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HomeMy WebLinkAboutResolution - 5596 - Lease Assingment & Amendment - G Larry Rice To Plains National Bank - 08_14_1997RESOLUTION NO. 55,96 Item #22 RESOLUTION August 14, 1997 WHEREAS, on or about the 9th day of December 1982, the City of Lubbock, Texas pursuant to Resolution 1278-B leased to E. Reuel Nash a tract or parcel of land in Lot 1, Henry Addition to the City of Lubbock, upon which the Lessee was authorized to construct various improvements including sidewalks, paved parking and landscaping; and WHEREAS, such Lease was susequently amended on or about the IIth day of April 1991; and WHEREAS, the City Council of the City of Lubbock consented to an assignment of the Lease by the Estate of E. Reuel Nash, deceased, to G. Larry Rice on September 10, 1996 through Resolution No. 5256; and WHEREAS, G. Larry Rice now desires to assign all right, title and interest in and to the above -described Lease to Plains National Bank; and WHEREAS, such an assignment requires the consent of the Lessor, but the City Council has determined that the desired assignment would not be adverse to the interests of the citizens of the City; NOW THEREFORE: BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, TEXAS: THAT in consideration of an assignment executed in substantially the same form as the attached document, the Council hereby authorizes the Mayor to consent to the assignment by G. Larry Rice to Plains National Bank of the Lease and the Amendment thereto as hereinabove described. Passed by the City Council this 14th day of August , 1997. 14(0ySI4TT6bN, MAYOR A ST: Ka a Darnell, City Secretary APPROVED AS TO CONTENT: Ed Bucy, Right -of -Way 41Went APPROVED AS TO FORM: Harold Willard, Assistant City Attorney HW/dk AOLARXRES ccdocs. . RESOLUTION 140. 5596 Item #22 .Y August 14, 1997 THE STATE OF TEXAS COUNTY OF LUBBOCK 2 ASSIGNMENT OF LEASE THIS AGREEMENT is made between G. LARRY RICE, hereinafter called "Assignor," and PLAINS NATIONAL BANK, hereinafter called "Assignee." RECITALS WHEREAS, the Lease Agreement attached hereto as Exhibit A and incorporated herein by reference as the subject of this Assignment was executed on or about December 9, 1982, between the City of Lubbock, Texas, as Lessor, and E. Reuel Nash, as Lessee, by the terms of which the property described in Exhibit A was leased to the Lessee for a term of fifty (50) years, commencing on January 1, 1983, and ending on December 31, 2032; and WHEREAS, the Amendment of Lease attached hereto as Exhibit B and incorporated herein by reference as the subject of this Assignment was executed on or about April 11, 1991, between the City of Lubbock, Texas, as Lessor, and E. Reuel Nash, as Lessee, by the terms of which the rental amounts in the original Lease Agreement were amended; and WHEREAS, all references herein to the "Lease" shall mean the lease attached as Exhibit A as amended by the Amendment of Lease attached as Exhibit B; and WHEREAS, the Lease was previously assigned to the Assignor herein by the Estate of E. Reuel Nash, deceased; and WHEREAS, the Assignor herein now desires to assign the Lease to the Assignee herein, and such Assignee desires to accept the assignment of such Lease. ASSIGNMENT NOW THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, the Assignor herein assigns to the Assignee and the Assignee accepts from the Assignor all right, title and interest in and to the above -described Lease. By accepting and executing this Assignment, Assignee expressly assumes and agrees to perform and fulfill all the terms, covenants, conditions and obligations required of the Assignor as the Lessee under the r Lease herein assigned, including the payment of all rentals therein described to the Lessor when due and payable. The Assignee shall also be entitled to all of the benefits under the Lease. This Assignment shall become effective on September 1, 1997, and shall apply to all rentals due under the Lease until expiration of the Lease term on December 31, 2032. IN WITNESS WHEREOF, the parties have executed this Assignment of Lease this 14th day of August , 1997. ASSIGNOR: CONSENT OF LESSOR: CITY OF LUBBOCK B .7 ' - jvz�� INDY SIMAYOR ATTEST: )6a� KaythVJarnell, City Secretary APPROVED AS TO CONTENT: Ed Bucy, Right -of -Way gent APPROVED AS TO FORM: A��ea azold Willard, Assistant City Attorney HW:dk/AOL-GLR.DOC W-Conts,Agmts/July 21, 1997 ASSIGNEE: PLAINS NATIONAL BANK ,RMS ►.. ..