6267 RESOLUTION NO. 6 ,267
A RESOLUTION AUTHORIZING THE LITTLE ROCK
PORT AUTHORITY TO MAKE A SALE OF 50 , 000
SQUARE FEET OF REAL PROPERTY LOCATED ON
THE NORTHWEST CORNER OF LINDSEY ROAD AND
FOURCHE DAM PIKE TO WORTHEN BANK AND
TRUST COMPANY; AND FOR OTHER PURPOSES .
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY
OF LITTLE ROCK, ARKANSAS.
SECTION 1. That the Little Rock Port Authority is
hereby authorized to make a sale of 50,000 square feet of
real property located on the northwest corner of Lindsey
Road and Fourche Dam Pike to Worthen Bank and Trust Company,
at $2. 00 per square foot pursuant to terms of the offer and
acceptance.
SECTION 2. This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: January 2 , 1980
ATTEST: print, 447 APPROVED: //Z44,11
City Clerk Mayor
OFFER AND ACCEPTANCE
TO: Hathaway - Moore & Associates, Inc. Dated MI YenlbS;r 7. 1979
1210 Worthen Bank Bldg. Little Rock, Arkansas 72201
You are authorized to submit the following offer to purchase the property known as:
50,000 square feet on the NW corner of Lindsey Road and Fourre PaamlAUXiakkattlitAX
more completely described by a legal description to be supplied by Seller prior to
closing (See attached drawing) upon the following terms:
The total consideration price is to be exactly $2/SF or approximately $ 100,000.00
The total amount of cash to seller at the lime of sale is to be $ Same
This offer is conditioned upon the following provisic.s concerning loans:
None
•
The seller is to furnish free of charge a complete abstract of title to date, showing a merchantable or insurable title to said real estate in
the name of the grantors who will sign the deed conveying said real estate, tree and clear of all liens and encumbrances except as
stated herein and restrictions of record, if any. Title is to be taken subject to existing leases and tenancies (See attached schedule, if
any.)
Taxes levied in the year 19 79 shall be pro-rated at the time of closing on the basis of the last ascertainable bill. Interest, prepaid
insurance on assignable policies, and rents are to be pro-rated as of the date of closing. Closing is to be approximately on or before
fifteen (15) days after all conditions have been met.
Seller will vacate and deliver possession of the property within one (1 ) days after delivery of ajar ty Deed
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Buyer herewith tenders $ 5,flf_fl l as earnest money, to become part of purchase price upon acceptance. This sum
shall be held by Agent and if offer is not accepted or if title requirements are not fulfilled, it shall be promptly returned to Buyer. If, after
acceptance, Buyer fails to fulfill his obligations, the earnest money shall become liquidated damages in favor of the Seller, which fact
shall not preclude Seller or Agent from asserting other legal rights which they may have because of such breach.
If prior to the closing of this transaction the improvements on the above captioned parcel shall be destroyed or materially damaged by
fire or other casualty, this contract shall, at the option of the buyer, be null and void. If buyer shall elect, in the event of such loss, that
the contract shall be performed, he shall be entitled to the proceeds of insurance applicable to the loss for use in repairing said loss.
Buyer certifies that he has inspected the property and he is not relying upon any warranties, representations or statements of the Agent
or Seller as to age or physical condition or working condition of any improvements.
This transaction is also subject to these Special Conditions:
1. Seller to provide survey prior to closing and to be responsible for replatt-ing.
2. All util ' • , - - . . . . .
available at the property boundaries
*
3. Exact purchase price to •e d- er '� . u . • , • • - •• r,- , -
square footage to be conveyed.
This Offer is binding upon Buyer if accepted within ten (10) days from c
A :R T j j O TEN S I VICE- ESIDENT ix"?
(Buyer) (Buyer for Worthen Bank & Trust Company •
The foregoing offer is accepted by us this day of 19
agree to pay Hathaway-Moore & Associates, Inc., a commission of $ for professional
services•rendered in securing this offer, or 1/2 of any forfeited earnest money.
(Seller) (Seller)