HomeMy WebLinkAboutResolution - 2005-R0457 - Subordination Of Deed Of Trust -Subordinate Lien - 09/21/2005Resolution No. 2005-RO457
September 11, 2005
Item 24A
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 Subordination of Deed of
Trust subordinating the City of Lubbock's lien created by that certain Deed of Trust,
dated April 28, 2005, recorded in Volume 9824, Page 300, Official Public Records,
Lubbock County, Texas, encumbering a portion of land located in Section 37, Block
AK, Lubbock County, Texas, and any other related documents. Said Subordination of
Deed of Trust is attached hereto and incorporated in this Resolution as if fully set forth
herein and shall be included in the minutes of the Council.
Passed by the City Council this 2151 day of September 2005.
RC MCDOUGAL, MAYOR
ATTEST:
Rlbecca Garza, City SecretaiW
APPROVED AS TO CONTENT:
ACV, du4�--
Lee Ann Dumbauld, City Manager
Larry H rtel, City Engi eer
APPROVED AS TO FORM:
I
Richard K. Casner
First Assistant City Attorney
mllccdocs/ City View, Sub. of [deed of Trust res
September 15, 2005
Resolution No, 2005-RO457
SUBORDINATION OF DEED OF TRUST
The undersigned, City of Lubbock, Texas, recorded a Deed of Trust interest in some of
the property described in Exhibit "A" (the "Property") dated April 28, 20105 in Volume
9824, Page 300, Official Public Records, Lubbock County, Texas securing the payment
of contractual obligations of Christian City View Fellowship, including without
limitation the obligation to pay the City of Lubbock the sum of $340,562.00(the "City of
Lubbock Deed of Trust").
Pursuant to the terms of the City of Lubbock Deed of Trust, the City of Lubbock, Texas
hereby subordinates the priority of the City of Lubbock Deed of Trust described above in
favor of the lien of the First Mortgage Bonds, 2005 Series A in the amount of $3,750,000
by Christian City View Fellowship as set forth below (the "Bond Deed of Trust") in the
same manner and with the same effect as though the Bond Deed of Trust had been
recorded prior to the filing for record of the City of Lubbock Deed of Trust, but without
otherwise affecting the City of Lubbock Deed of Trust.
Deed of Trust, Assignment of Rents and Sec
and Fixture Filing dated August 18, 2005 in
San Joaquin Bank in the amount of $3,750,000
Executed the list day of September, 2005
ATTEST:
Rebecca Garza, City Secre
APPROVED AS TO CONTENT:
Lee64n- Dumbauld, City Manager
1��
Larry Hertel, City Engineer
unity Agreement, Financing Statement
favor of Reliance Trust Company and
CITY LUBBOCK
1
MARC,CD GAL, MAYOR
APPROVED AS TO FORM:
Richard K. Casner
First Assistant City Attorney
STATE OF TEXAS §
COUNTY OF LUBBOCK §
The foregoing instrument was acknowledged before me on the Zl— day
of September, 2005 by Marc McDougal, Mayor of the CITY OF LUBBOCK.
CELLA WEBB
Notary P1 uric, "3iate of Texas
My commission Expires
'•�. �*`� 03-01-2006
ml/Richard/City View Chhstian.Sabordinatmn of Deed
September 15, 2005
" A -ate
No - ry Public, State of Texas
My commission expires:
Resolution No. 2005—RO457
EXHIBIT "A"
LEGAL DESCRIPTION
Tract 1
METES AND BOLNDS DESCRIPTION of a 64.790 acre tract of land located in Section 37, Blotk AX, Lubbock
County, Texas, umm being a portion of* 219. 1.7 we tract, being further described as follows:
BEGi\N ING at a 1/2" iron rod with cap found in the West tune of Section 37, Bina: AK, same being in the South
lisle of that 600 toot % 130 foot drimmage easement recorded in Volume 6422, Page 130, Real Property Records of
Lubbock County, Tmax, which bears N. 00'07 E., 264.23 feat from a 518" iron rod found at the cotntnoa section
corner of Sections 35, 36, 37 & 38, Block AX, Lubbock County, Testis;
THENCE >. 00107' E., along the Watt Eine Section 37, Block AK, a dittanee of 1000.08 feet to a lt2" iron rod with
cap found at a pouu of curvature;
TRE\CR .Northcaseerly, around a curve to the right, Wd curve haviaa a radius of 805.00 feet, a central anile of
2G"15'10", sangeat lengths of 190.19 feet, cad a chord &stance of 370.19 feet to a E/2" iron rod with cap found at a
point of reverse curvature;
THENCE Sortheastarl), around a curve to the 1111, said curve having a radius of 80500 feet, a central angle of
26'40'40", tangent lengths of 190.87 feet, a,ad o chard distance of 371.44 feet to a It-" u-ou rod with cup found at a
point of tsngcorr;
11MN'CE N, 00'01'30" E. a distauct of 100.00 feet to a 1.12" iron rod with cap found is the South right of way Lice
of the West Tt%as and Lubbock Railroad, same beioC the Nortb line of said 118.127 acre tract;
TKE\CE S. 71.108' E., aloog the Soutb right of Bray line of the West Texas and Lubbock Railroad, surne being the
North line of said x13.127 acre tract, at 2031.37 ON pass a 112" iron rod with cap found in refercuce, continuing
idong the South right of way line of the W'est Texas a:nd Lubbock Railroad, sante bang Wit North fine of said
118.127 acre tract, for a total distance of :068.87 feet to a 112" iron rod with cap found;
THENCE 5. 17'52' W. It distance of 790.31 feet to a 1f2" iron rod with cap to=d;
INCE S. 53'54' W. a distance of 591.81 feet to a 1f2" iron rod with cap found;
T t1E\CE West a dictanc a of 627.23 feet to a 112" iron rod with cap found;
THENCE South a distance of 87,56 feet to a 1x2" iron rod with cap found;
THENCE N. 89''53`10" W., a rlistanct or 795,00 feet to the POUT Of BEGINNING.
SAFE AND EXCEPT that Portion alone the Kest and Northwest side dedicated for Swat as set fortb in Instrument
dated .April 27, ,'.0o5, an4 recorded in Volume 9605, Page 124, Oftlicwi public Records, Lubbock County, Tt=as.
A PORMON' OF THE ABOVE DESCRIBED PROPERTY To BE DEDICATED AND PLATTED AS TRACT "A",
CITY VIEW CCAPUS.
Tract ::
Private Easement Agrecmrnt for Accets as set forth to lxtstrumestt dated :yiarcb 3, 2001, recorded in Volume 9038,
Page 8, Official Public Records, Lubbock County, Tainan, executed by H. A. &nWon9 to Christian City View
Fellowship, a Teas nonprofit corporation and as Set forth in Warranty Deed dated Bove mbtr 17, 2003, recorded in
Volume 8793, Page 325, Official Public Records. Lubbock: County, Texas, executed by H. A. Semon to Christian
City Vires Fellowship, a Te"s nonprofit corporation.