HomeMy WebLinkAboutResolution - 2024-R0089 - T-Mobile USA, Inc, Victory Bank, Lease/Amendment, Quaker Between 22Nd Pl/23Rd St - 02/27/2024Resolution No. 2024-R0089
Item No. 7.12
February 27, 2024
RESOLUTION
WHEREAS, on or about the 9�h day of December 1982, the City of Lubbock, Texas
pursuant to Resolution 1278-B leased to E. Reuel Nash a tract or parcel of land in Lot 1, Henry
Addition to the City of Lubbock, upon which the Leasee was authorized to construct various
improvements including sidewalks, paved parking and landscaping; and
WHEREAS, such Lease was subsequently amended on or about the 11`h day of April
1991; and
WHEREAS, the City Council of the City of Lubbock consented to an assignment of the
Lease by the Estate of E. Reuel Nash, deceased, to G. Larry Rice on September 10, 1996 through
Resolution No. 5256; and
WHEREAS, the City Council of the City of Lubbock consented to an assignment of the
Lease by G. Larry Rice, to Plains National Bank; on August 14, 1997 through Resolution No.
5596; and
WHEREAS, the City Council of the City of Lubbock consented to assignments of the
lease by Plains National Bank, a/k/a Plains Capitol Bank, to G. Larry Rice on November 18,
2005 through Resolution No. 2005-R0526 and by G. Larry Rice to T-Mobile USA, Inc. a/k/a
Sprint Spectrum L.P. on Apri124, 2008 through Resolution No. 2008-R0148; and
WHEREAS, T-Mobile USA, Inc. now desires to assign all right, title and interest in and
to the above-described Lease to Victory Bank; and
WHEREAS, such an assignment requires the consent of the Lessor, but the City Council
has determined that the desired assignment would not be adverse to the interests of the citizens o;
the City; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT in consideration of an assignment executed as attached hereto, the Council hereb►
authorizes the Mayor of the City of Lubbock to consent to the assignment by T-Mobile USA, Inc
to Victory Bank of the Lease and the Amendment thereto as hereinabove described.
Passed by the City Council on Februa 27, 2024
Courtney Paz, City Secretary
APPROVED AS TO CONTENT:
Michael Keenum, P.E., Division Director of Engineering/City Engineer
APPROVED AS TO FORM:
h
ms, Deputy City Attorney
RES.Henry Addn Lot 1, T Mobile Victory Bank
Resolution No. 2024-R0089
THE STATE OF TEXAS
COUNTY OF LUBBOCK §
KNOW ALL MEN BY THESE PRESENTS:
ASSIGNMENT OF LEASE
THIS AGREEMENT is made between T-MOBILE USA, INC., formerly known as
SPRINT SPECTRUM L.P., hereinafter called "Assignor," and VICTORY BANK., hereinafter
called "Assignee."
RECITALS
WHEREAS, the Lease Agreement attached hereto as Exhibit A and incorporated herein
by reference as the subject of this Assignment was executed on or about December 9, 1982,
between the City of Lubbock, Texas, as Lessor, and E. Reuel Nash, as I,essee, by the terms of
which the property described in Exhibit A was leased to the Lessee for a term of fifty (50) years,
commencing on January 1, 1983, and ending on December 31, 2032; and
WHEREAS, the Amendment of Lease attached hereto as Exhibit B and incorporated
herein by reference as the subject of this Assignment was executed on or about April 11, 1991,
between the City of Lubbock, Texas, as Lessor, and E. Reuel Nash, as Lessee, by the terms of
which the rental amounts in the original Lease Agreement were amended; and
WHEREAS, all references herein to the "Lease" shall mean the lease attached as Exhibit
A as amended by the Amendment of Lease attached as Exhibit B; and
WHEREAS, the Lease was previously assigned (a) to G. Lany Rice by the Estate of E.
Reuel Nash, deceased, (b) to Plains National Bank by G. Larry Rice, (c) to G. Larry Rice by
Plains National Bank, a/k/a PlainsCapital Bank, and (d) to T-Moblie USA, Inc. a/k/a Sprint
Spectrum, L.P. by G. Larry Rice; and
W�iEREAS, the Assignor herein now desires to assign the Lease to the Assignee herein,
and such Assignee desires to accept the assignment of such Lease.
ASSIGNMENT
NOW THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Assignor herein assigns to the Assignee and the Assignee accepts from the
Assignor all right, title and interest in and to the above-described Lease. By accepting and
executing this Assignment, Assignee expressly assumes and agrees to perform and fulfill alt the
terms, covenants, conditions and obligations required of the Assignor as the Lessee under the
Lease herein assigned, including the payment of all rentals therein described to the Lessor when
due and payable. The Assignee shall also be entitled to all of the benefits under the Lease.
This Assignment shall become effective on January 17, 2024, and shall apply to all
rentals due under the Lease until expiration of the Lease term on December 31, 2032.
IN WITNESS WHEREQF, the parties have executed this Assignment of Lease this 22°a
day of January, 2424.
ASSIGNOR:
T-MOBILE USA, INC.
ASSIGNEE:
VICTORY BANK
B�. Dxu3lpnad bY: ��. �
p� ns C. rett McDowell,
'FITLE: Sr Director_ Strategy & Planning Chief Executive O#�
-�-
" CONSENT OF LESSOR:
CITY OF LUBBOCK
TRA
A
MAYOR
Courtney paz, City
APPROVED AS TO CONTENT:
Michael Keenum, P.E.,
Division Director of Engineering/City Engineer
APPRd'VED AS TO FORM:
s, Dep ttorney
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