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CITY-OF-BATESVILLE
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provision made therefor from rentals paid by Emerson under the <br />Lease; and <br />WHEREAS, The First National Bank in Little Rock, Little <br />Rock, Arkansas (the "Trustee"), has released the lien of the Trust <br />Indenture, dated as of February 1, 1961, by and between the City <br />and the Trustee, securing the bonds; and <br />WHEREAS, Emerson has the option under the Lease to <br />purchase all of the Leased Premises for the sum of $1.00 when all <br />Bonds are paid; and <br />WHEREAS, Emerson desires to purchase that portion of <br />the premises demised by the Lease consisting of unimproved real <br />property and all personal property (including machinery, <br />equipment and fixtures) (the "assets"); and <br />WHEREAS, the Citv is now prepared to convey the assets <br />to Emerson for the sum of $10.00 in accordance with the provisions <br />of the Lease pursuant to a Warranty Deed and Bill of Sale from the <br />City to Emerson ( the "Warranty Deed and Bill of Sale") , a copy of <br />which has been presented to and is before this meeting, and <br />prepared to enter into a Second Amendment of and Supplement to <br />Lease which amends and supplements the Lease (the "Second <br />Amendment of and Supplement to Lease") and a copy of which has been <br />presented to and is before this meeting; <br />NOW, THEREFORE, BE IT ORDAINED by the City Council of <br />the City of Batesville, Arkansas (the "City"): <br />Section 1. That the Mayor and City Clerk be, and they <br />are hereby, authorized and directed for and on behalf of the City <br />to execute, acknowledge and deliver the Second Amendment of and <br />Supplement to Lease and the Warranty Deed and Bill of Sale, both to <br />be dated as of the date of execution and delivery thereof by the <br />City, in substantially the form and with substantially the <br />contents submitted to and before this meeting, with such changes <br />as shall be approved by such persons executing the document, their <br />execution to constitute conclusive evidence of such approval. <br />Section 2. That the Mayor and City Clerk be, and they <br />are hereby, authorized and directed for and on behalf of the City <br />to do all things, take all action and execute all documents <br />necessary to carry out the authority, enforce the rights and <br />discharge the obligations of the City set forth in this Ordinance, <br />the Warranty Deed and Bill of Sale and the Second Amendment of and <br />Supplement to Lease authorized hereby. <br />Section 3. That the provisions of this Ordinance are <br />hereby declared to be separable, and if any section, phrase or <br />
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