and use, we Title protect my personal use security measures that comply with federal law. These measures include information? computer safeguards and secured files and buildings. For more information, visit http://www.OldRepublicTitle.com/newnationaI/Contact/privacy. How does Old Republic Title We collect your personal information, for example, when you: collect my personal . Give us your contact information or show your driver's license information? . Show your government -issued ID or provide your mortgage information • Make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. Why can't I limit all sharing? Federal law gives you the right to limit only: • Sharing for affiliate§ everyday business purposes - information about your creditworthiness • Affiliates from using your information to market to you • Sharing for non -affiliates to market to you State laws and individual companies may give you additional rights to limit sharing See the "Other important information" section below for your rights under state Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies. • Our affiliates include companies with an Old Republic Title name, and financial companies such as Attorneys' Title Fund Services, LLC, Lex Terrae National Title Services, Inc., Mississippi Valley Title Services Company, and The Title Company of North Carolina, Non -affiliates Companies not related by common ownership or control. They can be financial and non-financial companies. • Old Republic Title does not share with non -affiliates so they can market to you Joint marketing A formal agreement between non-affiliated financial companies that together market financial products or services to you. • Old Republic Title doesn't jointly market. . Oregon residents only: We are providing you this notice under state law. We ' may share your personal information (described on page one) obtained from you or others with non -affiliate service providers with whom we contract, such as notaries and delivery services, in order to process your transactions. You may see what personal information we have collected about you in connection with your transaction (other than personal information related to a claim or legal proceeding). To see your information, please click on "Contact Us" at www.oldrepublictitle.com and submit your written request to the Legal Department. You may see and copy the information at our office or ask us to mail you a copy for a reasonable fee. If you think any information is wrong, you may submit a written request online to correct or delete it. We will let you know what actions we take. If you do not agree with our actions, you may send us a statement. .American First Abstract, American First Title & American Guaranty Title Attorneys' Title Fund Compass Abstract, Inc. LLC Trust Company Insurance Company Services, LLC eRecording Partners Genesis Abstract, LLC Kansas City Management L.T. Service Corp. Lenders Inspection Network, LLC Group, LLC Company Lex Terrae National Title Lex Terrae, Ltd. Mara Escrow Company Mississippi Valley Title National Title Agent's Services, Inc. Services Company Services Company Old Republic Branch Old Republic Diversified Old Republic Exchange Old Republic National Old Republic Title and Information Services, Inc. Services, Inc. Company Title Insurance Escrow of Hawaii, Ltd. Company Old Republic Title Co. Old Republic Tille Old Republic Title Old Republic Title Old Republic Title Company of Conroe Company of Indiana Company of Nevada Company of Oklahoma Old Republic Title Old Republic Title Old Republic Title Old Republic Title Old Republic Title Company of Oregon Company of St. Louis Company of Tennessee Information Concepts Insurance Agency, Inc. Old Republic Title, Ltd. Republic Abstract & Sentry Abstract Company The Title Company of Title Services, LLC Settlement, LLC North Carolina Trident Land Transfer Company, LLC LTC Wwmnty Deed Corporta6m.rtr loft . Please Return To: Lenders Title Company 3761 N MAIL Avenue Fayetteville AR, 72703 Phone: 479-444-3333 Fax: 479-443-4256 File Number: 19-058679-500 This deed form prepared under the supervision of 1. Mark Spradley, Attomey at Law 1501 N. Univa city Suite 155 Little Rock, AR 72202 Transactional data completed by Lenders Title Company W=wty Decd-CoWntton(Lc=ar of Type: REAL ESTATE Kind: WARRANTY DEED Recorded: 1/17/2020 9:23:02 AM Fee Amt: $40.00 Page 1 of 6 Washington County, AR Kyle Sylvester Circuit Clerk File# 2020-00001790 FOR RECORDER'S USE ONLY WARRANTY DEED KNOW ALL MEN BY THESE PRESENTS: That, The Board of Trustees of the University of Arkansas, Grantor, organized under and by virtue of the laws of the State of Arkansas, by and through its Board Chairman and Board Secretary, duly authorized by proper resolution of the Board of Trustees, for and in consideration of the sum of --TEN AND 00/100— DOLLARS-•-($] 0.00)— and other good and valuable consideration, in hand paid by City of Fayetteville, Arkansas, A Municipal Corporation, Grantee(s), the receipt and sufficiency of which is hereby acknowledged, does hereby grant, bargain, sell and convey unto the Grantee(s) and unto its successors and assigns forever, the following described land, situated in the County of Washington and the State of Arkansas to -wit: SEE ATTACHED EX IMBIT "A" Subject to any recorded: assessments, building lines, easements, mineral reservations and/or conveyances, and restrictions, if any. lands. Grantor reserves one-half interest of all oil, gas and other mineral interests associated with the above described TO HAVE AND TO HOLD the above described lands unto the Grantee(s) and unto its successors and assigns forever, with all tenements, appurtenances, and hereditaments thereunto belonging. File Number: 2020-00001790 Pagel of 6 LTC Warranty Deed Corportation.rtf lof3 . Please Return To: Lenders Title Company 3761 N Mall Avenue Fayetteville AR, 72703 Phone: 479-444-3333 Fax: 479-443-4256 File Number: 19-058679-500 This deed form prepared under the supervision of: J. Mark Spradley, Attorney at Law 1501 N. University, Suite 155 Little Rock, AR 72202 Transactional data completed by Lenders Title Company Warranty Decd - Corporation (Letter).rtf FOR RECORDER'S USE ONLY WARRANTY DEED KNOW ALL MEN BY THESE PRESENTS: That, The Board of Trustees of the University of Arkansas, Grantor, organized under and by virtue of the laws of the State of Arkansas, by and through its Board Chairman and Board Secretary, duly authorized by proper resolution of the Board of Trustees, for and in consideration of the sum of ---TEN AND 00/100--- DOLLARS ---($10.00)--- and other good and valuable consideration, in hand paid by City of Fayetteville, Arkansas, A Municipal Corporation, Grantee(s), the receipt and sufficiency of which is hereby acknowledged, does hereby grant, bargain, sell and convey unto the Grantee(s) and unto its successors and assigns forever, the following described land, situated in the County of Washington and the State of Arkansas to -wit: SEE ATTACHED EXHIBIT "A" Subject to any recorded: assessments, building lines, easements, mineral reservations and/or conveyances, and restrictions, if any. lands. Grantor reserves one-half interest of all oil, gas and other mineral interests associated with the above described TO HAVE AND TO HOLD the above described lands unto the Grantee(s) and unto its successors and assigns forever, with all tenements, appurtenances, and hereditaments thereunto belonging. And the Grantor hereby covenants with the Grantee(s) that it will forever warrant and defend the title to the above described lands against all claims whatsoever. IN TESTIMONY WHEREOF, The name of the Grantor is hereunto affixed by its Board Chairman and Board Secretary and its seal affixed this day of January, 2020. I certify under penalty of false swearing that documentary stamps or a documentary symbol in the legally correct amount has been placed on this instrument. Exempt or no consideration pard i e show .. GRANTEE O AGENT: t0ty fF ettillerkansas GRANTEE's ADDRESS: A,( ,0- — _cr 0 l The Board of Trustees of the University of Arkansas I; By: . n Goodso hairman . By: ACKNOWLEDGMENT STATE OF ARKANSAS SS. COUNTY OF - L, S k , ) N. Necretaiy BE IT REMEMBERED that on this Y day of January, 2020, came before me, the undersigned, a Notary Public, duly commissioned, qualified and acting, within and for the said County and State, John Goodson, to me personally well known ( or satisfactorily proven to be), who stated that he was the Chairman of The Board of Trustees of the University of Arkansas, and was duly authorized in his stated capacity to execute the foregoing instrument for and in the name and on behalf of said Board of Trustees and further stated and acknowledged that he had so signed, executed and delivered the foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this Y day of January, 2020. Notary Pubde My commission Expires: 0 ANGELA HUDSON SALINE COUNTY NOTARY PUBLIC - ARKANSAS My Commission Expires March 19, 2028 Commission No. 12364589 ACKNOWLEDGMENT STATE OF ARKANSAS ) _ r ) COUNTY OF 4� k ) SS. BE IT REMEMBERED that on this i0 day of January, 2020, came before me, the undersigned, a Notary Public, duly commissioned, qualified and acting, within and for the said County and State, Kelly Eichler, to me personally well known ( or satisfactorily proven to be), who stated that she was the Assistant Secretary of The Board of Trustees of the University of Arkansas, and was duly authorized in her stated capacity to execute the foregoing instrument for and in the name and on behalf of said Board of Trustees and further stated and acknowledged that she had so signed, executed and delivered the foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this `D day of January, 2020. — a" Notary Pub is My commission Expires: 3 -lq -�-� r ANGELA HUDSON SALINE COUNTY !VOTARY PUBLIC - ARKANSAS My Commission Expires March 19, 2028 Commission No. 12364589 Escrow File No.: 1M58679-500 EXHIBIT "A" Tract A A part of the Northwest Quarter (NW1/4) of the Northeast Quarter (NE1/4) of Section Eight (8), in Township Sixteen (16) North, Range Thirty (30) West of the 5th Principal Meridian being more particularly described as follows: Commencing at the Northwest corner of the said Northwest Quarter (NW1/4) of the Northeast Quarter (NE1/4) said corner being an Arkansas Dept of Commerce - Land Survey Division Aluminum Monument; thence along the Northerly line of said Section Eight (8) South 86059113" East 72.71 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 on the Eastern right-of-way of Lewis Avenue and the point of beginning; thence along the Northerly line of said Section Eight (8) South 86159'13" East 337.38 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence South 04022'46" East 661.68 feet to a set 5/8" rebar and cap labeled - C.O.F 1514; thence South 85049'46" East 60.00 feet to a set 5/8" rebar and cap labeled C.O.F. 1514; thence South 04006'52" West 430.81 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 also being the Northerly right-of-way line Mount Comfort Road; thence along said Northern right-of-way being in a curve with a radius of 475.00 feet, a central angle of 13°15'37' and a length of 109.93 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 also having a chord bearing and distance of North 71119'30"West 109.69 feet; thence continuing along said right-of-way North 64041141" West 152.48 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said right-of-way North 69°58'51" West 159.47 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 and the Northeasterly right-of-way intersection of Mount Comfort Road and Lewis Avenue; thence along said Lewis right-of-way North 04033'31" East 959.69 feet to the point of beginning and containing 8.503 acres, more or less. Tract C A part of the Northwest Quarter (NW1/4) of the Northeast Quarter (NE1/4) of Section Eight (8), Township Sixteen (16) North, Range Thirty (30) West of the 5th principal meridian being more particularly described as follows: commencing at the Northwest corner of the said Northwest Quarter (NW1/4) of the Northeast Quarter (NE1/4) said corner being an Arkansas Dept. of Commerce - Land Survey division aluminum monument; thence along the Northerly line of said Section Eight (8) South 86159'13" East 72.71 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 on the Eastern right-of-way Lewis Avenue; thence South 04°33'31" West 1011.57 feet to a set nail and washer - C.O.F. 1514 being the intersection of the Easterly right-of-way Lewis Avenue and the Southerly right-of-way Mount Comfort Road and the point of beginning; thence along said Southerly right-of-way said South 69158'51" East 143.33 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said South 64141'41" East 33.86 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said South 57055'29" West 11.87 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said Southerly right-of-way South 64041'41" East 122.71 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514, and the beginning of a tangent curve to the left having a radius of 535.00 feet and a central angle of 22125'40"; thence along said curve and continuing along said Southerly right-of-way an arc length of 209.42 feet to a point, said point having a chord ExhibitA.r f I of 2 bearing and distance from the said beginning of the curve of South 75054'31" East 208.09 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 ; thence continuing along said Southerly right-of-way South 87107121" East 391.24 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 and the Westerly line of Garner-Larimore Addition to the City of Fayetteville, Arkansas Block A; thence along said Westerly line South 021150'06" West 149.56 feet to a found 5/8" iron rebar on the Northerly right-of-way of Hefley Street; thence leaving said Westerly line and along said Northerly right-of-way North 86038'59" West 876.02 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 and the intersection of the Northerly right-of-way Hefley Street and the Easterly right-of-way Lewis Avenue; thence along the said Easterly right-of-way Lewis Avenue North 04°33'31" East 291.71 feet to the point of beginning, containing 3.619 acres, more or less. ccExhibitknf 2 of 2 PLNW29648 atL005 zV STg7 STATE OF ARKANSAS DEPARTMENT OF FINANCE AND ADMINISTRATION MISCELLANEOUS TAX SECTION H P.O. BOX 896, LITTLE ROCK, AR 72203-0896 Affidavit of Compliance 11111111 File Number: 19-058679-500 Grantee: CITY OF FAYETTEVILLE, ARKANSAS, A MUNICIPAL CORPORATION Mailing Address: 113 W MOUNTAIN STREET FAYETTEVILLE AR 727010000 Grantor: THE BOARD OF TRUSTEES OF THE UNIVERSITY OF ARKANSAS Mailing Address: 2404 NORTH UNIVERSITY AVENUE LITTLE ROCK AR 722070000 Property Purchase Price: Tax Amount: County: Date Issued: Affidavit ID: $0.00 $0.00 WASHINGTON 01/17/2020 1807321088 The grantee/grantor claims the following exemption to the Real Estate Transfer Tax: A transfer to or from the United States, the State of Arkansas, or any of the instrumentalities, agencies, or political subdivisions of the United States or the State of Arkansas. I certify under penalty of false swearing that documentary stamps or a documentary symbol in the legally correct amount has been placed on this instru ent Grantee or A nt ;Drinted): i Grantee or ent Name (si nature): Date: Address: ` \ � )' r 1 n-X'n .� City/State/Zip: t' o-u.ansae.AMs STATE OF ARKANSAS DEPARTMENT OF FINANCE AND ADMINISTRATION MISCELLANEOUS TAX SECTION P.O. BOX 896, LITTLE ROCK, AR 72203-0896 Affidavit of Compliance 111111111 File Number: 19-058679-500 Grantee: CITY OF FAYETTEVILLE, ARKANSAS, A MUNICIPAL CORPORATION Mailing Address: 113 W MOUNTAIN STREET FAYETTEVILLE AR 727010000 Grantor: THE BOARD OF TRUSTEES OF THE UNIVERSITY OF ARKANSAS Mailing Address: 2404 NORTH UNIVERSITY AVENUE LITTLE ROCK AR 722070000 Property Purchase Price: Tax Amount: County: Date Issued: Affidavit ID: $0.00 $0.00 WASHINGTON 01/1712020 1807321088 The grantee/grantor claims the following exemption to the Real Estate Transfer Tax: A transfer to or from the United States, the State of Arkansas, or any of the instrumentalities, agencies, or political subdivisions of the United States or the State of Arkansas. Washington County, AR I certify this instrument was filed on 1/17/2020 9:23:02 AM and recorded in REAL ESTATE File# 2020-00001790 Kvlp SvlvPStPr - Cirr uit Clerk I certify under penalty of false swearing that documentary stamps or a documentary symbol in the legally correct amount has been placed on this instrupent Grantee or 4; t Name Grantee or Address: \ N ` T "XnA a.&`^ ;2m City/State/Zip: -761 File Number: 2020-00001790 Page 6 of 6 Date: � /1-1 1Q 0 PURCHASER'S STATEMENT Date: January 16, 2020 GFNo: 19-058679-500 Sale From: The Board of Trustees of the University of Arkansas To: City of Fayetteville, Arkansas, A Municipal Corporation 316 Administration Building 113 W. Mountain Street Fayetteville, AR 72701 Fayetteville, AR 72701 Property: Tract A A part of the Northwest Quarter (NW I/4) of the Northeast Quarter (NEI/4) of Section Eight (8), in Township Sixteen (16) North, Range Thirty (30) West of the 5th Principal Meridian being more particularly described as follows: Commencing at the Northwest comer of the said Northwest Quarter (NW 1/4) of the Northeast Quarter (NEI/4) said corner being an Arkansas Dept of Commerce - Land Survey Division Aluminum Monument; thence along the Northerly line of said Section Eight (8) South 86'59'13" East 72.71 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 on the Eastern right-of-way of Lewis Avenue and the point of beginning; thence along the Northerly line of said Section Eight (8) South 86°59'13" East 337.38 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence South 04°22'46" East 661.68 feet to a set 5/8" rebar and cap labeled - C.O.F 1514; thence South 85°49'46" East 60.00 feet to a set 5/8" rebar and cap labeled C.O.F. 1514; thence South 04°06'52" West 430.81 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 also being the Northerly right-of-way line Mount Comfort Road; thence along said Northern right-of-way being in a curve with a radius of 475.00 feet, a central angle of 13°15'37" and a length of 109.93 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 also having a chord bearing and distance of North 71°19'30"West 109.69 feet; thence continuing along said right- of-way North 64°41'41" West 152.48 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said right-of-way North 69°58'51" West 159.47 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 and the Northeasterly right-of-way intersection of Mount Comfort Road and Lewis Avenue; thence along said Lewis right-of-way North 04°33'31" East 959.69 feet to the point of beginning and containing 8.503 acres, more or less. Tract C A part of the Northwest Quarter (NW 1/4) of the Northeast Quarter (NE 1/4) of Section Eight (8), Township Sixteen (16) North, Range Thirty (30) West of the 5th principal meridian being more particularly described as follows: commencing at the Northwest corner of the said Northwest Quarter (N W 1/4) of the Northeast Quarter (NEI/4) said corner being an Arkansas Dept. of Commerce - Land Survey division aluminum monument; thence along the Northerly line of said Section Eight (8) South 86°59'13" East 72.71 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 on the Eastern right-of-way Lewis Avenue; thence South 04°33'31" West 1011.57 feet to a set nail and washer - C.O.F. 1514 being the intersection of the Easterly right-of-way Lewis Avenue and the Southerly right-of-way Mount Comfort Road and the point of beginning; thence along said Southerly right-of-way said South 69°58'51" East 143.33 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said South 64°41'41" East 33.86 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said South 57°55'29" West 11.87 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514; thence continuing along said Southerly right-of-way South 64°41'41" East 122.71 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514, and the beginning of a tangent curve to the left having a radius of 535.00 feet and a central angle of 22°25'40"; thence along said curve and continuing along said Southerly right-of-way an arc length of 209.42 feet to a point, said point having a chord bearing and distance from the said beginning of the curve of South 75°54'31" East 208.09 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 ; thence continuing along said Southerly right-of-way South 87°07'21" East 391.24 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 and the Westerly line of Garner-Larimore Addition to the City of Fayetteville, Arkansas Block A ; thence along said Westerly line South 02°50'06" West 149.56 feet to a found 5/8" iron rebar on the Northerly right-of- way of Hefley Street; thence leaving said Westerly line and along said Northerly right-of-way North 86°38'59" West 876.02 feet to a set 5/8" rebar and cap labeled - C.O.F. 1514 and the intersection of the Northerly right-of-way Hefley Street and the Easterly right-of-way Lewis Avenue; thence along the said Easterly right-of-way Lewis Avenue North 04°33'31" East 291.71 feet to the point of beginning, containing 3.619 acres, more or less. Purchase Price... ---- Plus: Charges Filing Fees to Washington County Circuit Clerk------------------------ Warranty _................._..Warranty Deed - ............ ........-- ....-- ........--......... Settlement Fees to Lenders Title Company - IN........___......_.. 2/3 Title Search Service Fee ............ ..._------.._-------------- 2/3 Closing/Settlement Fee ----------------------------------------- - Electronic Filing Fee -------- - ---------------------------------------- Closing Protection Letter to Old Republic - CPL ....................... Less: Credits ............................ $1, 750, 000.00 $40.00 ......------..--- -----......----------------------........._..-----------$40.00 - _........ - ....... - ..--....... ............. ... .... ........ - $653.50 - ......... _--------------------------------------------------------------------------------------- $250.00 ----------------- ----------------------------------- ...............- . - ..............._..$400.00 _.........................------...._...........--------------------.------------ -- --------.........$3.50 TotalCharges -------------------------------- -------------------- - --------- Gross Amount Due By Purchaser..... ---------.......------ --.$25.00 - ---- -- $718.50 _ $1,750,718.50 TotalCredits ................... .................... -.............._.----------------- .......... ...---------- -....... ... ......... ..-- - ---- .....------ ...---------- $0.00 BalanceDue by Purchaser ----------------------------- --------------------------------------------------- ------ -------- ------------ ------ 718.50 Printed at: 01/08/2020 (09:59 am) Compliments of Lenders Title Company GFNo: 19-058679-500 Page 2 Purchaser understands the Closing or Escrow Agent has assembled this information representing the transaction from the best information available from other sources and cannot guarantee the accuracy thereof. The lender involved may be furnished a copy of this statement. Purchaser understands that tax and insurance prorations and reserves were based on figures for the preceding year or supplied by others or estimates for the current year, and in the event of any change for current year, all necessary adjustments must be made between Purchaser and Seller direct. The undersigned hereby authorizes Lenders Title Company to make expenditure and disbursements as shown above and approves same for payment. The undersigned also acknowledges receipt of Loan Funds, if applicable, in the amount shown above and a receipt of a copy of this Statement Lenders Title Company LM City of Fayett Ville, Arkansas, A Municipal orporation sy: Lioneld Joran, r Attest: `��ttNtt,►N��� Kara Paxton, City Clerk -Treasurer �� V.• CI Ty F90'. '��L •• q/�S AS c ovc�.�;��. 6 Printed at: 01/08/2020 (09:59 am) Compliments of Lenders Title Company