1863RESOLUTION NO. ~ gC~ 3
A RESOLUTION TO AUTHORIZE THE MAYOR AND THE CITY CLERK
TO EXECUTE A SPECIAL WARRANTY DEED AND OTHER NECESSARY
INSTRUMENTS OF CONVEYANCE REGARDING SUPERIOR
INDUSTRIES INTERNATIONAL, INC., AND FOR OTHER PURPOSES.
WHEREAS, Arkansas statutes require a written resolution of the City Council authorizing the
Mayor and the City Clerk to execute deeds for the conveyance of real property; and
WHEREAS, Superior Industries International, Inc., and the City of West Memphis, Arkansas,
entered into a Lease Agreement dated the 1St day of December, 1989, in connection with an Industrial
Development Revenue Bond issue in the principal amount of $2,600,000 as authorized by Ordinance
1407 of the City of West Memphis; and
WHEREAS, Superior Industries International, Inc., has notified the City of West Memphis of
its intention to exercise its option to acquire legal title to the Project as provided in Section 11.5 of the
Lease Agreement; and
WHEREAS, the bonds were redeemed in full on June 19, 2000, and there are no outstanding
bonds; and
WHEREAS, upon payment of the purchase price as set out in Section 11.5 of the Lease
Agreement the City of West Memphis, as Lessor, is to deliver to the Lessee a special warranty deed and
other appropriate conveyance instruments transferring good and merchantable title to the property, as
such property then exists, subject to the following: (i) those liens and encumbrances (if any) to which
title to said property was subject when conveyed to the Lessor; (ii) those liens and encumbrances
created by the Lessee or to the creation or suffering of which the Lessee consented; (iii) those liens and
encumbrances resulting from the failure of the Lessee to perform or observe any of the agreements on
its part contained in the Lease Agreement; (iv) Permitted Encumbrances other than the Indenture and
the Lease Agreement; and (v) the rights and title of the condemning authority with respect to Section
7.5 A of the Lease Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
WEST MEMPHIS, ARKANSAS, THAT upon payment of the purchase price as set out in Section
11.5 of the Lease Agreement, the Mayor and the City Clerk are authorized to execute on behalf of the
City of West Memphis a special warranty deed and other appropriate conveyance instruments
transferring to Superior Industries International, Inc., good and merchantable title to the Leased
Premises free and clear of all liens and encumbrances except those as provided in Section 11.4 of the
Lease Agreement.
ADOPTED this ~ day ofJEPZENlBc~ , 2006.
WILLIAM H. JOHNSO ,MAYOR
ATTEST:
PHIL ,CITY CLERK
SPONSORED BY:
RECEIVED
City Clerk's Office o ! ! : va ~
Date/Time $ a 8 (v
By