1656RESOLUTION NO. 1 b 5~
A RESOLUTION APPROVING THE PURCHASE OF CERTAIN REAL
PROPERTY FROM THE U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT AND AUTHORIZING THE MAYOR AND
CITY CLERK TO EXECUTE THE SALES CONTRACT AND FOR
OTHER PURPOSES.
WHEREAS, A.C.A. ~ 14-54-302 authorizes municipalities to buy real property upon
authorization by written resolution of the City Council; and
WHEREAS, the U. S. Department of Housing and Urban Development has real property
located at 406 North O.K. Street, West Memphis, Arkansas, which it desires to sell to the City of
West Memphis for $1.00; and
WHEREAS, the City of West Memphis desires to purchase such real property;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WE5T MEMPHIS, ARKANSAS, THAT:
SECTION 1. The purchase by the City of West Memphis of the real property located at
406 North O.K. Street, West Memphis, Arkansas, for the price of $I.00 is hereby approved and
the Mayor and City Clerk are hereby authorized and directed to execute the sales contract
between the City of West Memphis and the U. S. Department of Housing and Urban Development
and to take any and all actions necessary to accomplish such purchase.
ADOPTED this 20th day of July, 2000.
fy ' ~G~-~ `_ -
WILLIAM H. JOHNSON, AYOR
ATTEST:
..d._
PHILLIP P ,CITY CLERK
1
FIRST PRESTON FORECLOSURE SP~CI~1-jSTS
1888 Sherman Street, Suite 375
Dcaver, Coiorada 80243
343-830-0777 (oftcc)
303-834-1003 (lax)
FAX
TO• ~~s ~~ FROri• ~ - --~-
PHONE: PAGES:
.,., _
RE:
CO~I~IENTS:
~~. "TOt,,,rs.~.
- 12.x._ ~-~- o~ a~-• ~-s-z.~~*-.x...~..
~~~ ~~
-~ ~ a~_ ~~
~ ~ ~~~~~
•~~„~ ,a,,Y`
~ ~~ ,~ ,n,.a_ Pis P~Q • ~~
`~"~ ~ 3•v
~~
,Xa~~.
ADDENDUM
(Cast #031-23'1790)
Reference is made to that certain Real L-state Sale Agreement dated
July 14, 2000 by and between HUD/l;irst Preston Foreclosure Specialists as
Prime Contractor (Contract #C-OPC-21337) for the United States
Department of Housing and Urban Development as Seller(s) and, .i o
West Me jS. as Buyer(s) of the property located at: 406 Nc~~h~~
Street West Me his. Ark~nsaS•
It is hereby understood and agreed that the following changes
supercede and became a part of the aforementioned Real Estate Agreement:
Lint #9 shall read, "Tlie sale shall close not later than 45 days
from Seller's acceptance of contract. Closing shall be held at the office
of Seller's designated closing agent or jt~y Pu~- Abstract."
In ail other aspects, said Real Estate Sales Agreement shall remain
valid and binding.
SELLER:
first Preston Foreclosure Specialists
As Prime Contractor (Contract #C-OPC-21337)
For the United States Department of 1~tousing and
Urban Development.
By:
Contract Manager
Date Frepared: Tuesday, July 18, 2000
BUYERS}:
Date:
Date:
tdenlaical~t Number IEIN) (Mdude hyphem~llone No:
ptnetnurnber.etmtnomo, ununumber,itepWtnae, ctry,wunty,State)
2. 71tc Secretary of Housing and Urban Development (Seiler) agrccs to sell the propeny at the price sad terms set totth herein, aed to ptepete a deed
containing acovenant which warrants against the acts ottee Selterand nil claiming by. through orunderhim. Title willbe taitee intbetollowiag
oame(s)andstylc: Cit of WecC MQm hie
........................................................_..~ Y 3_ S 1 0 A ~^----
~. Theagrccdparcltaeeprieeottbcpropcrtyis ..........................................
Purchaser has paid S 0.0 0 as earnest money to ba opplieA on the pucehase Arta. and agnxs
to pay the bntance of ilia purchase price. plus or minus proratlvns. of the time of closing. in cash to Salley. '11te
earnest money deposit shall be held by
4. (~ Putchatariaapplyingfor)?HAlnsuredtinancing [0203(b), Q203(b)repoire:crow, a203(k}jwithatash
down pnytnent of S due at elosleg ttnd the balanceseeured by a mortgage in ttuamounto[
S for, months (doesno[includeFHAMongogelnsutancePrtmiom.
prepaid eapeeses or closlag costs Seller has agreed to fund 1 nto mortgage.).
(1Saidntortgegeinvolvasartpoiretcrowamountingto S~ ^^
~x rchaaerispayingeashorapplyingforeonventionalorotherCaancingnotinvolvingFl{A.
S. Rr11tx vriU pay tensonable sad customary costs, but not more than ttctuai costs, aor mote titan paid by a typical Seller 0 . 0 0
in the tuea, olobtaining f ttancing and/or closing (e>teluding bmku's commission) in on amountnot to ext:txd -.-. > 5. S
6a. Upon salesciosiag, Seiler agrees to pay to the broker identlfled below acommisslon (Including
scltingbonus,Itafteredbysellcr)ot ................ .......,...................................».......................»> faLSOxQO
..............................
6b. if brokuldentltied below is not the broad listing broker, broad listing broker will receive a eommiscion of:.. ; ~~ S 1.0 0
7, '1ltenetamountdue5elieris(Purl:haceprice[Item3jtesaltemaSand6) .............................................„....-•-•-
g. Purchaser is~ ~ owner-occupant (will occupy this propeny as primary tcs{dente) 0 investor
nonprofit organization ~ public housing agcacy ~X outer government agenry. Discount m elosieg: 0 9h
Disct-utt wdt rtedeud 8y a,not+eu. i/~f, ~i:hi tae itaat.lttmsr S and ~
9. Tirtte is or the seance as to closing. The sale shall close not later than ~ n days tram 5eiler's aceeptsnet ateoet:aet. Closing
shop be held at the office of 5elter'c destgttated closing agent or
10. IfSalicrdncsootaceepttltlsotrer,Seller0may ~ntaynathaldsucbo[fCrasabnck-up toaceepte0otfer.
11. Lead based paint addendum ~ lc ~ is not attached; Other addendum ~ is ~ is not attached hereto ertd made part of this coetrect.
12• Sht-utd!'urchaaerre[usanrothrrNis¢tAAto perfoeminaccurd:ttteeadththiscontrtct,ltttlttdltegthetimaUttsitatino~eUerm ~. ~~ ~~y~
retainaUorspoMiotto[thadepodtosUquidatedtit-tttagm•'I`heSelierraseervestlterigltttoappty tlteatecoestmonSl~,~a~>iot
xhkh may ba oxed ity the Purcbeeer to the Seller for rent. PutChaetor(s) Inlifals: Sollot's iMtisls;-,R.^._
J3. TbiscontraetisaubiecttotlteCondidonsotSoleontherever:ahercof.wh)chnreincorporatedhet~einandmad~Partoith[seonttaet.
Certltlcation of P'ureheser: 17te undersigned ccrtiGes that Ie attisin}; h)sAserllts sigeattsre to thle costrad helsisdil eedesataas~
(1) nU ttu contents therao[ (induding the Conditions at Sale) and !a In agraet~nt thetexlth x[thont troteati (ZI hdahdK ~ ~ ~
stttisrylnt; ItseJtsu to the [ell coeditian of tbt propert~'3.awa'tSTTha lv xtlt not peetona srpalrs a[tv aesstptsnrr o~tiiis ~
Pwefiaser(e): (type yr pArn names 6 dpr•) Pur~heeer(sl Addns~
205 South Redding / P.O. Box 1728
City of West Meatphi Wost Metanhia. AA 72301
Sales Contract U.S. Department of Housing and Urban Devslopmsnt
onlco of wousing
Property Disposii(on Program Federal Hout:ing Commiesloner q',,s RM
1. 1 (we),
(Purehastr(s))agree to purchase on the letmssct forth hcrcin, the [ollowing property. as mote particulotty
describul in the deed conveying the property to theSecrarary o[Housing and Urban Development:
pu~ygr(e) $otiei Set:uAq Number (SSN) Or E~
TIN• 716012481
sNi.e Secretary of liousing and Urben
X
By: hype Mm• a its., a sign}
!JUL 1 7 100
t«toa..N.
031~237790~_
t:er+traot Iteepwd bq tgtA'
_ ... ... ._._._~_.._~_ _____..____...~__.__J.~~~•i..~4:.../1...-t•••-d~w1:w~.l rw ewlt ~h•w~nww.-v
~>:
GK111CAttOff OT HfOKQ. 1M undenigneQ CeftJLes that: (t / ndtner nennc nor onrunc uuu+uucau w aw +w •....~+.~...,v v~«.+.~..... ~.... r'^'r• r • ~
deseNbed Itetein to or to make it available [ut inspection ar Consideration by a prospective purchaser because o! his/her ntct. color. teli~ion. sa.
[amtlial status. nstlotsal origin, or dicsbility; (2) he/she has both provided and explained to the purchaser the aotitae ~IAC ttte of Sella"s ctosiog
agent: (3) he/she has explained [city to the purchaser the entire tet7hs o[ the contract. includln= Coadltlon 8 on ehe:evecse i,etso[; att0 t4) he/she
is in compltancc with Seller's earnest money policy as set forth on HUD [ones SAMS-1 l 11, Payee Nattta and Adsieese. and SAItlS-1111-A. Selling
8roltet Certi[ltation. which he/she has crzccutcd and filed with Seller.
ema.rs Bwinaa trams a Aanrsss: (fa IR6 ~Mq) (~~• Z-P todt) ti+a+.ra EIN or 9,gN; {Mielud• Mfphana) 9NA3 MAID:
n/a n/a
tt ~ e gtpnawes of tirakar. tlltrt~rk t+nona tree
tt/a
-- n~a~, r.~ ~- -
Type or print Ihs hllttl0 Ond phone mltn0ot of ealss person, "
aacllon for HUD uaa only. t3tokar ttotl I~ o : Autnoiulnp S~pn•u+ro b Oatr.
Accep~rtcsf Stick-Up No.
Rejection Rstum Earnest Money Dep06it X
rN. Handbook 1310.5 Mtln ifUD96sa {11Ytt)
Provlous odlUoret aro obsoleto pAp{~.t
'i1F.