HomeMy WebLinkAboutResolution - 2726 - Landlord Mortagee Waiver - Texas General Steel - Lease 3 Buildings, LIA - 01_28_1988Resolution #2726
January 28, 1.988
Item #22
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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 a Landlord/
Mortgagee Waiver in favor of U.S. Bancorp Financial, Inc., or a like finan-
cial company, 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 28th day of January 1988.
� C • ice' �,��
'B.C. McMINN, MAYOR
ATTEST:
Kane_LI
APPROV
, city secretoy-
AS TO CONTENT:
2za44� 64!e�
Marvin Coffee, D' ctor of Aviation
APPROVED AS TO FORM:
Harold Willard, Assistant City
Attorney
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Resolution #2726
STATE OF TEXAS §
COUNTY OF LUBBOCK §
LANDLORD/MORTGAGEE WAIVER
WHEREAS, Far West Commercial Finance Company, Inc.,
("Lender") has or is about to enter into a security
transaction with Texas General Steel Co., Inc., a Texas
corporation ("Debtor"), covering, in part, all inventory and
other personal property of Debtor, whether now owned or here-
after acquired and the proceeds and products thereof
(collectively "Personal Property"); and
WHEREAS, the Personal Property is now or may be located
in the future at:
See Exhibit "A" attached hereto and by this reference in-
corporated herein ("Premises"); and
WHEREAS, the undersigned has an interest in the Premises
as owner and lessor or mortgagee;
NOW, THEREFORE, in consideration of any financial accom-
modations extended or to be extended by Lender to Debtor, and
other good and valuable consideration, the undersigned Lessor
and/or Mortgagee agrees as follows:
A. It waives and relinquishes all rights of levy or
distraint for rent or other payments payable with respect to
the Personal Property while Debtor is indebted to Lender;
B. The Personal Property may be installed on or other-
wise affixed to the Premises and shall not be deemed a fixture
or part of the real estate, but shall at all times be consid-
ered personal property;
C. The undersigned disclaims any interest in the Per-
sonal Property and agrees to assert no claims to the Personal
Property while Debtor is indebted to Lender;
D. The undersigned Lessor and/or Mortgagee agrees that
Lender or its representatives may enter upon the Premises at
any time to inspect, repair, assemble, have appraised or re-
move the Personal Property and may advertise and conduct a
public auction or private sale thereon. At the option of
Lender, said Personal Property may remain upon said Premises
(without Lender being deemed to be taking possession of said
Premises) for a period of ninety (90) days after the receipt
by Lender of written notice from the undersigned directing re-
moval. During said ninety (90) day period, Lender shall pay
rent to the undersigned Lessor in an amount equal to the
rental provision contained in Lessor's lease with Debtor, pro-
rated on a per diem basis to be determined on a thirty (30)
day month but without incurring any other obligations of
Debtor.
E. The undersigned Lessor agrees to give notice within
five (5) days of any default by the Debtor of any of the pro-
visions of said lease to:
Far West Commercial Finance Company, Inc.
11845 West Olympic Avenue
Los Angeles, California 90064
Upon receipt of said notice, Lender shall thereupon have ten
(10) days to cure said default. The failure of Lender to cure
the default shall not otherwise affect its rights under this
Agreement, other than its rights under this paragraph E.
This waiver is binding upon the undersigned, its succes-
sors and assigns and inures to the benefit of Lender, its suc-
cessors and assigns.
Executed this 28th day of January
CITY OF LUBBOCK, TEXAS
BY: %2,t,�,r►
F.C. McMINN, MAYOR
ATT`E£
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Rane to -Bo City ecre
APPROVED AS TO CONTENT:
� 2 �, 6! za
Mary n Coffee, D rector of
Aviation
APPROVED AS TO FORM:
arold Wil ard, Assistnt C ty
Attorney
-2-
Exhibit A
Buildings 710, 712, 714 East Airport District
Lubbock International Airport
Lubbock, Texas 79401
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