HomeMy WebLinkAboutResolution - 4729 - Agreement - S&H Welding Company - Business Loan, LIA Buidling - 02/09/1995Resolution No. 4729
February 9, 1995
Item #13
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 by and between the City of
Lubbock and S & H Welding Company to enable such company to obtain a loan necessary to
conduct business as a tenant at the Lubbock International Airport, 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 NP Johnson, CRY Secretary
APPROVED AS TO CONTENT:
Jim Newsome, Interim Director of Aviation
APPROVED AS TO FORM:
4-GOa U�'" -
Harold Willard, Assistant City Attorney
HW:da
ccdocs/A-S&HWLD.res
January 30, 1995
Resolution No. 4729
February 9, 1995
Item #13
AGREEMENT
COUNTY OF LUBBOCK §
STATE OF TEXAS §
This Agreement is made and entered into by and between S & H WELDING
COMPANY (Renter - hereinafter called "Borrowee'), 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
5618 N. David Avenue, Lubbock, Texas 79403; and
WHEREAS, SHADOW HILLS NATIONAL BANK (hereinafter referred to as
"Bank/SBA") has agreed to lend to Borrower capital necessary to conduct business on
Airport premises leased by Lessor to Borrower;
NOW TBEREFORE, for and in consideration of the mutual agreements and
covenants herein contained, and of disbursement of said loan to Borrower, 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
premises.
(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 a part of the real
estate.
(c) Lessor subordinates to all liens securing the indebtedness of Borrower to
Bank/SBA, 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.
(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. and this
instrument. However, this Agreement shall not be construed 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 9th day of
February 1995
CITY OF IABBOCX:'�S S & H WELDING COMPANY
BY\VI R. LANG
N, MAY PRESIDENT (Borrower)
ATTEST:
Betty M. J hnson, dty Secretary
APPROVED AS TO CONTENT:
Tim Newsome, Interim Director of Aviation
APPROVED AS TO FORM:
old Willard, Assistant City Attorney
HW:da
hwdl/A-S&H WLD.doc
November 7, 1994
AGREEMENT — S & H WELDING COMPANY Page 2