HomeMy WebLinkAboutResolution - 630B - Agreement - TAC Inc - Landlord Waiver - 10_09_1980AA:bs
RESOLUTION #630-B
10/9/80
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 Landlord
Waiver Agreement between Texas Air Center and the City of Lubbock, a copy
of which is 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 9th day of October ,1980.
�1,/ri u
McALISTER,
ATTEST:
Evelyn Gaffga, City SecYT!Py-Treasurer
APPROVED AS TO CONTENT: ��//
!Ma l�(j�e(ifsif
vin roffee,-IKOctor of Aviation
APPROVED AS TO FORM:
�/
Angela Adams, Asst. City Attorney
RESOLUTION #630-B 10/9/80
LANDLORD WAIVER AGREEMENT
THE STATE OF TEXAS §
COUNTY OF LUBBOCK §
This Agreement made this 9th day of October, 1980, by and between the
City of Lubbock, a municipal corporation situated in the County of Lubbock,
Texas, (hereinafter called the "City") and Norman C. Blankinship, Kenneth V.
Brown, and Kimble J. Neel, a partnership d/b/a Texas Air Center in the County
of Lubbock, Texas, (hereinafter called "Texas Air Center").
W I T N E S S E T H:
WHEREAS, the City and Texas Air Center entered into a certain Fixed Based
Operator Agreement dated September 11 , 1980, pursuant to which the City
leased to Texas Air Center certain real property at the Lubbock International
Airport, said real property being described in Exhibit "A" hereto attached and
incorporated at this point verbatim, all for the purpose or purposes of con-
ducting general aviation services;
WHEREAS, under said lease Texas Air Center is obligated to construct
certain facilities on the premises leased to him by the City;
WHEREAS, in order to satisfy some of the obligations of Texas Air Center
under said lease, Texas Air Center has entered into a certain agreement with
Cary L. Johnson, Carmen A. Ferullo, and W. M. Wright, a partnership d/b/a W F
J Investments, for the construction of an airplane hanger on the premises
described as Exhibit "A" at the Lubbock International Airport; and
WHEREAS, in order for W F J Investments to obtain financing for the
construction of the airplane hanger, it is necessary for W F J Investments to
grant to the lending institution supplying such financing, hereinafter referred
to as the Secured Party, a security interest in the building to be constructed
pursuant to the above referenced Agreement between Texas Air Center and W F J
Investments and where applicable Broadview Construction Company as contractor;
NOW, THEREFORE, for and in consideration of the foregoing and other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the City consents and agrees that the building and/or improvements
to be constructed pursuant to the Agreement between Texas Air Center and W F J
Investments by Broadview Construction Company shall be treated for all purposes
as personal property and shall be severed from the real property upon which
the building and/or improvements are to be constructed. The City's agreement
to treat such building and/or improvements as personal property and to sever
it from the real property upon which it is situated shall commence as of the
date hereof and shall continue until any and all amounts due and owing under
that certain promissory note dated the day of September, 1980, in the
original principal sum of $390,000.00 executed by W F J Investments in favor
of The First National Bank at Lubbock, Lubbock, Texas, has been paid in full
or until such time as the Fixed Based Operator Agreement of September 11 ,
1980 expires or is terminated under the terms and provisions of said Agreement.
In the event that the Secured Party obtains a property interest in said
improvements prior to the expiration or termination of said Fixed Based Operator
Agreement, the Secured Party shall be held and bound to the terms and provisions
of the Fixed Based Operator Agreement of September 11 , 1980 to the same
extent as Texas Air Center, Lessee, thereunder.
IN WITNESS WHEREOF, the parties have executed this Agreement this 9th
day of October, 1980.
TH RST NATIONAL BANK AT LUBBOCK,
SE ED PARTY
BY
ATTES �C E Title: /* eyi,Q E"hi7'
'5-ecretafy
TEXAS AIR CENTER
BY:
No man C. Blankinship
BY:
enneth V. Bro
BY:
Kimble J. Naelf
CITY OF LUBB
BY : �- ,*
BILL MCALISTER, MAYOR
AT EST:
Evelyn Ga f a, City S r y-Treasurer
APPROVED AS TO CONTENT: APPROVED AS TO FORM:
��
Ma in Coffee, ector of Aviation Angela Adams, Asst. City Attorney