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HomeMy WebLinkAbout15029 I hereto for the property located at 3620 Maryland Avenue, Little Rock,Arkansas, in favor of Springer and 2 Springer,LLC. 3 Section 2.The property will be used for a private purpose to serve the public, specifically to improve 4 city revitalization programs. 5 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 6 word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or 7 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and 8 effect a if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the 9 ordinance. 10 Section 4. Repealer.All laws, ordinances, resolutions, or parts of the same that are inconsistent with 11 the provisions of this resolution are hereby repealed to the extent of such inconsistency. 12 ADOPTED: July 23,2019 13 ST: APPROVED: 14 15 16 n L g ,City Clerk Frank Scott,Jr.,Mayor 17 AP O AS TO LEGAL FORM: 18 19 20 Thomas M.Carpenter,Ci Attorney 21 // 22 IJ 23 // 24 /J 25 JI 26 27 JI 28 II 29 J/ 30 // 31 32 JJ 33 I/ 34 // 35 JJ 36 [Page 2 of 111 1 right(s) in the Property's chain-of-litle for Grantor's benefit, unless otherwise specifically 2 released by Grantor in a separate instrument of record in the Property's chain-of-title; and, 3 (ix)All provisions described in this Quit-Claim Deed; and, 4 (x) All provisions described in Grantee(s) Application to Purchase Land Bank Property for 5 Renovation and New Construction or Application for Yard Expansion and Vacant Lot Purchase, 6 or both(defined,collectively, as the"Applications"); and, 7 (xi) All provisions described in the Offer and Acceptance (defined as the "Agreement," 8 which is described in, Exhibit A, and fully incorporated for reference as if rewritten). 9 10 LEGAL DESCRIPTION 11 Property is situated in the State of Arkansas, County of Pulaski, City of Little Rock, and further being 12 described hereof. 13 Coys Highland Subdivision Lot 10; Block 3, to the City of Little Rock, Pulaski 14 County, Arkansas, more commonly known as 3620 Maryland Avenue, Little Rock, 15 Arkansas(Parcel No.34L087000900) 16 17 TERMS&CONDITIONS 18 1. COVENANTS RUNNING WITH THE LAND,SUCCESSORS &ASSIGNS: 19 Grantee(s), except to the extent released by Grantor, agrees all provisions described in this Quit- 20 Claim Deed are covenants forever: 21 (i) Burdening, benefitting,and running with the land of the Property; and, 22 (ii) Inuring and binding to the benefit and detriment of Grantor and Grantee(s) and 23 his/her/their/its respective, applicable heirs, beneficiaries, administrators, executors, successors, 24 and assigns. Accordingly, Grantee(s) and his/her/their/its applicable heirs beneficiaries 25 administrators, executors, successors, and assigns agree that either Grantee(s)use of the Property 26 or recordation of this Quit-Claim Deed are each deemed actions of Grantee(s) acceptance of all 27 provisions described in this Quit-Claim Deed. 28 2. REQUIREMENTS &RESTRICTIONS: 29 Grantee(s), in further consideration of Grantor granting the Property to Grantee(s), covenant to 30 perform and abide by the following requirements and restrictions after this Quit-Claim Deed's date of 31 execution: 32 . 2.1 REAL ESTATE TAXES & ASSESSMENTS. For a period of five (5) years, pay all of the 33 Property's Real Property Taxes and assessments becoming due and payable. 34 2.2 DELINQUENCY. Prohibit the Property from suffering any type of delinquency, tax liens, or 35 incur any other associated penalties. [Page 4 of 111 1 2.3 ADVERTISING. Prohibit the construction of any billboards or advertising material on the 2 Property, except for identification signs permitted by Grantor under the Columbus City Graphics Code. 3 2.4 UNLAWFUL ACTIVITY. Prohibit the occurrence of any unlawful activity on the Property. 4 3. DEFAULT REVERSION&EWROVEMENT(S): 5 3.1. DEFAULT. Grantee(s), in addition to the provisions described in this Quit-Claim Deed, is 6 required to perform and adhere to all of the provisions described: 7 i In Grantees completed Applications that Grantee(s) submitted to Grantor,which Grantor () ( ) P P 8 relied upon the Applications to execute this Quit-Claim Deed granting the Property to Grantee(s); 9 and, 10 (ii)The Agreement executed between Grantor and Grantee(s),which Grantor also relied upon 11 the Agreement to execute this Quit-Claim Deed granting the Property to Grantee(s).Accordingly. 12 Grantee(s) default if Grantee(s) (a) violate any one or more of the provisions contained in this 13 Quit-Claim Deed, Applications, or Agreement, and (b) fail to cure the default within thirty (30) 14 days after Grantor's written notice of the default to Grantee(s). 15 3.2. REVERSION. Grantor expressly reserves to itself a reversionary interest in the Property in the 16 event or a default by Grantee(s) of any provisions contained in this Quit-Claim Deed, Applications, or 17 Agreement. Upon Grantee(s) default of any provisions described in this Quit-Claim Deed, Applications, 18 or Agreement but at Grantor's sole option and discretion. Grantor reserves the rights to: 19 (i)Enter the Property; and, 20 (ii)Take possession of the Property; and, 21 (iii) Revest the Property in the name of Grantor by executing and recording an "Affidavit on 22 Facts Relating to Title" of record in the Property's chain-of-title giving public notice of the 23 Property's reversion to Grantor. Grantee(s), upon Grantor's notice to Grantee(s) of Grantee(s) 24 default of any provisions described in this Quit-Claim Deed, Applications, or Agreement is 25 required to execute and deliver a recordable deed instrument of conveyance to Grantor, as q y 26 approved by the City of Little Rock City Attorney, confirming and perfecting the Property's 27 reversion to Grantor in addition to the affidavit described in this section. 28 FURTHER,the Grantor covenants with the Grantee completed construction for the property that will 29 make the property safe and in code compliant condition in at least two (2)years from closing. Failure to 30 complete construction for the property that will make the property safe and in code compliant condition in 31 at least two(2)years from closing shall cause the property to revert to the Grantor at no cost. 32 3.3. IMPROVEMENT(S). Grantee(s) agree that any improvement(s) on the Property immediately 33 attach and become part of the Property; however. in the event Grantor exercises its reversionary rights, 34 Grantor's revesting of title in the Property is subject and does not defeat, invalidate, or limit the lien of [Page 5 of 111 1 any mortgage(s) financing the construction of any improvement(s) on the Property during Grantee(s) 2 ownership or the Property. In the event Grantor exercises its reversionary rights to the Property,then: 3 (i) all rights, title, interest, and estate to any improvement(s) on the Property immediately 4 vests with Grantor; and 5 (ii) Grantee(s) will be prohibited from possessing any rights or claims against Grantor for 6 contribution, compensation, or reimbursement for any of the improvement(s) on the Property 7 during Grantee(s)ownership of the Property. 8 4. RESERVATIONS: 9 Grantor conveys the Property subject to any previously recorded or platted right(s), restriction(s), 10 condition(s), covenant(s), reservation(s), easement(s), highway(s), right-of-way(s), and other applicable 11 matter(s)in the Property's chain-of-title.Additionally, Grantor forever reseives and reasserts to itself: 12 (i)any existing public right-of-way(s)and highway(s)on the Property; and, 13 (ii) all previously recorded or platted easement(s) reservation(s), condition(s), restriction(s), 14 right-of-way(s), highway(s), or other right(s) benefitting Grantor but predating Grantor's present 15 ownership of the Property, unless otherwise specifically released by Grantor in a separate 16 instrument of record in the Property's chain-of-title; and, 17 (iii) easement rights for the benefit and necessity of all existing public utilities located in, on, 18 over, under, or through the Property as of the execution date of this Quit-Claim Deed. 19 5. RELEASE: 20 Pursuant to the ordinance authorizing Grantor to execute this Quit-Claim Deed, and in order to ensure 21 compliance with the Land Bank Program, Grantor's Director of Housing and Neighborhood Programs is 22 authorized to execute and deliver a recordable instrument, as approved by the Little Rock City Attorney, 23 releasing the Property from the operation of certain restrictive provisions described in this Quit-Claim 24 Deed only upon: 25 (i)Grantee(s} written request to Grantor;and, 26 (ii) Grantor's written approval of Grantee(s) satisfaction of all provisions described in this' 27 Quit-Claim Deed,Applications, and Agreement. 28 6. RIGHTS&REMEDIES: 29 Grantor*is entitled to the injunctive relief described in this section in addition to any other relief 30 Grantor is entitled, included but not limited to specific performance of any provision of this Quit-Claim 31 Deed, without the necessity of proving either actual damages or the inadequacy of otherwise available 32 legal remedies. Grantor, where injunctive relief or specific performance does not appropriately remedy 33 Grantor, is entitled to recover damages from Grantee(s) for the violation of any provision of this Quit- 34 Claim Deed. Grantor, in its sole discretion but without limiting Grantee(s) respective liabilities or rights 35 under this Quit-Claim Deed, is permitted to apply any damages recovered to the costs of undertaking any [Page 6 of 111 I corrective action under this Quit-Claim Deed.Furthermore, Grantee(s) is responsible for all costs incurred 2 by Grantor in enforcing the provisions of this Quit-Claim Deed against Grantee(s), including but not 3 limited to costs and expenses of suit and attorney's fees. Grantor's remedies described in this section are 4 cumulative and are in addition to any present or future remedies existing at law or in equity. 5 7. NON-WAIVER: 6 Grantor or Grantee(s)failure or refusal to exercise any rights described in this Quit-Claim Deed is not 7 a waiver of any rights Grantor or Grantee(s) possess to enforce the other party's obligations through any 8 rights and remedies Grantor or Grantee(s) has at law or in equity for the enforcement of the other party's 9 obligations. Accordingly,no waiver of any kind is valid against Grantor or Grantee(s)unless: 10 (i) Reduced to writing; and, 11 (ii)Executed and approved by Grantor or Grantee(s)authorized representatives and authority; 12 and, 13 (iii)Recorded in the Property's chain-of-title. 14 8. SEVERABILITY: 15 The remaining provisions of this Quit-Claim Deed will be unaffected and remain valid and 16 enforceable to the full extent permitted by law in the event and for any reason any provision of this Quit- 17 Claim Deed is held invalid or unenforceable under applicable law. 18 19 GRANTOR'S EXECUTION 20 Grantor, City ofLittle Rock, Pulaski County, Arkansas, a municipal corporation, by its authorized 21 representative, Frank Scott, Jr., Mayor of the City of Little Rock, Arkansas, pursuant to authority granted 22 by City of Little Rock, Board of Directors, does voluntarily acknowledge this Quit-Claim Deed on behalf 23 of Grantor on the effective date below. 24 25 City of Little Rock,GRANTOR 26 500 West Markham Street 27 Little Rock,Arkansas 72201 28 29 30 By: Frank Scott,Jr. 31 Mayor of the City of Little Rock,Arkansas 32 33 34 H 35 H 36 Il 37 H [Page 7 of I I] I ACKNOWLEDGEMENT 2 STATE OF ARKANSAS) 3 )SS 4 COUNTY OF PULASKI) 5 6 On this day came before me, the undersigned, a Notary Public within and for the County and State 7 aforesaid,duly commissioned and acting personally appeared, Frank Scott,Jr.,Mayor of the City of Little 8 Rock, Arkansas, known to me as the duly appointed agent for the Grantor in the foregoing Deed, and 9 acknowledged that he has executed the same for the consideration and purposes therein mentioned and set 10 forth. 11 WITNESS my hand and seal as such Notary Public this day of 2019. 12 13 14 Notary Public 15 My Commission expires: 16 17 18 Springer&Springer,LLC,Grantee 19 20 21 22 By: Bo Springer 23 24 On this day came before me, the undersigned, a Notary Public within and for the County and State 25 aforesaid, duly commissioned and acting personally appeared, a representative for Springer and Springer, 26 LLC' known to me as the Grantee in the foregoing Deed, and acknowledged that they have executed the 27 same for the consideration and purposes therein mentioned and set forth. 28 WITNESS,my hand and seal as such Notary Public this_day of 2019. 29 30 31 Notary Public 32 My Commission expires: 33 H 34 35 H 36 H 37 H 38 [Page 8 of 111 I DOCUMENTARY TAX STATEMENT 2 I certify under penalty of false swearing that the legally correct amount of documentary stamps have 3 been placed on this instrument. (If none shown, exempt or no consideration paid.) 4 City 5 Ci of Little Rock 6 500 West Markham Street,Suite 120W 7 Little Rock,Arkansas 72201 8 9 10 11 By: Ruby Dean,Redevelopment Administrator 12 13 14 ACKNOWLEDGEMENT 15 STATE OF ARKANSAS) 16 )ss 17 COUNTY OF PULASKI) 18 19 On this day came before me, the undersigned, a Notary Public within and for the County and State 20 aforesaid, duly commissioned and acting personally appeared, Redevelopment 21 Administrator, City of Little Rock,Arkansas. 22 WITNESS my hand and seal as such Notary Public this day of 52019. 23 24 25 Notary Public 26 My Commission expires: 27 // 28 // 29 // 30 31 // 32 // 33 34 // 35 // 36 // 37 [Page 9 of 111 I Exhibit B 2 OFFER AND ACCEPTANCE 3 1. The undersigned, Springer& Springer,LLC, 43 Marcella Drive, Little Rock, AR, 72223, herein 4 called the"Buyer(s)"offer(s)to buy, subject to the terms set forth herein,the following property 5 from the City of Little Rock, 500 West Markham Street, Suite 120W, Little Rock, AR, 72201 6 herein called the"Seller(s)". 7 COYS HIGHLAND Subdivision Lot 10 Block 3, to the City of Little Rock,Pulaski County, 8 Arkansas,more commonly known as 3620 Maryland Avenue,Little Rock,Arkansas(Parcel 9 No.341,087000900) 10 2. The Buyer(s) will pay Two Hundred Fifty Dollars ($250.00) for the property, $0.00 as a down 11 payment/earnest money and the balance of Two Hundred Fifty Dollars ($250.00) as follows: 12 Check at closing 13 3. Special Conditions: 14 • Approval by Land Bank Commission 15 • Approval by Little Rock City Board of Directors 16 • Additional Stipulations: 17 • Two (2)years to complete project, or Land Bank Commission votes to approve 18 an extension. The two (2)years starts after rezoning or closing, whichever is the 19 latter. Reversion clause in deed. 20 • The Land Bank to pay the City's closing costs 21 • Buyer to pay buyers closing costs 22 • Re-zoning of lots that need to be rezoned 23 • Planning Commission approval for duplexes on the lots 24 • Financing 25 • Thirty (30) properties total, but only three are included on this offer and 26 acceptance 27 • Real Estate Taxes are paid and current 28 4. Conveyance shall be made to Buyer(s), or as directed by Buyer(s), by Quit-Claim Deed except it 29 shall be subject to recorded restrictions and easements, if any. 30 5. The owner(s) of the above property, hereinafter called Seller(s), shall furnish at Seller's cost an 31 owner's policy reflecting merchantable satisfactory to Buyer(s) and/or the Buyer's attorney, 32 Seller(s) shall have a reasonable time after acceptance within which to furnish title insurance. If 33 objections are made to title, Seller(s) shall have a reasonable time to meet the objections or to 34 furnish title insurance. [Page 10 of Ill 1 6. Buyer herewith tenders $0.00 as earnest money, to become part of purchase price upon 2 acceptance. This sum shall be held by Buyer(s)/Agent/Title Company and if offer is not accepted 3 or if title requirements are not fulfilled, it shall be promptly returned to Buyer(s). If after 4 acceptance, Buyer(s) fail to fulfill his/her/their obligation(s), the earnest money may become 5 liquidated damages, which fact shall not preclude Seller(s) or Agent from asserting other legal 6 rights which they may have because of such breach. 7 7. Taxes and special assessments, due on or before the closing date shall be paid by the Seller(s). 8 Current general taxes and special assessments shall be pro-ratedas of closing date based upon the 9 last tax statement.Insurance, interest and rental payments shall be pro-rated as of closing date. 10 8. Seller(s) shall vacate the property (if applicable) and deliver possession to Buyer(s) on or before I I one (1) day after the closing date. Seller(s) agree to pay rent to Buyer(s) of$ n/a per day until 12 possession is given after the closing date if applicable. 13 9. Buyer(s)certifies that he or she has/they have inspected the property and he or she is/they are not 14 relying upon any warranties, representations or statements of the Seller(s)/Agent as to age or 15 physical condition of improvements. The risk of loss or damage to the property by fire or other 16 casualties occurring up to the time of transfer of title on the closing date is assumed by the 17 Seller(s). 18 10. The closing date shall be on or before 19 Phone No.and/or E-Mail Phone No.and/or E-Mail 20 21 22 Springer and Springer,LLC Ruby Dean,Redevelopment Administrator 23 (Buyer) (Seller) 24 25 26 Date Date 27 H 28 H 29 H 30 IJ 31 H 32 H 33 34 H 35 H 36 [Page 11 of I I]