The URL can be used to link to this page

Home My WebLink About4262 RESOLUTION NO. 4,262 A RESOLUTION AUTHORIZING THE LITTLE ROCK PORT AUTHORITY, AN AGENT OF THE CITY OF LITTLE ROCK, ARKANSAS , TO EXECUTE ON BEHALF OF THE CITY OF LITTLE ROCK AN "OPTION AND AGREEMENT" AND AN "AGREEMENT TO ENTER INTO OPTION" WITH OUACHITA MARINE AND INDUSTRIAL CORPORATION. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS . SECTION 1 . The Little Rock Port Authority, an agent of the City of Little Rock, is hereby authorized and directed to execute an ^'agreement to enter into option" with Ouachita Marine and Industrial Corporation giving said corporation the sole and exclusive right and option to purchase the following described parcel of land situated in the County of Pulaski , State of Arkansas, to-wit: Tract 105B as shown by the attached site plan, which tract shall subsequently be fully described by a licensed surveyor. The "agreement to enter into option" shall be in form and substance as follows : A A e rt.E .ANT 1. This Agreement sae and entered into as of June 2, 1969, by and between the Little Rock Port Authority, an agency of the City of Little Rock, Arkansas, acting on behalf of and under authority vested in it by the City of Little Rock, Arkansas , hereinafter designated as "Seller", and Ouachita Henna and Industrial Corporation, of Arkadelphia, Arkansas, hereinafter designated as "Buyer" . 1 2 . r:eller has granted to Dwyer the sole and exclusive right and option to purchase the following described lot or parcel of land situated in Pulaski County, Arkansas : Tract 105 E as shown by the attached Site Plan, which tract shall subsequently be fully described by a Licensed Surveyor . The option on the above described tract extends to January I , 19/0 . 3 . If Buyer elects to exercise the option on Tract 105 in accordance Kith the terms of that option, the parties hereto agree that they will promptly, after the exercise of that option, enter into the Option and Agreement attached hereto, with the blank dates on 1 pages one, two and three of said Option and Agreement to be the data when said Option and Agreement is executed . UR WITNESS WHEREOF, the parties hereto have executed this instrument on the date first above written . LITTER RICK PORT AUTHORITY H 1 ELLER UUACHITA ) ARIN! AND plopus 'R.TL CORP- ORATION " r- nuY it�t -2- SECTION 2. The Little Rock Port Authority is further authorized and directed to execute an "agreement to enter into option" with Ouachita Marine and Industrial Corporation which shall be in form and substance as follows : I 1 c •i +)r'i ioN APt Q A(3REAigllT 1 . This Agreement made and entered into on this day of , t)y and between the Little Dock Port Authority , an agency of the City of Little Hock, Arkansas, acting on behalf of and under. Authority vested in it by the City of Little Rock, Arkansas, hereinafter designated as "Seller", and Ouachita Marine and industrial Corporation, of Arkadelphia, Arkansas, herein- after designated as "Buyer" . 2 . Seller, in consideration of the sum of Fifteen Thousand boilers ($15, 000,00) to Seller in hand paid by Buyer, the receipt and sufficiency of which is hereby acknowledged, as well as tha covenants and agreements hereinafter mentioned and set forth, does hereby give and grant to Buyer the sole and exclusive right and option to purchase the following lots or parcels of Land situated in Pulaski County, Arkansas, to-wit : Tract 105 C as shown by the attached Bite flan, containing 10 acres, more or less, which tract shall be fully described by a Licensed Surveyor prior to the date of closing. Tract 105 r1 as shown by the attached Site l'lau, containing 19 acres, more or less, which tract shall be fully described by a Licensed Surveyor prior to the data of closing. 3 . The term of the option herein granted to Buyer rha11 con- tinue for 0 period of three years from _ it is understood and agreed that buyer may exercise the right to purchase Tract 105 C at any time within the option period without exercising the right to purchase Tract 105 D. Buyer may not exorcise the right to purchase Tract 105 D without having first exorcised the option to purchase Tract 105 C. If Buyer does exercise the option to purchAsa Tract 105 C, Buyer may thereafter exercise the option to purchase Tract 105 D At any time within the option period as provided herein , if Buyer does elect to purchase either one or both of the above tracts, 1 a' Buyer shall give to Seller written notice addressed to the Seller at the Little Rock Port Authority, P . 0. Sox 2300, Little Rook, Arkansas, on or before the expiration of the three-year period. In the event that Buyer elects to purchase such property as herein provided, such notice shall be deemed given when posted in the mails, postage preps id, or otherwise delivered to Seller at the above aldress, 4. In the event notice is given to purchase, as aforesaid, the Seller agrees, at Seller's expense, to furnish to Buyer or its repre- sentative , within a reasonable time after Seller's receipt of such notice, an abstract of title, brought to date, showing a marketable title which can be conveyed to Buyer free from all liens and encum- brances, except all existing easements and rights of way . Sailer agrees to fulfill any title requirements made is connection therewith within a reasonable time after being advised thereof. It is further understood and agreed that Seller may, at its option, designate a right of way across the south part of Tract 1051 C for use as a railroad spur, which right of way shall not exceed 40 feet in width . This right of way shall be fully described by a Licensed Surveyor prior to closing of any sale hereunder. 5. The purchase price for the property set out above will be •s pu P follows In the event that Buyer elects to exercise this option and purchase said property within twelve (12) months of , the purchase price to be paid to Seller by Buyer shall be the suss of $4,000.00 per acre. In the event Buyer elects to exercise this option and purchase said property within the second twelve (1.2) month period following the purchase price to be paid to Seller by Buyer shall be the sum of 0,500.00 per acre. In the event Buyer elects to exercise this option .2- A • and purchase said property within the third twelve (12) month period following ji the purchase price to be paid to Seller by Buyer for the described property shall be the suit of $5,000.00 per acre. Exact acreage of the parcels herein optioned shall be determined by the survey of a Licensed Surveyor prior to completion. The acreage for whiehAtyer shall pay shall not include the acreage to be used for the railroad spur right of way referred to above. 6. If the Buyer exfrcisea this option and purchases Tract 105 C, the purchase price for this tract shall be the price as determined aforesaid, less the sum of $10,000.00. If the Buyer thereafter exercises this option and purchases Tract 105 D, the purchase price for Tract 105 D shall be the price as determined afore ' said, leas the sum of $5,040.00. If the Buyer fails to exercise any part of this option, the sum of $15,000.Q0 given AS consideration for this option shall be re to ined by Seller as liquidated Mies. If the Buyer exercises the option to purchase Tract 105 C but does not thereafter exercise the option to purchase Tract 105 D, the sus of 1 $5,000.00 shall be retained by the Seller as liquidated damages . 7 . It is further agreed that the Seller and Buyer are bound by restrictive covenants as set forth in Exhibit A, attached hereto, and incorporated herein by reference, except as amendments thereto are provided below. It is agreed that these covenants shall be$ incorporated in any deed conveying this property to Buyer, except as 1 they are modified herein and may be further modified by mutual agree- meet between Seller and Buyer. It is hereby expressly agreed that Paragraph 11 of the attached protective covenants shall be amended A to provide that the requirements for the construction of buildings ,3 can be met by Buyer constructing buildings covering 201, of the ground -3.. I A rnei on all Land which Buyer has purchased from Seller, it being expressly understood and agreed that all tracts purchased by Buyer from Seller shall be considered as one unit for this purpose so that Buyer can place all of the buildings constructed on either Tract 105 13, 105 C, or 105 D, and still met this building requirement. It is further agreed that this covenant shall be emended to allow Buyer to commence additional construction which may be required by the reason of purchases of Tracts 105 C and/or 105 D within two years after title to each additional tract ie acquired by Buyer. 8. Seller agreed to execute and deliver to Buyer within teen (10) days of the date upon which Seller's title has been approved, a warranty deed conveying the above Identified lots or parcels of land to Buyer. 9 . Concurrently with the delivery of the aforesaid warranty deed, Buyer agrees to pay to Seller the purchase price payable here- under, whereupon buyer shall be entitled to immediate possession of the property conveyed thereby . 10. It is further agreed that the Seller shall pay or caue+e to be pa id: (e) Any and all federal and state documentary tax stamps required by law to be affixed to such warranty deed; (b) All special taxes and assessments levied against the above described property by any Improvement District prorated to the date of transfer of such property to Buyer. 11 . Th i l option is given solely for the use and benefit of Ouachita Marine and Industrial Corporation and it shall not be transferred or assigned without prior written approval of Seller . -4- A � IN WITNESS WHEREOF, the parties hereunto have executed this instrument on the data first: written above. LITTLE ROCK PORT AUTHORITY By SELLER OUACHHITA MARINE AND INDUSTRIAL CORPORATION By BUYER • f 1 -3- SECTION 3. This Resolution shall be in full force and effect from and after its adoption. ADOPTED: October 6, 1969 41 . ATTEST: ./ C APPROVED: 4 'r Y Y /City Clerk Mayor