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RES NO 06-04-2018 CITY OF VAN BUREN,ARKANSAS RESOLUTION NO. 4,0 - -2018 BE IT ENACTED BY THE CITY COUNCIL,FOR THE CITY OF VAN BUREN, ARKANSAS,A RESOLUTION TO BE ENTITLED: A RESOLUTION AUTHORIZING THE MAYOR TO PURCHASE CERTAIN REAL PROPERTY FOR PARKS AND TRAILS; AND FOR OTHER PURPOSES. WHEREAS, the City has determined that it desires to acquire,for the public good and benefit, certain real property located within the Van Buren city limits for parks and trails; and WHEREAS, upon the City's best, information, knowledge, and belief the appraised value and the fair market value of said property is as listed below. The City, wishes to offer in good faith to purchase said property for the amount listed below plus the closing costs. Property Address Legal Description Appraised Value Purchase Price TBD Durango Drive Part of NW 1/4 SW 1/4 $125,000.00 $120,000.00 Of Section 7 T-9-N, R-31-W, Van Buren,Arkansas. NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF VAN BUREN,ARKANSAS,THAT: SECTION 1: The City Council hereby authorizes the Mayor to purchase the afore described real property for the amount listed above plus the closing costs utilizing Capital Improvement Funds. SECTION 2: The Mayor is authorized and directed to execute such documents and instruments as may be necessary to proceed with and finalize the purchase of said property, and the City Clerk is hereby authorized and directed to attest same. IN WITNESS WHEREOF,the City of Van Buren,Arkansas,by its City Council,did pass, approve, and adopt, by a vote of for and 0 against,th, or-joing Resolution at its meeting held on the 25th of June 2018. Robert D. Fre- `11141/4, Mayor ATTESTED: APPRD •AO ORM: ,W Ph i Thomas Ca •'ce A. 57 e City Clerk/Treasurer ity Attorney LARD APPRAISAL REPORT Rb No. 188273 Bokrosa Client City of Van Buren Census Toot 0202.04 Map Rdaald 22900 Preprry Weis TBD Durango Dr Ilia Van Buren Corn Crawford tier AR EP Code 72956 legal Osooi$on Part of the NW/4 SW/4 of Section 7,T-9-N,R-31-W Sia Pie$ 120.000 oaa d sem Unknown Loaf Tam yR Properly Rlai AFPaaed ®he ❑Lsaahem ❑os Mimi PUD AAA RedEe*Take$ 28 (yi( Loin doge bbepddIrl aelr i Other a lesconmwbm liababit Client:City of Van Buren Addles ennui Vacant Apprabar Don W.Smith,Jr. tauter.b*rarer Estimate market value for client's use Location I inks ®Subtaben ❑Road Good Avg Fa Poor Bub Ly El Over 75% ®25%b 75% ❑Under 25% Erlpmymed Sibiy ❑ ® ❑ ❑ Gr at Rab ❑Fully Day. ❑Elapid ®area ❑Slog Catena..to Empbymert 0000 P1op,ry,,faMas ❑Inausiw ®stake ❑Dana- Cana.na to Slopping ❑ ® ❑ ❑ Da...vst pry ❑yore-. 0 In Bdace El O wan* raseriaa e b Schon ❑ 0 ❑ ❑ inkling Tiro 0 Under 3 Noe. ®4 6 Mot. ❑Ow 6 Moa Adeprny of Pubic Trerwabin ❑ 0 0 ❑ Read tad i.el60%1 Fail %2-4 Funk %Ape. %Condo 5%Canon Reunion Fames ❑ 0 ❑ ❑ - %Innen 35%Vacant % Adepay d UMW ❑ 0 ❑ ❑ papa in Present Lad Use ®Not Lid/ ❑II*(•) ❑Ting Plan(1 Plonk Cenw,lby ❑ 0 ❑ ❑ (•)tarn To Protection from Winn Cannons ❑ 0 ❑ ❑ ReiniW Owpeey 0 Mae ❑Tared 5 %Vaa( Poise se Fn Roteclon ❑ 0 ❑ ❑ Sime.Rink Paid Rana i 50.000 IA 450,000 Pred.mat Via$ 175,000 GOMM Appurarn d P1otein ❑ 0 ❑ ❑ sopa Font Aga 0 na.to 85 art Reinert Ago 25 you APP."'tteaklt ❑ 0 ❑ ❑ Cowen nano tree farm finable a alfaaabw,.Bacup a.klabiy lay pink raain shook.row. ): The neighborhood is considered to be 1-40 south.Highway 59 west.Uniontown Street/Zion Road north.and Rudy Road east The area is within 3 miles of schools.shopping.and daces of worship,and about 10 miles from the manor employment centers for the area.Most of the commercial is located along Highway 59,not considered adverse. 5arkioa Unknown - Sg.RaAae ❑Come Lot Zaino disdoaten Residential-1 Present many.enb 0 do ❑do not amore b mm-regains Yams and bad um ®Resat as n Olw(spaiy) Pubis Other(Desert.) OFF SIE IMPROVEMENTS Toro Gentle to moderate slope On. ® Sinn Amen 0 Pubic ❑Prise yea Larger than typical Ga ® Sian Asphalt 00^44 Irregular %kir 0 Maineince 0 Pubic ❑Raab New Average in sewn ® ®Seem Serer ®Csb/Ga c 51^83. Appears adequate ® Underground Eta i Tel. El Sang 08910^ba9e Ifs popery baled lea NDNrtlbdlpalelnadHurt ins? ®No❑re Canna tuna*aamrarobmo dw4o yappendmarsemanilaanaomanneeaaawaewamndi0o$( Site is located in Zone X,areas determined to be outside 500 year flood plain.Map#05033C0380 H,revised 03/16/2009.Site has access from the end of Legacy Boulevard only and a very small portion may have access of Northridge Drive.Current zoning allows for single family only and the cost to run sewer,build roads,and other development issues were considered in the valuation process.Subject 14.71 acres is part of a 17.26 acre whole,parcel/11700-07897-200. Tie adaipnd hes mold lees wart soba of pcpnbs not tiller ed prowl* to =b}00 ad has coaddered lea e M man mina The dempion Swat a dolor a4Wwd Wenn; man realm to son inns of dp*.d amnion between ne eked ad compete prolnatns. I a sq#cat in a la osapsabb popry is stew le or was nimble is Si, seed womb, a odes (4 ginned a male be me* M hind gad of subject if a aipifcat tem it 1s caaport& is awn to or an none M to seed pmpety,a plus(+)ainenord a made les iaaeing In bdiadad yds of te aajet DEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE N0.2 COMPARABLE NO.3 Attie TBD Durango Dr TBD Kibler Rd TBD Pleasant Valley Rd TBD Zion Rd Van Buren,AR 72956 Van Buren,AR 72956 Van Buren,AR 72956 Van Buren,AR 72956 Penn*m Mid 4.89 miles SE 4.44 miles SE 0.79 miles NE Sia Rea i 120,000i 160,000 $ 135,000 $ 75.000 Pia i f 8.000 + - i 9.000. i 9.135 Ban Sona Site Visit/Client FSM MLS 4/1004574/Public Records FSM MLS#1010706Ftblic Records FSM MLS#1007536/Public Records Ori of Si ad CESCRIPTDN OESCNIPSON +(-)i inn DESCRIPTION +1 13 A¢nt CESCRPTDN +1 13 Adpst Tar A4abwd Unknown 04/07/2017 t 06/07/2017 03/09/2017 Location NE Suburban/Avg. East Suburban/Avg. I East Suburban/Avg. NE Suburban/Avg. I SilMpw 14.71 acres 20.00 acres -40.000 15.00 acres 8.21 acres +50.000 I I I I I I I I I Sin a Frog Unknown i Unknown i Unknown Cacneyre I I I Not M.(Tot# n+ DZI- 'S -40.000 n+ n - 'S (:),, El+ n- 11 50,000 bided win denied _, s i 120,000 $ 135,000 . $ 125,000 Cameras on Malt Dalen: Other than the aced maven Amen,no tint oaapoaea saes were fwd el to Ver Bean an in depart sewn yeas.All dace ado hem hint and beet r.e es seas lama wen though raw fare speed asap.Tore were two 10 acre beds ale sold it the poi year but one wen stated robe mired convener on roarer.Orbe sad.0/0002017,for$490,000 as de otter was on the carer of Iiyaay 59 ad Subbed Sb.a and sold,00010/2019.for 9102,500.Al dr.e corpesheo we reaim potato septic systems. Comllaete ad Cannons of Appian Apply.,was nil proided walla connpete eel description or when matey OW romp whew was noted asap site Wei Appnad manes that awe are no ereiarn.eur hard.present an progenty.Vasa pressers awe weer,vas,electric,and savour pie to eke.hllrap ethane was noticed deep site tapechon.P4.505ss made b site slag According to the bet MLS ad Peck Records, saint pronely transferred,037202018,for 9110.000 for 17.20 ease.Gwen owner/seer is nearing to lads,are on Durango wan 1.44 saes,and I.oeer an teeny Boulevard wen 0.77 acre.New of 0e conversing saes used in de report tete issferred h0.prior 12 menthe to dee sae dotes Awe. '.., Rel R.mmlier, intended lee:City of Van Beer •,,-`" r•s Use MMOOR.lies ie an MOOR. ere.eeb rocas be 34 ca00s to PAWS ty pried.perk09s. Sew saes hatea tidd ead best nes a sive tartly hoe sites.Each sate ear.m Me ,.-_/ `y saws et the amen market Shawl sddIeSIWap ewe x5110,000 bat s cagy led a 39 day 0wte0p fire ad oppose to hen add ode tuber ops w 1 yea• been pie,k any,chaps n the market. 1a1IaM7a a"aafJar ..0/.r R'' 06/13/2018 bMi 125.000 Don W.Smith,Jr. ❑lid ❑Rd Not Myaiciy band Prop^ry ApprdaMa) Rein Apprdn(9lppraila) (7216 Don Smith&Associates Real Estate&Appraisals l Form LND-"TOTAL"appraisal software by ala mode.inc.-1-800-ALAMODE I Assumptions and Limiting Conditions ffr. 188273 This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser may expand the scope of work to Include any additional research or analysis necessary based on the complexly of this appraisal assignment SCOPE OF WORK The scope of work for this appraisal is defied by the complexity of this appraisal assignment and the reporting requirements of this appraisal assignment including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must at a minimum: (1) perform a complete visual Inspection of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street (4) research, verity, and analyze data from reliable pubic and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report WENDED USE The Intended use of this appraisal report is for the lender/dent to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. MITERED USER: The Intended user of this appraisal report Is the hander/client DERNMON OF MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consunmallon of a sale as of a specified date and the passing of We from seller to buyer under conditions whereby: (1) buyer and seller are typicaly motivated: (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest (3) a reasonable time is allowed for espouse in the open market (4) payment Is made In terms of cash in U. S. dollars or In terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions` granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area: these costs are readily Identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party Institutional lender that is not already Involved In the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the markets reaction to the financing or concessions based on the appraiser's judgment • STATEMENT OF ASSUMPTIONS AM) UMMTTNO CONDITION& The appraiser's certification in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the properly being appraised or the title to it, except for Information that he or she became aware of during the research Invoked in performing this appraisal. The appraiser assumes that the title Is good and marketable and will not render any opinions about the title. 2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted In this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 3. The appraiser will not give testimony or appear In court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 4. The appraiser has noted in this appraisal report any adverse conditions (such as the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved In performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent deficiencies or adverse conditions of the property (such as, but not limited to, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 5. if the appraiser has based his or her appraisal report and valuation conclusion for an appraisal subject to certain conditions, it is assumed that the conditions will be met in a satisfactory manner. Form ACRS-"TOTAL"appraisal software by ala mode,inc.-1-600-ALAMODE Certifications Ili* 188273 APPRAISERS C6tfIFlCATION The Appraiser certifies and agrees that 1. I have, at a minimum, developed and reported this appraisal In accordance with the scope of work requirements stated M this appraisal report 2. I performed a complete visual inspection of the subject property. I reported the site characteristics in factual, speck terms. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated In this report 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minirom of one year prior to the date of sale of the comparable sale, unless otherwise indicated in this report 7. I selected and used comparable sales that are locationay, physically, and functionary the most similar to the subject property. 8. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 9. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial Interest in the sale or financing of the subject property. 10. I have knowledge and experience In appraising this type of property in this market area. • 11. I am aware of, and have access to, the necessary and appropriate pubic and private data sources, such as muftipb ksti ng services, tax assessment records, pubic land records and other such data sources for the area in which the property is located. 12. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct 13. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not knifed to, the presence of hazardous wastes, toxic substances, adverse environmental conditions. etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 14. I have not knowingly withheld any significant information from this appraisal report and. to the best of my knowledge, all statement and Information in this appraisal report are true and correct 15. I stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limning conditions In this appraisal report 16. I have no present or prospective Interest In the property that is the subject o1 this report and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either party or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 17. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predebmnined specific value, a predetermined minimum value, a range or direction in vane, a value that favors the cause of any party, or the attainment of a specific resuk or occurrence of a speckfc subsequent event (such as approval of a pending mortgage loan application), 18. I personay prepared all conclusions and opinions about the real estate that were set forth in this appraisal report If I relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal or the preparation of this appraisal report I have named such individual(s) and disclosed the specific tasks performed in this appraisal report I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report therefore, any change made to this appraisal is unauthorized and I will take no responsibi ly for rt 19. I Identified the lender/client in this appraisal report who is the Individual, organization, or agent for the organization that ordered and will receive this appraisal report 20. The lender/ckent may disclose or distribute this appraisal report to: the borrower, another lender at the request of the borrower, the mortgagee or its successors and assigns; mortgage Insurers; government sponsored enterprises; other secondary market participant; data collection or reporting services; professional appraisal organizations; any department agency, or Instrumentally of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (if applicable) consent Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (Including, but not limited to, the pubic through advertising, pubic relations, news, sales, or other media). Form AC83-"TOTAL"appraisal software by ala mode,inc.-1-800-ALAMODE Certifications M• 188273 21. I am aware that any disclosure or distribution of this appraisal report by me or the lender/cleat may be subject to certain laws and regulations. Further. I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. - 22. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature", as those terms are defied in applicable federal and/or state laws (exciating audio and video recordigs), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as II a paper version of this appraisal report were delivered containing my original hand written signature. 23. Unless otherwise indicated, I have performed no services, as an appraiser or in any other capacity. regarding the properly that - is the subject of this report within the three-year period Immediately promoting acceptance of this assignment SUPEIRVISORY APPRAISERS CERTIFICATION The Supervisory Appraiser certifies and agrees that '.'1(.."'"'''..-'.'''''''-'''1-- 1. I directly supervised the appraiser for this appraisal assignment have read the appraisal report and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept ful responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis. opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report Is either a sub-contractor or an employee of the supervisory appraiser (or the appraisal firm), Is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complex with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record' containing my "electronic signature', as those terms are defied in applicable federal and/or state laws (excluding audio and video recordings), or a facsimle transmission of this appraisal report containing a copy or representalon of my signature, the appraisal report shad be as effective, enforceable and valid as If a paper version of this appraisal report were delivered containing my original hand written signature. w� A-0 lea APPRAISER / ,II SUPERVISORY APPRAISER(ONLY W REQUIRED) t. )4 � . 1111110111111'(14 :• Signature • `rY �� Signature Name Don W.Smith,Jr. Name Company Name Don Smith&Associates,Inc. Company Name Company Address P.O.Box 5154 Company Address Fort Smith,AR 72913-5154 Telephone Number 479-785-2478 Telephone Number Email Address dsmithtr donsmithrealty.cam Email Address Date of Signature and Report 06/15/2018 Date of Signature Effective Date of Appraisal 06/13/2018 state Certification# State Certifoadon# CR0848 or State License N or Stade License M State or Other(describe) State M Expiration Date of Certification or License State AR Expiration Date of Certification or License 06/30/2018 SUBJECT PROPERTY • ADDRESS OF PROPERTY APPRAISED 0Did not inspect subject properly TBD Durantto Dr 0 Did inspect exterior of subject property fmmstreet Van Buren,AR 72956 Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY 125,000 0 Did inspect interior and exterior of subject property LENDER/CLIENT Date of Inspection Name Jennifer Froud COMPARABLE SALES Company Name Client:City of Van Buren Company Address O Did not inspect esterlor of comparable sales from street 0 Did inspect exterior of comparable sales from street Emaf Address jfroud(f)vartburencity.ortl Date of Inspection Form ACR3-TOTAL'appraisal software by ala mode,inc.-1-800-ALAMODE Subject Photo Page Borrower Client:City of Van Buren POP' Aam'ea TBD Durango Dr cra Van Buren c01 Ar' Crawford s� AR 7pCodi 72956 Lender/Client Client:City of Van Buren 4 � Subject Property . t q • ' ' ' .. • i • • • • Subject Property • 9- k x '--!.,,.5.,,,•-',..1.:....,,,, .� , 'ii:3d� '.--''':..".,"',1;;,',:'•. t i;s r ed -..-.,i'T,:. ''. N s '"c ° x a P # � ',v A r • Vii` : Subject Property Form PIC3c5.SR-`TOTAL'appresal software by ala mode,inc.-1-800•ALAMODF Subject Photo Page Borrower Client:City of Van Buren normal Aeons TBD Durango Dr Van Buren c0ok Crawford a"' AR r,C0d1 72956 Lender/Client Client:City of Van Buren Subject Property - ro Subject Property Access end of Legacy Blvd -�v • • 3 , w ,� _ syti iv. y� �- to • " � N4 d Form PICar5.SR-'TOTAL'appraisal software by ala mode,inc.-1-800-ALAMODE Subject Photo Page Barower Client:City of Van Buren Mire" TBD Durango Dr car Van Buren couly Crawford AR DO C°6' 72956 Lender/Ghent Client:City of Van Buren '74i Subject Street/Durango Dr Form PIC3x5.SR-'TOTAL'appraisal software by ala mode,inc.-1-800-ALAMODE Location Map Borrower Client:City of Van Buren A0p"k' "E' TBD Durango Dr cey Van Buren c•Nr4 Crawford Stir AR aced' 72956 Lender/Client Client:City of Van Buren R a la mode,inc: -z IM+eM}e..ear l9�tr M'hWetlrh i' fCam e o N2. tat Hobbtown Lancaster Graphk C; Cedarville g ,, 4 S G a 4clo /'' 3 ry. Z o A Dean Springs Wt..a qif 8 t rh,ta..eRudy 4' ,w� �. 3W NOA• Figure five 7 i7 71 COMPARABLE No.3 �'.'90r TBD Zion Rd Z 0.79 miles NE SUBJECT mean s = a n « mai TBD Durango Dr k 5 ""{ t""' g a _ Furry a Alma onto, R. vv COMPARABLE No.2 y so ,� `�' ' ,,.F_, �£ _.: a T8D Pleasant Valley Rd m r a smettzer "", _ 4.44 miles SE k V fi S R,,.e.r,. Van Buren z n..,RA ta „,,10- 0., s, Kibler o i Oak Grove Carr ai Pari New Town G '� wt.,.E',.f v * y O s as z f} a Catcher ' COMPARABLE No.1 n 180 Kibler Rd i- ostry W 4.89 miles SE A Mi.;.is,IARO Cross lanes 1 Fort Smith ° '”" n 4 s fr-re ferry R6 Ai any . 4r S„ S Sts > Haroldton ciet Chaffer Mansard Sprang Hip Park& Campground FOR A Mill Creek Smith t. t4f'- >zr .<+rx:t F°r` 205 Lavaca A:];5 Central City '271' 255 Barling, 4^ fo haffee Diamond Grove ' �+ > Buell OI' 1 ewes 2 km i11 � f 'Sof 41 p,�'Tse.k m.2d.rNdfL $201a k1ERE.e 25t0 Mame Corporates lana* Form MAP.LOC-'TOTAL'appraisal software by ala mode,inc.-1-800-ALAMODE "Ina - P ,. Overview • • a .3 > 3+'; Legend it,b14::: Q Arkansas Counties Other Cou noes 0 Parcels National Forest a- County Streets& t Highways — 1:2;3;4;8;P,0;83; x 2, '' 93;95;96 ma 30 — 40;44 — 50;51;52;53;54;5 57 — Railroad Other Major Roads — State Highway — US.Highway — Interstate Other Minor Road P tit v,0 04,0 . - POWDERHCRN .' 11)"• z` 4 • . License ARKANSAS APPRAISER UCENSING& 4 4, • ; C8RTIFICA1ION BOARD This is to certify that Don Smith License ff:CR 0848 has complied with the requ__ireawnts of Arkansas Cods Section 51744-201 et seq.;and is tho holder of a valid certificate. This card lifer identification purposes only. 6/30/2019 Tikeleg."41.7/AidlAt Expiration Date Chairman • Form SCNLGL-"TOTALappraisal software by a la mode,inc.-1-800-ALAMODE r, c 4, a c o 1700 0 o D C cn 9' m n D iron �p ;� G rp O cp _ 3 cn 91 > 91 O '� - r•► 0 -1 m l C rD n 33 m 0, so •'-� 0 QQ A Li .,. rai t3D m 'ami N O f0 . m O LT 2 d , O E n ,► •2 707. 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O 3 0 S .. rPo a' C ? o �0 = < f D * m cv M ,a m 0 O V }�' c m oo A op, it '° u+ '° m 0 ', -C CA 03 M 2 M tp to iii al n t" O of 7 a O 1 fD 7 6 0- v d o b F, ..r a C .9 ry m PZ .....e4 1 N 2 o0 4 w.. a e o o P- 4 4 ~'A. x G rT 1 0 tV Z ' •1 OV -2 a 2 < k2 Fol g CrA,3 p A § i 0 -. 0 [ — = e- 0 Ej• r b . rfo � e A V 'sem _ Is M ^ � Ott z oX. rp If o$ 7 g E a Z �� Hui EiF ! S M0-3 z + . �' l 0y Copyright Real Estate Contract �� C2016 (Lots and Acreage) � � � A Arkansas► " EQUAL MOUSING REALTORS Page 1 of 11 REALTOR' OPPORTUNITY Association Form Serial Number: 094038-300152-9520527 1. PARTIES: The City of Van Buren,Arkansas (individually, or collectively, the "Buyer") offers to purchase, subject to the terms and conditions set forth herein, from the undersigned (individually or collectively, the "Seller") the real property described in Paragraph 2 of this Real Estate Contract(the "Property"). 2. ADDRESS AND LEGAL DESCRIPTION OF THE PROPERTY: Buyer is not relying on Seller,Listing Firm or Selling Firm regarding location of the Property, Buyer having sole responsibility to engage surveyors,engineers, attorneys or other professionals to determine the location, size, slope and boundaries of the Property. If Buyer is dissatisfied with the results of such determination, Buyer, without further obligation, may declare this Real Estate Contract terminated with both parties agreeing to sign a Termination of Contract Addendum and Buyer to recover Earnest Money. A. ADDRESS: TBD Legacy Boulevard Van Buren, AR 72956 B. FULL LEGAL DESCRIPTION: 14.71 acres m/I legally being:Pt NW/4, SW/4, Section 7, Township 9 N, Range 31 W, Crawford County,AR(see attached aerial photo showing approximate boundaries. New survey to determine exact boundaries/acreage). 3. PURCHASE PRICE: Subject to the following conditions Buyer shall pay the following to Seller for the Property (the "Purchase Price"): (select one of the following four options) IxI total purchase price, $ 120,000.00 or; price per acre, $ or; price per square foot, $ or; Ej price per front foot $ with Buyer paying the sum of $ n/a in cash at Closing as down payment,with the balance of the Purchase Price (the"Balance")to be paid pursuant to the following: ❑ (i) NEW LOAN: Subject to the Property appraising for not less than the Purchase Price and Buyer's ability to obtain a loan to be secured by the Property in the amount of $ FINANCING AS FOLLOWS: ix (ii)CASH: $ 120,000.00 Buyer and Seller will each independently verify quantities as set forth above and agree neither are relying upon a representation from Selling Firm or Listing Firm concerning quantities of land or front feet. Page 1 of 11 Sedate 084038300152-9520527 Prepared by:Blake Rogers I JIM WHITE REALTY I blake@blakerogers,net Real Estate Contract Copyright zo,s (Lots and Acreage) el Arkansas EAPage 2 of 11 EALTOR o T AssociaNiont Form Serial Number: 094038-300152-9520527 4. LOAN AND CLOSING COSTS: Unless otherwise specified, all Buyer's Closing costs, including origination fee, assumption fees, loan costs, prepaid items and loan discount points, closing fee, and all other financing fees and costs charged by Buyer's creditor or any additional fee charged by Closing Agent(s) are to be paid by Buyer. Seller to pay Seller's Closing costs. Buyer and Seller to split 50/50 the cost of:closing fee, document prep, tax report and revenue stamps. 5. APPLICATION FOR FINANCING: If applicable, Buyer agrees to make a complete application for new loan or for loan assumption within five (5) business days from the acceptance date of this Real Estate Contract. In order to make a complete application as required by this Paragraph 5, Buyer agrees to provide creditor with any requested information and pay for any credit report(s) and appraisal(s) required, upon request. Unless otherwise specified, if said loan is not consummated or assumed, Buyer agrees to pay for loan costs incurred, including appraisal(s) and credit report(s), unless failure to consummate is solely the result of Seller's breach of this Real Estate Contract, in which case such expenses will be paid by Seller. Buyer understands that failure to make a complete loan application as defined above may constitute a breach of this Real Estate Contract. 6. EARNEST MONEY: f l A. Yes, see Earnest Money Addendum. x B. No. 7. NON-REFUNDABLE DEPOSIT: The Non-Refundable Deposit(hereinafter referred to as the "Deposit")is funds tendered by Buyer to Seller to compensate Seller for liquidated damages that may be incurred by Seller resulting from Buyer failing to close on this Real Estate Contract. The liquidated damages shall include, but not be limited to, Seller's time, efforts, expenses and potential loss of marketing due to Seller's removal of Property from the market. The Deposit is not refundable to Buyer unless failure to close is exclusively the fault of Seller or if Seller cannot deliver marketable title to the Property. The Deposit will be credited to Buyer at Closing. Buyer shall hold Listing Firm and Selling Firm harmless of any dispute regarding the Deposit. Buyer expressly acknowledges the Deposit is not to be held by either Listing Firm or Selling Firm. The Deposit may be co- mingled with other monies of Seller, such sum not being held in an escrow,trust or similar account. Buyer will pay to Seller the Deposit in the amount of: 0 A. The Deposit is not applicable. ❑ B. Buyer will pay to Seller the Deposit in the amount of $ Within days following the date this Real Estate Contract has been signed by Buyer and Seller. ❑ ii. Other: Page 2 of 11 Shia 16:094094001624520527 Prepared by:Blake Rogers I JIM WHITE REALTY I blakegblakerogers.net I Real Estate ContractCopyright 2018 (Lots and Acreage) I lit A Arkansas Page 3 of 11 REALTOR OPPO TUNTY AssocIIOUSiating Form Serial Number: 094038-300152-9520527 8. CONVEYANCE: Unless otherwise specified, conveyance of the Property shall be made to Buyer by general warranty deed, in fee simple absolute, except it shall be subject to recorded instruments and easements, if any,which do not materially affect the value of the Property. Unless expressly reserved herein, SUCH CONVEYANCE SHALL INCLUDE ALL MINERAL RIGHTS OWNED BY SELLER CONCERNING AND LOCATED ON THE PROPERTY, IF ANY, UNLESS OTHERWISE SPECIFIED IN PARAGRAPH 20. IT IS THE RESPONSIBILITY OF THE BUYER TO INDEPENDENTLY VERIFY AND INVESTIGATE THE EXISTENCE OR NONEXISTENCE OF MINERAL RIGHTS AND ANY LEGAL RAMIFICATIONS THEREOF. Seller warrants and represents only the signatures set forth below are required to transfer legal title to the Property. Seller also warrants and represents Seller has peaceable possession of the Property, including all improvements and fixtures thereon, and the legal authority and capacity to convey the Property by a good and sufficient general warranty deed, free from any liens, leaseholds or other interests. 9. SOIL TESTING FOR SEPTIC OR SEWAGE SYSTEM: Buyer has been given the opportunity to obtain a soil percolation, soil morphology test or sewage system permit meeting the Arkansas Department of Health regulations concerning septic systems or other sewage treatment systems. Should Buyer decline to obtain any of the above, Buyer agrees to hold Seller, Listing Firm and Selling Firm involved in this Real Estate Contract harmless of any matters relative to obtaining such test, permit or the ability to construct an improvement on the described Property that may exist or be discovered (or occur) after Closing. ❑x A. No soil percolation or soil morphology test or septic system permit shall be provided. ri B. A soil percolation or soil morphology test will be conducted by a Designated Representative of the Arkansas Department of Health and certified to Buyer within days prior to Closing. A satisfactory soil percolation or soil morphology test does not necessarily guarantee a septic system permit will be issued in the future. Test to be provided and paid for by: ❑Buyer ❑Seller. (1 C. A septic system permit will be issued by the Arkansas Department of Health for a Bedroom Standard System certified within days prior to Closing. Buyer, or Buyer's Representative, to mark location of home or be present when test is conducted. Both the tests and permit will be provided and paid for by: ❑Buyer ❑Seller. ❑ D. Seller will provide Buyer with a copy of the existing valid septic system permit within three (3) business days of acceptance of this Real Estate Contract after which Buyer is to have ten (10) business days to review and accept the permit. If permit issuance date is greater than six(6) months or if the permit date will expire prior to Closing date, Seller shall have the permit revalidated by the Arkansas Department of Health. Should Buyer not be satisfied, acting with sole discretion, with any test or permit that may be required by Paragraph 9B, 9C or 9D, Buyer shall have all rights provided by Earnest Money Addendum of this Real Estate Contract. Page 3 of 11 Serialik 094039400152-9520527 Prepared by.Blake Rogers I JIM WHITE REALTY I blakeeblakerogers,net Real Estate Contract Co 'ght (Lots and Acreage) A zona Arkansas Page 4 of 11 REACT R Oio T"0urw v Associaton Form Serial Number: 094038-300152-9520527 10. SURVEY: Buyer has been given the opportunity to obtain a new certified survey. Should Buyer decline to obtain a survey as offered in Paragraph 10A of this Real Estate Contract, Buyer agrees to hold Seller, Listing Firm and Selling Firm involved in this Real Estate Contract harmless of any problems relative to any survey discrepancies that may exist or be discovered (or occur)after Closing. ❑x A. New survey satisfactory to Buyer, certified to Buyer within thirty(30)days prior to Closing by a registered land surveyor, ❑showing property lines only ❑x showing all improvements, easements and any encroachments will be provided and paid for by: n Buyer n Seller U Equally split between Buyer and Seller. ❑ B. No survey shall be provided. ❑ C. Other: Should Buyer agree to accept the most recent survey provided by Seller, this survey is for information purposes only and Buyer will not be entitled to the legal benefits of a survey certified in Buyer's name. 11. TITLE REQUIREMENTS: Buyer and Seller understand Listing Firm and Selling Firm are not licensed title insurance agents as defined by Arkansas law and do not and cannot receive direct or indirect compensation from any Closing Agent regarding the closing process or the possible purchase of title insurance by one or more of Buyer and Seller. An enhanced version of title insurance coverage may be available to Buyer for this transaction. Discuss enhanced title insurance coverage with your title insurance provider to determine availability and features. ❑ A. Seller shall furnish, at Seller's cost, a complete abstract reflecting merchantable title to Buyer or Buyer's Attorney. ❑ B. Seller shall furnish, at Seller's cost, an owners policy of title insurance in the amount of the Purchase Price. If a loan is secured for the purchase of the Property, Buyer agrees to pay mortgagee's portion of title policy. If Buyer elects to obtain enhanced title insurance coverage, Buyer shall pay for the increase in title insurance costs in excess of the cost of a standard owners title policy. • C. Provided Buyer and Seller choose to close at the same Title Company, Buyer and Seller to equally split the cost of a combination owner's and mortgagee's policy of title insurance, either standard or enhanced (if enhanced coverage is desired by Buyer and available), in the amount of(as to owner's)the Purchase Price and (as to mortgagee's)the loan amount(not to exceed the Purchase Price). ❑ D. Other: Buyer shall have the right to review and approve a commitment to provide title insurance prior to Closing. If objections are made to Title, Seller shall have a reasonable time to cure the objections. Regardless of the policy chosen, Buyer and Seller shall have the right to choose their Closing Agent(s). Page 4 of 11 Seriapt:0940384001624620527 Prepared by:Blake Rogers JIM WHITE REALTY I blakeablakerogers.net Real Estate Contract Copyright 2018 (Lots and Acreage) I I . ti Arkansas Page 5 of 11 REALTOR o.�.o`remrY Associationi Form Serial Number: 094038-300152-9520527 12. PRORATIONS: Taxes and special assessments due on or before Closing shall be paid by Seller. Any deposits on rental Property are to be transferred to Buyer at Closing. Insurance, general taxes, special assessments, rental payments and interest on any assumed loan shall be prorated as of Closing, unless otherwise specified herein. 13. CLOSING: Closing is the date and time at which Seller delivers the executed and acknowledged deed and Buyer's completion, signing and delivery to Seller(or Closing Agent agreed to by Buyer&Seller)of all loan, closing documents, and Purchase Price funds required to be executed or delivered by Buyer (the "Closing'). Buyer and Seller agree the Closing date will be (month) August (day) 15 , (year) 2018 The Closing date may be changed by written agreement of Buyer and Seller. If the sale is not consummated by the Closing date (or any written extension thereof), the parties shall have the remedies available to them in equity or at law, including the remedies available to them in Earnest Money Addendum. Buyer and Seller shall have the right to choose their Closing Agent(s) and are not relying on Listing Firm or Selling Firm to choose a Closing Agent. Should Buyer or Seller choose the services of a Closing Agent(s) other than Selling Firm or Listing Firm, then Buyer and Seller each jointly and severally agree to indemnify and hold Listing Firm and Selling Firm harmless for all intentional misconduct and negligent acts (including acts of omission) of the Closing Agent(s). This Real Estate Contract shall serve as written closing instructions to the Closing Agent on behalf of the Buyer and Seller. The Closing Agent(s) is/are authorized to provide Seller's closing disclosure or other settlement statement(s) to Listing Firm (in addition to Seller) and Buyer's closing disclosure or other settlement statement(s)to Selling Firm (in addition to Buyer)so Buyer, Seller, Listing Firm and Selling Firm shall have a reasonable opportunity to review prior to Closing. Buyer and Seller shall each have the right to request title insurer(s), if any, issue closing protection to indemnify against loss of closing funds because of acts of a Closing Agent, title insurers named employee, or title insurance agent. Any cost for closing protection will be paid by the requesting party(ies). Listing Firm and Selling Firm strongly advise Buyer and Seller to inquire of the Closing Agent(s) about the availability and benefits of closing protection. This Real Estate Contract shall, unless otherwise specified in Paragraph 20 of this Real Estate Contract, constitute express written permission and authorization to Listing Firm and Selling Firm to disclose the terms of this Real Estate Contract (and all Addenda), including without limitation concessions provided by Buyer or Seller or other non-public personal information of Buyer and Seller regarding the purchase and sale of the Property, to any of the following: (i) an Arkansas licensed appraiser; (ii) multiple listing services for use by the members thereof; and (iii) any other person or entity which Listing Firm or Selling Firm determines, using sole discretion, may have a legitimate basis to request and obtain such information. The authorization and permissions granted in this Paragraph 13 shall not create any obligation or duty upon Listing Firm or Selling Firm to make any disclosure to any person or entity. 14. FIXTURES AND ATTACHED EQUIPMENT: Unless specifically excluded herein, all fixtures and attached equipment, if any, are included in the Purchase Price. 15. POSSESSION: Possession of the Property shall be delivered to Buyer: ❑x A. Upon the Closing. ❑ B. Delayed Possession. (See Delayed Occupancy Addendum attached) ❑ C. Prior to Closing. (See Early Occupancy Addendum attached) Page 5of11 $•nm*01110384001024520027 Prepared by:Blake Rogers JIM WHITE REALTY blakeeblakerogersnet i - Real Estate Contract copyright 2418 (Lots and Acreage) I t In Arkansas MOUSING t Page 6 of 11 REALTOR oOP oer Association Form Serial Number: 094038-300152-9520527 16. OTHER CONTINGENCY: ❑ A. No Other Contingency. (Except for those conditions listed elsewhere in this Real Estate Contract) It is understood and agreed that Seller has the right to enter into subordinate Real Estate Contracts and other Real Estate Contracts shall not affect this Real Estate Contract. 111 B. This Real Estate Contract is contingent upon: City council approval of land purchase on or before (month) July (day) 25 , (year) 2018 During the term of this Real Estate Contract(Select one): ❑ (i) Binding with Escape Clause: Seller has the right to continue to show the Property and solicit and enter into another Real Estate Contract on this Property. However, all Real Estate Contracts shall be subject to termination of this Real Estate Contract. Should Seller elect to provide written notice of an additional Real Estate Contract being accepted by Seller, Seller shall utilize the Seller's Contingency Notice Addendum, (the "Notice") and Buyer shall have hours to remove this contingency. Buyer shall be deemed in receipt of the Notice upon the earlier of (a) actual receipt of the Notice or(b) two (2) business days after Seller or Listing Firm deposits the Notice in the United States mail, certified for delivery to Buyer at with sufficient postage to ensure delivery. Removal of this contingency shall occur only by delivery of the Notice, in a manner ensuring actual receipt, to Seller or Listing Firm. Time is of the essence. In the event Buyer removes this contingency and does not perform on this Real Estate Contract for any reason concerning this contingency, Seller may assert all legal or equitable rights that may exist as a result of Buyer breaching this Real Estate Contract. Alternatively, Seller, at his sole and exclusive option, may retain the Earnest Money, as liquidated damages. If this contingency is removed, a Closing date shall be agreed upon by the parties. If a Closing date is not agreed upon, Closing shall occur calendar days from removal. Should Buyer not remove this contingency as specified, then this Real Estate Contract shall be terminated with Buyer and Seller both agreeing to sign a Termination of Contract Addendum with Buyer to recover Earnest Money. All time constraints in this Real Estate Contract referred to in Paragraphs 5, 9, 10, 18, and 21B refer to the time Buyer removes the contingency. (ii) Binding without Escape Clause: It is understood and agreed Seller has the right to enter into subordinate Real Estate Contracts, and other Real Estate Contracts shall not affect this Real Estate Contract. Page 6of11 SerIaIR:094038-300162-9520527 Prepared by:Blake Rogers I JIM WHITE REALTY I blakeeblakerogers.net Real Estate Contract , C18 ht (Lots and Acreage) 't A Arkansas iaow.. RLTORS Page 7 of 11 REALTOR o i"R' Association Form Serial Number: 094038-300152-9520527 17. BUYER'S DISCLAIMER OF RELIANCE: A. BUYER CERTIFIES BUYER WILL PERSONALLY INSPECT OR HAVE A REPRESENTATIVE INSPECT THE PROPERTY AS FULLY AS DESIRED PRIOR TO CLOSING. BUYER CERTIFIES BUYER HAS NOT AND WILL NOT RELY ON ANY WARRANTIES, REPRESENTATIONS, OR STATEMENTS OF SELLER, LISTING FIRM, SELLING FIRM, OR ANY AGENT, INDEPENDENT CONTRACTOR, OR EMPLOYEE ASSOCIATED WITH THOSE ENTITIES, OR INFORMATION FROM MULTIPLE LISTING SERVICES OR OTHER WEBSITES REGARDING MINERAL RIGHTS, YEAR BUILT, SIZE (INCLUDING WITHOUT LIMITATION THE SQUARE FEET IN IMPROVEMENTS LOCATED ON THE PROPERTY), QUALITY, VALUE OR CONDITION OF THE PROPERTY, INCLUDING WITHOUT LIMITATION ALL IMPROVEMENTS, APPLIANCES, PLUMBING, ELECTRICAL OR MECHANICAL SYSTEMS. HOWEVER, BUYER MAY RELY UPON ANY WRITTEN DISCLOSURES PROVIDED BY SELLER. LISTING FIRM AND SELLING FIRM CANNOT GIVE LEGAL ADVICE TO BUYER OR SELLER. LISTING FIRM AND SELLING FIRM STRONGLY URGE STATUS OF TITLE TO THE PROPERTY, CONDITION OF PROPERTY, SQUARE FOOTAGE OF IMPROVEMENTS, QUESTIONS OF SURVEY, AND ALL OTHER REQUIREMENTS OF BUYER SHOULD EACH BE INDEPENDENTLY VERIFIED AND INVESTIGATED BY BUYER OR A REPRESENTATIVE CHOSEN BY BUYER. B. BUYER AGREES TO SIGN PAGE 4 OF THE INSPECTION,REPAIR AND SURVEY ADDENDUM PRIOR TO CLOSING IF BUYER ACCEPTS THE CONDITION OF THE PROPERTY AND INTENDS TO CLOSE. 18. SELLER PROPERTY DISCLOSURE: ❑A. Buyer and Seller acknowledge that upon the authorization of Seller, either Selling Firm or Listing Firm have delivered to Buyer, prior to the execution of this Real Estate Contract, a written disclosure prepared by Seller concerning the condition of the Property, but this fact neither limits nor restricts Buyer's Disclaimer of Reliance set forth in Paragraph 17 of this Real Estate Contract. The written disclosure prepared by Seller is dated (month) (day) (year) , and is warranted by Seller to be the latest disclosure and the answers contained in the disclosure are warranted to be true, correct, and complete to Seller's knowledge. ❑B. Buyer hereby requests Seller to provide a written disclosure about the condition of the Property that is true and correct to Seller's knowledge within three (3) business days after this Real Estate Contract has been signed by Buyer and Seller. If Seller does not provide the disclosure within the three (3) business days, Buyer may declare this Real Estate Contract terminated with Buyer and Seller both agreeing to sign the Termination of Contract, with Buyer to receive a refund of the Earnest Money. If Buyer finds the disclosure unacceptable within three (3) business days after receipt of disclosure, this Real Estate Contract may be declared terminated by Buyer, with Buyer and Seller both agreeing to sign the Termination of Contract with Buyer to receive a refund of the Earnest Money. Receipt of this disclosure neither limits nor restricts in any way Buyer's Disclaimer of Reliance set forth in Paragraph 17 of this Real Estate Contract. C. Although a disclosure form may have been completed (or can be completed) by Seller, Buyer has neither received nor requested and does not desire from Seller a written disclosure concerning the condition of the Property prior to the execution of this Real Estate Contract, but this fact neither limits nor restricts in any way Buyer's Disclaimer of Reliance set forth in Paragraph 17 of this Real Estate Contract. BUYER IS STRONGLY URGED BY SELLING FIRM AND LISTING FIRM TO MAKE ALL INDEPENDENT INSPECTIONS DEEMED NECESSARY PRIOR TO SIGNING THIS REAL ESTATE CONTRACT. I ID. Buyer understands no disclosure form is available and will not be provided by Seller. This fact neither limits nor restricts in any way the Buyer's Disclaimer of Reliance set forth in Paragraph 17 of this Real Estate Contract. BUYER IS STRONGLY URGED BY SELLING FIRM AND LISTING FIRM TO MAKE ALL INDEPENDENT INSPECTIONS DEEMED NECESSARY PRIOR TO SIGNING THIS REAL ESTATE CONTRACT. Page 7 of 11 &WOO e0403$400162.U20127 Prepared by Blake Rogers I JIM WHITE REALTY I bkrke©blakerogers net Real Estate Contract Copyright 2018 (Lots and Acreage) 't Arkansas REALTORS' Page 8 of 11 REA[TOR O►►ORiuR1rY Association Form Serial Number: 094038-300152-9520527 19. AGENCY: (check all that apply) Ex A. LISTING FIRM AND SELLING FIRM REPRESENT SELLER: Buyer acknowledges Listing Firm and Selling Firm and all licensees associated with those entities are the agents of Seller and it is Seller who employed them, whom they represent, and to whom they are responsible. Buyer acknowledges that before eliciting or receiving confidential information from Buyer, Selling Firm, which may be the same as Listing Firm, verbally disclosed Selling Firm represents Seller. n B. LISTING FIRM REPRESENTS SELLER AND SELLING FIRM REPRESENTS BUYER: Buyer and Seller acknowledge Listing Firm is employed by Seller and Selling Firm is employed by Buyer. All licensees associated with Listing Firm are employed by, represent, and are responsible to Seller. All licensees associated with Selling Firm are employed by, represent, and are responsible to Buyer. Buyer acknowledges Selling Firm verbally disclosed Listing Firm represents Seller. Seller acknowledges Listing Firm verbally disclosed Selling Firm represents Buyer. ❑ C. LISTING FIRM AND SELLING FIRM ARE THE SAME AND REPRESENT BOTH BUYER AND SELLER: Seller and Buyer hereby acknowledge and agree Listing and Selling Firm are the same and all licensees associated with Listing and Selling Firm are representing both Buyer and Seller in the purchase and sale of the above referenced Property and Listing/Selling Firm has been and is now the agent of both Seller and Buyer with respect to this transaction. Seller and Buyer have both consented to, and hereby confirm their consent to agency representation of both parties. Further, Seller and Buyer agree: (i) Listing/Selling Firm shall not be required to and shall not disclose to either Buyer or Seller any personal, financial or other confidential information concerning the other party without the express written consent of that party; however, Buyer and Seller agree Listing/Selling Firm shall disclose to Buyer information known to Listing/Selling Firm related to defects in the Property and such information shall not be deemed "confidential information." Confidential information shall include but not be limited to any price Seller is willing to accept that is less than the offering price or any price Buyer is willing to pay that is higher than that offered in writing. (ii) by selecting this option 19C, Buyer and Seller acknowledge when Listing/Selling Firm represents both parties, a possible conflict of interest exists, and Seller and Buyer further agree to forfeit their individual right to receive the undivided loyalty of Listing/Selling Firm. (iii) to waive any claim now or hereafter arising out of any conflicts of interest from Listing Selling Firm representing both parties. Buyer and Seller acknowledge Listing/Selling Firm verbally disclosed Listing/Selling Firm represents both parties in this transaction, and Buyer and Seller have given their written consent to this representation before entering into this Real Estate Contract. ❑ D. SELLING FIRM REPRESENTS BUYER (NO LISTING FIRM): Seller acknowledges Selling Firm and all licensees associated with Selling Firm are the agents of Buyer and it is Buyer who employed them, whom they represent, and to whom they are responsible. Seller acknowledges that at first contact Selling Firm verbally disclosed that Selling Firm represents Buyer. Any reference to "Listing Firm" in this Real Estate Contract will be considered to mean Selling Firm, both Buyer and Seller acknowledging that all real estate agents (unless Seller is a licensed Real Estate Agent) involved in this Real Estate Contract only represent Buyer. _ E. NON-REPRESENTATION: See attached Non-Representation Disclosure Addendum. If item E is checked it should be accompanied by a corresponding entry to Paragraph 31 B or C. Page 8 of 11 Benefit 084038-300152-0520527 Prepared by:Blake Rogers I JIM WHITE REALTY I blakergblakerogersnet I Real Estate Contract Copyright (Lots and Acreage) !E0 R = AsAsoLcTiORoSnPage 9 of 11 REAL ° Form Serial Number: 094038-300152-9520527 20. OTHER: None. 21. LEAD-BASED PAINT RISK ASSESSMENT/INSPECTION: ❑x A. Buyer understands and agrees that, according to the best information available, improvements on this Property were not constructed prior to 1978 and should not contain lead-based paint hazards. ❑ B. Buyer has been informed that the Property, including without limitation garages, tool sheds, other outbuildings, fences, signs and mechanical equipment on the Property that were constructed prior to 1978, may contain lead-based paint. Seller will provide the Lead-Based Paint Disclosure (pre- 1978 construction) within three (3) business days after acceptance of this Real Estate Contract. The obligation of Buyer under this Real Estate Contract is contingent upon Buyer's acceptance of the Lead-Based Paint Disclosure provided by Seller and an Inspection and/or Risk Assessment of the Property for the presence of lead-based paint and/or lead-based paint hazards obtained at Buyer's expense. If Buyer finds either the Lead-Based Paint Disclosure or the Inspection and/or Risk Assessment unsatisfactory, in the sole discretion of Buyer, within ten (10) calendar days after receipt by Buyer of the Lead-Based Paint Disclosure, Buyer shall have the absolute option to unilaterally terminate this Real Estate Contract with all Earnest Money returned to Buyer and, neither Buyer nor Seller having further obligation to the other thereafter. Buyer may remove this contingency and waive the unilateral termination right at any time without cause by written General Addendum signed by Buyer and delivered to Seller. If Buyer does not deliver to Seller or Listing Firm a Termination of Real Estate Contract Addendum terminating this Real Estate Contract within the ten (10) calendar days after receipt by Buyer of the Lead-Based Paint Disclosure, this contingency shall be deemed waived and Buyer's performance under this Real Estate Contract shall thereafter not be conditioned on Buyer's satisfaction with the Lead-Based Paint Inspection and/or Risk Assessment of the Property. Buyer has been advised of Buyer's rights under this Paragraph 21. 22. RISK OF LOSS: Risk of loss or damage to the Property by fire or other casualty occurring prior to the time Seller delivers an executed and acknowledged deed to Buyer is expressly assumed by Seller. Buyer shall have the right prior to Closing to inspect the Property to ascertain any damage that may have occurred due to fire, flood, hail, windstorm or other acts of nature, vandalism or theft. 23. GOVERNING LAW: This Real Estate Contract shall be governed by the laws of the State of Arkansas. 24. SEVERABILITY: The invalidity or unenforceability of any provisions of this Real Estate Contract shall not affect the validity or enforceability of any other provision of this Real Estate Contract, which shall remain in full force and effect. Page 9 of 11 s.s 6$403$4001824620627 Prepared by:Blake Rogers (JIM WHITE REALTY blakeeblakerogers net I Real Estate Contract Copyright 2018 (Lots and Acreage) Arkansas Page 10 of 11 EALTOR a`::otrouxsalaa REALTORS` Association Form Serial Number: 094038-300152-9520527 25. MERGER CLAUSE: This Real Estate Contract, when executed by both Buyer and Seller, shall contain the entire understanding and agreement between Buyer and Seller with respect to all matters referred to herein and shall supersede all prior or contemporaneous agreements, representations, discussions and understandings, oral or written, with respect to such matters. This Real Estate Contract shall not supersede any agency agreements entered into by Buyer or Seller and Listing Firm or Selling Firm. 26. ASSIGNMENT: This Real Estate Contract may not be assigned by Buyer unless written consent of Seller is obtained, such consent not to be unreasonably withheld. It shall not be unreasonable for Seller to withhold consent if Seller is to provide financing for Buyer in any amount. 27. TIME: Buyer and Seller agree time is of the essence with regard to all times and dates set forth in this Real Estate Contract. Unless otherwise specified, days as it appears in this Real Estate Contract shall mean calendar days. Further, all times and dates set forth in this Real Estate Contract refer to Arkansas Central time and date. 28. ATTORNEY'S FEES: Should Buyer or Seller initiate any type of administrative proceeding, arbitration, mediation or litigation against the other (or against an agent for the initiating party or agent for the non- initiating party), it is agreed by Buyer and Seller (aforementioned agents being third-party beneficiaries of this Paragraph 28) that all prevailing party (or parties if more than one) shall be entitled to an award of all costs and attorney's fees incurred in prosecution or defense of such initiated action against the non- prevailing party(or parties if more than one). 29. COUNTERPARTS: This Real Estate Contract may be executed in multiple counterparts each of which shall be regarded as an original hereof but all of which together shall constitute one in the same. 30. FIRPTA COMPLIANCE, TAX REPORTING: Buyer and Seller agree to disclose on or before Closing, to the person or company acting as Closing Agent for this transaction, their United States citizenship status, solely for the purpose of compliance with the Foreign Investment in Real Property Taxation Act (FIR PTA). In addition, Buyer and Seller shall execute all documents required by such Closing Agent to document compliance with FIRPTA and all other applicable laws. Buyer and Seller agree that nothing in this Real Estate Contract is intended to limit the responsibility of the Closing Agent as defined pursuant to United States Treasury Regulation 1.6045.4 to: (i) be the "reporting person" under state and federal laws (including without limitation 26 USC Section 6045(e)), and (ii) file all necessary forms regarding the Closing, including without limitation form 1099, 8288 or 8288A. By accepting the role as Closing Agent, this Real Estate Contract shall obligate the Closing Agent to fulfill their responsibilities as set forth above and as defined by the above statutes. Seller will execute an affidavit confirming compliance with FIRPTA, as prepared by the Closing Agent. 31. LICENSEE DISCLOSURE: Check all that apply. A. Not Applicable. ❑ B. One or more parties to this Real Estate Contract acting as a❑Buyer Seller hold a valid Arkansas Real Estate License. ❑x C. One or more owners of any entity acting as ❑Buyer❑x Seller hold a valid Arkansas Real Estate License. 32. EXPIRATION: This Real Estate Contract expires if not accepted on or before (month) July (day) 6 , (year) 2018 , at 6:DD ❑(a.m.) E1(p.m.). Page 10of11 Serial*09403e400152-9520527 Prepared by:Blake Rogers I JIM WHITE REALTY I bIake@blakerogers.net( - Real Estate Contract C�fight (Lots and Acreage) it A Arkansas REALTOR EQUA.r'pUWSGr REALTORS` Page 11 of 11 Association THIS IS A LEGALLY BINDING REAL ESTATE CONTRACT WHEN SIGNED BY THE PARTIES BELOW. READ IT CAREFULLY. YOU MAY EMPLOY AN ATTORNEY TO DRAFT THIS FORM FOR YOU. IF YOU DO NOT UNDERSTAND THE EFFECT OF ANY PART,CONSULT YOUR ATTORNEY BEFORE SIGNING. REAL ESTATE AGENTS CANNOT GIVE YOU LEGAL ADVICE. THE PARTIES SIGNED BELOW WAIVE THEIR RIGHT TO HAVE AN ATTORNEY DRAFT THIS FORM AND HAVE AUTHORIZED THE REAL ESTATE AGENT(S)TO FILL IN THE BLANKS ON THIS FORM. THIS FORM IS PRODUCED AND COPYRIGHTED BY THE ARKANSAS REALTORS'ASSOCIATION. THE SERIAL NUMBER BELOW ISA UNIQUE NUMBER NOT USED ON ANY OTHER FORM. THE SERIAL NUMBER BELOW SHOULD BE AN ORIGINAL PRINTING,NOT MACHINE COPIED,OTHERWISE THE FORM MAY HAVE BEEN ALTERED. DO NOT SIGN THIS FORM IF IT WAS PREPARED AFTER DECEMBER 31,2018. Form Serial Number: 094038-300152-9520527 The above Real Estate Contract is executed on: (month) (day) , (year) , at ❑(a.m.) ❑(p.m.). Jim White Rea /nc., Selling Firm Signature: Signature: Printed Name: Blake Rogers printed Name: The City of Van Buren,Arkansas PB00052950 Buyer Principal or Executive Broker(AREC Ucense# ) (Broker email: biake®b/akerogers.net Signature: Signature: Printed Name: Blake Rogers Printed Name: Selling Agent(AREC License# PB00052950 ) Buyer (Agent email: blake(dtblakerogers.net ) (Agent cell number: 4794592146 ) The above Real Estate Contract is executed on: (month) June (day) 20 , (year) 2018 , at 1:50 0(a.m.) E](p.m.). Jim White Realty, c. Listing Firm —.Y6 *ii".„, (4.5. . Signature: Signature: Printed Name: Blake Rogers Printed Name: ) Seller Tierra,Inc. Prindpal or Exec five Broker(AREC UPB00052950 License# (Broker email: blak:q::,.lakeorgers.net ) Signature: / A Signature: Printed Name: Blake Rogers Printed Name: Listing Agent(AREC Ucense# "B00052950 .1 Seller (Agent email: blake@blakerogers.net ) (Agent cell number: 4794592146 ) The above offer was ❑rejected ❑ counteroffered (Form Serial Number ) on (month) (day) , (year) , at ❑(a.m.) ❑ (p.m.). Seller's Initials Seller's initials Page 11 of 11 Sedate 004076-000162-662062T Prepared bIrBlake Rogers I JIM WHITE REALTY I blekeQbIaKsrogere net I +' Overview • Tf 1 *i t, • A Legend ' 4 ' t 0 Arkansas Counties ` `\f " -\:` Q Other Counties ' 1 " 0 Parcels National Forest County Streets& Highways `L'''''' 7*s — 1;2;3;4;8;9;083; orfr 93;95;96 f 50;51;52;53;54;5 57 { Railroad Other Major Roads .. State Highway sow U.S.Highway ' Interstate .4t + 4 ^ Other Minor Road: ,ty` .,, P ° e r k.... r 17 : ' ..OADERH POWD H e. tia ■ ,. p,,,...,,,,,,,„/„.„. " c d n i ill i rAF l 41 ' .. Lst"