HomeMy WebLinkAboutZ-8977-A Application 2Should Buyer elect to initiate the Extension as described in Section 3(a),
this contingency shall be extended for an additional Sixty (60) days.
(c) Environmental Review Contingency: Buyer shall have One Hundred
Twenty (120) days after Acceptance of this Purchase Agreement to obtain
a Phase I Environmental Site Assessment to Buyer's sole satisfaction. All
costs of obtaining the Phase I Environmental Site Assessment shall be borne
by Buyer. If the Phase I Environmental Site Assessment has been obtained
within One Hundred Twenty (120) days after Acceptance but, Buyer
identifies a specific provision in such Assessment that, in Buyer's good faith
discretion, renders the Assessment unsatisfactory, then this Purchase
Agreement shall be void and the Earnest Money shall be promptly refunded
to Buyer. In that event, Buyer and Seller shall have no further obligation to
each other, unless Buyer and Seller agree in writing to extend this condition
for an additional period of time. If the Phase I Environmental Site
Assessment has not been obtained within One Hundred Twenty (120) days
after Acceptance, then this Purchase Agreement shall be void, and Buyer
and Seller shall have no further obligation to each other, unless buyer and
Seller agree in writing to extend this condition for an additional period of
time. The Earnest Money shall not be refunded and will be paid to Seller.
5. EVIDENCE OF TITLE. Seller shall furnish to Buyer, a current commitment for
owner's title insurance policy in an amount equal to the Purchase Price from
American Abstract & Title, with an office located at the following 12824
Cantrell Road, Suite 100, Little Rock, AR 72223 ("the Escrow Agent") within
thirty (30) calendar days after Acceptance of this Contract. Seller shall have the
title insurance policy delivered to Buyer and pay the premium at Closing.
Additionally, Seller shall furnish to Buyer, within thirty (30) days following
Acceptance of this Contract, a recent certified ALTA survey of the Property,
showing the location of all existing improvements, boundaries, easements and
rights -of -way, alleys, streets, roads, utilities, floodplain or floodway,
encroachments, if any, the legal description, the area expressed as a number in
square feet, the surveyor's certification, and that it is. prepared for the benefit of
the Buyer, Seller, Lender (if any) and Moses Tucker Real Estate, Inc. Seller shall
also deliver to Buyer any and all copies of survey's previously performed on the
Property within five (5) days after Acceptance. Buyer agrees to pay one-half
(1/2) of the expense of the survey, up to EIGHT HUNDRED DOLLARS
($800.00).
6. 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.
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(b) MATTERS NOT SHOWN BY THE PUBLIC RECORDS. Seller shall deliver
to Buyer within thirty (30) 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, within forty-five (45) calendar days, 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 sixty (60)
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,
bankruptcy environmental contamination, 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 deteranine 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 sixty (60) 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 and be
promptly refunded all Earnest Money.
(d)' END OF OBJECTION TO TITLE. Buyer shall have twenty one (21) days from
receipt of the title insurance commitment 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- Seller agrees not to damage the improvements, cause a violation of law
upon the property or cause an exception to title after the expiration of the Review
Period.
7. CLOSING. Closing is the date and time at which Seller delivers the executed
and acknowledged deed. Buyer and Seller agree the Closing date will be
haven -One 21 calendar days after the hsE tray of the Iris ctionfReview
Period in Paragraphs 3 and 3(a). The Closing date may be changed by written
agreement of Buyer and Seller. The cost of doctunentary stamps and all transfer
documents will be paid by Seller. All other closing costs not specifically
addressed herein will be split equally between Buyer and Seller. Each party shall
pay for its own attorneys' fees. Seller shall be solely responsible for any
commission due under paragraph 23, below.
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This Contract shall serve as written closing instructions to the Escrow Agent on
behalf of the Buyer and Seller. The Escrow Agent is authorized to provide
Seller's settlement statement to Listing Firm (in addition to Seller) and Buyer's
settlement statement to Selling Firm (in addition to Buyer) prior to settlement so
that Buyer, Seller, Listing Firm, and Selling Firm shall have a reasonable
opportunity to review prior to Closing.
Buyer and Seller shall each have the right to request the title insurer(s), if any,
issue closing protection to indemnify against loss of closing funds because of
acts of an Escrow Agent, title insurer's named employee, or title insurance agent.
Any cost for closing protection will be paid by the requesting party(ies). Listing
Firm and Selling Firm strongly advise Buyer and Seller to inquire of the Escrow
Agent(s) about the availability and benefits of closing protection.
TRANSFER OF TITLE. Unless otherwise specified, conveyance of the
Property shall be made to Buyer by general warranty deed, in fee simple absolute,
except it shall be subject to recorded instruments and easements, if any, which
do not materially affect the value of the Property. Unless expressly reserved
herein, such conveyance shall include all mineral rights owned by Seller
concerning and located on the Property, if any. It is the responsibility of the
Buyer to independently verify and investigate the existence or nonexistence of
mineral rights and any legal ramifications thereof. Seller warrants and represents
only the signatures set forth below are required to transfer legal title to the
Property. Seller also warrants and represents that Seller has peaceable
possession of the Property, including all improvements and fixtures thereon, and
the legal authority and capacity to convey the Property by a good and sufficient
general warranty deed, free from any liens, leaseholds or other interests.
9. 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.
10. CLOSING DOCUMENTS AND SERVICES. On the Closing, the parties shall
execute and deliver a memorandum of the Closing to acknowledge delivery and
Acceptance of the items requiring the satisfaction of the conditions precedent to
Closing and the status of performance of other provisions of this Contract.
11. PRORATIONS. Taxes and special assessments due on or before Closing shall
be paid by Seller. Any deposits on rental property are to be transferred to Buyer
at Closing. Insurance, general taxes, special assessments, rental payments,
interest on any assumed loan, and other charges shall be prorated as of Closing,
unless other specified herein.
12. POSSESSION. Possession of the Property shall be delivered to Buyer at
Closing.
13. TIME IS OF ESSENCEAUMMIES, Buyer and Seller agree time is of the
essence with regard to all times and dates set forth in this Contract. Further, all
times and dates set forth in this Contract refer to Arkansas Central time and date.
If any note or check received as earnest money hereunder or any other 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 prover, 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 party all reasonable costs and expenses, including
attorney fees.
14. ENVIRONMENTAL CONTAMINATION. Seller shall disclose to Buyer
any information known to Seller concerning past, present, or potential
environmental contamination of the Property,
15. 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.
16. 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 provided.
17. NOTICE OF ACCEPTANCE / COUNTERPARTS. If this document is
accepted by Seller in writing and Buyer receives actual notice of such
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acceptance on or before 5 ;40pm„CST on July 24, 2014, (the "Acceptance"), this
document shall become a Contract between Seller and Buyer. This Contract
may be executed in multiple counterparts each of which shall be regarded as an
original hereof but all of which together shall constitute one in the same.
18. OTHER NOTICE REQUIRE1V1ENTS. Except as provided in Section 16,
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, ifprvperly 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.
19. ORGANIZATION IN GOOD STANDING. Each party represents and
warrants that it is duly organized, existing and in good standing under the law
of its respective state. Each party represents and warrants that it has full power
and authority to carry on its business as presently conducted and to execute and
enter into this Contract.
20. ASSIGNABLE. This Contract may be assigned by Buyer without written
consent of Seller.
21. AGENCY DISCLOSURE. Buyer and Seller hereby acknowledge and agree
that the Selling Agent Firm and Listing Agent Firm are on in the same and all
licensed personnel associated with the Selling Agent and Listing Agent firm
are representing and are responsible to Seller only related to this Contract.
Buyer and Seller hereby confirm their consent to this agency representation.
22. CONDEMNATION, CASUALTY LOSS. If, prior to the Closing, all or any
part of the Property shall be condemned by governmental or other lawful
authority, Buyer shall have the option of (a) completing the purchase, in which
event all condemnation proceeds or claims thereof shall be assigned to Buyer,
or (b) canceling this Contract, in which event the Earnest Money, together with
accrued interest thereon (if any), shall be returned to Buyer and this Contract
shall be terminated.
Risk of loss or damage to the Property by fire or other casualty occurring up to
time of Closing is assumed by Seller. Seller's responsibility for risk of loss or
damage to the Property by fire or other casualty shall ce4se upon Closing,
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24. MISCELLANEOUS. Seller shall be permitted to remove any fixtures,
improvements or any other items from the residence on the Property, at any
time prior to Closing.
'l"ho above Contract Is executed by Buyer on:
-Cal I?, ;0"y
Month Day Year
BUYLR: 'IRANSUNION FINANCIAL, LLC
By:
(Pri4- LA�aezc-s
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SELLING FdM:
Selling Agent
Address: ��� (�,�-' �0
Supervising Broker
The above Contract is executed by Seller on:
M� Day Year
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SELLER: Richard Llenry Sparrow LISTING FIRM,: i MTRE
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BY: ---
Listing Agent
(print)
AddregP: /?,* .1yz. 'O (= Ar►4a
.. Supervising Broker
1dINN31N33:woJA bi:ZT t7m2-b2-1nr
WIFE: Eddie Lou Sparrow
By:
(print) 1 L ID � rro
Address:-`�-`-}
! /J 0.J ar
13y eigiling above, Ms. Sparrow acknowledges the terms of this Agroamont, consents to theny and
in doing so expressly wolves any and all rights ahe may have to the pwporty, including any dower
or homostoad right.
EXHIBIT "A" - SURVEY
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MAR LAR E NCC I N E E RI N G C O. , I N C. Michael P. Marlar, P.E., Pls
r"111111%ASarah Waggoner
[ onsullin r Civil r:► Wi►►tiers & Land Surveyors
t, � anJason Bouwknegt
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5318 .John F. Kennedy Boulevard Jack Fleming, Hydrologist
INCORPORATED North Little Rock, Arkansas 72116
August 25, 2016
Ms. Donna James
Little Rock Planning Department
City of Little Rock, Arkansas
RE: Fountaine Bleau West Apartments
Dear Donna,
We are submitting today three copies of the site plan for the referenced apartments that
reflect the changes to the plan that we discussed July 25, 2016. These changes include the
moving of one garage building and the addition of a one-way 13' drive behind the pool and
clubhouse area.
Please contact is if you have any questions.
Sincerely,
Marlar Engineering Co., INC.
Mike P. Marlar, PE
President
PHONE (501) 753-1987 FAX (501) 753-1993 WWW.MARLAR-ENG.COM
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City of Little Rock
Planning and Development
Filing Fees
Date : 20Iq
Annexation
$
Board of Adjustment
$
Cond Use Permit/T U P
$
Final Plat
Planned Unit Dev
$
Preliminai y Plat
F
Special Use Permi --
LI_
Rezoning
Site Plans C:3
Sheet Name Change W
Street Name Signs
Number at ea
$
Public Hearing Signs
-
Number) _a - ea
$r �� to
Total
$
File No