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RESOLUTION NO. 4,731
A RESOLUTION ACCEPTING AN OFFER MADE BY
PERKINS AUTOMATIC SPRINKLER CO. , INC. TO
BUY A TRACT OF LAND IN THE LITTLE ROCK
PORT INDUSTRIAL PARK DISTRICT FOR THE
TOTAL SUM OF $32 ,000. 00; AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE A WARRANTY
DEED-IN-FAVOR- OF PERKINS AUTOMATIC SPRINKLER
CO. , INC, -UPON PAYMENT OF THE TOTAL AMOUNT
OF THE PURCHASE PRICE; AND FOR OTHER PURPOSES
NOW, THEREFORE,. BE_ IT RESOLVED BY--THE BOARD OF DIRECTORS
OF THE CITY_:OF- LITTLE: ROCK, ARKANSAS .
SECTION 1. Perkins Automatic Sprinkler Co. , Inc. has
submitted to the Little Rock Port Authority a bid to purchase a
tract of land in the Little Rock Port Industrial Park District
described as Tract C, Area 201, containing approximately four acres
which offer has been accepted by the Little Rock Port Authority
subject to the approval of the Board of Directors of the City of
Little Rock, Arkansas. The tract of land under consideration is
more particularly described as follows :
A parcel of land located in the NE4, SEA, Section 17 ,
Township 1 North, Range 12 West, Pulaski County, Arkan-
sas , more particularly described as follows :
Commencing at the Southeast corner of Section 17, Town-
shop 1 North, Range 12 West, Pulaski County, Arkansas ,
thence N 1°33 ' 49" East, 929. 80 'along the East line of
Section 17 to a point; thence N 89°47 ' 08" West, 242. 14 '
to a point; thence N 0°12 ' 52" East, 956.13 ' to a point
on the North right-of-way line of Lindsey Road, also
known as Federal Aid Secondary Route 1484; thence N 890
47 ' 08" West, 525. 60 feet along said North right-of-way
line of Lindsey Road to the point of beginning; thence
from the point of beginning, N 0°12 ' 52" East, 400. 00 '
to a point on the South right-of-way line of the Little
Rock Port Railroad Spur; thence S 89°47 ' 08" East, 435. 60
feet along said South right-of-way line of the Little
Rock Port Railroad Spur to a point; thence S 0°12 ' 52"
West, 400. 0' to a point on the North right-of-way line
of Lindsey Road; thence N 89°47 ' 03"W 435. 60 ' along said
North right-of-way line of Lindsey 'Road to the point of
beginning containing 4 . 00 acres more or less
SECTION 2. The- offer to purchase as set out in an Offer
and Acceptance• dated January 25, 1972 attached to- this Resolution
and incorporated thereinr_by reference is hereby approved and accepted
by the Board of Directors of the City of Little Rock and the Mayor
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is hereby authorized and directed to execute for and on behalf
of the City of Little Rock a Warranty Deed conveying said property
to Perkins Automatic Sprinkler Co. , Inc. and the City Clerk is
hereby authorized and directed to attest said Deed and to deliver
same to Perkins Automatic Sprinkler Co. , Inc. upon full payment
of the sum of $32 ,000 . 00.
SECTION 3. This Resolution shall be in full force and
effect from and after its adoption.
ADOPTED: February 1, 1972
ATTEST: /W10► APPROVED:
City Clerk Mayor
OFFER AND ACCEPTANCE
Date January 18, 1972
To LITTLE ROCK PORT AUTHORITY, an Instrumentality of the City of Little
Rock, Arkansas .
1. The PERKINS AUTOMATIC SPRINKLER COMPANY, INC. , hereinafter
called the Buyer, offers to buy, subject to the terms set forth, the
following property:
Tract C, Area 201, containing approximately 4 acres
(the exact acreage to be determined by a survey) , in
the Little Rock Port Industrial Park, located in
Pulaski County, Arkansas, as shown on the attached plat.
2 . The Buyer will pay $8, 000 .00 per acre for the property
as follows:
Payment to be made in cash.
3. Special Conditions:
4. Conveyance shall be made by warranty deed except it shall
be subject to all recorded restrictions and easements and to the un-
recorded restrictions and convenants attached.
5 . The owner of the above property, hereinafter called Seller,
shall furnish at Seller's cost a complete abstract reflecting merchantable
title satisfactory to Buyer' s attorney, however, seller shall have an
option to furnish Buyer, in' place of abstract, a policy of title
insurance and submission of an abstract shall not constitute a waiver
of this option. Seller shall have a reasonable time after acceptance
within which to furnish abstract or title insurance. If objections are
made to the title, Seller shall have a reasonable time to meet the
objections or to furnish title insurance.
6. Buyer herewith tenders $1,000 .00 as earnest money, to
become part of purchase price upon acceptance . This sum shall be held
by Seller and if offer is not accepted or if title requirements are not
fulfilled, it shall be promptly returned to Buyer. If, after acceptance,
Buyer fails to fulfill his obligations, the earnest money shall become
liquidated damages in favor of the Seller, which fact shall not preclude
Seller from asserting other legal rights which they may have because of
such breach.
7. Taxes and special assessments, due on or before the closing
date, shall be paid by the Seller. Other taxes shall be pro-rated as of
closing date.
8. Possession of the premises shall be delivered as follows:
When title is transferred.
9 . Buyer certifies that he has inspected the property and he
is not relying upon any oral warranties, representations or statements
of the Seller.
10 . This sale is subject to the approval of the Board of
Directors of the City of Little Rock.
IN WITNESS WHEREOF, the P. r ties have hereunto subscribed their
names on this the it day of , tc t� , 1972 .
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LIT LE ROCK -P,seT AUTHORITY
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Chairman
PERKI ,A\UT$M.A C SPRINKLE' COMPANY, INC.
ATTEST: t, � /
• By �� �] "L F� L -'
1, r ,`,L ,: ,- Tit' e: ;11. L. rummel, Vice President
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