HomeMy WebLinkAboutResolution - 1695 - Subordiantion Agreement -Joyland Amusements To Republic Bank - 1 Track, MSP - 05/24/19841 ��
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RESOLUTION 1695 - 5/24/84
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
subordinating the City's landlord's lien in favor of Republic Bank Lubbock,
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.
ii Passed by the City Council this 24th day of May , 1984.
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s ALAN HENRY9 MA OR
ATTEST:
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EvelynAGaffgaty Secr y -Treasurer
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APPROVED AS TO CONTENT:
i4 Dan Kanp, Director of Parks & Recreation
IIk APPROVED AS TO FORM:
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Mi ele lisar, Ass stent City Attorney
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Original contract: 5/27/54 RESOLUTION 1695 - 5/24/84
Renewed 4/27/67 , ---.
Reneged 3/ 10/7.1 -_12131/8.1 (_Mackenzie Park
APDCVUCAIT
WHEREAS, the City of Lubbock, hereinafter referred to as
"City" is Lessor and Mackenzie Park Playground, Inc. d/b/a
Joyland Amusements and/or Jimmy Dean Enterprises hereinafter
referred to as "Joyland", is Lessee of a certain tract of land in
Mackenzie State Park known as Mackenzie Park Playground, and
WHEREAS, Joyland operates an amusement park and has placed
various items of personal property on the premises such as
amusement rides, booths and arcade games, and
WHEREAS, Joyland has obtained certain loans from and will
from time to time obtain loans from Republic Bank Lubbock for the
purchase of additional items of personal property to be placed on
the leased premises, and
WHEREAS, the City agrees that it would be in the best
interest of the City and Joyland for Joyland to purchase addi-
tional items to place in Mackenzie Park Playground and City is
willing to subordinate its statutory and contractual landlord's
lien in so far as it encumbers the property purchased from the,
proceeds of loans obtained from Republic Bank Lubbock and placed
on the leased premises and used in the operation of amusement
park. All rides and equipment placed in the Park must have prior
approval of the City Park and Recreation Board.
NOW THEREFORE, for the reasons set forth above:
The City hereby agrees to subordinate its landlord's lien
against any improvements to the leased premises which are
financed by loans from Republic Bank Lubbock. The City agrees
that the liens held by Republic Bank Lubbock against the said
improvements shall have priority over any contractual or statu-
tory lien held by the City.
The City does not subordinate its landlord lien, either
statutory or contractual, as to any other property or improve-
ments placed on the leased premises.
DATED this 24th day of
ATTEST:
Evely#7 Gaff
City Secretary -Treasurer
APPROVED AS TO CONTENT:
Dan Kamp
Director of Parks & Recreation
APPROVED AS TO FORM:
Mi le Glisar
Assistant City Attorney
- 2 -
May
16
AL H NRY, AT 0
1984.