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Home My WebLink AboutResolution - 062366A - Contract Extending Time Of Payment Of Paving Assessment Lien - LCC - 06_23_1966 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock be and is hereby authorized and directed to execute for and on behalf of the City of Lubbock a contract in favor of extending time of payment of paving assessment lien and providing for the continued validity of such lien, attached herewith which shall be spread upon the minutes of the Council and as spread upon the minutes of this Council shall constitute and be a part of this Resolution as if fully copied herein in detail. Passed by the City Council this23rdday of June 1966. WD. ROGE . ., 1A Lydr ATTEST.`_ L le' we ity Secretary-Treasurer FORM APPAO�-rEII;, red O. Senter, Jr., Cit A torney i i CONTRACT TO EXTEND TIME OF PAYMENT OF A c. PAVING ASSESSMENT LIEN AND PROVIDE FOR ' THE CONTINUED VALIDITY OF SUCH LIEN This Agreement made this _day of 1966 by and between Lubbock Christian College, Inc., a corporation of Lubbock County, Texas, and the City of Lubbock, Texas, a Home Rule Municipality 1--.+.A ;- T ,,hhnf-1r C7n„ntv. Texan_ netinv by and through its Mavor. I CONTRACT TO EXTEND TIME OF PAYMENT OF A PAVING ASSESSMENT LIEN AND PROVIDE FOR THE CONTINUED VALIDITY OF SUCH LIEN This Agreement made this _day of 1966 by and between Lubbock Christian College, Inc., a corporation of Lubbock i County, Texas, and the City of Lubbock, Texas, a Home Rule Municipality I located in Lubbock County, Texas, acting by and through its Mayor. I j WITNESSETH; SECTION I - SUBJECT MATTER OF TRANSACTION The extension of time of payment of a paving assessment created by City Ordinance No. 4970 enacted March 31, 1966, and filed for record in Volume 1081, Page 113 of the Deed Records of Lubbock County, Texas. This assessment being secured by a lien to pay the cost of paving adjacent to the east side of the following described tract of land, to-wit; BEGINNING at a point 1025. 0 feet East and 40.0 feet North of the Southwest corner of Section 5, Block E-2, Lubbock County, Texas; THENCE North 150.0 feet to a point; THENCE East 1045.40 feet to a point; THENCE South 150.0 feet to a point; THENCE West 1045.40 feet to the POINT OF BEGINNING, SECTION II For and in the consideration of the City of Lubbock paying for the construction of the paving adjacent and abutting the hereinabove described property Lubbock Christian College, Inc., its successors and assigns, as owner of such property promises and does hereby by these presents promise to pay to the City of Lubbock $5,613.80 on or before thirty-six (36) months following acceptance of the paving improvements by the City of Lubbock. 3 SECTION III Should the hereinabove described paving assessment of $5,613.80 on the hereinabove described property be paid later than the thirty-sixth (36th) month following acceptance of the paving improvements by the City of Lubbock, then the City of Lubbock shall charge and Lubbock Christian 3 College, Inc., its successors and assigns agrees and obligates itself to pay six percent (616) annual interest thereafter on the principal amount of $5, 613.80. SECTION IV i Lubbock Christian College, Inc., its successors and assigns, cove- nants and promises that in no instance shall the hereinabove described paving assessment on the hereinabove described property, together with accrued iinterest, if any, be paid off in full later than sixty (60) months following acceptance of the paving improvements by the City of Lubbock. SECTION V Lubbock Christian College, Inc., acknowledges the existence of the paving assessment lien against the hereinabove described property; such assessment lien created by City Ordinance No. 4970 and filed for record i in the Deed Records of Lubbock County, Texas, in Volume 1081, Page 113, and enacted March 31, 1966; and further Lubbock Christian College, Inc., i agrees that the hereinabove described paving assessment lien on the property described in said Ordinance shall remain valid, and this Agreement shall in no wise be construed as a waiver or release by the City of Lubbock of said lien but same shall remain as security for this Agreement and have the same force and effect as though a paving certificate were issued under the terms of the above described Ordinance. i f Executed by the parties as of the date first written in this agreement. i, LUBBO HRLSTIAN COLLEGE, INC. BY: �l N ! j&NNIS BAKER, Chairman of ATTEST: the Board J.1 DON BALDRIDGE Secretary-Treasurer CITY UBB BY _ W. D. ROG JR.(layor qd AT a avenia Lo-wejCity Secretary Or/pnom.y a THE STATE OF TEXAS t COUNTY OF LUBBOCK [ BEFORE ME, the undersigned authority, a Notary Public in and for said County, Texas, on this day personally appeared LENNIS BAKER, Chair- man of the Board of Lubbock Christian College, Inc., a corporation, known t to me to be the person whose name is subscribed to the foregoing instrument i; and acknowledged to me that he executed the same as the act and deed of iLubbock Christian College, Inc., a corporation, for the purposes and consider- ation therein expressed and in the capacity therein stated. I ;i GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of 1966. j — t j Notary Public, LubV6ckCounty, Texas THE STATE OF TEXAS COUNTY OF LUBBOCK j BEFORE ME, the undersigned authority, a Notary Public in and for said County, Texas, on this day personally appeared W. D. ROGERS, JR., known to me to be the person whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same as the act and deed of the CITY OF LUBBOCK and as MAYOR for the purposes and consi- deration therein expressed, and in the capacity therein stated. GIVEN UNDER MY HAND AND SEAL OF OFFICE this day of 1966. Notary Public, Lubbock County, Texas i I r i LUBBOCK MMISTIAN COLLEGE 'I BOARD OF TRUSTEES EXECUTIVE IMETING 1, i1 !I William S. Banowsky moved and Joe B. Phillips seconded that the Board pass the following resolutions Resolution of the Executive Committee r of Lubbock Christian College, September 6, 1966, the Executive Comas- ttee of Lubbock Christian College, a Texas Corporation, meeting with a quorum present on this date and having legal authority to obligate the corporation, passed with unanimous vote, a resolution authorising the Chairman of the Board, to sign all necessary papers to cousumate the agreement between Lubbock Christian College and the City of Lubbock in regard to the widening of 34th Street and the payment thereof. Unanimous. J. Don Baldridge Secretary-Treasurer i f