HomeMy WebLinkAboutResolution - 111048D - Lease Contract - Citizens National Bank & Lubbock Chamber Of Commerce - 11/10/1948UEE£EAS, on August 3, 1948p the City of Lubbock, acting by its Mayor, ,;i. He
Rodgers, entered into an agreement with the Lubbock Chamber of Commerce, Inc:,
acting'by its president He D. Grant. whereby',the City of Lubbock leased to the
said Chamber of Commerce the North 65 feet of the East one-half of Block 87,
Original Town of Lubbock, Lubbock County, Texas, for the sum of One ($1*00) Dollar
per annum payable in advance and under the additional terms and conditions there-
in setout,and,
WHEREAS, the building to be constructed on said property was restricted by
the provisions of paragraph 3 of said lease, as a home for the Lubbock Chamber of
Commerce, Ince, Lubbock Board of City Development, Panhandle South Plains Fair
Association, Inc., Lubbock Retail Merchants Association, Inc., the Lubbock Junior
Chamber of Commerce and other allied and similar community building, protective
and service organizations and,
11MRFAS., application has been made by said Chamber of Commerce to the Citizens
National Bank in Lubbock, Texas, for a loan necessary to the construction of the
building contemplated by said lease, and it appears that such restricted use may
or might prevent securing such loan by said Chamber of Commerce, THEREFORE,
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCKt
THAT, We He Rodgers, Mayor of the City of Lubbock BE, and he is.hereby
authorized to enter into an agreement with the Citizens National Bank in Lubbock,
in consideration of said bank making the loan applied for by the Chamber of
Commerce, that in the event said bank should, under the terms of its deed of
trust securing the original loan, foreclose its lien upon the building and lease
hold estate held by the Lubbock Chamber of Commerce, Inc. at any time in the
future, the City will waive the provisions of paragraph 3 of its lease contract
with the Chamber of Commerce.. Inc. with respect to the uses to which the property
may be put during the terms of the lease, PROVIDED H(WiM ER, that in the event
said loan shall at any time be in arrear, or otherwise delinquent, the Citizens
National Bank shall notify the Governing Body of the City of Lubbock in writing
at a regular meeting of said Governing Body of each current delinquency and the
City of Lubbock shall have and is hereby given the right in the event of delin-
quency to pay off and discharge any such delinquency and become thereby subrogated
to all rights of the Citizens National Bank, and its assigns relati to the
security. This agreement is made provided the loan does not exceed30,000.00, pa;
,able in 10.years, bearing not exceeding 4-1/2 percentinterest.
The City of Lubbock acknowledges receipt of Ten ($10.00) Dollars to it paid
by the Lubbock Chamber of Commerce, Inc., being the rental provided by said lease
from August 3, 1948 to August 3, 1958, inclusive.
This resolutionshall never be construed to modify or otherwise alter air
provision of the lease referred to between the City of Lubbock and the Lubbock
Chamber of.Commerce, Inc..
On motion of Commissioner Price , seconded by Commissioner
Hu f gqtad 1Pr , the foregoing resolution was duly passed by unanimous
vote of the City Commission this 10th day of November, 19 l