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HomeMy WebLinkAbout6790U 09 RESOLUTION NO. 6,790 A RESOLUTION AUTHORIZING THE SALE OF 1.6 ACRES OF LAND IN THE LITTLE ROCK PORT INDUSTRIAL PARK; AND FOR OTHER PURPOSES. BE IT RESOLVED by the Board of Directors of the City of Little Rock, Arkansas: Section 1. The sale of 1.6 acres of land in the Little Rock Port Industrial Park to Interstate Distributing Company for sixty thousand dollars ($60,000.00) is hereby authorized. Section 2. This Resolution shall be in full force and effect from and after its adoption and approval. ADOPTED: May 4, 1982 ATTEST: APPROVED: CITV CLERK TAYOR REAL E87ATE CONTRACT (Offer and Acceptance) 40 6829 Cantrell Roao Little RoCk, Arkansas 72207 (50V 664 5500 Date 4 -8 t982 The undersigned, herein called the Buyer, offers to buy, subject to the terms set forth herein, the following property: 1. PROPERTY ADDRESS AND DESCRIPTION: Area 201 — 1.6 jcreS on Lindsey Road, East of Tract N 2. PURCHASE PRICE: The Buyer will pay s 60, 000. 00 for the property at closing. The down payment shall be $60 + 000' 00 with the balance subject to the following conditions: A.Q NEW LOAN: Q Conv. Q FHA =VA The Buyer's ability to obtain a loan to be secured by the property in an amount not less than payable over a period of not less than years, with interest not to exceed % per annum. Unless otherwise specified, all loan costs and prepaid items shall be paid by Buyer. If mid loan is not available or is not closed, Buyer agrees to pay for loan costs incurred, including appraisal and credit report, unless failure to close is caused by Seller. 8. Q LOAN ASSUMPTION: The Buyer's ability to assume existing loan with interest not to exceed _% per annum in the approximate amount of $ and monthly payments of approximately $ , including O principal, Q interest, Q existing taxes, and 0 existing insurance. Payments to be current at closing. C. E] OTHER: Each to pay own closing 3. APPLICATION FOR FINANCING: If applicable, Buyer agrees to make application for a new loan or loan assumption within II/A days after acceptance of this contract. 1 000.00 4. EARNEST MONEY: Buyer herewith tenders a check for $ r as earn tt money _ hi hh�u�h II g ply on purchase price or closing costs if this offer Is accepted. This sum shall be deposited by Agent within 24 hours ,��Ter vt.(:�TaafICP of this offer; however, if offer is not accepted, conditions are not met, or title requirements are not fulfilled, it shall be promptly refunded to Buyer. If, after acceptance, Buyer fails to make a good faith application with an appropriate lending institution to obtain financing commensurate with the provisions of this Agreement or fails to close the transaction within three working days after all conditions have been met and notice of closing given, or if Buyer fails to fulfill any other obligation contained in this Agreement, the earnest money may, at the option of Seller, immediately be declared to be liquidated damages, which fact shall not preclude Seiler or Agent from asserting other legal rights which they may have because of such breach. 5. CONVEYANCE: Conveyance shall be made to Buyer, or as directed by Buyer, by general warranty deed except it shall be subject to recorded restrictions and easements, if any, which do not materially affect the value of the property. S. ABSTRACT OR TITLE INSURANCE: The owner(s) of the above property, hereinafter called Seller, shall furnish, at Sellers cost, a complete abstract reflecting merchantable title satisfactory to Buyer's attorney, however, Seller shall haw an option to furnish Buyer, in place of abstract, a policy of title insurance in the amount of the purchase price, and submission of an abstract shall not constitute a waiver of this option. if objections are made to title, Seller shall haw a reasonable time to meet the objections or to furnish title insurance. 7. PRORATIONS: Taxes and special assessments due on or before closing shall be paid by Seller. Any deposits on rental property are to be trans. ferred to Buyer at closing. Insurance, current general taxes and special assessments. rental payments, and any interest on assumed loans shall be prorated as of closing unless otherwise specified herein. 8. CLOSING: The closing is estimated to be on or about J u l y 6 1982 -- 9. POSSESSION: Seller shall, after Buyers closing, haw __L IA days to deliver possession. 10. FIXTURES AND ATTACHED EQUIPMENT: Unless specifically excluded herein, all fixtures and attached equipment, if any, are included in the purchase price. Such fixtures and attached equipment shall include, but not be limited to, the following; window air conditioners, carpeting, indoor and outdoor light fixtures, window and door coverings, gas or electric grills, awnings, mail boxes, garage door openers and remote units, water softeners, propane and butane tanks, antennas and any other items bolted, nailed, screwed, buried or otherwise attached to the real property in a permanent manner. 11. TERMITE AND PEST CONTROL REQUIREMENTS: Letter of Clearance as approved by Arkansas State Plant Board to be furnished at Sellers expense. 12. INSPECTIONS AND REPAIRS: Buyer certifies that Buyer has inspected the property and is not relying upon any warranties, representations or statements of Agent or Seller as to age or condition of improvements, other than those specified herein. The following items, if any, shall be in normal working order at closing, dishwashers, disposals, trash compactors, ranges, exhaust fans, heating and air conditioning systems, plumbing system, electrical system and - Buyer shall hew the right, at Buyer's expense, to inspect the above items prior to closing. If any of the above items are found not to be In normal working order, Buyer may notify Seller in writing prior to closing. After notice as provided herein, Seller agrees to pay the cost of repair of any such items. If Seller refuses to pay the cost, Buyer may accept the property in its condition; or Buyer may declare this contract null and void. 11 Buyer does not give notice of defects in writing prior to closing, all subsequent repairs shall be solely at Buyer's expense. 13. RISK OF LOSS: The risk of loss or damage to the property by fire or other casualty occurring up to the time of closing is assumed by the Seller. If prior to the closing of this transaction, the improvements on the property shalt ba destroyed or materially damaged by fire or other casualty, this contract shall, at the option of the Buyer, be null and void. 14. EXPIRATION OFFER: This offer expires if not accepted by Seller on or before 15. OTHERCONDITION(S• Subject to bill of assurance, recorded restrictions and easements If any. The above offer is accepted on /Z' 19eL . IJWe agree to pay Lee Gi a fee o/ for profs ional services rendered in securing mid offer. If Buyer under the provisions hereof, same shall be divided equally between Seller an LISTING BROKER /AGENT SELLER npedy, Inc. 'eason the arneest money provided for herein is forfeited by after pent Ji st incurred expenses.