201500464 - Laserfiche WebLink

Browse

rn c P1 Z r u rt CORPORATION WARRANTY DEED Wood River Recreational Association, Inc., a Nebraska non - profit corporation, GRANTOR, conveys to GRANTEE, City of Wood River, Nebraska, a municipal corporation, the following described real estate (as defined in Neb. Rev. Stat. 76 -201): Lots One (1) and Two (2) on Mainland, and the Northwest Quarter of the Northwest Quarter (NW 1/4 NW 1/4), all in Section Thirty -Three (33), in Township Ten (10) North, Range Eleven (11) West of the 6 P.M., Hall County, Nebraska. a. use its best efforts to sell the Property for fair market value on a timely basis and if not sold within six (6) months shall sell the Property by public auction; b. from the net proceeds from the sale of the Property, pay all holders of Debentures issued by GRANTOR the full principal amount of all outstanding Debentures in the amount of $315,000.00, or a prorated amount if the net sale proceeds are less than $315,000.00. Debenture holders shall receive no payment of interest on the Debenture in any event; and GRANTOR covenants (jointly and severally, if more than one) with GRANTEE that GRANTOR: 1. is lawfully seised of such real estate and that it is free from encumbrances, except as set forth above and easements, reservations, covenants and restrictions of record; 2. has legal power and lawful authority to convey the same; and 3. warrants and will defend title to the real estate against the lawful claims of all persons. The consideration for this deed is that the GRANTEE shall use for a period of thirty (30) years the described real estate for a municipal golf course. Provided, however, GRANTOR shall retain a right to re -enter and take possession of the Property if GRANTEE fails to maintain and operate the property as a public golf course on a full time basis as customary, weather permitting, prior to expiration of a 30 -year period from the date hereof. In the event GRANTOR re- enters and takes possession, GRANTOR shall: c. pay to GRANTEEE the net sale proceeds remaining, if any, after payment to Debenture holders as set forth above. In the event GRANTEE satisfies its obligations by maintaining and operating the Property as a public golf course for a period of thirty (30) years from the date hereof, GRANTOR'S right to re -enter and take possession shall terminate and the Debentures issued by GRANTOR will expire and no payment will be made to the Debenture holders in any amount on the Debentures.