HomeMy WebLinkAboutResolution - 012276N - Correction_Ratification Agreement, Etc. - Quasar, Inc. - Land In Sec 28 Block A - 01_22_1976 (2)KJ/ dw
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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 the following: CORRECTION AND RATIFICATION AGREE-
MENT, MEMORANDUM OF FIXED BASE OPERATOR AGREEMENT,
and CONSENT AGREEMENT between THE CITY OF LUBBOCK and
QUASAR, INC., 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 this 22nd day of January , 1976.
- _ TOY BASS, MAYOR
ATTEST:
Treva Phillips, City ecretary-Treasurer
APPROVED AS TO FORM:
a-g:
Fred O. Senter, Jr., Attorney
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THE STATE OF TEXAS (
COUNTY OF LUBBOCK ) . MEMORANDUM OF FIXED BASE OPERATOR AGREEMENT
THIS MEMORANDUM OF FIXED BASE OPERATOR AGREEMENT is made
and entered into this the 7th day of October, 1975, by and between
the .CITY OF LUBBOCK, acting by and thorugh duly authorized City.
representative, hereinafter called Landlord or Lessor, and QUASAR,
I14C., a Texas corporation, with its registered office located at
Lubbock Regional Airport, Lubbock, Texas, hereinafter called either
Tenant or Lessee, as follows, to -wit:
1. DESCRIPTION OF LEASED PREMISES:. In consideration of
the rent to be paid and the covenants and agreements to be performed
by the Tenant, the Landlord does hereby lease, demise and let unto
the Tenant, and the Tenant hereby takes and accepts from the.
Landlord, the following described premises located at the Lubbock
Regional Airport in Lubbock County, Texas, to -wit:
All that certain 308,000 square feet of
land described in two (2) 3.535.acre
tracts of land out of Section 28, Block A,
Lubbock County, Texas, all as more fully
described in Exhibit "A" attached hereto and
made a part hereof for all lawful purposes.
2. TERM: The original term of twenty (20) years shall
commence on April 1, 1976, and end on March 31, 1996, and the
Tenant shall have the option to extend this agreement for three
(3) consecutive five-year periods.
3. RENTAL AND OTHER PROVISIONS: The rent for the
leased premises and the other terms and conditions of the Fixed
Base Operator Agreement sometimes referred to as Lease Agreement
are -set forth in full in the above mentioned Fixed Base Operator
Agreement dated September 25, 1975, executed by the City of Lubbock
on October 7, 1975, and this Memorandum of Fixed Base Operator
Agreement is subject to all of the terms,.provisions, covenants
and conditions as forth in said Fixed Base Operator Agreement
which agreement is hereby .adopted and made a part hereof by
reference the same as if said agreement had been copied herein
in full.
IN WITNESS 14HEREOF, the parties have executed this
Memorandum of Fixed Base Operator Agreement this 22 day of
JANUARY 1976, by the duly authorized officers'of each party.
ATTEST: CITY OF LUBBOCK
"City secretary -Treasurer By
R y ass, yor
Approved:
By
Fre 0'-Senter, Jr.
City Attorney QUASAR, INC.
ATTEST:
By
Leonard Mitche ecretary Ronnie Odom, President
r
THE STATE OF TEXAS (
COUNTY OF LUBBOCK ) CORRECTION AND RATIFICATION AGREEMENT
WHEREAS, the City of Lubbock, as Lessor, and Quasar, Inc.,
as Lessee, made and entered into that certain Fixed Base Operator
Agreement dated September 25, 1975, covering and affecting two
(2) 3.535 acre tracts of land out.of Section 28, Block A,
Lubbock County, Texas, reference to which lease is hereby made
for all lawful purposes, which document is not to be filed for
record in the Deed Records of Lubbock County, Texas;
WHEREAS, Quasar, Inc. executed and delivered to Commercial
Concrete Construction Co. that certain Builder's & Mechanic's Lien
(with Power of Sale) Note dated November 13, 1975, in the principal
sum of $672,914.97, payable as described in said note, and which
note is secured by the liens and collateral assignment described
below;
WHEREAS, Quasar, Inc., as Owner, and Commercial Concrete
Construction Co.,'as Contractor, made and entered into that certain
Builder's & Mechanic's Lien Contract (with Power of Sale) dated
November 13, 1975, providing for construction of certain improve-
ments upon two (2) 3.535 acre tracts of land described above and
providing for a Mechanic's and Materialman's Lien and Deed of Trust
lien to secure payment of the above described Builder's & Mechanic's
Lien Note;
WHEREAS, Commercial Concrete Construction Co. has trans-
ferred and assigned said Builder's and Mechanic's Lien and Builder's
and Mechanic's Lien Contract (with Power of Sale) to the American
Bank, Odessa, Texas, which is to furnish the interim financing for
the construction of the improvements called for in said Builder's
& Mechanic's Lien Contract;
WHEREAS, as additional security for the payment of the
above described Builder's & Mechanic's Lien Note and performance
of all of the terms and conditions of the above described Builder's
& Mechanic's Lien Contract (with Power of Sale) Quasar, Inc. has
transferred and assigned to the American Bank, Odessa, Texas, by
that certain Collateral Assignment of Lessee's Interest in Lease
dated November 13, 1975, all of the leasehold estate.of Quasar,
Inc. in and to the two (2) 3.535 acre tracts of land as more
fully described in said Fixed Base Operator. Lease Agreement dated
September 25, 1975;
WHEREAS, Quasar, Inc. proposes to close a permanent loan
with Briercroft Savings and Loan Association in the sum of $550,000.00
payable in 180 monthly installments of $5,910.40 including principal
and interest, bearing interest at the'rate of ten per cent (10%)
per annum computed on the monthly reducing balance, which loan
shall be made in renewal and extension of the balance of $550,000.00
due and owing on the above mentioned Builder's & Mechanic's Lien
Note and the liens securing payment of same;
WHEREAS, each of the above described instruments as
originally prepared describe only one 3.535 acre.tract of land
through scrivener's error and all of said documents should have
described two (2) 3.535 acre tracts of land, and all parties desire
to amend said documents to provide the correct legal description
covered and affected by said documents;
NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS:
THAT for and in consideration of the premises, this Correction
and Ratification Agreement is made and entered into this the 15th
day of January, 1976, by and between CITY OF LUBBOCK and QUASAR,
INC., as follows:
1. The above described Fixed Base Operator Agreement,
sometimes referred to as Lease Agreement, dated September 25,
1975, executed by the City of Lubbock on October 7, 1975, is here-
by amended so as to cover and affect two (2) 3.535 acre tracts of
land out of Section 28, Block A, Lubbock County, Texas, as more
particularly described as First Tract and Second Tract on Exhibit
"A" attached hereto and made a part hereof for all lawful purposes.
2. The undersigned parties do hereby amend, correct and
ratify said Fixed Base Operator Agreement as of the date and execu-
tion of the original agreeement.
EXECUTED IN QUADRUPLICATE ORIGINALS this the 15th day
of January, A. D. , 1976.
ATTEST: p
�/1, w 6
City Secretary- reasurer
APPROVED
By
Fred 0. Senter, Jr.
City Attorney
ATTEST:
Leonard Mitchell, Secretary
CITY OF LUBBOCK
By 11S.
Roy Bass, Mayor
QUASAR, INC.
By
Ronnie Odom, Presi ent
J 1
THE STATE OF TEXAS
COUNTY OF LUBBOCK )
BEFORE ME, the undersigned authority, a Notary Public
in and for said County and State, on this day personally appeared
ROY BASS, as Mayor of the City of Lubbock, known to me to be the
person whose name is subscribed to the foregoing instrument and
acknowledged to me that he executed the same for the purposes and
consideration therein expressed, and as the act and deed of said
CITY OF LUBBOCK, a municipal corporation, and by authority of the
City Council of the City of Lubbock.
GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the
.day of A. D., 1976.
Notary Pub ic'in and for
Lubbock County, Texas
THE STATE OF TEXAS
COUNTY OF LUBBOCK )
BEFORE ME, the undersigned authority, a Notary Public
in and for said County.and State, on this day personally
appeared RONNIE ODOM, known to me to be the person and officer
whose name is subscribed to the foregoing instrument as President
of QUASAR, INC. and acknowledged to me that he executed the same
for the purposes and consideration therein.expressed, and as
the act and deed of said .QUASAR, INC.
GIVEN UNDER MY HAND AND'SEAL OF OFFICE, this the
day of 1976.
Notary Public in and for
Lubbock County, Texas
E X H I B I T. "A"
s ,
DESCRIPTION OF LAND COVERED AND AFFECTED BY THAT CERTAIN
FIXED BASE OPERATOR AGREEMENT DATED SEPTEMBER 25, 1975,
BETWEEN THE CITY OF LUBBOCK, AS LESSOR AND QUASAR, INC.,
AS LESSEE EXECUTED BY THE CITY. OF LUBBOCK ON OCTOBER 7,1975
FIRST TRACT: 3.535 acre tract of land out of Section 28, Block A,
Lubbock County, Texas, and being particularly described as follows.:
BEGINNING at a 3/4" iron pipe set for the Southwest and beginning
corner of this tract; from whence the Southwest corner of Section
28, Block A bears South 89°59'30" West, 736.59 feet and South 0°
02' East, 3053.15 feet;
THENCE North 275.0 feet to a 3/4" iron pipe set for the North-
west corner of this tract;
THENCE East 560.0 feet to a 3/4" iron pipe set for the Northeast
corner of this tract; said iron pipe also being 950.0 feet
West of the North -South Runway;
THENCE South 950.0 feet West ofand parallel to the North -South
Runway, a distance of 275.0 feet -to a 3/4" iron pipe set for the
Southeast corner of this tract;
THENCE West, 560.0 feet to the PLACE OF BEGINNING, containing
3.535 acres.
SECOND TRACT: 3.535 acre tract of land out of Section 28,
Block A, Lu ock County, Texas, and being more particularly
described as follows:
BEGINNING at a 3/4" iron pipe set for the Southwest and beginning
corner of this tract; from whence the Southwest corner of Section
28, Block A bears South 89°59'30"West, 736.75 feet and South
0*02' East, 3328.15 feet;
THENCE North, 275.0-feet to a 3/4" iron pipe set for the North-
west corner of this tract;
THENCE East, 560.0 feet to a 3/4" iron pipe set for the Northeast
corner of this tract; said iron pipe also being 950.0 feet West
of the North -South Runway;
THENCE South 950.0 feet West of and parallel to the North -South
Runway, a distance of 275.0 feet to a 3/4" iron pipe set for the
Southeast corner of this tract;
THENCE West, 560.0 feet to the PLACE OF BEGINNING, containing
3.535 acres.
THE STATE OF TEXAS
COUNTY OF LUBBOCK ) C 0 N S E N T
WHEREAS, the City of Lubbock, as Lessor, and Quasar, Inc.,
as Lessee, made and entered into that certain Fixed Base Operator
Agreement or Lease Agreement dated September 25, 1975, covering
and affecting two (2) 3.535 acre tracts of land out of Section 28,
Block A, Lubbock County, Texas, reference to which lease is hereby
made for all lawful purposes, which document is not to be filed for
record in the Deed Records of Lubbock County, Texas;
WHEREAS, Quasar, Inc. executed and delivered.to Commercial
Concrete Construction Co. that certain Builder's & Mechanic's Lien
(with Power of Sale) Note dated November 13, 1975, in the principal
sum of $672,914.97, payable as described in said note, and which
note is secured by the liens and collateral assignment described
below;
WHEREAS, Quasar, Inc., as Owner, and Commercial Concrete
Construction Co., as Contractor, made and entered into that certain
Builder's & Mechanic's Lien Contract (with Power of Sale) dated
November 13, 1975, providing for construction of certain improvements
upon two .(2) 3.535 acre tracts of land described above and providing
for a Mechanic's and Materialman's Lien and Deed of Trust lien to
secure payment of the above described Builder's & Mechanic's Lien
Note;
WHEREAS, Commercial Concrete Construction Co. has trans-
ferred and assigned said Builder's and Mechanic's Lien and Builder's
and Mechanic's Lien Contract (with Power of Sale) to the American
Bank, Odessa, Texas, which is to furnish the interim financing for
the construction of the improvements called for in said Builder's
& Mechanic's Lien Contract;
WHEREAS, as additional security for the payment of the
above described Builder's & Mechanic's Lien Note and performance
of all of the terms and conditions of the above described Builder's
& Mechanic's Lien Contract (with Power of Sale) Quasar, Inc. has
transferred and assigned to the American Bank, Odessa, Texas, by
that certain Collateral Assignment of Lessee's Interest in Lease
dated November 13, 1975, all of the leasehold estate of Quasar,
Inc. in and to the two (2) 3.535 acre tracts of land as more
fully described in said Fixed Base Operator Lease Agreement dated
September 25, 1975;
WHEREAS, Quasar, Inc. proposes to close a permanent loan
with Briercroft Savings and Loan Association in the sum of $550,000.00
payable in 180 monthly installments of $5,910.40 including principal
and interest, bearing interest at the rate of ten per cent (10%)
per annum computed on the monthly reducing balance, which loan shall
be made in renewal and extension of the balance of $550,000.00
due and owing on the above mentioned Builder's & Mechanic's Lien
Note and the liens .securing payment of same;
WHEREAS, Article IV, Section A of the above mentioned
lease dated September 25, 1975, provides that the Lessee shall
not assign, transfer, pledge or otherwise alienate such lease
agreement or any interest therein without the prior written consent
of the City of Lubbock;
WHEREAS, each of the above described instruments as
originally prepared describe only one 3.535 acre tract of land
through scrivener's error and all of said documents should have
described two (2) 3.535 acre tracts of land all as more fully described
in Exhibit "A" attached to that certain Correction and Ratification
Agreement dated January 15, 1976, executed by the City of Lubbock,
Quasar, Inc. and Commercial Concrete Construction Co. amending,
correcting and ratifying all of the above mentioned documents;
NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS:
THAT for and in consideration of the sum of TEN DOLLARS
($10.00) paid by Quasar, Inc. to the City of Lubbock, the receipt of
which is hereby acknowledged,and in consideration of the premises,
the undersigned CITY OF LUBBOCK does hereby consent to the execution
and delivery of all of the above described documents and to a
Collateral Transfer and Assignment of said Fixed Base Operator
Agreement dated September 25, 1975, as amended, to be executed in
the future by Quasar, Inc. to Briercroft Savings and Loan Association
to secure the permanent loan in connection with the construction
of said improvements; provided, however, that any sale held by the
Trustee under the power of sale granted in the above described
Builder's & Mechanic's Lien Contract or in any deed of trust
executed by Quasar, Inc. for the benefit of Briercroft Savings
and Loan Association shall be subject to all of the terms and provi-
sions of said lease agreement dated September 25, 1975, as amended,
and the Trustee shall not transfer or assign the lease or any interest
of the tenant under said lease to the purchaser at such deed of
trust sale without the prior written consent of the City of Lubbock,
which consent shall not be unreasonably withheld.
EXECUTED this the 22 day of JANUARY 1976,
by the duly authorized officers of the City of Lubbock.
ATTEST: CITY OF LUBBOCK
�
C// Vol1 / fv� By
pity secretgry -Treasurer o ass, '-Mayor
APPROVED:
By
Fred 0. Senter, Jr.,'
City Attorney