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HomeMy WebLinkAbout11204"s ORDINANCE NO. 11,204 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 28th day of July, 1961, has requested the Board of Directors of the City of Little Rock, Arkansas, to approve the sale of the hereinafter 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 Leila Graves, subject to the rights of the existing tenant, the following described real property situated in Saline County, Arkansas, to -wit: All of the Northwest Quarter (NWk) of Section 23, Township 1 North, Range 16 West;.,- said conveyance to be for a consideration of Ten Thousand and no /100 Dollars ($10,000.00) payable to the Board of C- issioners of the Little Rock Municipal Water Works as follows: $2,000.00 or . e -�l in cash upon the date of closing, with the balance of $8,000.00 to bear interest at the rate of six per cent per annum from January 1, 1962, and to be payable in annual installments of $800.00, plus accrued interest, commencing on or before the 2nd day of January, 1963, with a like sum to become due on or before the 2nd day of January 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 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 f ollows : (Form of Note) MORTGAGE NOTE $8,000.00 Little Rock, Arkansas August , 1961 FOR VALUE RECEIVED, I promise to pay to the order of the Board of Commissioners -of the Little Rock Municipal Water Works the sum of Eight Thousand and no /100 Dollars ($8,000.00), with interest from January 1, 1962, until due 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 Eight Hundred and no /100 Dollars ($800.00) on principal, plus accrued interest, commencing -on or before the 2nd day of January, 1963, with a like sum to become due on or before the 2nd day of January of each year thereafter 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 all of the Northwest Quarter of Section 23, Township 1 North, Range 16 West, Saline County, Arkansas, 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 - 2 - t Auditorium, Little Rock, Arkansas, or at such other place as the holder hereof may designate by first class mail addressed to the maker at the address shown below. Should the maker be in default in the payment of any installment of principal or interest for a period of sixty days, or should.she 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 constitute a waiver of any subsequent default, nor shall acceptance of any payment after a default constitute a waiver of any default. The maker waives presentment for payment, notice of nonpayment, 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 maker 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: Leila Graves (Form of Mortgage) MORTGAGE KNOW ALL MEN BY THESE PRESENTS: THAT I. Leila Graves, Mortgagor, 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 real property situated in Saline County, Arkansas, to -wit: All of the Northwest Quarter (NWk) of Section 23, 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 there- - 3 - L1 unto belonging; and all rents, income and profits therefrom after any default herein. I 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. The sale is on the condition that, whereas, Mortgagor is justly indebted unto said.Mortgagee in_the scan of Eight Thousand and no /100 Dollars ($8,000.00), evidenced by one promissory note of even date, incorporated herein by reference, in the amount of $8,000.00, bearing interest from January 1, 1962, 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 Eight Hundred and no /100 Dollars ($800.00) on principal, plus accrued interest, commencing on or before the -2nd day of January, 1963, with a like sum to become due on or before the 2nd day of January 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 Mortgagor 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 Mortgagor 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 Mortgagor 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. Mortgagor covenants that she will maintain fire and extended coverage insurance at all times upon the improvements in amounts at least equal to the replacement cost thereof less depreciation, in some company acceptable to the holder hereof, with loss payable clause to the holder of this mortgage; the original(s) of said policy(ies) shall be delivered to Mortgagee for safekeeping. Should Mortgagor fail to pay the premiums for such insurance promptly when due, the holder may pay the same without notice to the maker, add such premiums to the principal balance at six per cent interest and have a prior lien for the repayment of said sum. Mortgagor further covenants that all improvements will be kept in a good state of - 4 - 0 repair and waste will neither be permitted nor committed;.that all taxes of whatsoever nature, as well as assessments,for improvements, 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; that Mortgagor shall furnish at her 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 Mortgagor's 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 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 Mortgagor 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 Mortgagor hereby authorizes 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 Mortgagor. Mortgagor hereby waives 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 my hand and seal on this day of August, 1961. STATE OF ARKANSAS) ass. COUNTY OF - 5 - Leila Graves ACKNOWLEDGMENT N .• On this day personally appeared before the undersigned, a Notary Public within and for the County and State aforesaid, duly qualified, commissioned and acting, Leila Graves, to me well known as Mortgagor in the foregoing mortgage, and stated that she had executed the same for the consideration and purposes therein mentioned and set forth. WITNESS my hand and official seal on this day of August, 1961. My comet. expires: Notary Public (Seal) SECTION 2. That this ordinance shall take effect and be in force from and after its passage. PASSED: August 21 , 1961. ATTEST: 471-� ee' S�.j City Clerk - 6 - APPROVED: Mayor 'it 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 Mrs. Leila Graves to purchase a part of the tract known as the Van Gilbert place, for the sum of $10,000.00, which sum the Board believes to represent the fair market value of the lands, the purchase to be upon the following terms, to -wit: $2,000.00 in cash, with the balance of $8,000.00 to bear interest at the rate of 6% per annum commencing January 1, 1962, and to be paid over a period of ten years in annual installments of $800.00 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 Mrs. Leila Graves 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 L proposed note and mortgage) and deed attached hereto. 1961. Passed and unanimously adopted this 28th day of July, Certificate o[� W Secretary - Treasurer 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 July 28, 1961, in the City of Little Rock, Arkansas. This certificate made this lst day of August, 1961. Secretary-Treasurer- Subscribed and sworn to before me, the undersigned Notary Public within and for the State of Arkansas, County of Pulaski, this 1st day of August, 1961. My comm. expires; =4-1k�l� (Seal) ,.' - -