0119 RESOLUTION No. 119 -71
WHEREAS, on October 2, 1969, the City Council of the
City of Jacksonville, Arkansas, adopted and passed Ordinance
No. 216 entitled:
"AN ORDINANCE AUTHORIZING A LEASE AND AGREE-
MENT BY AND BETWEEN THE CITY OF JACKSONVILLE,
ARKANSAS, AS LESSOR, AND HAMLIN PRODUCTS, INC.
AS LESSEE, IN SUBSTANTIALLY THE FORM AND WITH
SUBSTANTIALLY THE CONTENTS SET FORTH IN AND MADE
A PART OF THIS ORDINANCE; AUTHORIZING THE EXECUTION
AN DELIVERY OF SAID LEASE AND AGREEMENT BY THE
MAYOR AND CITY CLERK FOR AND ON BEHALF OF THE
CITY; PRESCRIBING OTHER MATTERS PERTAINING THERETO;
AND DECLARING AN EMERGENCY."
and,
WHEREAS, Article XIV of the Lease and Agreement authorized
and approved by the foregoing Ordinance No. 216 granted to the
Lessee, Hamlin Products, Inc., the right and option to purchase
the leased premises which are described as:
Part of the NW1 /4 NW1 /4, Section 24 and NW1 /4
SW1 /4, Section 24 and SE1 /4 NE1 /4, Section 23,
All in T -3 -N, R -11 -W, Pulaski County, Arkansas;
more particularly described as: Commencing at the
NE Corner Section 23, T -3 -N, R -11 -W; thence South
01 °23'West, along the West line of Section 24,
907.50 feet to the point of beginning; thence
East, 1268.28 feet to a point on the West right
of way of Barnes Road; thence South 0 °58'West
along said right of way 1974.76 feet; thence
West, 1282.85 feet to a point on West line of
Section 24; thence North 01 °23'East, along said
West line, 248.2 feet to the NW Corner SW1 /4,
Section 24; thence North 88 °51'West along North
line SE1 /4, Section 23, 334.25 feet; thence North
01 °22'East, 1316.0 feet; thence South 88 °51'
East, 334.9 feet to a point on the West line of
Section 24; thence North 01 °23' East along said
West line, 410.5 feet to the point of beginning,
containing 67.93 acres, more or less.
upon the terms and conditions set forth in said Lease and
Agreement, and
WHEREAS, the said Hamlin Products, Inc. has duly and properly
exercised its said option to purchase within the time and in the
manner specified in said Lease and Agreement and now is ready,
willing and able to close and consummate the purchase trans-
action and to receive a deed of conveyance to the above
described property and to deliver the consideration therefor;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Jacksonville, Arkansas, that the Mayor and the
City Clerk of the City of Jacksonville, Arkansas, be, and
they are hereby authorized and directed to execute, acknowledge
and deliver, for and in the name and behalf of the City of
Jacksonville, Arkansas, a general warranty deed conveying
title to the leased premises to the said Hamlin Products, Inc.
and to deliver same to the said Hamlin Products, Inc. upon
receipt of Hamlin Products, Inc.'s promissory note, the principal
amount of which shall equal the full amount of the purchase
price, payment of said note to be secured by a lien retained
in the deed of conveyance.
BE IT FURTHER RESOLVED that the Mayor and the City Clerk
be, and they are hereby, authorized to execute, acknowledge
and deliver such other instruments and to do and perform such
other acts and things as might be necessary or convenient to
fully discharge the City's obligation under said Lease and
Agreement and to make this Resolution fully effective.
ADOPTED: November 1 � ` 1971.
AP'ROVE
;l1.Li,
YO'
ATTEST:
CITY CLERK