RES NO 01-01-2000 CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. 1. 1 -2000
A RESOLUTION ACCEPTING CERTAIN PROPERTY PURSUANT TO
REVERTER CLAUSE.
WHEREAS, The Community Development Agency of the City of Van Buren,
Arkansas previously issued a Special Warranty Deed to Larry
Jones, Tom Moore and others, to the following described property:
Lots 3, 4, 5 6, Block 3
Knox Addition to the City
of Van Buren, Arkansas
and said Special Warranty Deed contained certain covenants
relating to the development of said property; and
WHEREAS, The Special Warranty Deed included a Reverter Clause wherein
said property would revert back to the Community Development
Agency of the City of Van Buren if said covenants regarding
development were not completed within certain time periods; and
WHEREAS, Said covenants have not been completed and the property has
reverted back to the City of Van Buren; and
WHEREAS, It is in the best interest of the City and its citizens to release the
purchasers of their obligations under those covenants on the
condition that said purchasers quit -claim their interests in said
property to the City of Van Buren for the purpose of clearing title
to the property.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF VAN BUREN, ARKANSAS:
SECTION 1: THAT the City Council hereby releases the purchasers of their
obligations under the Special Warranty Deed upon receipt of deeds
quit claiming their interest in the property to the City of Van
Buren. II''
PASSED AND APPROVED THIS DAY OF JANUARY, 2000.
MAYOR J RI S L eg
'�9
ATTESTED: 1
CITY CLERK/TREASQRE.I4
l
a