HomeMy WebLinkAboutResolution - 041042A - Escrow Agreement - Citizens National Bank - Paid To Sam G. Dunn & Claude Keeton - 04_10_1942T
041042oA
BE IT REMEMBERED that at a meeting of the City Commission of the i
City of Lubbock, held ogkpril loth, 1942, a quorum being present, among
other business .transacted, the following resolution was duly passed:
WHEREAS on August 19th, 1941, the City of Lubbock, as lessor,
leased to N.6. Walter and W. Earl Smith, as lessees, a body of land
situated in Lubbock County, Texas, consisting of 886.18 acres of land;
and at the same time said lease was executed an- escrow agreement was
made and entered into by the lessor and lessees, under the terms of which
the lessees placed in dscrow in the Citizens National Bank of Lubbock,
Texas, the sum of $4350.00, to be held by the Citizens National Beak
until the lessees had completed a well to a depth of 5500 feet on some l
part of the land described in the oil and gas lease; and,
WHEREAS, thereafter, the lessees, N.C. Walter and W. Earl Smith,
made and entered into a contract with Sam G. Dunn and Claude Keeton, II
who agreed, bound and obligated themselves to drill an oiYand gas
hell on a tract of land adjoining the lands described in the oil and
$gas lease executed by the City of Lubbock to said Walter and Smith; and
City of Lubbock having agreed to the change of the location of said
well as per the terms of a contract made between the City of Lubbgbk
on February 12th, 1942, and Sam G. 'Juan and Claude Keeton, and,
WHEREAS, it is provided in said contract that if the said Sam G.
Dunn and Claude Keeton, drilled said oil and gas well to a depth of
5500 feet on the location mentioned in said contract of February 12th
1942, and completed said well to a depth of 5500 feet that then and in that
event the City of Lubbock agreed, subject to the approval of N.C. Walter
and W. Earl Smith that said $4350.00 held in escrow by the Citizens ational
Bank was to be paid to the said Sam G. Dunn and Claude Keeton; and,
WHEREAS, the said Sam G. Dunn and Claude Keeton have comp]Eted said
well called for in the contract of February 2nd, 1942, to a depth ovb500
feet;
NOW, THEREFORE BE IT RESOLVED that the Citizens National Bank of
Lubbock, Texas, the escrow agent, designated in the escrow agreement,
made and entered into on the 19th day of August, 1941, between the City
of Lubbock as lessor and N.C. Walter and W. Earl Smith, as lessees, be
and it is hereby authorized in so far as the City of Lubbock is concerned
and subject to the consent of the said Walter and Smith to pay said sum
of $4350.00 to the said Sam G. Dunn and Claude Keeton.
C E Slaton
Mayor of the Ulty o Lubbock, exas. I'
` Attest;
i
„a�� Lavenia Williams City Sneretary.