HomeMy WebLinkAboutResolution - 844 - Consent To Collateral Assignment, Etc. - Schuch Leasing To LP Hicks - LNB - 06_18_1981AA:bs RESOLUTION #844
6/18/81
See Reso, 803 for Cc
RESOLUTION to AssiQnme
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 Consent to
Collateral Assignment/Pledge of Lease and Creation of Security Interest,
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 18th day of June 1981.
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BI'LL",RcALISTER. MAYOR
'ATTEST:
Evelyn-Gaf'fga, City Stcfey-Treasurer
APPROVED AS TO CONTENT: (�
��.��Coffee.
Marvbirecff of Aviation
APPROVED AS TO FORM::
Angela Adihs, Asst. City Attorney
c'UN 1� 1�3
RESOLUTION #81,.4 - 6/18/81
See Reso. 803 for Consent to
Assignment.
STATE OF TEXAS §
COUNTY OF LUBBOCK §
CONSENT TO COLLATERAL ASSIGNMENT/PLEDGE
OF LEASE AND CREATION OF SECURITY INTEREST
WHEREAS, THE CITY OF LUBBOCK, as Lessor, and SCHUCH LEASING
COMPANY dba DOLLAR RENT -A -CAR, as Lessee, executed a lease agree-
ment on March 7, 1977;
WHEREAS, said lease agreement was assigned by Schuch Leasing
Company to L. P. Hicks, Inc. on May 8, 1981, which assignment was
approved by The City of Lubbock on May 14, 1981;
WHEREAS, L. P. Hicks, Inc., as Lessee, now desires to make a
collateral assignment/pledge of its leasehold interest and grant
a security interest to The Lubbock National Bank which under the
terms of the lease agreement of March 7, 1977, requires the written
consent of The City of Lubbock;
WHEREAS, The City of Lubbock, as Lessor, desires to give its
consent to such collateral assignment/pledge and creation of security
interest on the following terms as follows:
1. The City of Lubbock hereby consents to L. P. Hicks,
Inc. granting a collateral assignment/pledge and security interest
to The Lubbock National Bank of its leasehold rights in the lease
agreement dated March 7, 1977, to partially secure monies previously
advanced by The Lubbock National Bank to L. P. Hicks, Inc. and all
renewals and extensions thereof and to partially secure any future
advancements of monies by The Lubbock National Bank to L. P. Hicks,
Inc., together with any and all renewals and extensions thereof.
2. Such collateral assignment/pledge and security inter-
est in favor of The Lubbock National Bank shall be and remain sub-
ordinate to the lien of The City of Lubbock created in the lease
agreement dated March 7, 1977.
EXECUTED this 18th day of
June
, 1981.
THE CITY OF LUBBOCK
P A
By
ill Mc lsi0 TlMylr
r � .
ATTEST:
Evelyn Ga £ga, C1ty Secr t Treasurer
APPROVED AS'TO CONTENT:
Marvin Coffee,/b ector of Aviation
APPROVED AS TO FORM:
Angela Adams, Asst. City Attorney
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