HomeMy WebLinkAboutResolution - 3716 - Termination Agreement - Ackerley Airport Avertising Inc - Display Advertising - 09_26_1991Resolution No. 3716
September 26, 1991
Item #18
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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 an Agreement with
Ackerley Airport Advertising, Inc. for an early termination of the Agreement
for Professional Services Display Advertising between the City and Ackerley.
Said Agreement is attached hereto and incorporated in this Resolution as if
fully set forth herein and shall be included in the minutes of the Council.
Passed by the City Council this 26th day of September , 1991.
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ATTEST:
, city becre
APPROVED AS TO CONTENT:
Kern E. Case, Director
APPROVED AS TO FORM:
Linda L. Chamales, Assistant City
Attorney
Resolution No.�I)C
September 26, 1991
Item #18
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SERVICES DISPLAY ADVERTISING
TERMINATION AGREEMENT
This Agreement is made between the City of Lubbock, a
municipal corporation in the State of Texas (hereinafter called
"City") and Ackerley Airport Advertising, Inc., a corporation
authorized to do business in the State of Texas (hereinafter
called "Ackerley").
WHEREAS, the parties to this Agreement entered into an
Agreement for Professional Services Display Advertising on March
27, 1986, which was to terminate March 27, 1992; and
WHEREAS, the parties have mutually agreed to terminate this
previous agreement on July 31, 1991.
NOW THEREFORE, for good and valuable consideration, the
parties make the following agreements to facilitate termination
of this Agreement:
I.
City agrees to waive all percentage fees and payments which
would have been due under Section II of the previous agreement
from August 1, 1991, to the end of said agreement, March 27, 1
1992.
II.
Ackerley agrees to transfer all airport advertising display
equipment to City on August 1, 1991, and to assign to City, all
contracts made and entered into between Ackerley and advertisers
for the renting of advertising facilities in the Terminal
Building of Lubbock International Airport, for the balance of the
time on such contracts.
"Airport advertising display equipment" shall be herein
defined as permanent and removable trade fixtures, moveable
advertising displays and personal property used in advertising,
with all electrical alterations, modifications, additions, and
improvements; and shall include, but not be limited to, the four
units around the baggage claim areas, containing 18 back -lighted
cannisters, 4 cannisters on the concourse, one circular display
unit, and two phone centers.
Ackerley guarantees that there are no liens on the equipment
and agrees to pay any such liens that may occur that attach
before August 1, 1991.
Ackerley agrees to continue to conscientiously solicit and
endeavor to sell national advertisers and advertising agencies on
the use of advertising facilities located in Lubbock
International Airport. Ackerley shall not be considered as an
exclusive agent for City for national advertising.
IV.
City agrees to pay fifteen per cent (15%) of gross revenues
received by City for and from advertising arising from those
national advertising accounts solicited by Ackerley for City
after August 1, 1991.
"Gross revenues" as used herein shall be defined as the
amount billed by invoice for advertising less any advertising
agency commission fees.
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V.
This Agreement constitutes the entire Agreement between
Ackerley and City.
IN WITNESS WHEREOF, Ackerley and City have executed this
Agreement this 26th day of September , 1991.
CITY OFF LUBBOCK
BY:Ji!%'
B' C�McMllITN, MAYOR
ATTEST;
Ranette Boyd, City Secreta
APPROVED AS TO CONTENT:
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Bern E. Case, Director of Aviation
APPROVED AS TO FORM:
Linda L. Chamales, Assistant City
Attorney
ACKE A R RT D RTISING, INC.
BY•
Ed Petrie, Vice P esident
ATTES
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