Loading...
HomeMy WebLinkAbout11246ORDINANCE NO. 11,246 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 IANDS 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 15th day of December, 1961, has requested the Board of Directors of the City of Little Rock, Arkansas, to approve the sale of the herein- after 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 warranty deed on behalf of the City of Little Rock, Arkansas, conveying to Paul R. Lancaster and Virginia E. Lancaster, his wife, the following described real property situated in Saline County, Arkansas, to -wit: All that part of the SWk of the NWk lying South of the North Fork of Saline River; All that part of the SEk of the NWk lying on the South side of the branch; The E� of the SWk; All that part of the W� of the SWk lying East of the branch; and oC '9 - -2 4 b -4 All that part of the SW�4 described as commencing at the Southwest corner thereof and run thence East to the drean; thence down the drean to the branch; thence down the branch to the North Fork; thence up the North Fork to the section line; thence South to the place of beginning; All of said lands being in Section 25, Township 1 North, Range 16 West; and The E2 of the E-12 of the NWk and the N2 of the NEk of Section 36, Township 1 North, Range 16 West; said conveyance to be for a consideration of Seventeen Thousand Three Hundred Forty and no /100 Dollars ($17,340.00) payable to the Board of Commissioners of the Little Rock Municipal Water Works as follows: $3,468.00 in cash upon the date of closing, with the balance of $13,872.00 to bear interest at the rate cf six per cent per annum and to be payable in annual installments of $693.60, plus accrued interest, commencing on or before one year from the anniversary date of conveyance, with a like sum to become due each year thereafter on or before the anniversary date of said conveyance, 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 on 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 $13,872.00 Benton, Arkansas , 1962 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 Thirteen Thousand Eight Hundred Seventy Two and no /100 Dollars ($13,872.00), with interest from date until due - 2 - at the rate of six per cent per annum on the principal balance and thereafter at the rate of ten per cent per annum, due date meaning the due date of each installment; this indebtedness is payable in annual installments of Six Hundred Ninety Three and 60/100 Dollars ($693.60) on principal, plus accrued interest, commencing on or before the day of �, 19632 with a like sum to become due on or before the day of 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: All that part of the SW 4 of the NWk lying South of the North Fork of Saline River; All that part of the SEA of the NWk lying on the South side of the branch; The E� of the SWk; All that part of the W� of the SWk lying East of the branch; and All that part of the SWk described as commencing at the Southwest corner thereof and run thence East to the drean; thence down the drean to the branch; thence down the branch to the North Fork; thence up the North Fork to the section line; thence South to the place of beginning; All of said lands being in Section 25, Township 1 North, Range 16 West; and The E� of the V2, of the NWk and the W2- of the NEk of Section 36, 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 per annum until paid. Waiver of any particular default shall not - 3 - 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 attorneys fees not to exceed ten per cent 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: Paul R. Lancaster Virginia E. Lancaster (Form of Mortgage) MORTGAGE KNOW ALL MEN BY THESE PRESENTS: THAT We, Paul R. Lancaster and Virginia E. Lancaster, 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 SWk of the NWk lying South of the North Fork of Saline River; All that part of the SEk of the NW'k lying on the South side of the branch; The E2 of the SWk; All that part of the W12 of the SW4- lying East of the branch; and All that part of the SWk described as commencing at the Southwest corner thereof and run thence East to the drean; thence down the drean to the branch; thence down the branch to the North Fork; thence up the North Fork to the section line; thence South to the place of beginning; - 4 - All of said lands being in Section 25, Township 1 North, Range 16 West; and The E12 of the E2 of the NWk and the W2 of the NEB of Section 36, 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 therefrom 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 I, Virginia E.Lancaster, wife of Paul R. Lancaster, 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 Thirteen Thousand Eight Hundred Seventy Two and no /100 Dollars ($13,872.00), evidenced by one promissory note of even date3 incorporated herein by reference, in the amount of $132872.00, bearing interest from date until due at the rate of six per cent per annum and thereafter at the rate of ten per cent per annum, due date meaning the due date of each installment; this indebtedness is payable in annual installments of Six Hundred Ninety Three and 60/100 Dollars ($693.60) on principal, plus accrued interest, commencing on or before the day of , 1963, with a like sum to become due on or before the day of 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 otherwise, to the time of the satisfaction of this mortgage. 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 Mortgagor 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 attorneys fees not to exceed ten per cent 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. - 5 - • o 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 for- feiture and shall have a prior lien upon said property for repayment with interest at six per cent; 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 tin 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 foreclosure; all such abstract expense shall be paid by the holder and added to the principal amount of this indebtedness to bear interest at six per cent 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, the 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 indebted- ness; 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 insertions 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 said property to anyone purchasing at said sale, and 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 be paid to said Mortgagors. Mortgagors hereby waive any and all rights of appraise - ment, 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. WITNESS our hands and seals on this day of , 1962. Paul R. Lancaster Virginia E. Lancaster - 6 - STATE OF ) )ss. COUNTY OF ,) t � 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, Paul R. Lancaster and Virginia E. Lancaster, 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 Virginia E. Lancaster, wife of the said Paul R. Lancaster, 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 relinquishment of dower and homestead therein for the considera- tion 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 , 1962. My comm. expires: (Seal) Notary Public SECTION 2. That this ordinance shall take effect and be in force from and after its passage. PASSED: January 8 , 1962. ATTEST: City Clerk - 7 - APPROVED: r 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 Paul R. Lancaster and Virginia E. Lancaster, his wife, to purchase a part of the tracts known as the Van Gilbert and Mothershed- Cockmon places, for the sum of $17,340.00, which sum the Board believes to represent the fair market value of the lands, the purchase to be upon the following terms, to -wit: $3,468.00 in cash, with the balance of $13,872.00 to bear interest at the rate of 6% per annum and to be payable over a period of twenty years in annual installments of $693.60 plus accrued interest, the balance to be secured by a mortgage upon the lands; 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 Paul R. Lancaster and Virginia E. Lancaster, his wife, in accordance with and upon the terms set forth in the copies of the proposed ordinance (which QOf _.a ,6 D -11 sets out in full the forms for the proposed note and mortgage) and deed attached hereto. R Passed and unanimously adopted this 15th day of December, 1961. Certificate I. Lawson L. Delony, 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 December 15, 1961, in the City of Little Rock, Arkansas. This certificate made this 18th day of December, 1961. i S cretary -Tr surer Subscribed and sworn to before me, the undersigned Notary Public within and for the State of Arkansas, County of Pulaski, this 18th day of December, 1961. My comm. expires: (Seal) Notary