HomeMy WebLinkAboutO-1994-1975
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ORDINANCE NO. 94- 1975
AN ORDINANCE APPROVING AND AUTHORIZING A LANDLORD'S WAIVER AND
SUBORDINATION AGREEMENT DATED KARCH 28, 1994, BETWEEN THE CITY OF
LA PORTE, BAYSHORE NATIONAL BANK OF LA PORTE, AND THE LA PORTE
LIVESTOCK SHOW AND RODEO ASSOCIATION; HAKING VARIOUS FINDINGS AND
PROVISIONS RELATING TO THE SUBJECT; FINDING COMPLIANCE WITH THE
OPEN MEETINGS LAW; PROVIDING AN EFFECTIVE DATE HEREOF.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE:
Section 1. The City Council hereby approves and authorizes
the contract, agreement, or other undertaking described in the
title of this ordinance, in substantially the form as shown in the
document which is attached hereto and incorporated herein by this
reference. The City Manager is hereby authorized to execute such
document and all related documents on behalf of the City of La
Porte. The City Secretary is hereby authorized to attest to all
such signatures and to affix the seal of the City to all such
documents.
Section 2. The City Council officially finds, determines,
recites, and declares that a sufficient written notice of the date,
hour, place and subject of this meeting of the city Council was
posted at a place convenient to the public at the City Hall of the
Ci ty for the time required by law preceding this meeting, as
required by the Open Meetings Law, Article 6252-17, Texas Revised
civil Statutes Annotated; and that this meeting has been open to
the public as required by law at all times during which this
ordinance and the subject matter thereof has been discussed,
considered and formally acted upon. The City Council further
ratifies, approves and confirms such written notice and the
contents and posting thereof.
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ORDINANCE NO. 94- 1975
PAGE 2
Section 3. This Ordinance shall be effective from and after its
passage and approval, and it is so ordered.
PASSED AND APPROVED, this 28th day of March, 1994.
CITY OF LA PORTE
BY:~~~
Mayor
ATTEST:
~~
Sue Lenes,
City Secretary
~~~
Knox W. ASkins,
City Attorney
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LANDLORD'S WAIVER AND SUBORDINATION AGREEMENT
STATE OF TEXAS {
{
COUNTY OF HARRIS {
WHEREAS, the City of La Porte, a municipal corporation of
Harris County, Texas, (the "Undersigned"), is owner of the property
commonly known as the City of La Porte Livestock/Rodeo Arena, and
more particularly described on Exhibit "A" attached hereto and made
a part hereof for all purposes (the "Premises"); and
WHEREAS, Bayshore National Bank of La Porte (the "Bank") has
entered into a security agreement with the La Porte Livestock Show
~ ~deo Association (the "Borrower") dated the ..:l'i+L day of
~ary, 1994, wherein the Bank is granted a security interest in
all or part of the Borrower's personal property, including, but not
limited to, certain fencing and livestock pens (the "Collateral"),
to be utilized by the Borrower on the above described property
owned by the Undersigned; and
WHEREAS, the Collateral is or may be located at the above
described premises and the Undersigned is a party to an "Agreement
between City of La Porte and the La Porte Livestock Show and Rodeo
Association regarding the use of the La Porte Livestock/Rodeo
Arena," on said Premises, and Bank is willing to make extensions
of credit to Borrower only if the Undersigned will consent to
Bank's security interest in the Collateral and disclaim and waive
any interest therein:
NOW, THEREFORE, in consideration of the sum of One Dollar
($1. 00) in hand paid to the Undersigned the receipt whereof is
hereby acknowledged the Undersigned intending to be legally bound
hereby, agrees as follows:
The Undersigned consents to Bank's security interest in said
Collateral and disclaims and waives any interest, privilege or
right of the Undersigned therein, such consent, waiver, and
disclaimer to continue so long as any sum remains owing from
Borrower to Bank, including but not limited to any contingent fees,
expenses, or interest charges therefore owing thereon and any
further sums hereafter advanced by Bank, and Bank may at any time,
either before or after foreclosure of the lease held by the
Undersigned, enter said Premises, or any other premises where the
Collateral may be found and may remove it. Said Collateral shall
at all times be personal property and shall not constitute fixtures
or be part of said premises and shall not be subject to the lien
of or security interest contained in the above described agreement
or statutory landlord's lien, and the provisions hereof shall apply
notwithstanding that any such Collateral may be attached or affixed
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to said Premises; provided, however, that in the event Bank removes
any such collateral, Bank shall be responsible for, and agree to
promptly repair any damage to said Premises as a result of any such
removal. The Undersigned will not seek to levy execution on the
collateral and will notify any assignee of its lease of the
existence of this disclaimer and waiver, which shall be binding
upon the successors and assigns of the Undersigned, and shall inure
to the benefit of the successors and assigns of the Bank.
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EXECUTED th1S~ day of sryary, 1994.
CITY OF LA PORTE
By:
G?~ T: I~
Robert T. Herrera
City Manager
"Undersiqned"
By:
BAY SHORE NATIONAL BANK
OF LA PORTE
~
Albert D. Fields
President
"Bank"
LA PORTE LIVESTOCK SHOW
AND RODEO ASSOCIATION
By: 1!!twfd~~
President
"Borrower"
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STATE OF TEXAS {
{
COUNTY OF HARRIS {
l1~~elThis instrument was acknowledged before me on th~q~ day of
FeBruary, 1994, by Robert T. Herrera, City Manager of the City of
La Porte, on behalf of said City.
Nota
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:_: * ;_: NOTARY PUBa.lC
:....: .,.:a: STATE m: TEXAS
'.'~~'.*,='" COMMISSION EXPIRES 0&-11.97
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STATE OF TEXAS {
{
COUNTY OF HARRIS {
r.nAo~L This instrument was acknowledged before me on the~~~ day of
'~~ar~t 1994, by Albert D. Fields, President of Bayshore National
Bank of La Porte, on behalf of said Bank.
STATE OF TEXAS {
{
COUNTY OF HARRIS {
This instrument was acknowledged before me on the 1..g1'f-' day of
February, 1994, by Dee Williamson, President of La Porte Livestock
Show and Rodeo Association, on behalf~d Association.
~t,~
Notary PUblic, State of Texas
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ttf*~.~\ CAREN E. BRUNEU.,
\ ; NOIaJy Public, Slate of Texas
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~::i;""~ My CommiSSIon Expires 06-04.gc
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Tract 1:
Outlot 400, Town of La Porte, in the Enoch
Brinson Survey, Abstract No.5.
Tract 2:
That portion of Outlot 399, of La Porte
Outlots, as recorded in Volume 61, Page 374,
of the Deed Records of Harris County, Texas,
described in deed from Robert Lynn Reeves, to
City of La Porte, dated April 7, 1983, and
recorded under Harris County Clerk's file No.
H894948.
Exhibit "A"