1467RESOLUTION NO.~
A RESOLUTION TO APPROVE A REAL ESTATE SALE CONTRACT OFFER
AND ACCEPTANCE AND AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE THE OFFER AND ACCEPTANCE ON BEHALF OF THE CITY OF
WEST MEMPHIS.
WHEREAS, the City of West Memphis desires to purchase
approximately 10 acres of real property, including the
buildings thereon, in the vicinity of the West Memphis
Municipal Airport and as more particularly described in the
Real Estate Sale Contract Offer and Acceptance attached hereto;
and
WHEREAS, the City of West Memphis desires to offer to
purchase said real property for $200,000.00; and
WHEREAS, the City's offer to purchase said real property
is made upon the terms and conditions as set out in the
attached Real Estate Sale Contract Offer and Acceptance and the
purchase of said real property is to be contingent upon the
approval of the West Memphis City Council; and
~ ~ WHEREAS, the City Council of the City of West Memphis
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finds the making of this offer to be in the best interests of
the City of West Memphis and that the Mayor and the City Clerk
should be authorized to execute the Real Estate Sale Contract
Offer and Acceptance on behalf of the City of West Memphis;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS, THAT the Real Estate Sale
Contract Offer and Acceptance attached hereto is hereby
approved and the Mayor and the City Clerk are hereby authorized
to execute the Real Estate Sale Contract Offer and Acceptance
on behalf of the City of West Memphis.
ADOPTED this IU~+t day of ~AN~~~ , 19~~
I.C~C_
AL BOALS, Mayor
ATTES
DAN CRAFT, ~ ~ e/rk
SPONSORED BY: ,v
-2-
Saig Company
310 Mid Continent Plaza
West Memphis, Ark 72301
REAL ESTATE SALE CONTRACT
OFFER AND ACCEPTANCE
(Total number of executed copies made 4)
Dated: January 15, 1996
To the Saig Company Agent
1. The undersigned, herein called the Purchaser, offers to buy, subject to the terms
set forth herein, the following property:
Beginning at the center of Section Fifteen (15), Township Six (6) North, Range Eight
(8) East, Crittenden County, Arkansas, go thence North 660 feet on half section line to point of
beginning, thence West 1078 feet to a point; thence North 416 feet to a point: thence East 1078 feet
to a point; thence South 416 feet to point of beginning, containing 10 acres, more or less, SUBJECT ~
to easements and rights of way for roads and public utilities. West Memphis, Crittenden County,
Arkansas.
2. The Purchaser will pay $200,000.00 (Two Hundred Thousand Dollars no/100) for the
property as follows:
All cash at closing with delivery of warranty deed.
3. Special Conditions:
This contract is contingent upon the approval by the city council of West Memphis,
Arkansas to purchase subject property.
4. Conveyance shall be made to Purchaser, or a directed by Purchaser, by general warranty
deed except it shall be subject to record restriction and easements if any.
5. The Owner of the above property, hereinafter called the Seller, shall furnish at Seller's cost
a complete abstract reflection merchantable title satisfactory to Purchaser's attorney, however, Seller
shall have an option to furnish purchaser, 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 reasonable time
after acceptance within which to furnish abstract or title insurance. If objections are made to title,
Seller shall have a reasonable time to meet the objections or to furnish title insurance.
6. Purchaser herewith tenders $10,000.00 as earnest money, to become part of purchase
price upon acceptance. This sum shall be held by Agent and if offer is not accepted or if title
requirements are not fulfilled, it shall be promptly returned to Purchaser. If, after acceptance,
Purchaser fails to fulfill his obligations, the earnest money may become liquidated damages, which
fact shall not preclude Seller or Agent 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. Current general taxes and special assessments shall be pro-rated as of closing date based upon
the last tax statement. Insurance, interest and rental payments shall be pro-rated as of closing date.
8. Seller shall vacate the property and deliver possession to Purchaser on or before closing.
9. Purchaser certifies that he has inspected the property and he is not relying upon any
warranties, representations or statements of the Agent or Seller as to age or physical condition of
improvements. The risk of loss damage to the property by fire or other casualty occurring up to the
time of transfer of title on the closing date is assumed by Seller.
10. This offer is binding upon Purchaser if accepted with 5 days from date.
11. Other Conditions:
A. Closing is to be on March 15, 1996.
B. Closing will take place at the Title Company, 501 North Missouri Street, West
Memphis, Arkansas, 72301.
C. Seller and Purchaser to pay their own respective closing costs.
D. All prior understanding and agreements of the parties are merged herein, and this
agreement reflect the entire understanding of the parties. This agreement may not
be changed or terminated orally.
E. This agreement will be governed by and constructed according to Arkansas law.
F. The agent, Saig Company, represented the Seller in this transaction.
THE SAIG COMPANY, Agent
By:
C~
URCHASER
PURCHASE
The above Offer is accepted on , 19
UWe agree to pay the above named Agent a fee of six percent (6%) for professional services rendered
in securing said Offer. If for any reason the earnest money provided for herein is forfeited by
Purchaser under tl~e provisions hereof, same shall be divided equally between Seller and Agent after
payment to Agent of his incurred expenses.
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