1291RESOLUTION NO. l 019 ~___
A RESOLUTION APPROVING THE SALE OF CERTAIN REAL PROPERTY TO
MARIAS INDUSTRIES, INC., AND FURTHER APPROVING AN OPTION TO
PURCHASE ADDITIONAL REAL PROPERTY, AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE A SPECIAL WARRANTY DEED, AN
OPTION TO PURCHASE AND SUCH OTHER DOCUMENTS AS MAY BE
NECESSARY OR REQUIRED UPON EXERCISE OF THE OPTION TO
PURCHASE.
WHEREAS, Arkansas law requires that the transfer of any
real property by a municipal.i.ty must be authorized and appro~~ed
by the governing body of said municipa,l_ity; and
WHEREAS, the City of Lr'est Memphis proposes t,o tr~arrsfer to
Marias Industries, Inc., certain real property as more
particularly described in the Special Warranty Deed which is
attached hereto anal incorporated herein by reference; and
WHEREAS, the City of West Memphis further proposes to grant
to Marias Industries, Inc., an option to purchase additional
real property as more particularly described in the Option to
Purchase which is attached hereto and incorporated herein by-
reference; and
WHEREAS, in the event t;he Option to Purchase is exercised
on the terms and conditions as set forth in the Option to
Purchase the Mayor and the City Clerk should be authorized to
execute the necessary or required documents, including but not
limited to a Special Warranty Deed based upon the terms and
conditions as set, forth in the Option to Purchase;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF WEST MEMPHIS, ARKANSAS, THAT:
SECTION 1. The Special Warranty Deed for the transfer of
the real property described therein from the City of l+lest
Memphis, Arkansas, t;o Manias Industries, Inc., is hereby
a proved and the Mayor and the City Clerk are hereby authorized
p
to execute the Special Warranty Deed on behalf of the City ref
West Memphis, :~rkansas.
SECTION 2. The Option to Purchase granting ,~larias
Industries, Inc. , the option to purchase from the C'i_t,y of West,
Memphis, Arkansas, the real property described therein is
hereby approved and the Mayor and. the City Clerk ax•e hereby
authorized to execute the Option to Purchase on behalf of the
City of West Memphis, Arkansas.
SECTION 3. In the event. the Option to Purchase is exercised
upon the terms and conditions as set out therein, the Mayor and
the City Clerk are hereby authorized to F_>xecute such other
documents, including but not limited to a Special. Warranty Deed
based upon the terms and Condit,ions as set. forth in the Option
to Purchase, as may be necessary or required to effectuate the
transfer of real pr_•operty as contemplated by the terms of the
Option to Purchase.
ADOPTED th i ~ ~•l~h day o f _ 19 9 2 .
/u - -
h .ITH "1. INGRA^1, 1AYOR
ATTEST : i~~ ~~~il/I
DAN C~FT, C'.~ERk
SPONSORED BY
STATE OF A
RKANSAS
COUNTY OF CRITTENDEN
On this the ~}th day o f ~~ ~~~
------.__ , 19 9 2 , before
me, the undersigned Notary Public, personally appeared
Keith M. Ingram, Mayor, and Dan Craft, City Clerk, of the
City of West Memphis, Arkansas, a municipal corporation,
known to me or satisfactorily proven to be the persons
described in the foregoing instrument, and acknowledged
that they executed the same in the capacity therein stated
and for the purposes therein contained.
In witness whereof, I hereunto set my hand and official
seal.
MY COM~iSSION EXPIRES:
Amount of Tax: ,$ EXEMPT
NOTARY PUBLIC
I certify under penalty of false swearing that at least
the legally correct amount of documentary stamps have been
placed on this instrument.
GRANTEE OR AGENT