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Home My WebLink AboutResolution - 3970 - Addendum To Drainage Easement - Escondido Oil Inc - Term Extension - 09/24/1992Resolution No. 3970 September 24, 1992 Item 4625 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 Addendum to Drainage Easement to be entered into by and between the City of Lubbock and Escondido Oil, Inc., attached herewith, 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 24th ay per"'—September , 1992. a ATTEST: Kane�te uoya, city becretary APPROVED AS TO CONTENT: —Z� �� to armon,-Assistant City Manager APPROVED AS TO FORM: FaRold Willatd,ssistanCity Attorney HW:ja/ESCNDIDO.RES D2-Agenda/September 15, 1992 Resolution. No. 3970 .�v; j79 September 24, 1992 Item #25 VOL 3993PAGE 37 Od file And Return Ta Ed Bucy R-O-W J 1DDENDUM TO DRAINAGE EASEMENT THE STATE OF TEXAS § COUNTY OF LUBBOCK § WHEREAS, the CITY OF LUBBOCK, TERAS, a home rule municipality located in Lubbock County, Texas, hereinafter called "City," and SENTRY SAVINGS ASSOCIATION, as trustee and authorized agent for several other financial institutions, hereinafter collectively called "Grantors," executed a Drainage Easement recorded in Volume 2655, Page 59 of the Real Property Records of Lubbock County, Texas, which Easement is hereby incorporated herein by reference and made a part hereof as if fully copied herein in detail; and WHEREAS, included within the above -referenced Drainage Easement was an agreement by the City to pay Grantors the sum of $141,000.00 for said Easement and for Grantors to escrow the sum of $110,000.00 in an interest-bearing account to be used for the development of a public park within five (5) years of the execution of said Easement; and WHEREAS, Escondido Oil, Inc., hereinafter called "Escondido," as the successor in interest to the Grantors in the Drainage Easement, is now obligated to perform the covenants contained therein, but also has all of the right, title and interest that Grantors had in and to the escrowed funds and interest added thereto; and WHEREAS, both the City and Escondido previously agreed to modify by an addendum the agreement contained within the Drainage Easement due to the need for environmental investigations and data for property conveyed to Escondido by Grantors or their successors in interest; and WHEREAS, said previously executed addendum is recorded in Volume 3680, Page 33 of the Real Property Records of Lubbock County, Texas, and is hereby incorporated herein by reference and made a part hereof for all purposes; and VOL 3993PAGE 38 WHEREAS, both the City and Escondido, for good and valuable consideration, now desire to again modify the agreement contained within the Drainage Easement; NOW THEREFORE: KNOW ALL MEN BY THESE PRESENTS: THAT for and in consideration of the covenants made and to be performed by the City and Escondido in accordance with the language contained in the above -referenced Drainage Easement and the previously executed addendum thereto, City, and Escondido herein agree as follows: 1. The first sentence of numbered paragraph 2 on page 3 of the Drainage Easement shall be amended to read as follows: It is further agreed herein that said park shall be built and completed within six (6) years of the execution of this Drainage Easement. 2. Numbered paragraph 3 on page 3 of the Drainage Easement shall be amended to read as follows: That said park shall be built within six (6) years from the execution of the Drainage Easement. In the event that Grantors fail to develop a park acceptable to the City Council within six (6) years, as herein set forth, then in such event Grantors shall pay over to the City of Lubbock the remaining funds contained in the escrow account hereinabove described.. 3. Except as modified specifically by this addendum, said Drainage Easement filed of record in Volume 2655, Page 59 of the Real Property Records of Lubbock County, Texas, and the Addendum to Drainage Easement filed of record in Volume 3680, Page 33 of the Real Property Records of Lubbock County, Texas, shall remain in all other respects the same. ADDENDUM TO DRAINAGE EASEMENT -- PAGE 2 VOL 3993PAcf 39 4. This addendum (in addition to said Drainage Easement and the previously executed addendum) shall be a covenant running with the land, and shall be binding on the successors and assigns of the City and Escondido. EXECUTED on this 24th day of September , qn6- o Boyd; City Sec a ary APPR VE,DpAS TO CONTENT D4 . Rita Harmon, Assistant City Manager APPROVED AS TO FORM, W..d ;�; lifirold Willard, Assistant City Attorney THE STATE OF TEXAS § COUNTY OF LUBBOCK § ESC IDO OIL, I i /HENRY NEKE VICE-PRESIDENT SEAL BEFORE ME, the undersigned authority, personally appeared DAVID R. LANGSTON, MAYOR of the City of Lubbock, and acknowledged to me that he executed the above and foregoing instrument for the purposes and consideration therein expressed and in the capacity herein stated as the act and deed of said City. GIVEN DER HAND AND SEAL OF OFFICE this day of , 1992. _- Notary Public in an or the St to of Texas SEAL J.` Typed or Printed N me of Notary ADDENDUM TO DRAINAGE EASEMENT -- PAGE 3 VOL 3993PAcE 40 THE STATE OF TEXAS § COUNTY OF LUBBOCK § BEFORE ME, the undersigned authority, personally appeared HENRY HUNEKE, VICE-PRESIDENT of Escondido Oil, Inc., and acknowledged to me that he executed the above and foregoing instrument for the purposes and consideration therein expressed and in the capacity herein stated as the act and deed of said Corporation. fMUNDER J,4Y HAND AND SEAL OF OFFICE this _ day of nna gA > , 1992. "IJ YJN ry Public in and for State of Texas f" •` Typed or Printed Name of Notary EW.Js/AD=SWMY.DOC D4-Deeds/September 15, 1992 FILED FCR RECnRi.; STATE OF TEXAS COUNTY OF LUBBOCK I hereby certify that this instrument Was FILED On ft date and at the time stamped hereby me and *01** 92 0 C T I • 5C C 5 RECORDEDlnthovdumeandPaReoftheONiciatRadPralefa ' Rewrds of Lubbock County, Texas as stamped tWrWn W m0. u ' Taxas .. y C,or,, �,�.•iz C++r, text .�eoaa4 �Y tt COUNTY CLERK LU13SOCK COUNTY, TEXAS ADDENDUM TO DRAINAGE EASEMENT -- PAGE 4