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HomeMy WebLinkAbout11478ORDINANCE NO. 11,478 AN ORDINANCE AUTHORIZING THE CONVEYANCE OF CERTAIN REAL PROPERTY SITUATED IN SALINE COUNTY, ARKANSAS, ON AN INSTALLMENT BASIS, WITH PURCHASE PRICE TO BE PAID TO BOARD OF COMMISSIONERS OF LITTLE ROCK MUNICIPAL WATER WORKS AND SECURED BY MORTGAGE UPON THE LANDS IN FAVOR OF SAID BOARD OF COMMISSIONERS WHEREAS, the Board of Commissioners of the Little Rock Municipal Water Works, by resolution duly enacted on the 20th day of March, 1964, requested the Board of Directors of the City of Little Rock, Arkansas, to approve the sale of the here- inafter described real property held in the name of the City of Little Rock, Arkansas, for the use and benefit of the Little Rock Municipal Water Works; and WHEREAS, said Board of Commissioners has determined that said sale, upon the terms and conditions set forth hereinafter, will be to the best interest of the City of Little Rock; Now, Therefore, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: SECTION 1. That the Mayor and City Clerk of Little Rock, Arkansas, be, and they are hereby, authorized and directed to execute a quitclaim deed on behalf of the City of Little Rock, Arkansas, conveying to Charles S. Betts and Mary N. Betts, his wife, the following described real property situated in Saline County, Arkansas, to -wit: All that part of the NW-4 lying North and East of the North Fork of Saline River, containing 48 acres, more or less; the SW4 of the NW-14 except that part lying North of Henderson Creek and West of the North Fork of Saline River (3 acres, more or less), containing 37 acres in all; and that part of the SE4 of the NW4 lying South of the North Fork of Saline River and West and North of Milling Branch, containing S acres, more or less, all in Section 26, Township 1 North, Range 16 West; ewe `3� E - .2. said conveyance to be for a consideration of Five Thousand Four Hundred and no /100 Dollars ($5,400.00) payable to the Board of Commissioners of the Little Rock Municipal Water Works as follows: $1,000.00 in cash upon the date of closing, with the balance of $4,400.00 to bear interest from June 1, 1964, at the rate of six per cent (6 %) per annum and to be payable in annual installments of $880.00, plus accrued interest, commencing on or before June 1, 1965, with a like sum to become due on or before the first day of June of each year thereafter until the principal balance, with interest as aforesaid, is paid in full. Said indebtedness shall be evidenced by a promissory note payable to the Board of Commissioners of the Little Rock Municipal Water Works, which note shall be secured by a mortgage upon the premises in favor of the Board of Commissioners of the Little Rock Municipal Water Works. The note and mortgage shall bear the date of execution and shall read as follows: (Form of Note) MORTGAGE NOTE $4,400.00 Little Rock, Arkansas , 1964 FOR VALUE RECEIVED, We promise to pay to the order of the Board of Commissioners of the Little Rock Municipal Water Works the sum of Four Thousand Four Hundred and no /100 Dollars ($4,400.00), with interest from June 1, 1964, until due at the rate of six per cent (6 %) per annum on the principal balance and thereafter at the rate of ten per cent (10 %) per annum, due date meaning the due date of each installment; this indebtedness is payable in annual installments of Eight Hundred Eighty and no /100 Dollars ($880.00) on principal, plus accrued interest, commencing on or before the first day of June, 1965, with a like sum to become due on or before the first day of June of each year there- after until the principal balance, with interest as aforesaid, is paid in full. This note is secured by a mortgage of even date which is a first lien upon the following described real property situated in Saline County, Arkansas, to -wit.: - 2 - i All that part of the NW4 lying North and East of the North Fork of Saline River, containing 48 acres, more or less; the SW4 of the NW4 except that part lying North of Henderson Creek and West of the North Fork of Saline River (3 acres, more or less), containing 37 acres in all; and that part of the SE-'4 of the NW4 lying South of the North Fork of Saline River and West and North of Milling Branch, containing 5 acres, more or less, all in Section 26, Township 1 North, Range 16 West; and this note is subject to an earlier maturity for a breach of any of the conditions of the mortgage. Both principal and interest are payable without notice at the office of the Little Rock Municipal Water Works, Robinson Auditorium, Little Rock, Arkansas, or at such other place as the holder hereof may designate by first class mail addressed to the makers at the address shown below. Should the makers be in default in the payment of any installment of principal or interest for a period of sixty days, or should they permit any lien other than the lien of the mortgage securing this note to remain on said property for a period of sixty days, or default in the performance of any covenant contained in the mortgage securing this debt, then at the election of the holder hereof the full unpaid principal balance of this note, with accrued interest, shall become due and payable at once and without notice, and the same shall thereafter bear interest at the rate of ten per cent (10 %) per annum until paid. Waiver of any particular default shall not constitute a waiver of any subsequent default, nor shall acceptance of any payment after a default constitute a waiver of any default. The makers waive presentment for payment, notice of non- payment, protest and notice of protest. It is agreed that should the holder hereof be required to employ the services of an attorney to enforce any of the provisions contained in this note or in the mortgage securing the same, then the makers shall be liable to the holder hereof for reasonable attorney's fees not to exceed ten per cent (10 %) of the amount of the principal, with accrued interest, remaining due at the time of the employment of such attorney. This clause is intended to be in compliance with Act 350 of the Arkansas Acts of 1951 approved March 20, 1951. Address: 11 Brookfield Cove Little Rock, Arkansas Charles S. Betts Mary N. Betts (Form of Mortgage) MORTr.Ar.F. - 3 - • KNOW ALL MEN BY THESE PRESENTS: THAT We, Charles S. Betts and Mary N. Betts, his wife, Mortgagors, for and in consideration of the sum of $1.00 and other valuable consideration in hand paid, the receipt of which is hereby acknowledged, do hereby grant, bargain, sell and convey unto the Board of Commissioners of the Little Rock Municipal Water Works, Mortgagee, and unto its successors and assigns forever, the following described real property situated in Saline County, Arkansas, to -wit: All that part of the NW4 lying North and East of the North Fork of Saline River, containing 48 acres, more or less; the SW4 of the NW-14 except that part lying North of Henderson Creek and West of the North Fork of Saline River (3 acres, more or less), containing 37 acres in all; and that part of the SE4 of the NW4 lying South of the North Fork of Saline River and West and North of Milling Branch, containing 5 acres, more or less, all in Section 26, Township 1 North, Range 16 West. To have and to hold the same unto said Mortgagee, and unto its successors and assigns forever, with all appurtenances thereunto belonging; and all rents, income and profits there- from after any default herein. We hereby covenant with said Mortgagee, its successors and assigns, that said lands are free and clear of all encumbrances and liens, and will forever warrant and defend the title to said property against all lawful claims. And Is Mary N. Betts, wife of Charles S. Betts, for the consideration aforesaid, do hereby release unto said Mortgagee, and unto its successors and assigns forever, all my right and possibility of dower and homestead in and to the said lands. The sale is on the condition that, whereas, Mortgagors are justly indebted unto said Mortgagee in the sum of Four Thousand Four Hundred and no /100 Dollars ($4,400.00), evidenced by one promissory note of even date, incorporated herein by reference, in the amount of $4,400.00, bearing interest from June 1, 1964, until due at the rate of six per cent (6 %) per annum and thereafter at the rate of ten per cent (10 %) per annum, due date meaning the due date of each installment; this indebtedness is payable in annual installments of Eight Hundred Eighty and no /100 Dollars ($880.00) on principal, plus accrued interest, commencing on or before the first day of June, 1965, with a like sum to become due on or before the first day of June of each year thereafter until the principal balance, with interest as aforesaid, is paid in full. This mortgage shall also be security for any other indebtedness of whatsoever kind that Mortgagee or the holders or owners of this mortgage may hold against Mortgagors by reason of future advances made hereunder, by purchase or other- wise, to the time of the satisfaction of this mortgage. - 4 - AW In event of default in payment of any part of said sum, with interest, or upon failure of Mortgagors to perform the agreements contained herein, Mortgagee, its successors and assigns, shall have the right to declare the entire debt to be due and payable; notice to Mortgagors is waived and said option may be exercised at any time after default. It is further agreed that should the holder hereof be required to employ the services of an attorney to enforce any of the provisions contained in this mortgage or in the aforementioned note, then Mortgagors shall be liable to the holder hereof for reasonable attorney's fees not to exceed ten per cent (10 %) of the amount of principal, with accrued interest, remaining due at the time of the employment of such attorney. This provision is intended to be in compliance with Act 350 of the Arkansas Acts of 1951 approved March 20, 1951. Mortgagors covenant that all taxes of whatsoever nature, as well as assessments for improvements, if any, will be paid when due, and if not paid Mortgagee may pay same or redeem from a forfeiture and shall have a prior lien upon said property for repayment with interest at six per cent (6 %); that Mortgagors shall furnish at their expense an abstract of title to the above lands, continued to date, which shall remain in the possession of the holder hereof until the entire indebtedness hereby secured is paid in full; the holder shall have the right to have said abstract continued to date at Mortgagors' expense at least once a year during the term hereof to determine if a default has been made, and in addition may have said abstract continued to date if the holder elects to file suit for fore- closure; all such abstract expense shall be paid by the holder and added to the principal amount of this debt to bear interest at six per cent (6 %) and be secured as a first lien by this mortgage; now, THEREFORE, if Mortgagors shall pay all indebtedness secured hereby, with interest, at the times and in the manner aforesaid and perform the agreements herein contained, then this conveyance shall be void. In case of nonpayment or failure to perform the agreements herein contained, said Mortgagee, its successors and assigns, shall have the right and power to take possession of the property herein conveyed and expel any occupant therefrom without process of law; to collect rents and profits and apply same on unpaid indebtedness; and with or without possession to sell said property at public sale to the highest bidder for cash at the Court House in Benton, Saline County, Arkansas, public notice of the time, terms and place of sale having first been given twenty days by advertising in some newspaper published in said County by at least three inse:ti.ons or by notices posted in five public places in the County, at which sale any of the 'parties hereto, their heirs, successors or assigns, may bid and purchase as any third person might do; and Mortgagors hereby authorize Mortgagee, its successors or assigns, to convey an absolute title thereto, and the recitals of such conveyance shall be taken as prima facie true. The proceeds of said sale shall be applied, first, to the payment of all costs and expenses attending said sale; second, to the payment of.all indebtedness secured hereby, with interest; and the remainder, if any, shall - 5 - o' be paid to said Mortgagors. Mortgagors hereby waive any and all rights of appraisement, sale, redemption and homestead under the laws of the State of Arkansas and especially under the Act approved May 8, 1899, and acts amendatory thereof. 1964. WITNESS our hands and seals on this day of , STATE OF ARKANSAS) ) ss. COUNTY OF PULASKI) Charles S. Betts Mary N. Betts ACKNOWLEDGMENT On this day personally appeared before the undersigned, a Notary Public within and for the County and State aforesaid, duly qualified, commissioned and acting, Charles S. Betts and Mary N. Betts, his wife, to me well known as Mortgagors in the foregoing mortgage, and stated that they had executed the same for the consideration and purposes therein mentioned and set forth. And on the same day also voluntarily appeared before me Mary N. Betts, wife of the said Charles S. Betts, and in the absence of her said husband declared that she had of her own free will executed said mortgage and signed and sealed the relinquish- ment of dower and homestead therein for the consideration and purposes therein contained and set forth, without compulsion or undue influence of her said husband. WITNESS my hand and official seal on this day of , 1964. My comm. expires: (Seal) Notary Public SECTION 2. That this ordinance shall take effect and be in force from and after its passage. PASSED: April 20 , 1964. ATTEST: (SEAL) AP VED: Mayor City Clerk - 6 - RESOLUTION WHEREAS, the Board of Commissioners of the Little Rock Municipal Water Works, in the years 1952 and 1953, acquired in the name of the City of Little Rock certain lands situated in Saline County, Arkansas; and WHEREAS, said lands were acquired for the purpose of constructing a water supply lake, but are no longer needed for that purpose because of the construction of Lake Maumelle in Pulaski County, Arkansas; and WHEREAS, said lands cannot be rented profitably and are deteriorating in value because of non -use; and WHEREAS, the Board of Commissioners has received an offer from Charles S. Betts and Mary N. Betts, his wife, to purchase apart of the tract known as the Van Gilbert- Chenault place for the sum of $5,400.00, which sum the Board believes to represent the fair market value of the lands, the purchase to be upon the following terms, to -wit: $1,000.00 in cash, with the balance of $4,400.00 to bear interest at the rate of 6% per annum from June 1, 1964, and to be payable over a period of five years in annual installments of $880.00 plus accrued interest, the balance to be secured by a mortgage upon the lands and the conveyance of said lands to be by quitclaim deed of the City of Little Rock; Now, Therefore, BE IT RESOLVED by the Board of Commissioners of the Little Rock Municipal Water Works that the Board of Directors of the City of Little Rock, Arkansas, be requested to approve the sale of certain lands in Saline County, Arkansas, to Charles S. Betts and Mary N. Betts, his wife, in accordance with and upon the terms set forth in the copies of the proposed ordinance (which sets out in full the forms for the proposed note and mortgage) and deed attached hereto. 1964. PASSED AND UNANIMOUSLY ADOPTED this 20th day of March, Certificate I, H. J. Burford, Secretary- Treasurer of the Board of Commissioners of the Little Rock Municipal Water Works, certify that I, as such Secretary, have custody of the minutes and documents of the Little Rock Municipal Water Works, and that the above and foregoing is a correct copy of a resolution adopted by said Board of Commissioners at its regular meeting held March 20, 1964. Spereta y- Treasurer