HomeMy WebLinkAbout1978-709-R R E S O L U T I O N O- 70 q
WHEREAS, it is in the best interest of the City of
Batesville ( "CITY" ) and Batesville Rubber Company ( "BRC") and
Seilon, Inc . to agree to a postponement from May 1, 1978, to
October 1, 1978, of the closing of the purchase of the property
leased by the CITY to BRC and formerly sub-leased to Arkansas
Technical Industries, Inc . ( "ATI") pursuant to the lease purchase
option previously exercised by BRC, in consideration of BRC, at
its sole expense instituting and concluding appropriate litigation
to eliminate any claims affecting title to this property provided,
however, that if this litigation is not concluded on or before
October 1, 1978, then the parties hereto may extend the closing
%W date .
BE IT THEREFORE RESOLVED, that the Mayorof the City is
hereby authorized to enter into an agreement for this postponement
as these terms and conditions are specified in the copy of the
agreement attached hereto .
DATED thisday of 1978 .
CITY ATESVILLE
BY :
ATTEST:
i
A G R E E M E N T
WHEREAS, Batesville Rubber Company ( "BRC") has exercised
its option to purchase the premises presently leased by the City
of Batesville ( "CITY") , to BRC and the closing of this purchase
was intended to occur on May 1, 1978;
WHEREAS, subsequent to the exercise of this option and
prior to May 1, 1978, the parties hereto learned of certain liens
and judgments against Arkansas Technical Industries ( "ATI") , forme -
sub-lessee of the premises , which affect title to the premises ;
and
WHEREAS, it is in the best interest of the parties here-
to that the closing of this purchase be postponed from May 1, 1978,
in order that appropriate action be taken to litigate any such
claims affecting title to the premises .
NOW, THEREFORE, the parties for a valuable consideration
agree as follows :
1. In consideration of the mutual benefits to the City
and BRC, they do hereby agree that the closing of the purchase
of the premises in accordance with the lease purchase option
previously exercised by BRC is hereby postponed from May 1, 19783
to October 1, 1978, provided, however, that such closing date
may be extended by the mutual consent of the parties hereto, if
the litigation of the claims involving the title to these premises
is not concluded on or before October 1, 1978 .
2 . The parties further agree that BRC, at its sole
expense, will institute, as soon as possible, appropriate
litigation to eliminate any claims affecting the title to the
premises and the City will join as a partyin such litigation for
that purpose .
3 . It is expressly understood that no sumsshall be due
in connection with the lease or purchase during this postponement
or any extension thereof.
DATED this day of 1978 .
CITY ATESVILLE
BY
SEILON, INC , and
BA ESVI LE U B R C MPANY
BY:
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