HomeMy Public PortalAbout027-1986 - ORDINANCE AUTHORIZING THE CONSENT OF THE CITY TO THE ASSIGNMENT OF A CERTAIN LEASE A PART OF FINANCING AGREEMENT UNDER WHICH ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDSORDINANCE 27-1986
ORDINANCE OF THE CITY OF RICHMOND AUTHORIZING THE CONSENT OF THE CITY TO THE
ASSIGNMENT OF A CERTAIN LEASE, A PART OF FINANCING AGREEMENT UNDER WHICH RICHMOND
ECONOMIC DEVELOPMENT FIRST MORTGAGE REVENUE BONDS, SERIES 1973, (FARMHAND, INC.)
WERE ISSUED AND SOLD.
WHEREAS, the City of Richmond leased to Farmhand, Inc., certain real Lease
between such parties dated November 29, 1973 and recorded November 29,
1973 in Miscellaneous Record 118, page 391-442 of the records in the
office of the Recorder of Wayne County, Indiana, ("LEASE") as part of a
financing agreement under which Richmond Economic Development First
Mortgage Revenue Bonds, Series 1973 (Farmhand, Inc.) were issued and
sold; and,
WHEREAS, the City of Richmond did assign and pledge unto the Trustee the Lease
under the Lease, in order to secure the payment of the principal,
premium, if any, interest and any other sums payable on bonds
outstanding under an issue pursuant to a certain Mortgage and
Indenture of Trust between the City of Richmond, Indiana and The
Second National Bank of Richmond, Indiana, as Trustee, dated November
29, 1973, and recorded November 29, 1973, in Mortgage Record 435, page
567-663 of the records in the office of the Recorder of Wayne County,
Indiana; and,
WHEREAS, Farmhand, Inc. conveyed all of its intent in the Lease to Farmhand, Inc
Lease dated June 1, 1982, and filed for record on June 2, 1982; and,
WHEREAS, Farmhand, Inc., has agreed to enter into a certain Debt Restructuring
Agreement whereby it will sell,, transfer, assign, convey and deliver
Norwest Bank Minneapolis, National Association, certain of its assets
including its leasehold interest in said Lease, together with the right
or option to purchase the demised premises all in accordance with the
Lease; and,
WHEREAS, the said Norwest Bank Minneapolis, National Association has agreed to
expressly assume in writing all the obligations of Farmhand, Inc.,
pursuant to sail lease for the balance of the term thereof, to pay the
rents and other amounts payable thereunder, and to faithfully perform
all of the covenants, stipulations and agreements contained therein.
NOW THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF RICHMOND,
INDIANA:
That the City of Richmond hereby consents with Farmhand, Inc., The Second
National Bank of Richmond, Richmond, Indiana, Trustee, and the Second National
Bank of Richmond, Richmond, Indiana and the First National Bank of Richmond,
Richmond, Indiana, all of the Bondholders, to the assignment of said Lease
between the City and Farmhand, Inc., to Norwest Bank Minneapolis, National
Association and the release of Farmhand, Inc., from the full performance of
the provisions of the Lease upon the assumption of the Lease by the execution
of Exhibit "A" by Norwest Bank Minneapolis, National Association.
That the Mayor and Clerk are authorized and directed to execute and deliver to
Farmhand, Inc., its consent to the assignment of such Lease in the form and
manner set forth in Exhibit "A" hereto.
That this Ordinance shall be in full force and effect from and after its
passage and signing by the Mayor.
PASSED AND ADOPTED by the Common Council of the City of Richmond, Wayne County,
Indiana, this day of �ir� Q , 1986.
President of Common Council
ATTEST: i na&d ,_
City ClerkU
PRESENTED by me to the Mayor of the City of Richmond, Indiana this pAay
of1986.
APPROVED by me Frank H. Waltermann, Mayor of the City of Richmond, Indiana this
day of , 1986.
Mayor
ATTEST:
City Clerk
ASSIGNMENT OF LEASE
AGREEMENT made as of December 30, 1985, among FARMHAND,
INC., a Delaware corporation, hereinafter referred to as "LES-
SEE", THE CITY OF RICHMOND, INDIANA, hereinafter referred to as
"LESSOR", THE SECOND NATIONAL BANK OF RICHMOND, RICHMOND,`
INDIANA, as Trustee, hereinafter referred to as "TRUSTEE", and i
THE SECOND NATIONAL BANK OF RICHMOND, RICHMOND, INDIANA and THE
FIRST NATIONAL BANK OF RICHMOND, RICHMOND, INDIANA, as the owners
of all the issued and outstanding bonds, hereinafter referred to
as "BONDHOLDERS", and NORWEST BANK MINNEAPOLIS, NATIONAL ASSO-
CIATION, a national banking association hereinafter referred to
as "ASSIGNEE".
W I T N E S S E T H:
WHEREAS, Lessor leased to Dunham Lehr, Inc. ("Dunham!)
the real estate described.in that certain lease between Lessor
and Dunham dated November 29, 1973 and recorded on November 29,
1973 in -Miscellaneous Record 118, page, 391-442 of the records of
the Recorder of Wayne County, Indiana ; which is incorporated
herein -by reference and made a part hereof ("LEASE")- and,
WHEREAS,- Lessor -did assign and pledge unto the
Trustee the ,ease and,-such<rights.as it had under the Lease, in
order to -secure the payment of the principal, premium, if any,
interest --and any �other:sums payable on Bonds outstanding under an
issue pursuant to -ascertain Mortgage and Indenture of Trust
between the Lessor and Trustee dated November 29, 1973, and
recorded November 29, 1973, in Mortgage Record 435, page 567-663
of the records .of .the Recorder of Wayne County, Indiana; and,
WHEREAS, Dunham conveyed all of its intent in the Lease
to Lessee by an Assignment of Lease dated June 1, 1982 and filed
for record on June 2, 1982; and,
WHEREAS, the Lessee has agreed to enter into a certain
Debt Restructuring Agreement whereby it will sell, assign,
transfer, convey and deliver to Assignee certain of its assets
including its leasehold interest in the Lease, together with the
right or option to purchase the demised premises all in accor-
dance with the Lease.
NOW, THEREFORE, for and in consideration of the mutual
covenants and agreements of the parties hereto:
1. ASSIGNMENT µ- The Lessee hereby grants, transfers
and assigns to Assignee the Lease, together with the right or
option to purchase the demised premises all in accordance with
the Lease, subject only to a mortgage from Lessee dated August
Exhibit "A"
15, 1983 to Assignee and recorded November 16, 1983 in Mortgage
•Record 548, Page 633. It is the express intention of Lessee and
Assignee that the lien of the referenced mortgage shall not merge
with the interest conveyed by Lessee to Assignee hereunder.
2. ASSUMPTION OF LEASE -- The Assignee hereby ex-
pressly agrees to assume all of the obligations of Lessee under
that Lease for the balance of the term thereof, to pay the rents
and other amounts payable thereunder, and to faithfully perform
all of the covenants, stipulations and agreements contained
therein.
3. CONSENT OF LESSOR, LESSEE, TRUSTEE AND B014DHOLDERS
-- In consideration of the foregoing assignment by Lessee and
assumption by Assignee, the Lessor, Lessee, Trustee and
Bondholders, each hereby consents to this assignment of the Lease
by the Lessee to the Assignee and, -the release of the Lessee from
the full performance of the provisions of the Lease.
-2-
IN WITNESS WHEREOF, the parties hereto have executed
this agreement.
FARMHAND, INC. /
B
Jo u'71, Pres3t3ent
Attn:`
Ja*s D. Hardy, Secretary
J '/ "LESSEE"
NORWEST BANK MINNEAPOLIS,
NATIONAL ASSOCIATION
By
Vice President
Attest:
Jeffrey Reed, Assistant Vice President
"ASSIGNEE"
CITY OF RICHMOND, INDIANA
By
Mayor
Attest:
City Clerk
"LESSOR"
THE SECOND NATIONAL BANK OF
RI CIiMOND
By
Attest:
-3-
"BONDHOLDER"
THE SECOND NATIONAL BANK OF
RICHMOND
By
Attest:
"TRUSTEE"
THE FIRST NATIONAL BANK OF RICHMOND
By
Attest:
"BONDHOLDERS"
STATE OF MINNESOTA)
) SS.
COUNTY OF HENNEPIN)
Before me, a Notary Public in and for said County and
State, personally appeared Joseph Lund and James Hardy with both
of whom I am personally acquainted, and who, upon their oaths,
acknowledged themselves to be the President and Secretary,
respectively., of Farmhand, Inc., a Delaware corporation, the
Lessee herein, and that they, as such President and Secretary
being authorized so to do, executed the foregoing instrument for
the purposes contained therein by subscribing thereto the name of
said corporation and attesting by themselves as such President
and Secretary, respectively.
WITNESS, my hand and notarial seal thisV day of
February, 1986.
I3 ary Public Residing in
My Commission Expires.
-4-
STATE OF MINNESOTA)
) SS.
COUNTY OF HENNEPIN)
Before me, a Notary Public in and for said County and
State, personally appeared and Jeffrey Reed, with
both of whom I am personally acquainted, and who, upon their
oaths, acknowledged themselves to be the vice President and
Assistant Vice President, respectively, of Norwest Bank
Minneapolis, National Association, a national banking asso-
ciation, the Assignee herein, and that they, as such Vice Presi-
dent and Assistant Vice President, being authorized so to do,
executed the foregoing instrument for the purposes contained
therein by subscribing thereto the name of said corporation and
attesting by themselves as such Vice President and Assistant Vice
President, respectively.
WITNESS, my hand and notarial seal this day of
February, 1986.
My Commission expires:
Notary Public Residing in
County, Minnesota
-5-
STATE OF INDIANA)
) SS.
COUNTY OF WAYNE )
Before me, a Notary Public in and for said County and
State, personally appeared and with both
of whom I am personally acquainted, and who, upon their oaths,
acknowledged themselves to be the Mayor and Clerk, respectively,
of The City of Richmond, Indiana, the"Lessor" herein, and that
they, as such Mayor and Clerk, being authorized so to do, execut-
ed the foregoing instrument for the purposes contained therein by
subscribing thereto the name of said City and attesting by
themselves as such Mayor and Clerk, respectively.
WITNESS, my hand and notarial seal this _ day of
1986.
Notary Public Residing in Wayne
County, Indiana
My Commission expires:
STATE OF INDIANA)
) Ss.
COUNTY OF WA`.fNE )
Before me, a Notary Public in and for said County and
State, personally appeared and , with both
of whom I am personally acquainted, and who, upon their oaths,
acknowledged themselves to be the and
, respectively, of The Second National Bank of
Richmond, Richmond, Indiana, the "Bondholder" and that they, as
such and , respectively.
WITNESS, my hand and notarial seal this _ day of
1986.
My Commission expires:
Notary Public Residing in
Wavre County, Indiana
-6-
STATE OF INDIANA)
) SS.
COUNTY OF WAYNE )
Before me, a Notary Public in and for said County and
State, personally appeared and ,
with both of whom I am personally acquainted, and who, upon their
oaths, acknowledged themselves to be the and
, respectively, of The Second National Bank of
Richmond, Richmond, Indiana, the "Trustee" herein, and that they,
as such and , being
authorized so to 0o, executed the foregoing instrument for the
purposes contained therein by subscribing thereto the name of
said corporation and attesting by themselves as such
and , respectively.
WITNESS, my hand and notarial seal this _ day
of , 1986.
My Commission expires:
Notary Public Residing in
Wayne County, Indiana
-7-
STATE OF INDIANA)
) SS.
COUNTY OF WAYNE )
Before me, a Notary Public in and for said County and
State, personally appeared and
with both of whom I am personally acquainted, and who, upon their
oaths, acknowledged themselves to be the and
, respectively, of The First National Bank of
Richmond, Richmond, Indiana, the "Bondholder" herein, and that
they, as such and , being
authorized so to Ito, executed the foregoing instrument for the
purposes contained therein by subscribing thereto the name of
said corporation and attesting by themselves as such
and , respectively.
WITNESS, my hand and notarial seal this day of
, 1986.
My Commission expires:
at haw.
:rotary Public Residing in
Wayne County, Indiana
This instrument prepared by Robert W. Fulton, Attorney
-8-
DISPOSITION OF ORDINANCE NO.—)7--198
RESOLUTION NO. -198
by Common Council.
RDINANCE NO.
RESOLUTI NN � 7% S' L
'DATE
ELSTRO
WILLIAMS
BAOOYBgNK
HANKINSOX
4RiiESEit
PARKER
HUTiON
tlORR]S
BOOIKER
'Susp.rule s 1st read
Title only
Seconded
Proof of of Publication
-
Seconded
.......I
............
..........
........
Move to 2nd reading
d..
Se..con.....................
..........................
............
..........
.......
Engrossment
............
Seconded
........................
Susp, rules 3rd Reading
Seconded
............
Passage
......,,..OR .......................................
Rejection
.................
.....
... .. .
DATE PASSED: �I�p&
COMMITTEE ASSIGNMENTS:
Committee Date
Committee Nearing Date
Reassigned to Council Agenda
PUBLICATION DATES:
AMENDMENTS:
C ILIEMFS :