FACILITIESAPPROVED

Black Oak Mountain POA Agreement for Conveyance of Systems 2026

Black Oak Mountain POA Conveys Water and Sewer Systems

$10.00 plus $250,000 deposit into Rehab Account and additional quarterly deposits for 60 monthsTown of Black OakBLACK OAK MOUNTAIN RESORT PROPERTY OWNERS ASSOCIATIONJanuary 1, 2026

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Description

Black Oak Mountain Resort Property Owners Association enters into an agreement to convey its water supply and wastewater treatment systems, along with related real estate and easements, to Ozarks Clean Water Company for a nominal purchase price of $10.00. As consideration, the Association deposits $250,000 into a joint Rehab Account to fund major upgrades and eventual replacement of the wastewater treatment facility while retaining a future right of first refusal if the systems are resold.

Contract Details

Contract Amount

$10.00 plus $250,000 deposit into Rehab Account and additional quarterly deposits for 60 months

Vendor

BLACK OAK MOUNTAIN RESORT PROPERTY OWNERS ASSOCIATION

Agency

Town of Black Oak, AR

Contract Type

FACILITIES

Document Date

January 1, 2026

Contract Term

Closing date in 2026; certain obligations (e.g., Rehab Account funding and rate ceiling) extend for 60 months after closing; some provisions survive closing up to one year, others until Rehab Account funds are used

Renewal Info

This is a one-time conveyance agreement rather than a renewable service contract. Certain representations and warranties survive closing for up to one year, rate and Rehab Account contribution obligations extend for 60 months post-closing, and Seller holds an ongoing first right of refusal to repurchase the Real Estate and Systems for $10.00 if Buyer dissolves, winds down, or sells the assets.

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