HomeMy Public PortalAboutAB 17-158 Hangar Consent to Assignment Michael S. Chapman TrustMcCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 17-158
Meeting Date: July 27, 2017
AGENDA ITEM INFORMATION
SUBJECT:
Request for Approval of the Consent to Assignment of Lease for Hangar 209, Michael S. Chapman Trust
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
Community Development
Police Department
Public Works
Golf Course
COST IMPACT:
N/A
Parks and Recreation
FUNDING SOURCE:
N/A
Airport
/
Originator
Library
TIMELINE:
Immediate
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
Michael Chapman is refinancing his hangar and the bank is requesting a consent to assignment as part of the security of the loan. The terms of the lease are unchanged. Idaho First Bank
has requested consideration for issuance of a landowner’s consent to assignment for completion of this process. A landowner’s consent to assignment of a lease allows a lender, Idaho
First Bank in this case; to step into position of the lessee should the lessee default or be in danger of defaulting upon the lease agreement of this hangar. In the scenario of a default,
the lender then becomes the lessee until the defect is cured, and the lender fulfills the terms of the lease agreement.
The attached consent form was prepared by Idaho First Bank.
RECOMMENDED ACTION:
Approve the Landlord’s Consent to Assignment of Hangar 209 for Michael S. Chapman Trust and authorize the Mayor to sign all necessary documents.
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION