HomeMy WebLinkAboutResolution - 3841 - Approve Assignment - G Greenstree Inc - Leasehold Interests FAA Hanger, LIA - 03_26_1992Resolution No. 3841
March 26, 1992
Item #16
RESOLUTION
WHEREAS, the City of Lubbock did enter into a Lease and Sublease
Agreement for the construction of a new forty thousand square foot hangar at
the Lubbock International Airport with G. Greenstreet, Inc. on the 27th day
of September, 1991; and
WHEREAS, said agreement above referred was amended by Amendment No. 1
to the Lease and Sublease Agreement dated January 27, 1992, and further
amended by Supplemental Agreement No. 1 dated February 13, 1992; and
WHEREAS, the above Lease and Sublease Agreement, as amended, provides
that G. Greenstreet, Inc. may assign said Lease upon written approval of the
City; and
WHEREAS, said approval is deemed in the best interest of the City; NOW
THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City does hereby consent to the Assignment of the Lease and
Sublease Agreement, as amended, which Assignment is set forth in Exhibit "A"
attached hereto and made part of this Resolution for all purposes, which
Exhibit "A" 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 26th day of March , 1992.
c
. C.McMINNf MAYOR
KanetSe boya, city 5ecretar-r
AP OVED AS TO CONTENT:
Bern Case, Director of Aviation
APPROVED AS TO FORM:
J6hn C. Ross, Jr., City Attorney
JCR:dw
agenda-D#2/Assgmt.Res
Resolution No. 3841
March 26, 1992
Item #16
ASSIGNMENT OF LEASEHOLD INTEREST
This Assignment of Leasehold Interest is made and entered into
this date by and between G. GREENSTREET, INC. ("Assignor"), and
GARY GREENSTREET, TOM BROWN, DON DENTON, and DAVID WOOD
("Assignee").
WHEREAS, Assignor is the owner of a leasehold interest in and
to a 2.79 acre tract of land described on the attached Schedule
"A", which in incorporated herein by this reference as if copied
herein in full. Assignor's leasehold interest arises out of a
Lease and Sublease Agreement entered into by and between the City
of Lubbock and G. Greenstreet, Inc. dated the 27th day of
September, 1991, and as amended by Amendment No. 1 to Lease and
Sublease Agreement dated January 27, 1992, and as amended by
Supplemental Agreement No. 1 dated February 13, 1992 ("Leases").
WHEREAS, Assignor desires to transfer all its right, title and
interest in and to such Leases to Assignees.
NOW, THEREFORE, for adequate consideration received, the
undersigned agree as follows:
1. TRANSFER. Assignor does hereby transfer all its right,
title and interest in and to its leasehold interest in the Leases
described on the attached Schedule "A" to Assignee.
2. WARRANTY AND REPRESENTATIONS. Assignor does hereby
warrant and represent to Assignee that the Leases are in full force
and effect and that there are no defaults in said Leases or any of
the terms thereof and that Assignor has not received prepayment of
any rental as called for under the terms and conditions of said
Leases.
3. ENTIRE AGREEMENT. This Assignment represents the entire
agreement of the parties and no change or modification thereof
shall be valid unless evidenced by an instrument in writing signed
by the parties.
4. BINDING EFFECT. This Assignment shall be binding upon
the undersigned, their heirs, personal representatives, successors
and assigns.
DATED this 18th day of March, 1992.
ASSIGNOR
G. GREENSTREET, NC.
ByB/Ar_I ktll�
Gary Gre street, Pre
ASSIGNEE
Don Denton
DaVl Woad
JMc'1,/vr/U-Green-2.Asg/March 17, 19W
SCHEDULE "A"
All the Leasehold Estate as described in that one certain
Lease and Sublease Agreement entered into by and between the City
of Lubbock and G. Greenstreet, Inc., dated the 27th day of
September, 1991, and as amended by Amendment No. 1 to Lease and
Sublease Agreement dated January 27, 1992, and as amended by
Supplemental Agreement No. 1 dated February 13, 1992, covering the
following described tract of land, to -wit:
A 2.79 acre tract of land out of Section 28, Block A, Lubbock
County, Texas, and being more particularly described by metes
and bounds as follows, to -wit:
BEGINNING at a 1/2" iron rod, set for the Southwest and
beginning corner of this tract, whence the Southwest corner of
Section 24 bears South 00002100" East, 637.34 feet and South
89059130" West, 895.20 feet;
THENCE North, 347.50 feet to a 1/2" iron rod, set for the
Northwest corner of this tract;
THENCE East, 350.00 feet to a 1/2" iron rod, set for the
Northeast corner of this tract;
THENCE South, 347.50 feet to a 1/2" iron rod, set for the
Southeast corner of this tract;
THENCE West, 350.00 feet to the point of beginning.
Containing 2.79 acres.