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HomeMy WebLinkAbout281-19 RESOLUTION7 it FAYETrP +l 9RKANS PS 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 281-19 File Number: 2019-0833 UNIVERSITY OF ARKANSAS REAL ESTATE AGREEMENT AMENDMENT NO. 1: A RESOLUTION TO APPROVE AMENDMENT NO. 1 TO THE REAL ESTATE AGREEMENT WITH THE UNIVERSITY OF ARKANSAS FOR THE PURCHASE OF 11.6 ACRES NEAR WEST DEANE STREET AND NORTH PORTER ROAD FOR NEW POLICE AND FIRE FACILITIES WHEREAS, on September 3, 2019, the City Council approved Resolution 202-19 authorizing Mayor Jordan to sign a real estate agreement with the University of Arkansas for the purchase of approximately 11.6 acres on which the City intends to construct a new police headquarters and fire station; and WHEREAS, during the process of surveying the property for a lot split, the City discovered a sewer line and offline underground separator tank belonging to the University located in the northeasterly corner of the 11.6 acre parcel; and WHEREAS, City staff and the University recommend an amendment to the original agreement that will ensure sewer service continues uninterrupted for the University of Arkansas Division of Agriculture buildings using the sewer line during the process of constructing the new City facilities; and WHEREAS, resolving the issue of the sewer line and separator tank and receiving approval of the lot split application caused unexpected delay and the City and University agree that the estimated closing date should be extended to January 31, 2020. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Page 1 Printed on 1215119 File Number., 2019-0833 Resolution 281-19 Section 1: That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Jordan to sign Amendment No. 1 to the Real Estate Agreement (Offer and Acceptance) between the City of Fayetteville and The Board of Trustees of the University of Arkansas, acting on behalf of the University of Arkansas Division of Agriculture. PASSED and APPROVED on 12/3/2019 Attest: `,���nnrr►rr��o V��y `E CIT;'•��'9s�� F,q ` G Kara Paxton, City Clerk Treasuf•. �O rr i0�°° Page 2 Printed on 1215119 City of Fayetteville Arkansas 113 West Mountain Street t_ Fayetteville, AR 72701 (479) 575-8323 Text File File Number: 2019-0833 Agenda Date: 12/3/2019 Version: 1 Status: Passed In Control: City Council Meeting Agenda Number: A. 23 File Type: Resolution UNIVERSITY OF ARKANSAS REAL ESTATE AGREEMENT AMENDMENT NO. 1: A RESOLUTION TO APPROVE AMENDMENT NO. 1 TO THE REAL ESTATE AGREEMENT WITH THE UNIVERSITY OF ARKANSAS FOR THE PURCHASE OF 11.6 ACRES NEAR WEST DEANE STREET AND NORTH PORTER ROAD FOR NEW POLICE AND FIRE FACILITIES WHEREAS, on September 3, 2019, the City Council approved Resolution 202-19 authorizing Mayor Jordan to sign a real estate agreement with the University of Arkansas for the purchase of approximately 11.6 acres on which the City intends to construct a new police headquarters and fire station; and WHEREAS, during the process of surveying the property for a lot split, the City discovered a sewer line and offline underground separator tank belonging to the University located in the northeasterly corner of the 11.6 acre parcel; and WHEREAS, City staff and the University recommend an amendment to the original agreement that will ensure sewer service continues uninterrupted for the University of Arkansas Division of Agriculture buildings using the sewer line during the process of constructing the new City facilities; and WHEREAS, resolving the issue of the sewer line and separator tank and receiving approval of the lot split application caused unexpected delay and the City and University agree that the the estimated 'closing date should be extended to January 31, 2020. NOW, THEREFORE, BE IT RESOLVED .BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Jordan to sign Amendment No. 1 to the Real Estate Agreement (Offer and Acceptance) between the City of Fayetteville and The Board of Trustees of the University of Arkansas, acting on behalf of the University of Arkansas Division of Agriculture. City of Fayetteville, Arkansas Page 1 Printed on 121412019 Blake Pennington Submitted By City of Fayetteville Staff Review Form 2019-0833 Legistar File ID 12/3/2019 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item 11/19/2019 Submitted Date Action Recommendation: CITY ATTORNEY (021) Division / Department Approval of Amendment No. 1 to Real Estate Agreement (Offer and Acceptance) with the University of Arkansas for the purchase of approximately 11.6 acres near Deane and Porter. While preparing the lot split plat, the City found a private sewer line running across the property the City is purchasing. The City wants to ensure the University that its sewer service will continue uninterrupted during construction. The amendment also moves the estimated closing date to January 31, 2020. Account Number Project Number Budgeted Item? NA Does item have a cost? NA Budget Adjustment Attached? NA Budget Impact: Current Budget Funds Obligated Current Balance Item Cost Budget Adjustment Remaining Budget Fund Project Title 0 V20180321 Purchase Order Number: Previous Ordinance or Resolution # Res. 202-19 Change Order Number: Original Contract Number: Comments: Approval Date: Be OFPict✓ OP THE Ctrr ATTORNIEY DEPARTMENTAL CORRESPONDENCE TO: Mayor Jordan City Council FROM: Blake Pennington, Assistant City DATE: November 1:91, 2019 AttoriaQe-� RE: Amendment.toland Sale Agreement with University Kit Williams City Attorney Blake Pennington As>ishint CityAttont), Jodi Batker Paralegal On. September 3, 2019,. the City .Council approved Resolution 202-19 authorizing Mayor Jordan to sign a contract with. the University of Arkansas to -purchase approximately 11.6 acres at the corner of West Deane Street and North Porter Road. Closing was estimated to occur. by November 17, 2019, but could be extended "if necessary to complete title requirements, inspections, reviews or approvals. The City began the process of completing a lot split, which must be approved by the time the City takes title to the property. While ipreparing the lot split survey, the City discovered a private sewer line and an offline underground separator tank belonging to the University located in the northeasterly corner of the property the City is purchasing. The issues surrounding the sewer line and separator tank also need to be resolved prior to closing on the property. Because of a lack of a site plan at this time, it is impossible to say with certainty what will happen with the line and tank. After internal discussion, we believe there are three possible outcomes: 1. The line and. tank are left where they are. The tank is within the building setback and it is possible that it can be left alone. Depending on the location of the buildings after the design phase, the City could Page Two, Amendment.to UA 'Land Sale Agreement (Deane/Porter) grana the University an easement for the location of the existing.sewer .line and just leave it alone. 2. The City could excavate the line and tank and relocate the line entirely off the City parcel. This would depend, in part, on the elevation of the land. I The City could construct a new public sewer main on the City parcel and allow the University to tie in at a mutually acceptable location. Because of the uncertainty, we believe the best course of action is to confirm; in an amendment to the land sale agreement, that sewer service will continue uninterrupted and that;..if the sewer line needs to be relocated, the City will be responsible for the cost of the relocation. 'The City has communicated this position to the University and the University has agreed with this course of action; therefore, we recommend City Council approval of Amendment NNo.1 to the land sale agreement. Once this has been. signed by the University's authorized representative and Mayor. Jordan we will,be able to set a closing date. 2 Amendment No. 1 to Real Estate Agreement (Offer and Acceptance) WHEREAS, the Fayetteville City Council approved Resolution 202-19 authorizing a contract with The Board of Trustees of the University of Arkansas, acting on behalf of the University of Arkansas Division of Agriculture, for the purchase of approximately 1 1.6 acres and the contract was signed by Mayor Lioneld Jordan on behalf of the City of Fayetteville on September 3, 2019; and WHEREAS, The Board of Trustees of the University of Arkansas subsequently approved the contract for the sale of the 11.6 -acre parcel to the City of Fayetteville and Dr. Mark J. Cochran signed the contract on behalf of Seller September 18, 2019; and WHEREAS, during the process of surveying the property for a lot split, the City discovered a sewer line and an offline underground separator tank belonging to the Seller located in the northeasterly corner of the 1 1.6 -acre parcel the City agreed to purchase, and marked "S-6" and "SSS^" on the City of Fayetteville Engineering Division Lot Split dated as of September 18, 2019. NOW, THEREFORE, The Board of Trustees of the University of Arkansas, acting on behalf of the Division of Agriculture ("Seller') and the City of Fayetteville, Arkansas ("City") hereby amend the Real Estate Agreement (Offer and Acceptance) as follows: 1. The City shall ensure that sewer service to the structures located on the University of Arkansas Division of Agriculture property will continue uninterrupted. The City further agrees that, if relocation of the sewer lines is required, the City shall be solely responsible for the cost of such relocation. This provision shall survive beyond the closing date. The closing date shall be at a time and place established by the City and is estimated to occur on or before .January 31. 2020. 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 the City upon closing. The parties agree and understand that this Amendment is supplemental to the original Agreement. and that it does not alter. amend or abridge any of the rights, obligations. or duties not expressly addressed herein. Cit Dai Atte By: ���,••' CITY ••�F%, ' Fq O� •�u' Zw:er F1114 ,i - 'L'. �/VS AS , • J Date:0N i0n� The Board of Trustees of the University of Arkansas, acting on behalf of the University of Arkansas Division of Agriculture B y: 1�1 VI -4 0 Dr. Mar J. Cochran, Vice President Divi on 'Agriculture Date'. ' _ I U 1l1dS' 1}�V1 �r 133M1C V� NOISIAIa ONN33NION N 5 'OH H31.MOd - US 3Nd3a I�'; SVSNVANV ,/► � "�' SVSNVM?!b :3O AlIS'83AfNn I -1-11A3-'Ao�bO - a i Ag AIR, Uj N =Y � !fill. o � E 4RifHill <�sg �g 4 g Y s s y n qq r < jai ha 3Ln '__« �} P 16 S pJrykACHEK 4YE E +� � � J '!Z'BZL lV1 0£Z4ZOS': Y 46 5 as N b$ I v1 ON \•tel/j, zz iN Ir m ,t0 Z6t 3 6v.SS i0 N G1 I � _ 1 � ,+ ` `� � j Y$ R� , � N is fE. G V•V � F r�ireT� 4 U F 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 202-19 File Number: 2019-0545 FAYETTEVILLE FIRE STATION AND POLICE HEADQUARTERS: A RESOLUTION TO APPROVE THE 'REAL ESTATE AGREEMENT (OFFER AND ACCEPTANCE) BETWEEN THE CITY OF FAYETTEVILLE AND THE DIVISION OF AGRICULTURE OF THE UNIVERSITY OF ARKANSAS TO PURCHASE ABOUT 1.1.6 ACRES LOCATED NORTH OF DEANE STREET AND EAST -OF PORTER ROAD FOR THE CONSTRUCTION OF A NEW FAYETTEVILLE FIRE STATION AND POLICE .HEADQUARTERS COMPLEX. FOR TWO MILLION FIVE HUNDRED AND -NINETY THOUSAND DOLLARS ($2,590,000.00), PLUS ANY ASSOCIATED CLOSING COSTS, AND TO APPROVE A BUDGET ADJUS'T'MENT WHEREAS, the City of Fayetteville needs to purchase property for a fire station and the new police headquarters complex and has decided that about 11.6 acres of the Division of Apiculture of the University of Arkansas farm property would be ideal for the needs of the Police and. Fire Departments; and WHEREAS, the :Division of. Apiculture has graciously agreed to sell a 11.6 parcel to the City of Fayetteville to be divided between the Police Department and Fire Department, subject to the Universityof Arkansas Board of Trustees' approval .for $2,590,000.00. PASSED and APPROVED on 9/3/2419 Attest: Sondra E. Smith, City Clerk Tre��otatinij- � FZ K Page 1 y ; PNnte MIA(T . * � 'ONS o City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Text File File Number: 2019-0545 Agenda Date: 9/3/2019 Version: 1 Status: Passed In Control: City Council Meeting Fife Type: Resolution Agenda Number. C. 16 FAYETTEVILLE EIRE STATION AND POLICE HEADQUARTERS: A RESOLUTION TO APPROVE THE REAL ESTATE AGREEMENT (OFFER AND ACCEPTANCE) BETWEEN THE CITY OF FAYETTEVILLE AND THE DIVISION OF AGRICULTURE OF THE UNIVERSITY OF ARKANSAS TO PURCHASE ABOUT 11.6 ACRES LOCATED NORTH OF DEANE STREET AND EAST OF PORTER ROAD FOR. THE CONSTRUCTION OF A NEW FAYETTEVILLE FIRE STATION AND POLICE. HEADQUARTERS COMPLEX FOR TWO MILLION FIVE HUNDRED AND NINETY THOUSAND DOLLARS ($2,590,000.00), PLUS ANY ASSOCIATED CLOSING COSTS, AND TO APPROVE A BUDGET ADJUSTMENT WHEREAS, the City of Fayetteville needs to purchase. property for a fire station and the new police headquarters complex and has decided that about 11.6 acres of the Division of Agriculture of the University of Arkansas Farm property would be ideal for the needs of the Police and Fire Departments; and WHEREAS, the Division of Agriculture has gracioulsy agreed to sell a 11.6 parcel to the City of Fayetteville to be divided betwen the Police Department and. Fire Department, subject to the University of Arkansas Board of Trustees' approval for $2,590,000.00. City ofFayettevillr, Arkansas Page i Printed on 9/4/2019 Added at Agenda Session 8/27/19 City of Fayetteville Staff Review Form 2019-0545 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 authorizing the approval of the Land Sale Agreement with the University of Arkansas System Division of Agriculture for the purchase of 11.6 acres located between Deane and Porter Roads for construction of a new Fire Station #8 and Police Headquarters for $2,590,000, plus any associated closing costs; and approval of a Budget Adjustment. , 4609.860.7900-5805.00 4610.860.7108-5805.00 Account Number 46090.7900.8050 46100.7108.8050 Project Number Budget Impact: 4609 - Police Projects 2019 Bonds 4610 - Fire Projects 2019 Bonds Fund Police Projects/Police Headquarters Fire Projects/Fire Station #8 Budgeted Item? Yes Current Budget Funds Obligated Current Balance Does item have a cost? Yes Item Cost Budget Adjustment Attached? Yes Budget Adjustment Remaining Budget Project Title $ 49;629,778.00. $ 4850746.00 49,144,032.00 $ 2,590,000.00 $ 46,554,032.00 vzo1soazr Purchase Order Number: Previous Ordinance or Resolution # Change Order Number: Original Contract Number: Comments: Approval Date: CITY OF W9% 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 authorizing the approval of the Land Sale Agreement with the University of Arkansas System Division of Agriculture for the purchase of 11.6 acres located between. Deane and. Porter Roads for construction of a new Fire Station and Police Headquarters RECOMMENDATION: A Resolution authorizing the approval of the Land Sale Agreement with the University of Arkansas System ©ivision.of Agriculture in the amount of $4590,000 for the purchase of 11.6 acres located between Deane and Porter for the construction of a new Fire Station and Police Headquarters; plus associated"closing costs and taxes. BACKGROUND:. Fayetteville voters approved the public safety bond question in the 2019 bond initiative, which included 3 new fire stations and a new police headquarters. Phase 1 funding for the bond includes the purchase of land and construction of 2 fire stations and the police headquarters.. The Fayetteville l=ire Department has researched various locations for new fire station placements. The Deane and Porter road property is in the area identified to help improve response times and quality response efforts near the Interstate 49 interchange. Additionally, the Police Department determined` through a recent facilities study approved by the City Council that a minimum of 10 acres was required for police specific facilities. During the course of this study, the City and Police Department reviewed a number of land parcel sites throughout the city, and the 11.6 acre parcel between Deane and Porter was identified as having the most potential to accommodate the current and future land needs of the FPD. The net total property for this location is 11.6 acres. The Fayetteville Fire Department will be utilizing 1.6 acres of this property, the Fayetteville Police Department will use the remaining 10 acres. 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. Mailing Address: 113 W. Mountain Street www.fayetteville-argov Fayetteville, AR 72701 BUDGET/STAFF IMPACT: The budget for this project will be approved on the September X4, 2019 City Council meeting prior to this. item. The attached Budget Adjustment will be moving $2,719,000 ($2,590,000 for the actual land purchase +.$129,000 to cover any closing costs) from the Police Bond Project and Fire Bond Project unallocated budget programs. Any residual budget will revert back to the unallocated budget once all costs have concluded. Attachments: Budget Adjustment,. Real Estate Agreement (Offer and.Acceptance) Rel Estate Agreement (Offer and Acce tsnee 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"): 1. 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 City offers to purchase approximately 11.6 acres (the "Property„) located at the northeast corner of North Porter Road and West Deane Street �Lr 2: 2018 aM esmp fetes-i#a-serrorey-.._. I Prior to closing the City shall obtain'a land survey of the.Property, at City's sole expense, in order to establish a more precise description of the Property's boundaries and access easement. 4. The City intends to divide the Property into lots for a new fire station and police headquarters complex. 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 City. The Seller will cooperate with the City, at no cost to Seller, in completion of the required surveying. 5. At closing the City will pay to Seller the cash sum of Two Million Five Hundred and Ninety Thousand Dollars ($2,590,000.00) for the Property. The Seller and the City will each pay one half of the closing agent's fee. The City will pay the recording fee for the general warranty deed and the cost of any revenue stamps. The City will prepare the general warranty deed and any other closing documents required by City 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 the City, by general warranty deed, subject to restrictions and easements which, in the City's judgment, do not materially affect the merchantability of the Property or the City's intended use of the property. Pursuant to Ark. Code Ann. § 22-6-1 13, Seller shall retain a one-half (112) 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 alien might be asserted. Possession of the Property shall be delivered to the. City`at closing, free of any tenancies or other third parry possessory rights. 7. Seller shall furnish the City, 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 the City. If objections are made to Seller's title, Seller shall have a reasonable time; not to exceed thirty (30) days from the date of City's written notification of such objecdons,'to cure:such defects to the City's satisfaction. If such defects are not cured within thirty (30)days, the City may terminate this agreement or may, at its election, take title subject to any such defects. g. Prior to closing, the City may inspect the Property for environmental hazards and may obtain at its cast a Phase 1 environmental report performed by a licensed engineer or firm selected by the City. If the inspection or report discloses environmental hazards requiring remediation, the City 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. 9. 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 City. 10. The City represents to Seller that the City has full power and authority to execute this real estate agreement subject to ratification or rejection by the Fayetteville City Council. 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 1 individual signing on its behalf is authorized to sign this agreement. 11. The closing date shall be at a time and place established by the City 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 the City upon closing, 12. All structures, improvements, fixtures and attached equipment, if any, are included in the purchase price. • 13. The City 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. 1.4. 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. IS. 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. . 16. There are no, agreements or representations, written or oral, with respect to the subject matter of this agreement which are not contained herein. 17. Seller shall provide to the City any disclosure required by Governor's Executive Order 98-04. .18. 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: 'Mayot's Office 113 W. Mountain Street Fayetteville, AR 72701 If to the Seller; University of Arkansas Division of Agriculture Attn: Dr. J.F. Meullenet DTAS 215 1371 Altheimer Drive Fayetteville, AR 72704 With a copy to; Office of General Counsel University of Arkansas System 2404 North University Little Rock, AR 72207 19. For purposes of executing this agreement, a scanned or facsimile signature shall be as effective an as actual signature. 20. All understandings and agreements heretofore existing between or among the parties are merged into this agreement that alone Ailly 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. 21 This agreement may be executed .in two or more counterparts, each of which shall he deemed an original, The BoarcT of Trustees of the University of Arkansas, acting on behalf of the University of Arkansas Division of Agriculture By: Dr. %Mark J. Co ran, Vice President, Division of Agriculture Date: _ _!_ — 9- Attest: By: Sondra Smith, City Clerk Date: 9 �0 3 `Gu /, tri' •; • '9yF 0 • • Fb S :Oat • AS•.�`l III dS 101 NOISIAIO ONIN33NION3 N # j SVSN"IIV Jo AlISN3AINn 31in3J -4 1 o `00 a uio o 2 i 41 NZ i 11 � it I a1i r 41 fi .w.. r .K. 1 it i 8. IR i m -o I oa .w^te. A 61Cscp x n{� i Amendment No. 1 to Real Estate Agreement (Offer and Acceptance) WHEREAS, the Fayetteville City Council approved Resolution 203-19 authorizing a contract with The Board of Trustees of the University of Arkansas, acting on behalf of the University of Arkansas Division of Agriculture, for the joint purchase with Fayetteville School District No. 1 of approximately 27.5 acres (commonly referred to as "Lewis Fields") and the contract was signed by Mayor Lioneld Jordan on behalf of the City of Fayetteville on September 3, 2019; and WHEREAS, the Fayetteville School District No. 1 Board of Directors approved the contract to purchase the 27.5 -acre parcel with the City of Fayetteville and Superintendent Dr. John L. Colbert signed the contract on behalf of the District on September 11, 2019; and WHEREAS, The Board of Trustees of the University of Arkansas subsequently approved the contract for the sale of the 27.5 -acre parcel to the City of Fayetteville and Fayetteville School District No. 1 and Dr. Mark J. Cochran signed the contract on behalf of Seller September 18, 2019; and WHEREAS, the parties agree that an extension to the estimated closing date is necessary in order to complete title requirements and approval of a contract between the City and School District regarding their mutual responsibilities upon taking ownership of the property. NOW, THEREFORE, The Board of Trustees of the University of Arkansas, acting on behalf of the Division of Agriculture ("Seller"), Fayetteville School District No. 1 (School District) and the City of Fayetteville, Arkansas ("City") hereby amend the Real Estate Agreement (Offer and Acceptance) as follows: The closing date shall be at a time and place established by the City and School District and is estimated to occur on or before January 31, 2020. 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 the City upon closing. 2. The parties agree and understand that this Amendment is supplemental to the original Agreement, and that it does not alter, amend or abridge any of the rights, obligations, or duties not expressly addressed herein. C C Date: ) a- 3 ) q Fayetteville School District No. 1 IIn Dr. John L. Colbert, Superintendent Date: Attest: By: Ka a Paxton, City Clerk -Treasurer Date: 19 - 3 The Board of Trustees of the University of Arkansas, acting on behalf of the University of Arkansas Division of Agriculture vad � �J� Dr. Mark J. ochran, Vice President, Division of Agriculture Date: City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar) Budget Year Division Non -Departmental (800) /Org2 2019 I Requestor. Kevin Springer Adjustment Number BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION: .Land acquisition of $2,590,000($357,200 Fire Station ##8 / $2,232,800 Police) + Contingency $129,000 ($17,800 Fire Station #8 / $1.11,200 Police). COUNCIL DATE: 9/3/2019 LEG1STAR FILE ID#: 2019-0545 Kewt vSpringer 8/26/201:9 6:25 Pini Budget Director Date TYPE: D - (City Council.) JOURNAL #: GLDATE: RESCILLITION/ORDINANCE CHKD/POSTED: % TOTAL - _ v.2019081,6, H:\Budget Adjustments\2019_Budge'\City Councif\09-03-2019\2019-0545 BA Bonds Police Building Fire Station 8 Land Acqusitiort.xni Increase / (Decrease) Proiect.Sub# Account Number Expense Revenue Project Sub.Detl AT Account Name 4610.860.7108-5805.00 357,200 - 46100 7108.8050 EX Land Acquisition' 4610.860.7108-5911.99 17,800 - 46100 7108.8050 EX Contingency - Capital Project 4610.860.7999-5899.00 (375,000) - 46100 . 7999 EX Unallocated - Budget 4609.860.7900-5805.00 2,232,800 - 46090 7900.8050 EX Land Acquisition 4609:860:7900-5911.99 111,200 - 46090 7900.8050 EX Contingency - Capital Project 4609.860.7999-5899.00 (2,344,000) - 46090 7999 EX unallocated - Budget H:\Budget Adjustments\2019_Budge'\City Councif\09-03-2019\2019-0545 BA Bonds Police Building Fire Station 8 Land Acqusitiort.xni - LT 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 1 l3 W. Mountain Street Fayetteville, AR 72701 RE: 19-058502-500 11.60 acre tract NE of Porter and Deane Streets 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.: 10200130 Arkansas Title Agency License No. 100111646 Enclosure Transmittal Letter - owners Policystf I of I 0 WHAT DOES Lenders Title Company DO WITH YOUR PERSONAL INFORMATION? Rev 10/2014 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— Yes No to offer our products and services to you For joint marketing with other financial companies Yes No For our affiliates' everyday business purposes— Yes No information about your transactions and experiences For our affiliates' everyday business purposes— No No information about your creditworthiness 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 State laws and individual companies may give you additional rights to limit sharing. Please consult your state laws regarding information sharing. e - Go to www.oldrepublictitle.com (Contact Us) Y}�) � z•J '';iCa t�irC3 WHAT DOES OLD REPUBLIC Companies with an Old Republic Title name and other affiliates. Please see below for a list of affiliates. 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. your transactions, maintain your account(s), or respond to court The types of personal information we collect and share depend on the product or No service you have with us. This information can include: • Social Security number and employment information For our marketing purposes — Mortgage rates and payments and account balances We don't share • Checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as For joint marketing with other financial companies described in this notice. We don't share All financial companies need to share customers' personal information to run their Yes everyday business. In the section below, we list the reasons financial companies can share information about your transactions and experiences their customers' personal information; the reasons Old Republic Title chooses to share; o and whether you can limit this sharing. e - Go to www.oldrepublictitle.com (Contact Us) Y}�) � z•J '';iCa t�irC3 Who is providing this notice? Companies with an Old Republic Title name and other affiliates. Please see below for a list of affiliates. For our everyday business purposes — such as to process your transactions, maintain your account(s), or respond to court Yes No orders and legal investigations, or report to credit bureaus For our marketing purposes — No We don't share to offer our products and services to you For joint marketing with other financial companies No We don't share For our affiliates' everyday business purposes — Yes N information about your transactions and experiences o For our affiliates' everyday business purposes — No We don't share information about your creditworthiness 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 (Contact Us) Y}�) � z•J '';iCa t�irC3 Who is providing this notice? Companies with an Old Republic Title name and other affiliates. Please see below for a list of affiliates. aP�"A:.�. 1 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/newnational/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, Joint marketing 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 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 aP�"A:.�. 1 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. w%U- L-gy ii 5S j,""M A American First Abstract, American First Title & American Guaranty Title Attorneys' Title Fund Compass Abstract, Inc. LLC Trust Company Insurance Company Services, LLC cRecording Partners Genesis Abstract, LLC Kansas City Management L.T. Service Corp. Lenders Inspection Network, LLC Group, LLC Company Lex Terrac National Title Lex Terrac, 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 Title 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 band Transfer CompanY, LLC OWNER'S POLICY OF TITLE INSURANCE * * Policy Number OX12885232 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 FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, a Minnesota 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: 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 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 defectivejudicial 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 of the violation or enforcement referred to in that notice. 0t1l'11EPUBLIGINATIONALWIE INSURAM4E COMPANY A Stack C4rwry ;W Say :.rad Avenue Smrh, tt4=6001s, k+Ii'raaWto S81D f (612)371•1rII of P°tsialsrt it X38, 3F �� Attest 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 ajudgment 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 fled 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 tbllowing 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: L (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 I(a) does not modify or limit the coverage provided under Covered Risk 5. (b) 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. 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 (e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. 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 stated 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 ofthe grantee are wholly-owned by the named Insured, (2) if the grantee wholly owns the named Insured, (3) if the grantee is wholly-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. (1) "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 of trust, 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 Risk 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. 'file 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 adversejudgment 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 f'or 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, orrespondence.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 OTHERWISE 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 of this 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. ]n 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. LIMITATION 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 competentjurisdiction, 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 of the 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. LIABILITY 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 13 or to which the Insured has agreed, assumed. or taken subject, or which is executed by an Insured after 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 of the 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. 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 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 I-'ile No.: 19-058502-500 Address Reference: 11.60 acre tract NE of Porter and Deane Streets, Fayetteville, AR 72701 Amount of Insurance: $2,590,000.00 Date of Policy: January 17, 2020, at 09:42am 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. 100111646 By: Susan Elizabeth McCord Title Agent License No.: 10200130 Policy No.: OX12885232 ALTA Owner's Policy (6-17-06) Page 1 Schedule A EXHIBIT "A" ]'art of the Southwest Quarter (SW 1/4) of the Southwest Quarter (SW 1/4) of Section Five (5), Township Sixteen North ('1'16N), Range Thirty West (R30W), 5th Principal Meridian, Washington County, Washington County, Arkansas, being more particularly described as follows: Commencing at the Southwest corner of said Forty -acre tract; thence North 02153'34" East 482.76 feet to a point; thence South 87006'26" East 25.52 feet to a set iron rebar with cap C.O.F. #1514 and being the point of beginning; thence North 02155'49" East 492.01 feet to a set iron rebar with cap C.O.F. #1514; thence North 02003'18" East 119.01 feet to a set iron rebar with cap C.O.F. #1514; thence South 88127'16" East 693.03 feet to a set iron rebar with cap C.O.F. #1514; thence South 02042'30" West 728.21 feet a set iron rebar with cap C.O.F. #1514; thence North 89°45'23" West 528.27 feet to a set iron rebar with Cap C.O.F. #1514 and the beginning of a curve to the right, said curve having a radius of 225.15 feet and a central angle of 29026'14"; thence along the curve an arc distance of 115.68 feet to a point, said point having a chord bearing and distance from the beginning of the curve of North 73008'41" West 114.41 feet, said point also being the beginning of a compound curve to the right, said compound curve having a radius of 104.84 feet and a central angle of 64040'28"; thence along the compound curve an arc distance of 118.34 feet to the point of beginning bearing a chord bearing and distance from the point of compound North 26129'40" West 112.61feet, containing 11.600 acres, more or less, and all the adjoining portions of existing roadway in and along Porter Road and Deane Street to become right- ot=way to the City of Fayetteville. OWNER'S POLICY OF TITLE INSURANCE Issued by Old Republic National Title Insurance Company SCHEDULE B File No.: 19-058502-500 Policy No.: OX12885232 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. Any inaccuracy in the area, square footage, or acreage of land described in Schedule A. The Company does not insure the area, square footage, or acreage of the land. 10. Right of Way/Easement in favor of Washington County Fair Association, Inc., and recorded in Instrument No. 92 0140, in Washington County, Arkansas. IL Right of Way/Easement in favor of Arkansas Western Gas Company, and recorded in Instrument No. 97070535, in Washington County, Arkansas. 12. Ordinance No. 4587, dated July 20, 2004, and recorded August 11, 2004, as Instrument No. 2004-00032430, in Washington County, Arkansas. 13. Any rights, easements, interests or claims which may exist by reason of or reflected by the following facts shown on the survey dated October 21, 2019, by City of Fayetteville, Arkansas, Engineering Division, recorded November 19, 2019, as Instrument No. 2019-00035501: 20 foot building setback line along North and East; 35 foot building setback line along South and West; access easement to be vacated in Northwest corner; right of way of Porter Road along ALTA Owner's Policy (6-17-06) Schedule 8 I age 3 Policy No.: OX12885232 SCHEDULE B Continued West; right of way of Deane Street along South; I-540 Overlay District; sanitary sewer service traversing property; overhead electric line traversing property; water lateral line traversing property. 14. Encroaching private sewer line and offline underground separator tank as shown in Resolution 281-19. 15. A reservation of oil, gas, and other minerals by grantor, together with the appurtenant rights to use the surface of the land. 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. The Company makes no representation as to the present ownership of this interest. ALTA Owner's Policy (6-17-06) Page 4 Schedule B LTC warranty Deed Corportation rtf 105 Please Retum To: Lenders Title Company 3761 N Mall Avenue Fayetteville AR, 72703 Phone: 479444-3333 Fax: 479-443-4256 File Number: 19-058502-500 This deed form prepared under the supervision of: J. Mark Spradley, Attorney at Law 1501 N. University, Suite 155 Little Rodc, AR 72202 Transactional data completed by Lenders Title Company Wmamy DeW - Coryoiatton (14terlltf Type: REAL ESTATE Kind: WARRANTY DEED Recorded: 1/17/2020 9:42:52 AM Fee Amt: $35.00 Page 1 of 5 Washington County, AR Kyle Sylvester Circuit Clerk File# 2020-00001794 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 EXB1131T "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: 2020-00001794 Page 1 of 5 LTC Warranty Deed Corportation.rtf 1 of3 Please Return To: Lenders Title Company 3761 N Mall Avenue Fayetteville AR, 72703 Phone: 479-444-3333 Fax: 479-443-4256 File Number: 19-058502-500 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 Deed - Corporation (Leaer).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 10 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 paid if none show GRANTEE O ENT: !i✓• City o F ette ille GRANTEE'S ADDRESS- rVr• STATE OF ARKANSAS ) SS. COUNTY OF AS /< , ) The Board of Trustees of the University of Arkansas By • r J n oodson airman 1t!S.AIV: 5-? By: ACKNOWLEDGMENT Assista-nt.Sde etas 9;,a'�;, .;: ;•.� ;:. , .: S; t� • ` ice, BE IT REMEMBERED that on this b 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 e day of January, 2020. Notary Public My commission Expires: 2-/9-49 ANGELA HUDSON SALINE COUNTY NOTARY PUBLIC - ARKANSAS My Commission Expires March 19, 2028 Commission No. 12364589 ACKNOWLEDGMENT STATE OF ARKANSAS ) PU j ^ SS. COUNTY OF Q SK ( ) BE IT REMEMBERED that on this 1-0 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 /-0 day of January, 2020. Notary PublM My commission Expires: 3 -Ig -,:)-& E HUDSON COUNTY LIC - ARKANSAS pires March 19,2028 No. 12364589 Escrow File No.: 19-058502-500 EXHIBIT "A" Part of the Southwest Quarter (SW 1/4) of the Southwest Quarter (SW 1/4) of Section Five (5), Township Sixteen North (T16N), Range Thirty West (R30W), 5th Principal Meridian, Washington County, Arkansas, being more particularly described as follows: Commencing at the Southwest corner of said Forty -acre tract; thence North 02°53'34" East 482.76 feet to a point; thence South 87°06'26" East 25.52 feet to a set iron rebar with cap C.O.F. #1514 and being the point of beginning; thence North 02155'49" East 492.01 feet to a set iron rebar with cap C.O.F. #1514; thence North 02°03'18" East 119.01 feet to a set iron rebar with cap C.O.F. #1514; thence South 88127'16" East 693.03 feet to a set iron rebar with cap C.O.F. 01514; thence South 02142'30" West 728.21 feet a set iron rebar with cap C.O.F. #1514; thence North 89°45'23" West 528.27 feet to a set iron rebar with Cap C.O.F. #1514 and the beginning of a curve to the right, said curve having a radius of 225.15 feet and a central angle of 29°26'14"; thence along the curve an arc distance of 115.68 feet to a point, said point having a chord bearing and distance from the beginning of the curve of North 73008'41" West 114.41 feet, said point also being the beginning of a compound curve to the right, said compound curve having a radius of 104.84 feet and a central angle of 64040'28"; thence along the compound curve an arc distance of 118.34 feet to the point of beginning bearing a chord bearing and distance from the point of compound North 26029'40" West 112.61feet, containing 11.600 acres, more or less, and all the adjoining portions of existing roadway in and along Porter Road and Deane Street to become right-of-way to the City of Fayetteville. Exhibitkrtf 1 of 1 o-000089"00 an.00e z sryT� STATE OF ARKANSAS DEPARTMENT OF FINANCE AND ADMINISTRATION MISCELLANEOUS TAX SECTION P.O. BOX 896, LITTLE ROCK, AR 72203-0896 Affidavit of Compliance File Number: 19-058502-500 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 129861632 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 ins"ent /\ Grantee orent Name printed): Grantee or A nt Nam signature): Date: i l�420 Address: City/StatE Y ot+000,rwm w.aas srgz STATE OF ARKANSAS =W��oa DEPARTMENT OF FINANCE AND ADMINISTRATION MISCELLANEOUS TAX SECTION P.O. BOX 896, LITTLE ROCK, AR 72203-0896 Affidavit of Compliance File Number: 19-058502-500 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 1D: $0.00 $0.00 WASHINGTON 01/17/2020 129861632 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 9:42:52 AM and recorded in REAL ESTATE File# 2020-00001794 Kvle Svlvester - Cirruit 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 inst"ent n Grantee orent Name printed): 'Q - Grantee or A_ nt Nam signature): Date: i l� Address: City/State File Number: 2020-00001794 Page 5 of 5 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 Part of the Southwest Quarter (SW 1/4) of the Southwest Quarter (SW 1/4) of Section Five (5), Township Sixteen North (T16N), Range Thirty West (R30W), 5th Principal Meridian, Washington County, Washington County, Arkansas, being more particularly described as follows: Commencing at the Southwest corner of said Forty -acre tract; thence North 02°53'34" East 482.76 feet to a point; thence South 87°06'26" East 25.52 feet to a set iron rebar with cap C.O.F. # 1514 and being the point of beginning; thence North 02°55'49" East 492.01 feet to a set iron rebar with cap C.O.F. # 1514; thence North 02°03'18" East 119.01 feet to a set iron rebar with cap C.O.F. # 1514; thence South 88°27'16" East 693.03 feet to a set iron rebar with cap C.O.F. 41514; thence South 02042'30" West 728.21 feet a set iron rebar with cap C.O.F. # 1514; thence North 89°45'23" West 528.27 feet to a set iron rebar with Cap C.O.F. # 1514 and the beginning of a curve to the right, said curve having a radius of 225.15 feet and a central angle of 29'26'14% thence along the curve an arc distance of 115.68 feet to a point, said point having a chord bearing and distance from the beginning of the curve of North 73°08'41" West 114.41 feet, said point also being the beginning of a compound curve to the right, said compound curve having a radius of 104.84 feet and a central angle of 64°40'28"; thence along the compound curve an arc distance of 118.34 feet to the point of beginning bearing a chord bearing and distance from the point of compound North 26°29'40" West 112.61 feet, containing 11.600 acres, more or less, and all the adjoining portions of existing roadway in and along Porter Road and Deane Street to become right-of-way to the City of Fayetteville. Plus: Charges Filing Fees to Washington County Circuit Clerk ------------- Warranty Deed ---------------- ------------------------- Settlement ------- .Settlement Fees to Lenders Title Company - IN ............... 1/2 Title Search Service Fee ------------------------------- 1/2 Closing/Settlement Fee .................................. Electronic FIling Fee ----------------------------------------------- Closing Protection Letter to Old Republic - CPL ............. .. ....................... ........$35.00 .............$35.00 .............. .. ............... ... .....................$491.00 _.................................. . .... $187.50 .................... ......... . ...........$300.00 -------------------------------------------------------------------- $3.50 TotalCharges-------- ---------------- .----------------------......--------------- ............... Gross Amount Due By Purchaser ................................................ TotalCredits----------------------------------------------------------------------- ------ Balance Due by Purchaser ----------------------------- 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. Compliments of Lenders Title Company GFNo: 19-058502-500 Page 2 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 ERK By: Kara Paxton, City erk-Treasurer • kali T Y O,�•9iP V. •G Fqy •�� c::E: fi�fVlLt f;z� Vie .•��`� '''�� Ntti % Printed at: 01/08/2020 (02:02 pm) Compliments of Lenders Title Company