HomeMy WebLinkAbout11194ORDINANCE NO. 11,194
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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 COMISSIONER,S 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 26th day
of May, 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 diVected to execute
a warranty deed on behalf of the City of Little Rock, Arkansas,
conveying to Jethro W. Rowan and Ruby Rowan, his wife, and Paul J.
,.,RcwFan and Dava Jean Rowan, his wife, the followifig described real
property situated in Saline County, Arkansas, to -wit:
The SEk of Section 8, Township 1 South, Range 15 West, 4*%%
except-one acre described as beginning 741 feet North with
variation of 5 degrees 35 minutes East and 926 feet West
with variation of 4 degrees 45 minutes East from Southeast
corner of said Section 8 for the point of beginning, same
being the Southeast corner of cemetery tract; thence North
208.7 feet; thence West 208.7 feet; thence South 208.7
feet; thence East 208.7 feet to the place of beginning;
coo -
All that part of the Ek of the SWk of Section 8, Township
1 South, Range 15 West, lying East of Haw Creek and East of
North Fork of Saline River;
All that part of the SWk of Section 8, Township 1 South,
Range 15 West, lying East of North Fork of Saline River and
West of Haw Creek;
All that part of the SWk of the NWk of Section 8, Township-
1 South, Range 15 West.,-lying East-of North Fork of Saline
River;
The N2 of the NEk of Section 17, Township 1 South, Range 15
West, except that part lying South of North Fork of Saline
River and except a tract described as beginning at the
Southwest corner of the NEk of the NEk of said Section 17
and run thence East 634 feet; thence Northwest 340 feet;
thence in a Southwesterly direction 650 feet to the point
of beginning;
All that part of the NEk of the NWT of Section 17, Township
1 South, Range 15 West, lying North and East of North Fork
of Saline River;
said conveyance to be for a consideration of Twenty Five Thousand
and no /100 Dollars ($25,000.00) payable to the Board of Commissioners
of the Little Rock Municipal Water Works as follows: $5,000.00 in
cash upon the date of closing, with the balance of $202000.00 to
bear interest at the rate of six per cent per annum from January 1,
1962, and to be payable in annual installments of $1,000.00, plus
accrued interest, commencing on or before the 2nd day of January,
1963, with a like sum to became 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 :
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(Form of Note)
MORTGAGE NOTE
$20,000.00
Benton, Arkansas
June , 1961
FOR VALUE RECEIVED, We promise to pay to the order of the
Board of Commissioners -of the Little Rock Municipal Water Works
the sun of Twenty Thousand and -no /100 Dollars ($20,000.00), 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 One Thousand and no /100 Dollars ($1,000.00) on
principal, plus accrued interest, commencing on or before the 2nd
day of January, 1963, with a like sun 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 the following described real property situated in
Saline County, Arkansas, to -wit:
The SEk of Section 8, Township 1 South, Range 15 West,
except -one acre described as beginning 741 feet North with
variation of 5 degrees 35 minutes East and 926 feet West
with variation of 4 degrees 45 minutes East from Southeast
corner of said Section 8 for the point of beginning, same
being the Southeast corner of cemetery tract; thence North
208.7 feet; thence West 208.7 feet; thence South 208.7
feet; thence East 208.7 feet to the place of beginning;
All that part of the E� of the SWk of Section 8, Township
1 South, Range 15 West, lying East of Haw Creek and East
of North Fork of Saline River;
All that part of the SWk of Section 8, Township 1 South,
Range 15 West, lying East of North Fork of Saline River and
West of Haw Creek;
All that part of the SWk of the NWk of Section 8, Township
1 South, Range 15 West,,-lying East-of North Fork of Saline
River;
The N� of the NEk of Section 17, Township 1 South, Range 15
West, except that part lying South of North Fork of Saline
River and except a tract described as beginning at the
Southwest corner of the NEk of the NEk of said Section 17
and run thence East 634 feet; thence Northwest 340 feet;
thence in a Southwesterly direction 650 feet to the point
of beginning;
All that part of the NEk of the NWk of Section 17, Township
1 South, Range 15 West, -lying North and East of North Fork
of Saline River;
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Q
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 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 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
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:
Jethro W. Rowan
Ruby Rowan
Paul J. Rowan
Dava Jean Rowan
(Form of Mortgage)
MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
THAT We, Jethro W. Rowan and Ruby Rowan, his
Rowan and Dava Jean Rowan, his wife, Mortgagors,
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wife, and Paul J.
for and in
consideration of the sum of
in hand paid, the receipt o;
hereby grant, bargain, sell
Commissioners of the Little
and unto its successors and
property situated in Saline
$1.00 and other valuable consideration
E-which is hereby acknowledged, do
and convey unto the Board of
Rock Municipal Water Works, Mortgagee,
assigns forever, the following real
County, Arkansas, to -wit:
The SEk of Section 8, Township 1 South, Range 15 West,
except -one acre described as beginning 741 feet North with
variation of 5 degrees 35 minutes East and 926 feet West
with variation of 4 degrees 45 minutes East from Southeast
corner of said Section 8 for the point of beginning, same
being the Southeast corner of cemetery tract; thence North
208.7 feet; thence West 208.7 feet; thence South 208.7
feet; thence East 208.7 feet to the place of beginning;
All that part of the E� of the SWk of Section 8, Township
1 South, Range 15 West, lying East of Haw Creek and East
of North Fork of Saline River;
All that part of the SWk of Section 8, Township 1 South,
Range 15 West, lying East of North Fork of Saline River and
West of Haw Creek;
All that part of the SWk of the NWk of Section 8, Township
1 South, Range 15 West.,-lying East. of North Fork of Saline
River;
The N'k of the NEk of Section 17, Township 1 South, Range
15 West, except that part lying South of North Fork of Saline
River and except a tract described as beginning at the .
Southwest corner ofthe NEk of the NEk of said Section 17
and run thence East 634 feet; thence - Northwest 340 feet;
thence in a Southwesterly direction 650 feet to the point
of beginning;
All that part of the NEk of the NWk of Section 17, Township
1 South, Range 15 West, -lying North and East of North Fork
of Saline River.
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 we, Ruby Rowan and Dava Jean Rowan, wives of Jethro
Rowan and Paul J. Rowan, respectively, for the consideration
said, do hereby release unto said Mortgagee, and unto its
successors and assigns forever, all our right and possibility
dower and homestead in and to the said lands.
- 5 -
W.
afore-
of
The sale is on the condition that, whereas, Mortgagors are
justly indebted unto said Mortgagee in the sum of Twenty Thousand
and no /100 Dollars ($20,000.00), evidenced by one promissory note
of even date, incorporated herein by reference, in the amount of
$202000.00, 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 One Thousand and
no /100 Dollars'($1,000.00) on principal, plus accrued interest,
commencing on or before the 2nd day of January, 19632 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 Mortgagots 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 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 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.
Mortgagors covenant that they 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 Mortgagors
fail to pay the premiums for such insurance promptly when due, the
holder may pay the same without notice to the makers, add such
premiums to the principal balance at six per cent interest and have
a prior lien for the repayment of said sun. Mortgagors further
covenant that all improvements will be kept in a good state of 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 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(s)
- 6 -
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(s) 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 indebtedness;
and withor 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 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.
WITNESS our hands and seals this day of June, 1961.
STATE OF ARKANSAS )
)ss.
COUNTY OF a
On this day personally
Notary Public within and for
qualified, commissioned and
his wife, and Paul J. Rowan
Jethro W. Rowan
Ruby Rowan
Paul J. Rowan
Dava Jean Rowan
ACKNOWLEDGMENT
appeared before the undersigned, a
the County and State aforesaid, duly
acting, Jethro W. Rowan and Ruby Rowan,
and Dava -Jean Rowan, his wife, to me
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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 Ruby
Rowan and Dava Jean Rowan, wives of the said Jethro W. Rowan and
Paul J. Rowan, respectively, and in the absence of their said
husbands declared that they had, of their own free will, executed
said mortgage and signed and sealed the relinquishment of dower
and homestead therein for the consideration and purposes therein
contained and set forth, without compulsion or undue influence of
their said husbands.
WITNESS my hand and official seal on this day of
June, 1961.
My comm. expires:
Notary Public
(Seal)
SECTION 2. That this ordinance shall take effect and be in
force from and after its passage.
PASSED: July 5th , 1961.
ATTEST:
City Clerk
APPROVED:
MayoL.-59/--
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
to purchase two of said tracts known as the Green and Rogers
properties, for the sum of $25,000.00, which sum the Board believes
to represent the fair market value of the lands, the purchase to
be upon the following terms, to -wit: $5,000.00 in cash, with the
balance of $20,000.00 to bear interest at the rate of 6% per annum
commencing January 1, 1962, and to be paid over a period of twenty
years in annual installments of $1,000.00 plus accrued interest,
* �r
the balance to be secured by a mortgage upon the lands; Now,
Therefore,
k
BE IT RESOLVED by the Board of Commissionert 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, in accordance
0
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.
Passed and unanimously adopted this 26th day of May,
1961.
Chairman
v
Secretary- Treas//u er
l
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 May 26, 1961, in the
City of Little Rock, Arkansas.
This certificate made this - ?I day of June, 1961.
✓ 2 j; � ZL
Secretary -Tre carer
'
Subscribed and sworn to before me, the undersigned Notary
Public wit) n and for the State of Arkansas, County of Pulaski,
this /�''`'"�� day of June, 1961.
My comm expires : Notary Public
-G
(Seal)
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