07-29-15 LPRDA/TIRZ - Laserfiche WebLink

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ESTOPPEL CERTIFICATE AND CONSENT TO ASSIGNMENT ' THIS ESTOPPEL CERTIFICATE (this "Certificate") has been executed this 29th day of July, 2015, by REINVESTMENT ZONE NUM BER ONE, CITY OF LA PORTE, TEXAS, a tax increment reinvestment zone created by the City of La Porte, Texas pursuant to ' Chapter 311 of the Texas Tax Code, as amended (the "TIRE'), and LA PORTE REDEVELOPMENT AUTHORITY, a Texas non-profit corporation(the "Authority"),to and for the benefit of LIBERTY PROPERTY LD41TED PARTNERSHIP, a Pennsylvania limited partnership ("Purchaser"), and LAND SERVICES TITLE OF TEXAS, as Agent for FIDELITY NATIONAL TITLE INSURANCE COMPANY("Title Company"). ' RECITALS: A. Purchaser is about to purchase certain tracts of undeveloped land situate in La Porte, Texas (collectively, the "Property"). The current owner of the Property is Port Crossing Land, LP, a Texas limited partnership("Developer"). ' B. Reference is hereby made to the Development Agreement, effective May 24, 2006, as amended by First Amendment to Development Agreement effective as of April 27, 2011 (collectively, the "Development Agreement") between the TIRZ, the Authority and ' Developer. ' C. All capitalized terms used herein but not otherwise defined herein shall have the meanings set forth in the Development Agreement. ' D. Purchaser and Title Company have requested and the TIRZ and the Authority have agreed to deliver this Certificate and Consent with respect to certain matters covered under the Development Agreement. ' In consideration of the recitals set forth above, the TIRZ and the Authority each hereby represents, warrants and certifies to Purchaser and Title Company, and otherwise consents and approves,the following: (1) Consent to Assignment. Provided Purchaser assumes in writing all of the obligations of Developer under the Development Agreement arising from and after the date of such assignment, the TIRZ and the Authority each hereby consents to the assignment to Purchaser of all rights, title and interest of Developer in, to and under the Development ' Agreement, including without limitation, the right to be reimbursed for Developer Advances which have been approved by the TIRZ and the Authority and which are currently accrued and vested in Developer. (2) Approved Developer Advances. The current amount of Developer Advances which have been approved by the TIRZ and the Authority and remain unpaid is $7,811,027.01, with accrued interest thereon through July 29, 2015. The last payment of approved Developer Advances made by the TIRZ and the Authority to Developer was made on July 29,2015,in the amount of$1,147,826.00. PHDATA 53722501