(a)
(1) Upon completion of the determination of the fair market value and the fair market rental of the property, the board may enter into an agreement with the owner for the transfer of, which may be by lease from the board, as lessor, to the owner, as lessee, and lease agreement concerning the property.
(2) The agreement may provide that the owner will make improvements or additions to the property subject to the inspection and approval of all improvements and additions to the property by the Building Authority Division.
(b) Thereafter, as part of a simultaneous transaction, the board shall cause to be delivered to the owner appropriate instruments of conveyance to transfer the property to the owner, and the owner and the board shall enter into a lease agreement concerning the property.
(c) The instruments of conveyance shall contain such warranties and covenants of title as the parties shall have agreed to, and the board may furnish the owner title insurance or a commitment for title insurance.
Structure Arkansas Code
Subtitle 5 - Postsecondary and Higher Education Generally
Chapter 62 - Property and Finances of State Institutions
Subchapter 6 - Transfer or Lease of Property
§ 6-62-602. Transfer and lease authorized
§ 6-62-605. Execution of contracts
§ 6-62-607. Right to mortgage or encumber property — Right to cure default
§ 6-62-608. Resolution authorizing transfer and lease
§ 6-62-609. Negotiations — Terms of transfer
§ 6-62-610. Boards of appraisers — Determination of fair market value and fair market rental