HomeMy WebLinkAbout2005-34C~
Town of Pulaski, Virginia
Resolution 2005-34
Amending Resolution 2004-23
WHEREAS, the Town Council of the Town of Pulaski has previously extended a UDAG
loan to Community National Bank and subsequently approved by Resolution 2004-23 the
assumption of the outstanding balance on the aforesaid loan by the National Bank of
Blacksburg; and
WHEREAS, the National Bank of Blacksburg has requested that it be perrnitted to
transfer the aforesaid real estate, upon which the UDAG loan represents a lien, to it's
parent company, National Bankshares, Inc., subject to the Town's Deed of Trust and lien;
and
NOW THEREFORE, be it RESOLVED that the Town Manager is authorized to
execute documents satisfactory to himself and the Town Attorney to effectuate the
transfer of the real estate from which the Town of Pulaski holds a lien from National
Bank of Blacksburg to National Bankshares, Inc. including but not limited to the deed
attached hereto and expressly made part hereof as if set forth herein. All recording costs
shall be borne by National Bankshares, Inc.
This resolution is adopted and is effective upon adoption the 2°d day of August, 2005 by
recorded vote as follows:
Jeffrey S. Worrell -Aye
Dan Talbert, Jr. -Aye
Bettye H. Steger -Aye
Lane R. Penn -Aye
John T. Bolen -Aye
Joel B. Burchett, Jr. -Aye
THE TOWN OF PULASKI, VIRGINIA
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By: J
Charles L. Wade, Mayor
A .,ST:
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Patricia Cruise, Clerk of Council
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THIS DEED, made and entered into this 22nd day of July, 2005, by and between
THE NATIONAL BANK OF BLACKSBURG, a national banking association with its
principal place of business in Blacksbuag, Montgomery County, Virginia, Grantor, and
NATIONAL BANKSHARES. INC., a Virginia Corporation, Grantee,
PROVIDES:
That for Ten Dollazs ($10.00) and other good and valuable consideration, the
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receipt of which is hereby acknowledged, the Grantor does hereby convey, with General
Warranty and English Covenants of Title, all that certain lot or pazcel of land, with the
improvements thereon and appurtenances thereto, located in the Massie Magisterial
District of Pulaski County, Virginia, and more particulazly described as follows:
ALL of Lots 22, 24, 26, 28, 30, and 32 in Block 32 of the Town of
Pulaski, as depicted on a survey plat dated June 18, 2004, and recorded
in the Pulaski County Circuit Court Clerk's Office in Plat Cabinet 2,
Slide 15, Page 9, and also depicted on a prior survey dated October 2,
1985, recorded in said Clerk's Office in Deed Book 408, Page 816,
less and except a 32 square foot portion of the southeastern corner of
Lot 32, as conveyed to Mazgazet C. Owen by deed dated May 27, 1986,
recorded in said Clerk's office in Deed Book 418, Page 497, and de-
picted on a survey plat dated May 12, 1986, recorded in Deed Book 418,
Page 499;
(Tax map ## 72.51-32-22, 24, 26, 28, 30 & 32; Property address: 202
North Washington Avenue, Pulaski, Virginia.)
BEING all that same real estate conveyed to the Grantor herein by Deed dated
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June 25, 2004, from Community National Bank, which Deed was recorded in the said
Clerk's Office as Document Number 04003830.
This Deed Prepared by: Marilyn B. Buhyoff, Counsel for National Bankshares, Inc. and the National Bank of
Blacksburg, P.O. Box 90002, Blacksburg, VA 24062-9002, !'SB# 16070
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This conveyance is made subject to the lien of a Deed of Trust dated July 8, 1998,
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recorded in said Clerk's Office in Deed Book 623, Page 282, securing a promissory note in the
original principal amount of $135,000 and is further made subject to all easements, rights of
way, restrictions, reservations and conditions of record affecting the above described teal
estate. The Grantee joins in this Deed to acknowledge that it takes the conveyed property
subject to the lien of the said Deed of Trust and to assume the indebtedness secured by the deed
of trust and to agree to pay the same as provided in the promissory note. The Town of Pulaski
joins in this Deed to confirm its knowledge of and consent to Grantee's assumption of the
indebtedness secured by the said Deed of Trust.
This deed is exempt from the taxes imposed by Section 58.1-801 of the Code of
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Virginia of 1950, as amended, by virtue of Section 58.1-811 A. 9. of the Code of Virginia, as
the Grantor, the National Bank of Blacksburg, is a wholly-owned subsidiary corporation of the
Grantee, National Bankshares, Inc.
WITNESS the following signature and seal.
Grantor: THE NATIONAL BANK OF BLACKSBURG
By: ~ '~ ~..E..~
President and
Chief Executive Officer
Grantee: NATIONAL BANKSHARES, INC.
Chairman, President and
Chief Executive Officer
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Town of Pulaski:
STATE OF VIRGINIA
TOWN OF PULASI{I, VIRGINIA
By:
J J. Hawley
Town Manager
COUNTY OF MONTGOMERY, to-wit:
The foregoing deed was acknowledged before me this 22nd day of July, 2005 by
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James G. Rakes, President and Chief Executive Officer of the National Bank of
Blacksburg, and Chairman, President and Chief Executive Officer of National
Bankshazes, Inc. on behalf of the said bank and also on behalf of the said corporation.
My Commission Expires: ~1.3p - (~"7
STATE OF VIRGINIA
COUNTY OF PULASI{I, to-wit:
Notary Publ c
The foregoing deed was acknowledged before me this Ilan day of
2005, by John J. Hawley, Town Manager of the Town 'of
Pulaski, Virginia, on behalf of the said municipality.
My Commission Expires:
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Notary Public
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National Bankshares
July 22, 2005
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Mr. John J. Hawley
Town Manager
P.O. Box 660
Pulaski, VA 24301
RE: 202 North Washington Avenue
Pulaski
Deaz Mr. Hawley:
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Thank you for agreeing to ask the Pulaski Town Council for permission for the
National Bank of Blacksburg to deed, subject to the Town's Deed of Trust, the former
CNB Center building to the bank's parent company, National Bankshares, Inc. As Phillip
Baker may have explained, national banking laws limit NBB's ability to hold real estate
that is not being used for banking business. There are no similaz restrictions on National
Bankshares.
In hopes that that Council will have no objections, I am enclosing the Deed for
your signature. I would very much appreciate it if you could return the signed Deed to
me. An envelope is included for your use. If the Town has any problems with this
transaction, I would be pleased to speak with you or Randy Ely about it. My direct phone
number is (540) 951-6331.
Thank you very much for your help.
Sincerely,
7~-Aw-/~~~aao-
Marilyn B. Buhyoff
Secretary & Counsel
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MBB/
Enclosure
101 Hubbard Street / Blacksburg, Virginia 24060
P.O. Box 90002 / Blacksburg, Virginia 24062-9002
540 957-6300 / 800 552-4123
www. nationalbankshares.com