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1 RESOLUTION NO. 10,327
3 A RESOLUTION TO APPROVE THE PURCHASE OF THE
4 WEST ONE -HALF (1/2) OF BLOCK 14, AND THE WEST
5 ONE -HALF (1/2) OF A TWENTY (20) FOOT ALLEY
6 ADJACENT TO THE EASTERN BOUNDARY OF THE WEST
7 ONE -HALF (1/2) OF BLOCK 14, RUSSELL'S ADDITION TO
8 THE CITY OF LITTLE ROCK, ARKANSAS, FOR THE
9 WILLIAM JEFFERSON CLINTON PRESIDENTIAL PARK
10 FOR $135,000; TO AUTHORIZE THE MAYOR, CITY CLERK
11 AND CITY MANAGER TO EXECUTE ANY NECESSARY
12 DOCUMENTS; AND FOR OTHER PURPOSES.
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14 WHEREAS, the City Board of Directors has decided to create the William Jefferson Clinton
15 Presidential Park and to assure that this park is large enough to, among other things, house the
16 Clinton Presidential Library; and
17 WHEREAS, certain property in the area designated for the park is owned by Margie Payne;
18 and
19 WHEREAS, the property was appraised at $135,000 by the City's appraiser, which the
20 parties have agreed constitutes just compensation for the property.
21 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
22 THE CITY OF LITTLE ROCK, ARKANSAS:
23 SECTION 1. The Mayor, City Clerk and City Manager are authorized to execute
24 documents, found by the City Attorney to be in correct legal form, which permit the purchase of the
25 west one -half (1/2) of Block 14, Russell's Addition to the City of Little Rock, Pulaski County,
26 Arkansas, and the west one -half (1/2) of a twenty (20) foot alley adjacent to the eastern boundary
27 of the west one -half (1/2) of Block 14, for the amount of $135,000 which has been agreed by the
28 parties to constitute just compensation.
29 SECTION 2. Funds for this purchase are available from Account No. 210- 214 -0957.
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1 Adopted: August 11, 1998
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Attest:
Q..c..; .YAra.Aa a
Robbie Hancock, City Clerk
Approved as to Legal Form:
Thomas M. Carpenter, City Attorney
Approved:
✓vL
Jim Duey, Mayor
CLINTON PRESIDENTIAL CENTER
1. PARTIES AND PROPERTY. City of Little Rock ( "Buyer ") or its assignee(s)
agrees to buy and Margie Payne ( "Seller "), agrees to sell, on the terms and
conditions set forth in this contract (the "Contract "), the following described real
estate in Pulaski County, Arkansas:
West one -half (1 /2) of Block 14, Russell's Addition to the city of Little
Rock, Pulaski County, Arkansas and the west 1/2 of a 20 foot alley
adjacent to the eastern boundary of the westi /2 of Block 14.
together with all interest of Seller in vacated streets and alleys adjacent thereto,
all easements and other appurtenances thereto, all improvements thereon and
all attached fixtures thereon, except as herein excluded, and called the Property.
2. PURCHASE PRICE AND TERMS. The total Purchase Price will be
One Hundred Thy Five Thousand Dollars ($135,000) payable as follows:
(A) CASH AT CLOSING. The Purchase Price (as described herein) to be paid
by Buyer at closing in electronic transfer funds, certified check or cashier's
check.
3. EVIDENCE OF TITLE. Seller shall furnish to Buyer, at Seller's expense, a
current commitment for owners title insurance policy in an amount equal to the
Purchase Price within thirty (30) calendar days after acceptance of this Contract.
Seller shall have the title insurance policy delivered to Buyer at closing and pay
the premium at closing.
4. TITLE
(a) TITLE REVIEW. Buyer shall have the right to inspect the title commitment.
Written notice by Buyer of unmerchantability of title or of any other unsatisfactory
title condition shown by the title commitment shall be signed by or on behalf of
Buyer and given to Seller prior to closing.
(b) MATTERS NOT SHOWN BY THE PUBLIC RECORDS. Seller shall deliver
to Buyer within five (5) calendar days after acceptance of this Contract true
copies of any and all lease(s) and survey(s) in Seller's possession pertaining to
the Property and shall disclose to Buyer all easements, liens or other instruments
not shown by the public records of which Seller has actual knowledge. Seller
shall disclose to Buyer within five (5) calendar days after acceptance of this
Contract, any information known to Seller that would affect the value of the
property including but not limited to litigation, environmental contamination,
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building restrictions, zoning, soil conditions, environmental studies, flood plain or
floodway existence, and any other conditions. Seller shall cooperate with the
Buyer in obtaining variances, rezoning, permits, consents, easements, and other
legal processes affecting the Property necessary for Buyer to purchase the
Property. Buyer shall have the right to inspect the Property to determine if any
third party(s) has any right in the Property not shown by the public records (such
as an unrecorded easement, unrecorded lease, or boundary line discrepancy).
Written notice of any unsatisfactory condition(s) disclosed by Seller or revealed
by such inspection shall be signed by or on behalf of Buyer and given to Seller.
(c) RIGHT TO CURE. If Seller receives notice of unmerchantability of title or
any other unsatisfactory title condition(s) as provided in subsection (a) or (b)
above, Seller shall use immediate and reasonable effort to correct said
unsatisfactory title conditions(s) within thirty (30) days of such notice. If Seller
fails to correct said unsatisfactory title condition(s), Buyer may waive objection to
said unsatisfactory title condition(s) or Buyer may terminate this Contract.
(d) END OF OBJECTION TO TITLE. Buyer shall have until August 11. 1998 to
object to unmerchantability of title or any other unsatisfactory title condition.
Upon Notice to Close to Seller, any and all past, present and future objections to
title will be deemed to have been waived.
5. CLOSING. The date of closing shall be August 20, 1998. Closing shall be
held at Beach Abstract & Guaranty Company. Closing costs will be paid by
Buyer and Seller as customary in Little Rock, Arkansas, as determined by Beach
Abstract & Guaranty Company.
8. TRANSFER OF TITLE. Subject to tender of payment at closing as required
herein and compliance by Buyer with the other terms and provisions hereof,
Seller shall execute and deliver a general warranty deed to Buyer at closing.
7. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid
shall be paid at or before the time of settlement from the proceeds of this
transaction or from any other source.
8. CLOSING DOCUMENTS AND SERVICES. On the Closing Date, the parties
shall execute and deliver a memorandum of the closing to acknowledge delivery
and acceptance of the items required, the satisfaction of the conditions
precedent to closing and the closing and the status of performance of other
provisions of this contract.
9. PROBATIONS. General real estate taxes for the year of closing, based on
the most recent levy and the most recent assessment, prepaid contracts, rents,
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water and sewer charges, and other charges, if any, shall be prorated to the date
of closing.
10. POSSESSION. Possession of the Property shall be delivered to Buyer at
closing.
11. TIME OF ESSENCE /REMEDIES. Time is of the essence hereof. If any
payment due hereunder is not paid, honored or tendered when due, or if any
other obligation hereunder is not performed or waived as herein provided, there
shall be the following remedies:
(a) IF BUYER IS IN DEFAULT: Seller shall give notice to Buyer that Buyer is in
default. If Buyer fails to cure said default after seven (7) days of notice, Seller
may elect to treat this Contract as canceled, in which case all payments and
things of value received hereunder shall be forfeited by Buyer and retained by
Seller and both parties shall thereafter be released from all obligations
hereunder. It is agreed that such payments are Liquidated Damages and are
Seller's sole and only remedy for Buyer's failure to perform the obligations of this
Contract. Seller expressly waives the remedies of specific performance and
additional damages.
(b) IF SELLER IS IN DEFAULT. Buyer shall give notice to Seller that Seller is in
default. If Seller fails to cure said default within seven (7) days of notice, Buyer
may elect to treat this Contract as canceled, in which case all payments and
things of value received hereunder shall be returned and Buyer may recover
such damages as may be proper, or Buyer may elect to treat this Contract as
being in full force and effect and Buyer shall have the right to specific
performance or damages or both.
(c) COSTS AND EXPENSES. Notwithstanding anything to the contrary, in the
event of any litigation arising out of this Contract, the court or arbitrator shall
award to the prevailing parry all reasonable cost and expense, including attorney
fees.
12. ENVIRONMENTAL CONTAMINATION. Buyer or Buyer's agents shall have
the right to conduct environmental inspection(s) of the physical condition of the
Property to determine any adverse environmental contamination of the property,
at the Buyer's expense. Seller shall disclose to Buyer any information known to
Seller concerning past, present, or potential environmental contamination of the
Property.
13. ADVICE OF LEGAL COUNSEL. By signing this document, Buyer and
Seller acknowledge that Buyer and Seller have obtained the advice of their own
legal counsel regarding the Contract.
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14. TERMINATION. In the event this contract is legally terminated, all
payments and things of value received hereunder shall be returned and the
parties shall be relieved of all obligations, except as herein noted.
15. NOTICE OF ACCEPTANCE / COUNTERPARTS. If this document is
accepted by Seller in writing and Buyer receives actual notice of such
acceptance on or before 5:00 p.m. Central Standard Time, August 6.1998,
document shall become a Contract between Seller and Buyer.
16. OTHER NOTICE REQUIREMENTS. Except as provided in Section 15, any
notices, demands, and other communications required or permitted hereunder
shall be in writing and either (a) delivered in person or (b) delivered by mail or (c)
sent by facsimile transmission. Any such notice, demand or communication, if
properly given or made in accordance with the terms hereof, shall be deemed to
have been made at the time of delivery, if delivered in person, or at the time
received, if mailed, or at the time of transmission, if sent by facsimile. Notice to
each party shall be sufficient if addressed to the party at the address provided
below with each signature. Each party may change the address for notice by
giving notice of such change in accordance with the provisions of this section.
17. ORGANIZATION IN GOOD STANDING. Each party represents and
warrants that it is duly organized, existing and in good standing under the law of
the State of Arkansas. Each party represents and warrants that it has full power
and authority to carry on its business as presently conducted and to execute anc
enter into this Contract.
18. ASSIGNABLE. This Contract shall be assignable by Buyer without Seller's
consent, provided, however, that notice of assignment shall be given
immediately to Seller.
20. AGENCY DISCLOSURE. The listing broker, N/A , and its sales
agents (Listing Company) represent Seller only. The Listing Company owes
duties of trust, loyalty and confidence to Seller only.
The selling broker, Moses Nosari Tucker Real Estate, and its sales agents
(Selling Company) represent Purchaser only and owes duties of trust, loyalty and
confidence to Buyer only.
21. This Contract is contingent upon approval of the City of Little Rock Board of
Directors.
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Purchaser
Address
Purchaser Date
(TO BE COMPLETED BY SELLER AND LISTING COMPANY)
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Seller Date Seller
Address l h-kk P A (Po7k- Address
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Both Selling Company and Listing Company confirm the respective agency
disclosure set forth in Section 20.
Address:
SELLING COMPANY:
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By:
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Date