HomeMy WebLinkAbout5958 RESOLUTION NO 5,958
A RESOLUTION ACCEPTING AN OFFER MADE BY GAYLAND
KING AND HELEN KING TO PURCHASE A TRACT OF LAND
IN THE LITTLE ROCK PORT INDUSTRIAL PARK DISTRICT;
AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE
A WARRANTY DEED IN FAVOR OF THE SAID GAYLAND KING
AND HELEN KING UPON PAYMENT OF THE TOTAL PURCHASE
PRICE; AND FOR OTHER PURPOSES
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
LITTLE ROCK, ARKANSAS.
SECTION 1. Gayland King and Helen King have executed an
Offer to purchase a tract of land in the Little Rock Port Indus-
trial Park District identified as Tract Area 201, a replat of
part of Area 201, which offer has been accepted by the Little
Rock Port Authority subject to approval of the Board of Directors
of the City of Little Rock . The said tract contains approximately
1. 614 acres and is more particularly described as follows :
A tract of land situated in the Little Rock Port
Industrial Park in the N%, SW4, Section 16 , Town-
ship 1 North, Range 12 West, Pulaski County,
Arkansas , being more particularly described as
follows :
Commencing at the Southwest corner of said Section
16; thence N 01° 33 ' 49" E, 929 . 80 feet; thence
N 89° 47 ' 08 " W, 242 . 14 feet; thence N 01° 12 ' 52 "
E 956 .13 feet to the North right of way line of
Lindsey Road; thence along said north right of
way line S 89° 47 ' 08 " E, 1, 472 .15 feet to the
point of beginning; thence continuing along said
North right of way line S 89° 47 ' 08 " E, 130 .00
feet; thence N 00 12 ' 52" E , 290 . 00 feet; thence
N 89° 47 ' 08 " W, 435 . 36 feet; thence along a curve
to the right having a radius of 559 .44 feet and a
chord bearing S 46° 15 ' 58" E, 420 . 99 feet to the
point of beginning and containing 1 .614 acres,
more or less .
SECTION 2 . A copy of the Offer and Acceptance dated May 1, 1978
is attached to this Resolution and incorporated herein by reference
and is hereby approved and accepted by the Board of Directors of the
City of Little Rock. The Mayor is hereby directed to execute for
and on behalf of the City a Warranty Deed conveying said property
to Gayland King and Helen King, and the City Clerk is hereby autho-
rized to attest samd and deliver same to Gayland King and Helen King
upon full payment of the sum of Thirty-two thousand ($32 ,000 .00
dollars .
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SECTION 3 .
This Resolution shall be in full force and effect
from and after its adoption .
ADOPTED: June 20, 1978 401// APPROVED
:Pf
ST : Vice ayor
ATTEST : Clerk
City
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SECTION 3 . This Resolution shall be in full force and effect
from and after its adoption.
ADOPTED: June 20, 1978
ATTEST: APPROVED:
City Clerk Vice ayor
•
OFFER AND ACCEPTANCE
Dated May 1 , 1978
1 . Gayland King and Helen King , herein
called the Buyer, offers to buy subject to the following conditions
from the Little Rock Port Authority, an agency of the City of Little
Rock, hereafter called dye Seller, the followin operty:
( , 7 130 ► 7t) . .y' ,/„
Approximately acre consisting of -' frontage on Lindsey
Road in Area 201 across from General Electric .
2 . Buyer will pay to the City of Little Rock the sum of A32 nnn no
(Thirty-two thousand dollars)
for the described property.
3. This Offer is made subject to the condition that gas , water,
and sewer will be available to the road right-of-way adjacent to the
property.
4. Conveyance shall be made by Warranty Deed and acceptance
shall be subject to all recorded restrictions and easements , if any,
and it shall contain certain Protective Covenants, a copy of which
has been furnished Buyer.
5 . Buyer herewith tenders $5 ,000.00 (Five Thousand Dollars)
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.
6 . 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 the closing date.
Page 2
7 . The Seller shall furnish at its cost a complete abstract
reflecting merchantable title; however, Seller shall have an option to
furnish Buyer in place of the 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 the 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. The closing of the transaction
shall be completed as soon as possible after the certification of the
title.
8. Possession of the tract shall be delivered immediately upon
closing of this transaction.
9 . Buyer certifies that it has inspected the property and it is
not relying upon any warranties , representations or statements of
Seller as to the suitability of the land for the intended purposes of
Buyer.
10. This Offer shall be a binding contract if accepted p by the
1 Little Rock Port Authority pursuant to authority granted by the Board
of Directors of the City of Little Rock.
Buyer
Attested:
By: • r
The above Offer is accepted this CAA day of /44 � 19_2L
LITTLE ROCK PORT AUTHORITY
Seller
By: X 4 l' v. .,-
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