HomeMy WebLinkAboutResolution - 4616 - Agreement - Rumpel & Associates - Loan Disbursment, SHN Bank - 10_13_1994Resolution No. 4616
Item No. 14
City Council Date 10 13 T94
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 an Agreement with Rumpel & Associates,
Inc. d/b/a G & G Avionics, attached hereto, 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
ATTEST:
Betty A Johnsontity Secretary
APPROVED AS TO CONTENT:
VrNewsome, Interim Director of Aviation
APPROVED AS TO FORM:
'4 W-y�
old Willard, Assistant City Attorney
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September 22, 1994
Resolution No. 4616
October 13, 1994
Item #14
AGREEMENT
COUNTY OF LUBBOCK §
STATE OF TEXAS §
This Agreement made and entered into by and between RUMPEL &
ASSOCIATES, INC. d/b/a/ G & G AVIONICS (Renter - hereinafter called "Borrower"),
and the CITY OF LUBBOCK, TEXAS (hereinafter called "Lessor").
WITNESSETH:
WHEREAS, Borrower is presently renting from Lessor certain premises at the
Lubbock International Airport owned by Lessor and which are more specifically located at
5902 N. Cedar Avenue, Lubbock, Texas 79401; and
WHEREAS, SHADOW HILLS NATIONAL BANK (hereinafter referred to as
"Bank/SBA') has agreed to lend to Borrower the sum of FORTY-NINE THOUSAND
AND N0/100 DOLLARS ($49,000.00);
NOW THEREFORE, for and in consideration of the mutual agreements and
covenants herein contained, and of disbursement of said loan, IT IS MUTUALLY
AGREED BY AND BETWEEN ALL PARTIES HERETO, as follows:
(a) That, as of the date of execution of this Agreement, Borrower is not in
default under any terms of the rental of the above -described leased
prenuses.
(b) That none of the property of the Borrower situated on said premises
constitutes fixtures or any part of the real estate of the Landlord as same
has been placed on said premises with the agreement and understanding
that such property may be removed therefrom by the Borrower or assigns
and that all property hereafter placed on the leased premises by Borrower
may be removed therefrom and shall not be considered e: part of the real
estate.
(c) Lessor subordinates to all liens securing the Note, until payment in full,
every lien and every right to institute proceedings to establish any lien or
claim against any or all of the property hypothecated as collateral for the
indebtedness in favor of `Bank/SBA' hereinabove referred to.
I
(d) Lessor certifies that it has title to the leased premises or such property
rights therein as to make effective the vesting in Borrower of rights with
respect thereto in accordance with the terms of said rental sold this
instrument. However, this Agreement shall not be constnie:d as affording
Borrower or Bank/SBA any authority whatsoever to place alien or other
encumbrance on any portion of the real property owned by Lessor and
leased to Borrower.
IT IS MUTUALLY AGREED BY AND BETWEEN BOTH PARTIES HERETO
that this Agreement shall be executed in three (3) counterparts, each of which shall have
the same force and effect as an original, and that the terms used to designate either of the
parties herein shall be deemed to include the heirs, representatives, successors and assigns
of such parties.
TO ALL OF WHICH WE MUTUALLY AGREE this 13th day of _October , 19 4—.
CITY OF LUPBT RUMPEL & ASSOCIATES, INC.
d/b/a G & G AVIONICS
B
DAVID R. LANGSTON, AONOR (B rrowe
ATTEST:
Betty Johnson, City Secretary
APPROVED AS TO CONTENT:
ewsome, Interim Director of Aviation
APPROVED AS TO FORM:
arold Willard, Assistant CityAttorney
HW:da
hwdl/A-RUMPELdoc
September 22,1994
AGREEMENT — RLWEL & ASSOCIATES, INC. Page 2