HomeMy WebLinkAboutResolution - 022874D - Subordination Agreement - MPP Inc, & LNB - Playground Equipment, Mackenzie Park - 02_28_1974uFenr .TTT`TnTT
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 SUBORDINATION
AGREEMENT between the City and Mackenzie Park Playground, Inc. and the
Lubbock National Bank covering the purchase mortgage of certain playground
equipment at Mackenzie Park attached herewith which shall be spread upon the
minutes of the Council and as spread upon the minutes of this Council shall con-
stitute and be a part of this Resolution as if fully copied herein in detail.
Passed by the City Council this 28th day of February , 1974.
MORRIS W. TURNER, MAYOR
ATTEST:
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Treva Phillips, City Se " etary-Treasurer
APPROVED AS TO FORM:
&2AZ-a -
Fred O. Senter, J ., City Attorney
A G R E E M E N T
Agreement between.the City of. Lubbock, hereinafter called
"City", Mackenzie Park Playground, Inc., hereinafter called "Mackenzie",
and the Lubbock National Bank, hereinafter called "Bank".
The parties recite and declare that:
f _
1.
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City is the Lessor and Mackenzie is the:Lessee of a certain
tract of land in Mackenzie State Park known as Mackenzie Park Play-
ground.
2. .
On•.such tract of land Mackenzie operates an amusement -.park
and has placed various items of personal property on the premises
i.such as amusement rides, booths and arcade games.
3.
Mackenzie.desires to:purchase.additional items.of,personal
Property (described in paragraph 4 hereof) and place on the above
described premises and Mackenzie desires to obtain a loan, in the.
amount of. Twenty -Eight Thousand and no/100 Dollars ($28,000.00) from
Bank, but lender.requires.that such loan be secured•by a priority
security interest in.the property to.be purchased.
4
Property to be purchased by Mackenzie is described as'
follows:.
an Octupus amusement ride Serial,#2645, manufactured by,Eyerly Aircraft
Company, and the following Arcade equipment: Flying Ace 05139, Sea
Raider #2355; Big Top Rifle #3221; Road Runner #.1111; Haunted House.
#1639; Crack Shot Rifle#1317; Sonic Fighter #41587; Gay 90's #59750;
Wild Wild West #3689; Playball �-5067; Pit Stop #32093; Drag Race
#91507; Wild:Cycle.#WC-70-329;.Space Laser.#10419 and. Speedway #6001.
5.
City agrees that it would be in the best interest of City
and Mackenzie for Mackenzie to.purchase'additional items to place in.
fi
Mackenzie Park Playgound and City is willing to subordinate its statutory
and contractual landlord's lien in so far as it incumbers the property
'described in paragraph 4 hereof. All rides and equipment placed in the Park
must have the. approval of the City Park & Recreation Board.
For the reasons set forth above, and in consideration of
the mutual covenants and promises of the parties hereto, the parties
agree as follows:
a. As an inducement to Bank to grant such loan to Mackenzie,
City does hereby subordinate its landlord's lien in favor of Bank to
the extent of the balance owed on the promissory note in the amount
of Twenty-eight Thousand and no/100 Dollars ($28,000.00) dated
February 14, 1974. All parties further declare and agree that the
security interest of Bank shall be and is in all respects a lien prior
and superior to the landlord's lien of City.
b. This agreement shall inure to the benefit of Bank, its
successors and assigns, and shall be binding on City and Mackenzie,
their successors and assigns.
EXECUTED this 14th day of February, 1974.
CITY OF LUBBOCK
AP veil as #d idirMU
Frtai 0. Senter, Jr., City A orney By e�2)`" — s'"
MACKENZIE PARK PLAYGROUND, INC.
By
James E. Dean, President
I�UBBOCK NATIONAL BANK
7
By
om Locke, Vice Preside