O-1994-1964 - Laserfiche WebLink

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e e VI. Bank agrees to dismiss the City, with prejudice, as a party from that certain litigation styled No. 93-49245, Citizens Bank & Trust Company of Bay town vs. Bayport Aviation, Inc. and the City of La Porte - In the 215th Judicial District Court of Harris County, Texas, with no court cost to be adjudged against City. VII. The cash sum of $17,478.62 shall be paid by Bayport to City, in certified funds, upon the execution hereof, which represents all sums due by Bayport to City through January 31, 1994, under the terms and provisions of said Lease. VIII. Lessee shall pay to city, for and as a surcharge of additional rental under the terms and provisions of said Lease Agreement, the sum of $31,930.50, to be paid by Lessee to City in 59 monthly installments of $650.00 each, the first of such monthly installments to be due and payable on or before March 1, 1994, and continuing for 59 consecutive calendar months, with the 60th and final monthly installment of $466.30, to be due and payable on February 1, 1999, each of such installments including 8% simple interest on the unpaid balance of principal. Said payments shall be considered a rental-surcharge on the Lease Agreement, and default on the surcharge payment will constitute a default of the Lease. Default in payment of any surcharge payment shall, at the option of city, accelerate the maturity of the total balance of surcharge payments then due. IX. Bayport's personal property taxes due and owing to the City of La Porte for calendar years 1991 through 1993, shall be paid by Bayport at closing. X. Bank joins in the execution hereof to evidence its consent and approval to the terms and provisions of this Agreement. Lessee, Bank, and City have previoulsy executed a separate "Assignment of Lease", a true and correct copy of which is attached hereto as Exhibit "A", incorporated by reference herein, and made a part hereof for all purposes. 3