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187
<br />
<br /> WHEREAS, pursuant to a sealed bidding process for the
<br />sale of the Property conducted on February 14, 1986, Region
<br />Ten received a high bid of $118,000.00 for the purchase of
<br />the Property from Althea Hurt, David Sutton 'and Thomas Hickman
<br />(the "Bidders'.'); and '
<br />
<br /> WHEREAS, Region Ten, by its Executive Director, entered
<br />into a Real Estate Sales Agreement, dated February 19, 1986,
<br />with the Bidders for the sale of the Property Cthe "Contract"),
<br />a copy oflthe Contract is attached hereto as Exhibit C, and
<br />
<br /> WHEREAS, with the consent of Region Ten, the Bidders, by
<br />document dated February 28, 1986 (the "Assignment"), subsequently
<br />assigned all their right, title and interest in the ConTract to
<br />A. L. Yancey, Trustee of the Le-Jud Land Trust, which Assignment
<br />is attached to the Contract; ~and
<br />
<br /> WHEREAS, A. L. Yancey, Trustee of the Le-Jud Land Trust
<br />executed a promissory note, dated February 22, 1986, (the
<br />"Note") acknowledging, his acceptance of the Assignment, a copy
<br />of the Note is attached hereto as Exhibit D; and
<br />
<br /> WHEREAS, there have been presented to the members of the
<br />Board the basic agreements listed below, which are necessary
<br />to the consummation of the transaction'
<br />
<br /> A. Real Estate Sales Agreement., dated as of February
<br />19, 1986, by and between Region Ten and the Bidders (Exhibit
<br />C);
<br />
<br /> B. Assignment, dated February 28, 1986, from the Bidders
<br />to A. L. Yancey, Trustee of the Le-Jud Land Trust (part of
<br />Exhibit C); · ~
<br />
<br /> C. Deed, dated as of March 3, 1986, from Region Ten to
<br />A. L', Yancey, Truste~ of the Le-Jud Land Trust (the "Deed"),
<br />conveying the Property (a copy of which is attached hereto
<br />as Exhibit E).
<br />
<br /> WHEREAS, after careful consideration and in furtherance
<br />of the foregoing public purposes outlined above and in the
<br />Prior Resolution, NOW, THEREFORE, BE IT RESOLVED BY THE
<br />COUNCIL FOT THE CITY. OF CHARLOTTESVILLE, VIRGINIA, THAT:
<br />
<br /> (1) For the purpose of permitting a more efficient
<br />management of its assets and to carry out its funCtions
<br />more effectively, the Contract and Assignment are hereby
<br />approved and ratified, and the transfer and conveyance of
<br />the Property by Region Ten to A. L. Yancey, Trustee of the
<br />Le-Jud Land Trust is hereby authorized.
<br />
<br /> (2) The execution, delivery and performance of the
<br />Deed by the Executive Director of Region Ten on behalf of
<br />the Region Ten is hereby authorized. The Deed shall be in
<br />substantially the form submitted to this meeting, with some
<br />minor changes, insertions, and omissions (including, without
<br />limitation, changes of the date of such document) as may be'
<br />approved by the Executive Director of Region Ten, whose
<br />approval shall be evidenced conclusively by the execution
<br />· and delivery of the Deed.
<br />
<br /> (3) Each officer, official and employee of the City
<br />and Region Ten are authorized to execute and~deliver on
<br />behalf of the City and Region Ten such instruments, documents
<br />or certificates, to do and perform such things and acts, as
<br />they shall deem necessary and appropriate to carry out the
<br />transactions authorized by this Resolution or contemplated
<br />by the Deed or such instruments, documents or certificates;
<br />and all the foregoing previously done or performed by such
<br />officers, officials and employees of the City and Region Ten
<br />are in all respects approved, ratified and confirmed.
<br />
<br />
<br />
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