HomeMy WebLinkAboutResolution - 2805 - Assignment Of Lease Hold Interest-Fromtac In - LTAC Inc - 3 Ground Leases - 04/14/1988HW:dw
RESOLUTION
Resolution #2805
April 14, 1988
Item 26
WHEREAS, the City of Lubbock, Texas, as Lessor, presently has three
Fixed Base Operator Agreements with Texas Air Center, Inc., as Lessee, which
Agreements and addendums thereto are attached hereto and collectively
referred to hereinafter as the "Ground Leases;" and
WHEREAS, Texas Air Center, Inc. desires to assign its leasehold
interest in said Ground Leases to a newly formed Texas corporation known as
Lubbock's Texas Air Center, Inc., hereinafter called "Purchaser;" and
WHEREAS, each of the Ground Leases requires that the Lessee obtain
prior written consent of the City before assignment of any interest therein;
and
WHEREAS, Lessor does not object to the assignment of said Ground
Leases by Lessee to Purchaser on condition that Purchaser will assume all of
Lessee's obligations under the Ground Leases and provided that all rentals
and other fees due Lessor and in arrears at the time of the assignment are
paid to Lessor within a reasonable time following closing of the transaction
in which said Ground Leases are assigned; and
WHEREAS, Purchaser is willing to assume all of Lessee's obligations
under the Ground Leases and adhere to all terms and conditions contained
therein; and
WHEREAS, it would be in the best interest of the citizens of the City
of Lubbock if Lessor consented to the assignment pursuant to the terms and
conditions above stated; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT the City hereby consents to an assignment by Texas
Air Center, Inc. of its leasehold interest in the aforementioned Ground
Leases to Lubbock's Texas Air Center, Inc., on condition that the assignee
will assume all of Lessee's obligations under the Ground Leases and agree to
adhere to all terms and conditions contained therein, and subject to the
City's receipt of all past due rentals and other fees due the City following
closing of the transaction wherein the Ground Leases are assigned to
Lubbock's Texas Air Center, Inc.
Passed by the City Council this 14th day of _ April , 1988.
ATTEST:
Rane Boyd, City Secretary
APPROVED AS TO CONTENT:
Ma vin Coffee, ctor of Aviation
APPROVED AS TO FORM:
Jar'�old �Willard!Astant City
Attorney
-2-
Ste• � •i� �I��r�-'
'B. C. McMINN, MAYOR