HomeMy WebLinkAboutResolution - 1692 - Conset To Pledge Assignment - Wes Tex Aricraft - 05/24/1984RESOLUTION 1692 - 5/24/84
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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 Consent to
Pledge an Assignment between the City of Lubbock and Wes -Tex Aircraft,
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 day of May , 1984.
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ALAN HVNRY9 MAY R
ATTEST:
tvelyw uarrgap)�xty Secretary-ireasurt-ri
APPROVED AS TO CONTENT:
Marvlin Coffee, Di o6&tor of Aviation
APPROVED AS TO FORM:
MicKb_'� Gli`sar, Atsistaft—City Attorney
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RESOLUTION 1692 - 5/24/84
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CONSENT TO PLEDGE AN ASSIGNMENT
WHEREAS, heretofore, on April 1, 1976, the City of Lubbock,
as Lessor, entered into a certain Fixed Base Operator Agreement
with WES-TEX AIRCRAFT, INC., Lessee, a true and correct copy of
said Contract being attached marked Exhibit "A" and incorporated
herein by reference the same as though copied herein in full at
this point, and
WHEREAS, WES-TEX AIRCRAFT, INC., as Debtor, desires to
collaterally assign and pledge all of its right, title and
interest in and to the Contract attached hereto marked Exhibit
"A" to secure the payment of certain obligations of the Debtor
to REPUBLICBANK, LUBBOCK, N.A., Secured Party, and
WHEREAS, the Lessee, WES-TEX AIRCRAFT, INC., has requested
that the Lessor grant its written consent to such Collateral
Assignment and Pledge in accordance with Article IV(A) of the
agreement attached hereto marked Exhibit "A", and
WHEREAS, the Lessor has agreed and does hereby agree to
grant such written consent and, further, the Lessor has agreed
as follows:
1. The City of Lubbock hereby consents to the Collateral
Assignment and Pledge of all of the right, title and interest of
the Lessee under the Lease Agreement attached hereto marked
Exhibit "A" to secure payment of all obligations of WES-T1:X
AIRCRAFT, INC., to REPUBLICBANK, LUBBOCK, N.A., in accordance
with promissory notes or other loan documents between said
parties.
2. The City of Lubbock hereby acknowledges that all
obligations of the Lessee under the Lease Agreement attached
hereto marked Exhibit "A" are current as of the date of this
agreement, and that said Lease is in good standing as of the
date hereof.
3. In the event of a foreclosure of the security interest
of RepublicBank, Lubbock, N.A., under its collateral documents
executed pursuant to this agreement, it is agreed that
RepublicBank, Lubbock, N.A., if it should be the purchaser of
the rights of the debtors at any sale in connection with such
foreclosure, shall be entitled to all rights and privileges of
the Debtor, WES-TEX AIRCRAFT, INC., under said Lease, provided,
however, that all obligations of the Lessee to the City of
Lubbock have been and continue to be performed in accordance
with the terms of the agreement attached hereto marked Exhibit
"A". In the event that any party other than RepublicBank,
Lubbock, N.A., should purchase the rights of the Lessee, WES-TEX
AIRCRAFT, INC., at a foreclosure sale of the security interest
of RepublicBank, Lubbock, N.A., then, the rights of such party
shall be subject to all terms and conditions of the agreement
attached hereto, including the right of the City of Lubbock to
approve such purchaser or assignee.
4. This agreement shall be binding on the parties hereto,
their successors and assigns.
EXECUTED this 24th day of May 1984.
THE CITY OF LUBBOCK
By:
MAYOR
-ATTEST:
ity creta Treasurer
APPROVED AS TO FORM:
By:
Cit Attorney
APPROVED AS TO CONTENT: WES-TEX IRCRAFT, INC.
.
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By:- By
i ector o Aviation lc.�. President
ATTEST:
Secretary
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